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

                      A S I A   P A C I F I C

          Tuesday, September 13, 2011, Vol. 14, No. 181

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Shareholders Unaware of Rubicon's State
BILSON'S RESTAURANT: Owner Places Firm Into Administration
FORTESCUE METALS: Fitch Affirms Rating on Sr. Unsecured at 'BB+'
TIGER AIRWAYS: Taps Andrew David as CEO of Australian Operations
WESTPOINT GROUP: Former CFO Gets 18-Month Suspended Sentence


C H I N A

CHINA MEDICAL: Revenue Growth Cues Fitch to Affirm Low-B Rating
LONGTOP FINANCIAL: SEC Sues Deloitte Shanghai Over Doc Production


H O N G  K O N G

ALCO DEVELOPMENT: Court Enters Wind-Up Order
HARMONY FORTUNE: Court Enters Wind-Up Order
HEMPSTONE LTD: Contributories and Creditors to Meet on Sept. 23
HONESTY CORPORATE: Court Enters Wind-Up Order
JIALI BIO: Contributories and Creditors to Meet on Sept. 16

KOOLL INT'L: Contributories Get HK$0.0265 Per Share Dividend
QUBE X: Court Enters Wind-Up Order
RICH ABLE: Creditors' Proofs of Debt Due Sept. 26
TAI MING: Creditors' Proofs of Debt Due Sept. 23
UNIMAX HOLDINGS: Court to Hear Wind-Up Petition on Nov. 2

WIN FAITH: Court Enters Wind-Up Order


I N D I A

ABHIRAMA STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR95MM Loan
ANKIT OVERSEAS: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
ATMASTCO PRIVATE: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
BALAJI GREENTECH: Fitch Puts Rating on INR132 Mil. Loan at 'B+'
DEEPAK SPINNERS: Fitch Withdraws Rating on National Long-Term

GREAT INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR115MM Loan
JATAN CONSTRUCTIONS: CRISIL Rates INR50MM Loan at 'CRISIL BB'
KAMATH TRANSFORMERS: CRISIL Ups Rating on INR65MM Loan to 'BB+'
KRISHNAE CONSTRUCTIONS: CRISIL Rates INR47.5MM Cash Credit at 'BB'
KRISHNAPING ALLOYS: CRISIL Rates INR150MM Loan at 'CRISIL BB+'

KRISHNAPING MINERALS: CRISIL Assigns 'CRISIL BB+' to INR190MM Loan
NEW BALL: CRISIL Rates INR50 Million Cash Credit at 'CRISIL BB-'
OCEANIC EDIBLES: CRISIL Puts 'CRISIL B-' Rating on INR465.3MM Loan
PVS AUTOMOTIVE: CRISIL Puts 'CRISIL B+' Rating on INR25MM Loan
RANA MILK: CRISIL Assigns 'CRISIL C' Rating to INR30MM Term Loan

SANJAY STEEL: CRISIL Assigns 'CRISIL B' Rating to INR29.9MM Loan
SHASHI CABLES: CRISIL Assigns 'CRISIL B+' to INR4MM Term Loan
SHIVALIK EXPORTS: CRISIL Rates INR5 Million Loan at 'CRISIL B'
SHREE GANESH: CRISIL Rates INR76MM Cash Credit at 'CRISIL BB-'
SLV SPINNING: CRISIL Rates INR75MM Cash Credit at 'CRISIL B+'

SRI SAI: CRISIL Rates INR65.4 Million LT Loan at 'CRISIL D'
SURAJMULL GOUTI: CRISIL Ups Rating on INR50MM Loan to 'CRISIL BB-'
TECHNO SPRING: CRISIL Rates INR24.7MM Term Loan at 'CRISIL BB+'


J A P A N

INNEXT CO: To File for Bankruptcy With JPY1 Billion in Debts
JLOC XXXI: Moody's Downgrades Rating on Class B Notes to 'B1'
ORIX-NRL TRUST: Moody's Downgrades Rating on Class D Notes to Caa3


N E W  Z E A L A N D

BRIDGECORP LTD: Receivers Reaffirm Less Than 10c Investor Recovery
LIFESTYLES INVESTMENT: NZ Investors Lose Millions in Failed Scheme
PIKE RIVER: Receivers Reach NZ$80 Million Insurance Payout Deal


P H I L I P P I N E S

LBC DEVELOPMENT: Placed Under PDIC Receivership


S I N G A P O R E

ASIA MANAGEMENT: Court to Hear Wind-Up Petition Sept. 23
BLUE MOUNTAIN: Court to Hear Wind-Up Petition Sept. 23
BORDERS PTE: Court Enters Judicial Management Order
COVENANT GAINS: Creditors' Proofs of Debt Due Oct. 7
DIAMOND CITY: Court Enters Wind-Up Order

LION CAPITAL: Creditors' Proofs of Debt Due Oct. 9
ORIENTAL CENTURY: Creditors Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2011




                            - - - - -


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


ALLCO FINANCE: Shareholders Unaware of Rubicon's State
------------------------------------------------------
The Sydney Morning Herald reports that the lid has been lifted on
the state of Gordon Fell's Rubicon property trust empire in the
months before its ill-fated related-party sale to David Coe's
Allco Financial Group as the global financial crisis unfurled in
late 2007.

SMH relates that in evidence before a liquidator's hearing in the
Federal Court in Sydney on Sept. 8, 2011, Rubicon founder Gordon
Fell was confronted with revelations, including:

   * Internal Rubicon management accounts showing the company
     recording "significantly negative" pre-tax earnings as
     early as July in 2007, months before it was sold, with a
     change in accounting treatment helping "turn around"
     negative AUD13 million in pre-tax earnings to positive
     AUD16 million in November.

   * Rubicon paid AUD7 million to lenders to ward off margin
     calls in its trusts in the months before the Allco deal.

   * A valuation from KPMG ordered by Rubicon in April 2007
     showed the company was worth between AUD74 million and
     AUD88 million, well below the AUD263 million paid by Allco
     in December.

   * Dr. Fell admitted sending Allco executive chairman David Coe
     the KPMG valuation before Allco shareholders agreed to the
     deal.

According to the news agency, Allco shareholders were not aware of
the information when they voted to buy Rubicon in December 2007.
The controversial deal was approved but Allco collapsed under its
debt burden as the financial crisis took hold, the report notes.

Mr. Coe and Dr. Fell divided AUD63 million from the sale with
Dr. Fell pocketing cash, almost to the dollar, which he used to
buy a Point Piper waterfront mansion for AUD28.7 million, SMH
relates.

SMH says the examination focused on the period from April 2007
until the Allco deal at the end of the year, with John Sheahan,
SC, for liquidator Ferrier Hodgson unveiling internal e-mails and
management accounts.

According to SMH, Dr. Fell, Rubicon's managing director, was asked
whether he considered information about margin loans and liquidity
issues in Rubicon as material information that should have been
given to Allco shareholders.  SMH relates that Dr. Fell said he
did not believe Allco shareholders needed to know much of the
information.

Days after shareholders approved the Allco deal, Dr. Fell received
an e-mail from Allco's treasury staff expressing concerns about
loan repayments to National Australia Bank and Rubicon's ability
to pay distributions, SMH discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 6, 2011, The Australian said former Allco Finance directors
David Coe and Gordon Fell returned to the witness box last week to
face another round of questioning over the events leading up to
the AUD1.1 billion collapse of the financial services company.
The focus of the interrogation in the Federal Court in Sydney was
likely to be the controversial 2007 Rubicon deal, The Australian
said.

                        About Allco Finance

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

                           *     *     *

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


BILSON'S RESTAURANT: Owner Places Firm Into Administration
----------------------------------------------------------
Hospitality Magazine reports that high profile chef and
restaurateur Tony Bilson remains confident his companies will be
able to trade their way out of debt after being forced to place
them in voluntary administration.

Mr. Bilson had put the two companies, Bilson's Restaurant Pty Ltd
and Number One Wine Room Pty Ltd into administration, according to
Hospitality Magazine.

The report notes that Mr. Bilson said he became aware six weeks
ago of the financial difficulties, the result of an unexpected
payroll tax liability, and had been negotiating with the State
Revenue Office.

"But there is now way around it, we just have to work our way
through it," Mr. Bilson told Hospitality Magazine in an interview.
The report relates that Mr. Bilson said the restaurants remained
open and that he believed the companies could trade out of the
difficulties.


FORTESCUE METALS: Fitch Affirms Rating on Sr. Unsecured at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed Fortescue Metals Group Limited's
Foreign Currency Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'.  The Outlook is Stable.

Fortescue's IDR continues to reflect its position as a high margin
producer supported by its relatively low production costs and
proximity to its customers in Asia.  Under Fitch's base case
assumptions for iron ore price and sales volume, Fortescue's
financial metrics take into consideration a projected weakening
over the next two years as its capex ramps up to meet the
accelerated timeline for expanded production.  Notwithstanding
this projected weakening of the financial metrics, the accelerated
schedule does however provide higher probability of earlier than
planned production.  Further, the acceleration of the capex
program is coincidental with cyclical highs in iron ore prices.

In 2010, Fortescue was the fourth-largest iron ore company
globally with an estimated market share of approximately 4% of the
seaborne market.  For the year ended 30 June 2011, Fortescue's
average total direct costs (including operating leases) were
USD44.35 per wet metric tonne (wmt), while its average revenue per
wmt shipped was USD136.83.  Fortescue's high operating profit
margins, compared with international peers, reflect its quality
product and integrated infrastructure system.  Although Fitch
notes that operating costs have been rising, Fortescue is
nonetheless cost-competitive among global peers, and in part this
is supported by its favorable geographic location in servicing the
Asian market.  Fortescue's favourable position on the cost curve
provides it with some financial flexibility if commodity prices
decline.

Counterbalancing these strengths, the agency notes that sales are
concentrated on a single commodity where success remains heavily
correlated to steel demand, which in turn is dependent on the
industrialization and urbanization of China.  As such, its
business diversification is weaker relative to higher rated peers
such as Vale (BBB+/Stable), Rio Tinto (A-/Stable) and BHP Billiton
(A+/Stable).  Also, the execution risk in developing operations to
the planned 155 million tonnes per annum (mtpa) from 55mtpa
currently remains a constraint on the IDR.  The expansion of the
company's total production capacity has to date progressed well,
and it has announced that it is scheduled to achieve 155mtpa
production by fiscal year-end 2013 - 12 months ahead of the
previously announced deadline.

Fortescue's ratings could be downgraded if projected adjusted
gross leverage to funds from operations (FFO) exceeds 2.75x and
FFO gross interest cover falls below 4.0x.  Under Fitch's base
case assumptions, leverage and coverage measures are forecast to
be weaker than these guidelines in FY13 as capex ramps up.  The
Stable outlook reflects Fitch's view that Fortescue's financial
profile is indicative of its ratings when capex recedes and
production increases from FY14.  However, a sustained weakening of
its credit profile leading to a rating downgrade can result from a
material deviation from the business plan -- such as delays or
cost overruns associated with its expansion project which may
result in higher-than-expected funding requirements or weaker-
than-expected production, or from the future imposition of a
Mineral Resources Rent Tax (MRRT) or a similar tax.  While the
introduction of a MRRT could have a material impact upon
Fortescue, details on how the tax will be implemented, timing of
implementation and the precise impact on Fortescue are still
unclear.

Irrespective of any movement in Fortescue's IDR, the senior
unsecured rating could be downgraded to the extent if the ratio of
secured debt to consolidated operating EBITDA exceeds 2.0x.

The IDR could be upgraded if Fortescue successfully executes its
expansion project and increases production capacity to 155mtpa; if
FFO adjusted gross leverage falls below 2.0x and if FFO gross
interest cover rises above 5.0x -- both on a sustained basis.


TIGER AIRWAYS: Taps Andrew David as CEO of Australian Operations
----------------------------------------------------------------
Sam Holmes at Dow Jones Newswires reports that Tiger Airways has
appointed Andrew David, former chief operating officer at Virgin
Blue, as the new chief executive of its Australian operations.

Mr. David's post is effective October 17 and he replaces Tony
Davis, who leaves the low-cost carrier November 1 to take up a new
role outside the company, the news agency says.

Prior to his role at Virgin Blue, Dow Jones notes, Mr. David held
various management roles at Air New Zealand.

Mr. Davis is currently seconded to Tiger Airways Australia as
its CEO after Australian regulators in July slapped a suspension
on the airline's domestic services over safety concerns,
according to ChannelNews Asia.

Australian Associated Press reported on August 4 that Tiger
Airways reportedly suffered operating losses of SGD12 million
during the six-week ban, which was only lifted on August 12.

According to AAP, the company said Tiger Australia posted an
operating loss of SGD23.2 million (AUD18.05 million) in the three
months to June 30, 2011, more than twice as large as the
SGD10.6 million (AUD8.24 million) loss in the prior corresponding
period.

"With the loss incurred in the first quarter, and the suspension
of all domestic services in Australia for more than a month, we
expect Tiger Airways Australia to report a net loss for this
financial year," the company's first quarter accounts noted, AAP
relates.

Tiger has not made a profit in Australia since starting operations
in the country in November 2007, AAP noted.

Based in Melbourne, Victoria, Tiger Airways Australia is an ultra-
low cost airline.  It is a subsidiary of Tiger Airways Holdings, a
Singapore-based company.  As of April 2011, the Tiger Airways
Australia fleet consists of 11 Airbus A320.


WESTPOINT GROUP: Former CFO Gets 18-Month Suspended Sentence
------------------------------------------------------------
The Australian Securities and Investment Commission reports that
the Parramatta District Court sentenced former Westpoint chief
financial officer Graeme Rundle to 18 months imprisonment on each
of two criminal offenses on Sept. 9, 2011.

Mr. Rundle was found guilty of two criminal offences of making a
false or misleading statement with intent to obtain a financial
advantage for Scots Church Development Limited by a jury on
June 24, 2011.  The charges were brought by ASIC.

Mr. Rundle's offences involved contraventions of section 178BB of
the NSW Crimes Act. The charges related to statements made to a
financial institution in relation to obtaining a $71 million
construction finance facility to complete a project at York
Street, Sydney.

ASIC Chairman Greg Medcraft said chief financial officers, as an
officer of a corporation, must take their responsibilities
seriously, and discharge their legal duties to the company and to
comply with the law carefully.

"Chief financial officers must ensure that any representations
made by them to financiers, on behalf of companies, are accurate,"
Mr. Medcraft said.

Mr. Medcraft said the case highlighted ASIC's willingness to
address corporate misconduct.  "To date ASIC has pursued a wide
range of actions and remedies concerning Westpoint against
gatekeepers such as financial advisers, auditors, trustees and
directors," Mr. Medcraft said.

Mr. Rundle was sentenced to eighteen months imprisonment on each
count (to be served concurrently), with the sentence to be
suspended upon him entering into an eighteen-month good behaviour
bond.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Background

When the Westpoint Group collapsed in early 2006, investors in
Westpoint-issued financial products had an outstanding total
capital invested of approximately $388 million. The estimated
losses to investors totalled approximately $310 million.

ASIC commenced compensation actions in 2007 and 2008.  The actions
were in four categories:

   * claim brought against KPMG, the former auditors of the
     Westpoint Group;

   * a claim brought against the directors of certain companies
     in the Westpoint Group;

   * representative proceedings on behalf of investors against
     financial planners who recommended investments in Westpoint
     Group financial products (seven separate actions); and

   * representative proceedings on behalf of investors against
     State Trustees Limited, the trustee of mezzanine finance
     notes issued by one of the mezzanine finance companies in
     the Westpoint Group.

                     About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- was engaged in property development
and owned or managed retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contended that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believed that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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C H I N A
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CHINA MEDICAL: Revenue Growth Cues Fitch to Affirm Low-B Rating
---------------------------------------------------------------
Fitch Ratings has affirmed China Medical Technologies, Inc.'s
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'
with Stable Outlook.

The ratings are supported by CMTI's steady revenue growth and
stable profit margin, solid liquidity profile, and conservative
financial management.  The ratings are, however, constrained by
the company's small scale -- operating EBITDAR close to USD80m for
the financial year ended 31 March 2011 - and financial leverage of
total adjusted debt / operating EBITDAR over 5.0x for the same
period.

"CMTI has successfully penetrated the Chinese market for molecular
diagnostic systems, which shows strong growth potential," said
Cosmo Zhang, Director at Fitch's Corporates team.  "The company's
stable EBITDA margin also reflects its solid market position and
operational stability."  For Q1FY11, CMTI recorded revenue of
CNY237.1 million, up 27.4% yoy.

Fitch also notes the company's ability to meet financial
obligations is underpinned by its current cash position, no
dividend payout plan in the near future, and strong cash flow
generation capability.

The Stable Outlook reflects steady demand for healthcare in China
and strong revenue growth prospects for CMTI's newly SFDA-approved
molecular diagnostic products.

Positive rating action may result from operating EBITDAR rising
over USD100 million, while maintaining total adjusted
debt/operating EBITDAR below 2.5x, net adjusted debt/ operating
EBITDAR below 1.5x or operating EBITDAR/gross interest above 4.0x
on a sustainable basis.

Negative rating action may result if there are material declines
in the Enhanced Chemiluminescence Immunoassay business, if it
fails to expand the Fluorescent in-situ Hybridization/Surface
Plasmon Resonance business and/or if the company makes any
significant acquisition that does not immediately contribute to
positive cash flow.  Fitch may also consider negative rating
action if total adjusted debt/operating EBITDAR rises above 5.25x,
net adjusted debt/operating EBITDAR above 4.0x or operating
EBITDAR/gross interest falls below 2.25x on a sustainable basis.


LONGTOP FINANCIAL: SEC Sues Deloitte Shanghai Over Doc Production
-----------------------------------------------------------------
Bloomberg News reports that the U.S. Securities and Exchange
Commission filed an enforcement action against Shanghai-based
Deloitte Touche Tohmatsu CPA Ltd. for failing to produce documents
related to an investigation of its former auditing client Longtop
Financial Technologies Limited.

Bloomberg relates that the agency, citing a filing in U.S.
District Court in Washington, said D&T Shanghai hasn't provided
any documents to the SEC, which issued subpoenas to the firm on
May 27.  As a result, the SEC has been unable to access "critical"
information in its probe of possible fraud at Longtop, the
statement said.

"Compliance with an SEC subpoena is not an option, it is a legal
obligation," Bloomberg quoted Robert Khuzami, head of the SEC's
enforcement division, as saying in a statement on September 9.
"The ability of the SEC to conduct swift and thorough
investigations requires that subpoena recipients promptly comply
with that legal obligation."

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, Longtop Financial Technologies Limited said its
registered independent accounting firm, Deloitte Touche Tohmatsu
CPA Ltd., has resigned as auditor of the Company by letter dated
May 22, 2011.  The Company also announced that Derek Palaschuk,
the Company's Chief Financial Officer, tendered his resignation by
letter, dated May 19, 2011, and the Board has taken his
resignation under advisement.

In its letter, DTT stated that it was resigning as the result of,
among other things (1) the recently identified falsity of the
Company's financial records in relation to cash at bank and loan
balances (and possibly in sales revenue); (2) the deliberate
interference by certain members of Longtop management in DTT's
audit process; and (3) the unlawful detention of DTT's audit
files.  DTT further stated that DTT was no longer able to rely on
management's representations in relation to prior period financial
reports, that continued reliance should no longer be placed on
DTT's audit reports on the previous financial statements, and DTT
declined to be associated with any of the Company's financial
communications in 2010 and 2011.

Longtop's Audit Committee has retained US legal counsel and
authorized the retention of forensic accountants to conduct an
independent investigation into the matters raised by DTT's
resignation letter.  The Audit Committee has also initiated a
search for a new auditor.  Further, Longtop was advised by the
United States Securities and Exchange Commission that the SEC was
conducting an inquiry regarding related matters.  Longtop intends
to cooperate fully with the SEC's inquiry.

Bloomberg notes that Longtop shares started trading over the
counter in August.  They hadn't changed hands since May, when the
New York Stock Exchange imposed a halt.  The SEC is seeking a
court order directing D&T Shanghai to show cause why the court
shouldn't enter an order requiring the firm to produce documents
responsive to the subpoena, according to the court filing obtained
by Bloomberg.

                     About Longtop Financial

Based in Hong Kong, Longtop Financial Technologies Limited --
http://www.longtop.com/-- together with its subsidiaries provides
a range of software solutions and services to the financial
institutions in the People's Republic of China (PRC), including
the development, licensing and support of software solutions, the
provision of maintenance, support, and other services, and system
integration services related to the procurement and sale of third
party hardware and software.  The software solutions provided by
the Company are classified into four categories: channel,
business, management and business intelligence.  The Company also
provides other services, such as automated teller machine (ATM)
maintenance, system integration and other information technology
(IT) and technology related services, to its clients.


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


ALCO DEVELOPMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2011, to
wind up the operations of Alco Development Limited.

The company's liquidator is Lau Siu Hung.


HARMONY FORTUNE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 26, 2011, to
wind up the operations of Harmony Fortune Limited.

The company's liquidator is Lau Siu Hung.


HEMPSTONE LTD: Contributories and Creditors to Meet on Sept. 23
---------------------------------------------------------------
Contributories and creditors of Hempstone Limited will hold their
meetings on Sept. 23, 2011, at 11:00 a.m., and 12:00 p.m.,
respectively at 43rd Floor, The Lee Gardens, at 33 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth and Lo Wa Kei Roy, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HONESTY CORPORATE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Aug. 3, 2011, to
wind up the operations of Honesty Corporate Management Limited.

The company's liquidator is Lau Siu Hung.


JIALI BIO: Contributories and Creditors to Meet on Sept. 16
-----------------------------------------------------------
Contributories and creditors of Jiali Bio Group Limited will hold
their first meetings on Sept. 16, 2011, at 4:00 p.m., and
4:30 p.m., respectively at 10th Floor, Dah Sing Life Building at
99-105 Des Voeux Road, Central, in Hong Kong.

At the meeting, Chiu Koon Shou, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


KOOLL INT'L: Contributories Get HK$0.0265 Per Share Dividend
------------------------------------------------------------
Kooll International Consolidated Services Limited, which is in
liquidation, will pay dividend to its contributories on Sept. 22,
2011.

The company will pay HK$0.0265 per share return of capital.

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor, Wing on Centre
         111 Connaught Road
         Central, Hong Kong


QUBE X: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on July 8, 2011, to
wind up the operations of Qube X Limited.

The company's liquidator is Lau Siu Hung.


RICH ABLE: Creditors' Proofs of Debt Due Sept. 26
-------------------------------------------------
Creditors of Rich Able International Investment Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Sept. 26, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Lau Wu Kwai King Lauren
          Yuen Tsz Chun Frank
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


TAI MING: Creditors' Proofs of Debt Due Sept. 23
------------------------------------------------
Creditors of Tai Ming Rubber Manufactory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 23, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

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


UNIMAX HOLDINGS: Court to Hear Wind-Up Petition on Nov. 2
---------------------------------------------------------
A petition to wind up the operations of Unimax Holdings Limited
will be heard before the High Court of Hong Kong on Nov. 2, 2011,
at 9:30 a.m.

CITIC Bank International Limited (formerly known as CITIC Ka Wah
Bank Limited) filed the petition against the company on Aug. 25,
2011.

The Petitioner's solicitors are:

          Joseph S.C. Chan & Co.
          18th Floor, Chuang's Tower
          30-32 Connaught Road Central
          Hong Kong


WIN FAITH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2011, to
wind up the operations of Win Faith Construction Limited.

The company's liquidator is Lau Siu Hung.


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I N D I A
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ABHIRAMA STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR95MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Abhirama Steels Pvt Ltd
continue to reflect ASPL's small scale of operations in the
intensely competitive thermo-mechanically-treated (TMT) steel bars
industry and susceptibility to volatility in raw material prices.
These weaknesses are partially offset by ASPL's promoter's
extensive experience in the TMT steel bars industry.

   Facilities                       Ratings
   ----------                       -------
   INR38 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR95 Million Long-Term Loan     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL will continue to benefit from its
promoters' experience in the steel industry and its increasing
scale of operations. The outlook may be revised to 'Positive' if
ASPL reports a more-than-expected increase in realizations and
profitability, and improves its capital structure. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure (capex) programme,
resulting in deterioration in its capital structure or if capacity
utilization at its plant is lower than expected.

Update

ASPL commenced commercial operations at its steel rolling mill
unit in Chityal (Andhra Pradesh) in January 2011. ASPL reported
revenues of INR284.3 million for 2010-11 (refers to financial
year, April 1 to March 31), which was less than CRISIL's
expectations. The less-than-expected revenues were a result of
delays in commencement and stabilization of commercial operations
at its manufacturing facility after the capex. ASPL's operating
margin, at 3.8 per cent in 2010-11, was below CRISIL's
expectations because of increase in the price of furnace oil and
lower utilisation level of 50 per cent. The company's operating
margin is expected to improve to 5.5 per cent over the medium term
on account of increasing scale of operations and utilization
level. Its liquidity remains stretched, marked by tightly matched
cash accruals vis-…-vis debt repayment obligations and high
utilisation of bank lines. Its liquidity is, however, supported by
need-based funding in the form of unsecured loans from the
promoters.  As on March 31, 2011, unsecured loans from promoters
amounted to around INR18 million. ASPL's capital structure remains
adequate for the rating category, at around 1.9 times as on March
31, 2011. The company's debt protection metrics were, however,
below average, with net cash accruals to total debt ratio at 4 per
cent and interest coverage ratio at 2.37 times for 2010-11. ASPL's
gearing and debt protection metrics are expected to remain at
similar levels over the medium term. The company has no major debt
funded capex plans in 2011-12.

ASPL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR284 million for 2010-11.

                       About Abhirama Steels

ASPL was incorporated in 2008 as part of the Abhirama group. The
company manufactures TMT bars under the Abhirama brand. Its steel
rolling mill facility in Chityal has capacity of 54,000 tonnes per
annum (tpa). The company commenced commercial operations in
January 2011. The Abhirama group is promoted by Mr. Palaparthy
Murthy and Mr. Abhishek Palaparthy. The group comprises ASPL,
Abhirama Hotels and Resorts Pvt Ltd, and Sri Vani Creations Pvt
Ltd.  AHRPL has 8-9 restaurants in and around Hyderabad, which
runs under the brands Hyderabad House and Bowl O China. SVCPL is
engaged in production of television serials for local channels.


ANKIT OVERSEAS: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Ankit Overseas, part of the Anand Prakash
group.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million Cash Credit     CRISIL BB-/ Stable (Assigned)

The rating reflects longstanding experience of the Anand Prakash
group's promoters in the agro-commodity trading industry, and the
group's moderate scale of operations. These rating strengths are
offset by the group's below-average financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and large working capital requirements.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AO, Anand Prakash Ankit Kumar (APAK),
and Shree Ganesh Agro.  The three entities are collectively
referred to as the Anand Prakash group. This is because the firms
are under the same management and in the same line of business.
Although there has been no operational linkage among the firms so
far, the group's management has said that the firms will extend
support to each other in case of exigencies.

Outlook: Stable

CRISIL believes that the Anand Prakash group's operations will
continue to be supported by its promoters' longstanding experience
in the agro-commodity trading business. The outlook may be revised
to 'Positive' in case of a significant improvement in the group's
capital structure and liquidity, most likely driven by more-than-
expected cash accruals or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case
deterioration in profitability or further weakening in the group's
financial risk profile, most likely caused by larger-than-expected
incremental working capital borrowings.

                        About the Group

SGA is a partnership set up by Mr. Anand Prakash Gupta and his
son, Mr. Ankit Kumar Gupta. The firm trades mainly in rice, and to
a smaller extent in pulses and other agro-commodities. Mr. Anand
Prakash Gupta started the business in 1985 under his
proprietorship firm APAK. In 2003, Mr. Anand Prakash Gupta and Mr.
Ankit Kumar Gupta set up SGA. In 2005, Mr. Ankit Kumar Gupta set
up his own proprietorship concern, AO, which is also in the same
business.

The Anand Prakash group's profit after tax (PAT) and net sales are
estimated at INR7.9 million and INR2.4 billion respectively for
2010-11 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR6.2 million on net sales of INR1.7 billion
for 2009-10.


ATMASTCO PRIVATE: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Atmastco Pvt Ltd to 'Negative' from 'Stable', while
reaffirming its rating on the same at 'CRISIL BB+'; the rating on
the short-term bank facility has been reaffirmed at 'CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR23.2 Million Rupee Term Loan     CRISIL BB+/Negative
                                       (Reaffirmed; Outlook
                                        Revised from 'Stable')

   INR48 Million Cash Credit           CRISIL BB+/Negative
                                       (Reaffirmed; Outlook
                                        Revised from 'Stable')

   INR10 Million Letter of credit      CRISIL A4+ (Reaffirmed)
                & Bank Guarantee

The outlook revision reflects CRISIL's belief that APL's gearing
will remain moderately high over the near to medium term because
of the company's debt-funded capital expenditure (capex) and
incremental working capital requirements. APL undertook a capex
programme of INR120 million in 2010-11 (refers to financial year,
April 1 to March 31), of which about INR56 million was spent in
2010-11 and the rest in the current year. The capex has resulted
in an increase in APL's gearing to 1.55 times as on March 31, 2011
from 1.26 times as on March 31, 2010.

The ratings continue to reflect APL's moderate financial risk
profile, marked by moderate gearing and debt protection metrics,
and improving market position in the fabrication segment. These
rating strengths are partially offset by APL's small scale of
operations, large working capital requirements, and susceptibility
to intense competition in the industry

Outlook: Negative

CRISIL believes that APL's financial risk profile, particularly
its liquidity, will remain under pressure because of the company's
ongoing capex and large working capital requirements. The ratings
may be downgraded if the deterioration in APL's capital structure
is more than expected. Conversely, the outlook may be revised to
'Stable' if there is a significant and sustained improvement in
the company's financial risk profile, especially its liquidity,
driven by higher-than-expected cash accruals.

                        About Atmastco Pvt

Set up in as a partnership firm 1987 by Mr. Swaminathan and Mr.
Venkateshwara, APL was reconstituted as a private limited company
in the late 1990s. APL commenced operations by trading in
industrial products including dumper parts, electrodes (welding
rods), and miscellaneous spare parts. In 1993, the promoters
started undertaking engineering onsite jobs for fabrication of new
plants. The company entered into specialized steel trading in
1997. It discontinued the industrial products trading business in
early 2000s, and in 2003 stopped undertaking onsite jobs and set
up a separate fabrication division for the fabrication of heavy
steel columns and assemblies. Currently, APL has two divisions:
the trading division, in which the company trades in specialized
steel plates and structures such as angles and columns; and the
fabrication division for fabricating heavy steel columns and
assemblies for power plants, and supplying to power plant
equipment manufacturing companies such as Bharat Heavy Electricals
Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+') and Larsen & Toubro Ltd
('CRISIL AAA/FAAA/Stable/CRISIL A1+').

APL reported (on a provisional basis) a profit after tax (PAT) of
INR19.2 million on net sales of INR850.8 million for 2010-11,
against a PAT of INR20 million on net sales of INR846.5 million
for 2009-10.


BALAJI GREENTECH: Fitch Puts Rating on INR132 Mil. Loan at 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned India's Balaji Greentech Products
Limited (BGPL) a National Long-Term Rating of 'Fitch B+(ind)'.
The Outlook is Stable.  The agency has also assigned BGPL's
INR132m term loan a 'Fitch B+(ind)' rating.

The ratings reflect BGPL's limited track record of operations,
high financial leverage (adjusted debt/EBITDAR) and its
significant customer concentration, with its top three customers
accounting for over 85% of its FY11 revenue.

The ratings however draw comfort from management's vast experience
and the company's growth prospects in the domestic compact
fluorescent lamp (CFL) market, driven by increased consumer
awareness and government initiatives.  The ratings also factor in
Fitch's expectation of continued support from BGPL's sponsor (49%
shareholder) -- Balaji Amines Ltd ('Fitch A-(ind)'/Stable), till
its operations stabilise.  Balaji Amines provided unsecured loans
of INR29m to BGPL in FY11.

BGPL plans to sell CFLs through the Clean Development Mechanism
(CDM) of United Nations Framework Convention on Climate Change and
expects the CDM project approval by end-FY12.

Positive rating guidelines include stabilization of BGPL's
operations leading to financial leverage improving to below 3.5x
and interest coverage (EBITDA/Interest) exceeding 2x, and CDM
project approval.  Negative rating guidelines include the
company's financial leverage exceeding 5.5x or interest coverage
declining to below 1.5x on a sustained basis.

BGPL, a Hyderabad-based company, started operations in August
2009.  It manufactures CFLs for original lamp manufacturers like
Crompton Greaves and Nippo, and also sells its own brand of lamps
'Zora'.  In FY11, BGPL's revenue was around INR285 million, EBITDA
margin was 10.8%, financial leverage was 9.2x, and interest
coverage was 1.5x.


DEEPAK SPINNERS: Fitch Withdraws Rating on National Long-Term
-------------------------------------------------------------
Fitch Ratings has withdrawn India-based Deepak Spinners Limited's
(DSL) 'Fitch BB-(ind)nm' National Long-Term Rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of DSL.

Fitch had migrated DSL to the "Non-Monitored" category in March
2011 (please refer to the rating action commentary, 'Fitch
Migrates Deepak Spinners' Ratings to the "Non-Monitored"
Category', dated March 3, 2011, and available at
www.fitchratings.com).

DSL's bank loan ratings have been withdrawn as follows:

  -- INR526.2m term loans: 'Fitch BB-(ind)nm'; rating withdrawn
  -- INR540m fund-based working capital limits: 'Fitch BB-
     (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn
  -- INR120m non-fund based working capital limits: 'Fitch BB-
     (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn.


GREAT INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR115MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Great India Steel Fabricators.

   Facilities                       Ratings
   ----------                       -------
   INR115 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR100 Million Working Capital   CRISIL B+/Stable (Assigned)
                      Demand Loan
   INR20 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect GISF's small scale of operations in the
intensely competitive fabrication industry, customer
concentration, working-capital-intensive operations, and expected
deterioration in its capital structure and debt protection metrics
because of planned debt-funded capital expenditure (capex) toward
capacity expansion project. These rating weaknesses are partially
offset by GISF's healthy order book, which provides comfortable
revenue visibility for the firm for the medium term, and the
established track record of its partner-promoters in the
fabrication industry.

Outlook: Stable

CRISIL believes that GISF will maintain its healthy order book
over the medium term, supported by its partner-promoters' industry
experience. The outlook may be revised to 'Positive' if GISF
increases its order book and strengthens its market position,
resulting in an increase in its scale of operations, and improves
its financial profile considerably. Conversely, the outlook may be
revised to 'Negative' if GISF generates less-than-expected cash
accruals, is unable to renew large contracts, or weakens its
capital structure by way of larger-than-expected debt-funded
capital structure.

                         About Great India

Established in 1972, GISF is a partnership firm. The firm is
engaged in the construction of steel structures for power,
refinery, petro-chemicals, thermal, metro rail and infrastructure
projects. The firm has two plants, both located in Yamuna Nagar
(Haryana). GISF mainly deals in contract-based business of
standardised structures. The designs for construction works are
provided by its customers at the time of contract initiation. The
firm has a capex plan of around INR140.0 million toward increasing
its plant capacity; around INR25 million will be infused by
promoters in form of interest bearing unsecured loans and the
remaining INR115 million will be in form of bank loans, for which
the company has received sanction from State Bank of India.

GISF reported a profit after tax (PAT) of INR16 million on a total
income of INR 384 million for 2010-11, against a PAT of INR5
million on a total income of INR203 million for 2009-10.


JATAN CONSTRUCTIONS: CRISIL Rates INR50MM Loan at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jatan Constructions Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR200.00 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect JCPL's average financial risk profile, marked
by a moderate gearing and healthy debt protection metrics, and
efficient working capital management. These rating strengths are
partially offset by JCPL's moderate order-book providing limited
revenue visibility, high revenue concentration risk, and low
operating profitability.

Outlook: Stable

CRISIL believes that JCPL will maintain its financial risk profile
supported by efficient working capital management. The outlook may
be revised to 'Positive' if the company increases its scale of
operations and improves its operating margin. Conversely, the
outlook may be revised to 'Negative' in case JCPL's liquidity
faces significant pressure because of delay in realization from
the debtors.

                      About Jatan Constructions

Set up in 1986 as a private limited company, JCPL undertakes civil
construction of residential complexes, hospitals, ammunition
depots and sheds for government entities of Gujarat and Rajasthan.
Mr. Ramesh Chandra Agrawal is the managing director of the
company.

JCPL reported, on provisional basis, a profit after tax (PAT) of
INR9.4 million on revenues of INR674.7 million for 2010-11 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR12.6 million on revenues of INR875.8 million for 2009-10.


KAMATH TRANSFORMERS: CRISIL Ups Rating on INR65MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kamath Transformers Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Positive'; the rating on the short-term facilities has been
reaffirmed at 'CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Cash Credit        CRISIL BB+/Stable (Upgraded
   (Enhanced from INR25.00 Million)    from 'CRISIL BB/Positive')

   INR65.00 Million Long Term Loan     CRISIL BB+/Stable (Upgraded
   (Enhanced from INR 58.00 Million)   from 'CRISIL BB/Positive')

   INR15.00 Million Letter of Credit   CRISIL A4+ (Reaffirmed)
   (Enhanced from INR 5.00 Million)

   INR15.00 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)
   (Enhanced from INR 9.00 Million)

The rating upgrade reflects improvement in KTPL's business risk
profile, marked by healthy increase in revenues and sustained
moderate operating margin. KTPL's revenues showed a strong year-
on-year growth of 38 per cent in 2010-11 (refers to financial
year, April 1 to March 31), driven by increased demand. The
company maintained its moderate operating margin of 10 per cent in
2010-11. Moreover, KTPL maintained its healthy capital structure,
reflected in its estimated gearing of 0.86 times as on March 31,
2011, and strong debt protection metrics, despite undertaking a
debt-funded capital expenditure (capex) programme of around INR90
million (estimated figure) toward expansion of capacities from 800
megavolt ampere (MVA) to 3300 MVA. The new facility is expected to
commence operations in November 2011, which would further improve
KTPL's revenues. Moreover, the absence of any major capex plan for
the medium term will help the company maintain its healthy
financial risk profile.

The ratings continue to reflect KTPL's healthy financial risk
profile, and promoter's industry experience. These strengths are
partially offset by KTPL's customer concentration and small scale
of operations.

Outlook: Stable

CRISIL believes that KTPL will maintain its established position
in transformer industry, and its healthy financial risk profile.
The outlook may be revised to 'Positive' if KTPL generates more-
than-expected cash accruals from considerable increase in revenues
and profitability and maintains its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of any sharp
decline in KTPL's margins or realisations, or if the company
undertakes a larger-than-expected debt-funded capex programme,
thereby weakening its capital structure.

                     About Kamath Transformers

Set up in 1994 in Bengaluru (Karnataka) by Mr. K V Kamath, KTPL, a
family-owned company, manufactures power transformers with a total
capacity of 800 MVA. The company derived nearly 65 per cent of its
revenues in 2010-11 from sale of transformers to windmill
manufacturers and the rest from sale to industrial consumers. KTPL
has completed the construction of a new manufacturing plant to
expand facilities by 2500 MVA at a project cost of INR90 million
(of which 60 per cent has been funded through debt) which is
currently in the testing phase. The new facility is expected to
start commercial production in November 2011.

KTPL reported, on provisional basis, a profit after tax (PAT) of
INR20 million on net sales of INR352 million for 2010-11; the
company reported a PAT of INR14 million on net sales of INR251
million for 2009-10.


KRISHNAE CONSTRUCTIONS: CRISIL Rates INR47.5MM Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Krishnae Constructions.

   Facilities                       Ratings
   ----------                       -------
   INR47.5 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)


The ratings reflect KC's better than average financial risk
profile marked by low gearing and strong debt protection metrics,
though constrained by small net worth, promoters' extensive
experience in the construction industry, and comfortable order
book position. These rating strengths are partially offset by KC's
small scale of operations with high geographical concentration in
revenue profile.

Outlook: Stable

CRISIL believes that KC will continue to benefit from the
extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' in case the firm
significantly increases its scale of operations, while sustaining
its profitability. Conversely, the outlook may be revised to
'Negative' if the firm's capital structure deteriorates
significantly on account of large working capital requirements or
larger-than-expected, debt-funded capital expenditure.

                    About Krishnae Constructions

KC was formed as a proprietorship firm in 1996 by Mr. Sunil
Bhosale. The firm is into road construction. It undertakes
projects mostly for the Government of Maharashtra (GoM) and its
departments, including Pune Municipal Corporation (PMC), Pimpri-
Chinchwad Municipal Corporation, and Maharashtra Industrial
Development Corporation (MIDC).

KC's profit after tax (PAT) and net sales are estimated at
INR25 million and INR387 million respectively for 2010-11; the
firm reported a PAT of INR25 million on net sales of INR319
million for 2009-10.


KRISHNAPING ALLOYS: CRISIL Rates INR150MM Loan at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Krishnaping Alloys Pvt Ltd, the Krishnaping
group.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR150 Million Proposed LT       CRISIL BB+/Stable (Assigned)
           Bank Loan Facility
   INR50 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of the Krishnaping
group's promoters in the manganese mining and trading industry,
and the group's healthy financial risk profile marked by a strong
capital structure.

These rating strengths are partially offset by the Krishnaping
group's exposure to cyclicality in demand and prices from the end-
user steel industry, and significant exposure to political and
regulatory risks.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KAPL and Krishnaping Minerals Pvt Ltd.
This is because both entities are controlled by the same
promoters; moreover, both KAPL and KAML are engaged in a similar
line of activity. Furthermore, there have been instances of
financial support provided by these entities to each other in
order to meet their respective short-term funding requirements.

Outlook: Stable

CRISIL believes that the Krishnaping group will continue to
benefit over the medium term from its promoters' extensive
experience and established position in the mining industry; the
group is expected to maintain its healthy financial risk profile
during this period, supported by steady growth in revenue while
maintaining its profitability levels. The outlook may be revised
to 'Positive' if the Krishnaping group successfully scales up its
operations while it sustains its profitability and comfortable
capital structure. Conversely, the outlook may be revised to
'Negative' if the group increases its reliance on debt to fund its
capacity expansion plans and incremental working capital
requirements, thereby weakening its capital structure and
liquidity.

                        About the Group

Krishnaping Alloys Pvt. Ltd. and Krishnaping Minerals Pvt. Ltd.
(referred to as the Krishnaping group) are part of the larger
Shyamji group which is promoted by the Khandelwal family. The
Shyamji group is engaged in the production of manganese compounds,
ferro manganese manufacturing, manganese mining, and trading and
civil construction activities via other group entities.

Incorporated in 1996, KAPL is in the business of mining manganese
ore; it owns a 155-acre mine at Sauser in Chindwada (Madhya
Pradesh). The company's total cumulative production from the mine
is over 1 million metric tonnes. The company primarily sells to
ferroalloy/steel manufacturers in western, central, and eastern
India. It is also in the process of establishing a ferroalloy
plant.

KMPL was floated in 2004 to trade in various minerals and ferro
alloys. In 2008, the company acquired rights for raising and
selling of manganese and iron ore and lime stone in 650 acres of
mine at Itegahalli and Chitradurg (Karnataka) from Laxmi Cement
and Ceramics Ltd.

For 2009-10 (refers to financial year, April 1 to March 31), the
Krishnaping group reported a profit after tax (PAT) of INR10.3
million on net sales of INR462.5 million, against a PAT of INR38.8
million on net sales of INR717.2 million for 2008-09.


KRISHNAPING MINERALS: CRISIL Assigns 'CRISIL BB+' to INR190MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Krishnaping Minerals Pvt Ltd, the
Krishnaping group.

   Facilities                       Ratings
   ----------                       -------
   INR85 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR190 Million Proposed LT       CRISIL BB+/Stable (Assigned)
           Bank Loan Facility
   INR25 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of the Krishnaping
group's promoters in the manganese mining and trading industry,
and the group's healthy financial risk profile marked by a strong
capital structure. These rating strengths are partially offset by
the Krishnaping group's exposure to cyclicality in demand and
prices from the end-user steel industry, and significant exposure
to political and regulatory risks.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KAPL and Krishnaping Minerals Pvt Ltd.
This is because both entities are controlled by the same
promoters; moreover, both KAPL and KAML are engaged in a similar
line of activity. Furthermore, there have been instances of
financial support provided by these entities to each other in
order to meet their respective short-term funding requirements.

Outlook: Stable

CRISIL believes that the Krishnaping group will continue to
benefit over the medium term from its promoters' extensive
experience and established position in the mining industry; the
group is expected to maintain its healthy financial risk profile
during this period, supported by steady growth in revenue while
maintaining its profitability levels. The outlook may be revised
to 'Positive' if the Krishnaping group successfully scales up its
operations while it sustains its profitability and comfortable
capital structure. Conversely, the outlook may be revised to
'Negative' if the group increases its reliance on debt to fund its
capacity expansion plans and incremental working capital
requirements, thereby weakening its capital structure and
liquidity.

                          About the Group

Krishnaping Alloys Pvt. Ltd. and Krishnaping Minerals Pvt. Ltd.
(referred to as the Krishnaping group) are part of the larger
Shyamji group which is promoted by the Khandelwal family. The
Shyamji group is engaged in the production of manganese compounds,
ferro manganese manufacturing, manganese mining, and trading and
civil construction activities via other group entities.

Incorporated in 1996, KAPL is in the business of mining manganese
ore; it owns a 155-acre mine at Sauser in Chindwada (Madhya
Pradesh). The company's total cumulative production from the mine
is over 1 million metric tonnes. The company primarily sells to
ferroalloy/steel manufacturers in western, central, and eastern
India. It is also in the process of establishing a ferroalloy
plant.

KMPL was floated in 2004 to trade in various minerals and ferro
alloys. In 2008, the company acquired rights for raising and
selling of manganese and iron ore and lime stone in 650 acres of
mine at Itegahalli and Chitradurg (Karnataka) from Laxmi Cement
and Ceramics Ltd.

For 2009-10 (refers to financial year, April 1 to March 31), the
Krishnaping group reported a profit after tax (PAT) of INR10.3
million on net sales of INR462.5 million, against a PAT of
INR38.8 million on net sales of INR717.2 million for 2008-09.


NEW BALL: CRISIL Rates INR50 Million Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of The New Ball Bearing Company.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR20 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflects TNBBC's established market position as one of
the major dealers in SKF India Ltd's products in Pune
(Maharashtra), Kolhapur (Maharashtra) and Bangalore (Karnataka),
and TNBBC's moderate risk management policies. These rating
strengths are partially offset by the firm's exposure to intense
competition in the bearing dealership market and its below-average
financial risk profile marked by modest net worth, high total
indebtedness, and inadequate interest coverage ratio.

Outlook: Stable

CRISIL believes that TNBBC will continue to benefit from its
established relationship with its principal as well as customers,
supported by its efficient operating team. The outlook may be
revised to 'Positive' if there is a significant improvement in
TNBBC's capital structure, most likely driven by fresh equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of pressure on the firm's profitability, or stretch in its
working capital cycle adversely affecting its liquidity.

                      About New Ball Bearing

TNBBC was established by Mr. L P Pandya in Pune (Maharashtra) in
1949 to trade in bearings, generators, lubricants and other
various other engineering products. Over the years, the firm
concentrated on trading in bearings and gradually discontinued
trading in all the other products.

Currently, TNBBC's day-to-day operations are managed by Mr. Bharat
Pandya, Mr. Abhay Pandya, and Mr. Pranav Pandya. The firm is an
authorised distributor of bearings of SKF India Ltd in Pune,
Kolhapur and Bangalore territories. The firm also trades in other
products, including gear motors, gear boxes, oil seals, fans, and
v belts, the contribution of which is less than 5 per cent to its
total sales. The firm plans to start dealership operations in Goa
in 2011-12 (refers to financial year, April 1 to March 31).

TNBBC reported, on provisional basis, a profit after tax (PAT) of
INR4 million on net sales of INR427 million for 2010-11; the firm
reported a PAT of INR1.4 million on net sales of INR332.5 million
for 2009-10.


OCEANIC EDIBLES: CRISIL Puts 'CRISIL B-' Rating on INR465.3MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
Oceanic Edibles International Ltd's, part of the Oceanic Edibles
group, bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR1218 Million Cash Credit         CRISIL B-/Stable (Assigned)
   INR465.3 Million Long-Term Loan     CRISIL B-/Stable (Assigned)
   INR247 Million Proposed Cash        CRISIL B-/Stable (Assigned)
                   Credit Limit
   INR285 Mil. Export Packing Credit   CRISIL A4 (Assigned)
   INR130 Million Letter of Credit     CRISIL A4 (Assigned)
   INR4.7 Million Bank Guarantee       CRISIL A4 (Assigned)

The ratings reflect Oceanic edibles group's below-average
financial risk profile, marked by high gearing ,modest debt
protection metrics and large working capital requirements,
geographical concentration in its revenue profile and its
susceptibility to volatility in forex rates. These rating
weaknesses are partially offset by the group's fully integrated
operations and strong sourcing network.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of OEIL and Oceanic Bio Harvests Ltd
(OBHL), referred to as the Oceanic Edibles group, since both
companies are engaged in similar lines of business, share
significant business synergies, and are operated by the same
management.

Outlook: Stable

CRISIL believes that the Oceanic Edibles group will maintain a
stable credit risk profile over the medium term, backed by the
extensive experience of its promoters in the sea foods industry
and its vertically integrated nature of operations. The outlook
may be revised to 'Positive' in case of a significant improvement
in the group's capital structure and debt protection metrics,
supported by efficient working capital management or in case of a
greater than expected improvement in the group's scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the group undertakes any large unexpected
debt-funded capital expenditure, or if its liquidity weakens
because of any sharp decline in profitability or a substantial
increase in working capital requirements.

                       About Oceanic Edibles

Incorporated in 1994 as Oceanic Shrimping Ltd, OEIL is a fully
integrated manufacturer engaged in the processing and retailing of
food items such as fruits, vegetables, and marine products,
including shrimp and fish. The company has three aquaculture
farms, with a capacity to produce about 1500 tonnes per annum of
shrimps. OEIL also has a prawn hatchery, with a capacity to
produce around 500 million shrimp seeds per annum. Over the years,
the company vertically integrated into processing of food
products, by setting up two individual quick-freezing (IQF)
facilities with a capacity to process around 3.5 tonnes per hour
of fruits and vegetables and 0.5 tonnes per hour of marine
products, respectively. The company also has a blast-freezing
facility with a capacity of around 30 tonnes per day. Besides, the
company also has nine retail outlets in Chennai for sale of
fruits, vegetables and marine food products, which operate under
the Fish n Fresh brand.

Incorporated in 2007, OBHL is engaged in the businesses of
aquaculture and hatcheries. OBHL's hatcheries have a capacity to
produce around 300 million shrimp seeds per annum and its shrimp
farm has a capacity to produce around 300 tonnes per annum of
shrimps. Beginning 2011-12, OBHL's entire shrimp farm produce will
be used for captive consumption in OEIL's marine processing
facilities.

                          About the group

OEIL and OBHL are part of the Oceanaa group of companies, which
operates mainly in two businesses-food processing and software
development. The group comprises, apart from OEIL and OBHL,
Oceanic Tropical Foods Pvt Ltd (engaged in fruit pulp extraction
and packaging ,Rated CRISIL BB+/Stable/CRISIL A4+), Object
Frontier Software Pvt Ltd (engaged in software development) and
Oceanic Research achievements Institute (engaged in research and
development in prawn culturing). The day-to-day operations of the
group are managed by the promoter, Mr. A Joseph Raj, and his wife
Mrs. Vimala Joseph.

The Oceanic edibles group posted a provisional profit after tax
(PAT) of INR 59.2 million on net sales of INR 1.88 billion for
2010-11 (refers to financial year, April 1 to March 31), as
against a PAT of INR 57.34 million on net sales of
INR 1.37 billion for 2009-10.


PVS AUTOMOTIVE: CRISIL Puts 'CRISIL B+' Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of PVS Automotive Company Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR82.5 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR3.9 Million Proposed LT       CRISIL B+/Stable (Assigned)
           Bank Loan Facility

The rating reflect PVS's weak financial risk profile marked by a
highly leveraged capital structure, and moderate debt protection
metrics, and exposure to risks related to revenue concentration
and to intense competition in the automotive dealership market.
These rating weaknesses are partially offset by the benefits that
PVS derives from its promoter's industry experience and its
established position in the Kerala market.

Outlook: Stable

CRISIL believes that PVS will continue to benefit over the medium
term from its established market position in Kerala. The outlook
may be revised to 'Positive' if PVS's capital structure improves
because of higher cash accruals or equity infusion together with
sustained increase in scale of operations on the back of revenue
diversity. Conversely, the outlook may be revised to 'Negative' if
PVS's revenues decline sharply or if the company undertakes a
large, debt-funded capital expenditure programme.

                       About PVS Automotive

PVS commenced operations in 2005 as an authorized dealer of
passenger vehicles and spare parts of Ford India Pvt Ltd. The
company has three workshop-cum-showrooms stations, which are at
Kozhikode, Mallapuram, and Kannur (all in Kerala). It also has a
service station in Palghat (Kerala) which commenced commercial
operations in July 2011.

PVS has registered a profit after tax (PAT) on a provisional basis
at INR39 million on net sales of INR594 million in 2010-11,
against a reported PAT of INR19 million on net sales of INR310
million in 2009-10.


RANA MILK: CRISIL Assigns 'CRISIL C' Rating to INR30MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank facilities
of Rana Milk Foods Pvt. Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR30 Million Term Loan        CRISIL C (Assigned)
   INR120 Million Cash Credit     CRISIL C (Assigned)
   INR30 Million Proposed LT      CRISIL C (Assigned)
          Bank Loan Facility

The rating reflects the company's weak liquidity with delays in
servicing of loan in the recent past.

The rating also reflects RMFPL's low operating margin, driven by
presence in low value-added product segment and small scale of
operations, and exposure to risks relating to government
regulations and epidemic-related factors. These rating weaknesses
are partially offset by RMFPL's established procurement network
and its relationship with large customers.

                           About Rana Milk

RMFPL was incorporated in 2004 by Mr. Prem Singh Rana. The company
manufactures processed milk and milk food products such as ghee
and skimmed milk powder (SMP), which are sold under the Royal
brand. The company has a milk-processing plant at Ludinana
(Punjab) with a milk-handling capacity of 0.3 million litres per
day (MLPD). The company is in the process of expansion; after
completion of expanded capacity, the milk-handling capacity will
increase to 0.45 MLPD.


SANJAY STEEL: CRISIL Assigns 'CRISIL B' Rating to INR29.9MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to Sanjay Steel
Corporation's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR29.9 Million Proposed LT       CRISIL B/Stable (Assigned)
            Bank Loan Facility
   INR70 Million Letter of Credit    CRISIL B/Stable (Assigned)

The ratings reflect SSC's modest scale of operations in a highly
fragmented ship breaking industry and moderate financial risk
profile marked by low net worth, high external indebtedness,
(ratio of Total Outside Liabilities (TOL) to Tangible Net Worth
(TNW)) and low operating margins. These rating weaknesses are
partially offset by the extensive experience of SSC's partners in
the ship breaking industry.

Outlook: Stable

CRISIL believes that SSC will continue to benefit from its
promoters' extensive experience in the ship breaking industry,
over the medium term. The outlook may be revised to 'Positive' in
case of a higher than expected improvement in revenues, net cash
accruals while improving its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection measures deteriorate further or the
capital structure weakens further.

                          About Sanjay Steel

Sanjay Steel Corporation, a Mumbai based partnership firm
established in 1984, is engaged in ship breaking activities and
trading in steel and iron scrap. SSC's partners are Mr. Gauri
Shankar Jain and his son, Mr. Sanjay Kumar Jain. The firm
undertakes ship breaking activities at Darukhana, Mazagon dock
located at Mumbai in Maharashtra. The partners initially traded in
steel scrap. Later, in 1990, they entered into ship breaking
industry.

SSC reported a profit after tax (PAT) of INR1.0 million
(provisional) on net sales of INR91 million (provisional) for
2010-11, against a PAT of INR0.3 million on operating income of
INR59 million for 2009-10.


SHASHI CABLES: CRISIL Assigns 'CRISIL B+' to INR4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shashi Cables Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR4.0 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR150.0 Million Letter of       CRISIL A4 (Assigned)
      Credit & Bank Guarantee

The ratings reflect SCL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, moderate
scale of operations, and margins susceptible to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of SCL's promoters.

Outlook: Stable

CRISIL believes that SCL will continue to benefit over the medium
term from its established position in the domestic aluminum
conductor market. The outlook may be revised to 'Positive' if
SCL's scale of operations or margins increase significantly,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in SCL's revenue or margins, or in case the
company undertakes large debt-funded capital expenditure (capex)
programme.

                         About Shashi Cables

SCL was established by Mr. V K Aggarwal in 1976 as a partnership
firm; it was reconstituted as a private limited company, Anand
Cable & Conductor Ltd, in 1981 and got its current name in 1996.
SCL manufactures aluminium conductor steel reinforced and all
aluminium alloy conductors that are used for overhead transmission
and distribution of electricity. SCL is also registered with the
Power Grid Corporation India Ltd.

SCL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR385 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.0 million on net
sales of INR336 million for 2009-10.


SHIVALIK EXPORTS: CRISIL Rates INR5 Million Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shivalik Exports.

   Facilities                        Ratings
   ----------                        -------
   INR5.0 Million Foreign Bill       CRISIL B/Stable (Assigned)
                Purchase limit
   INR10.0 Million Standby Line      CRISIL B/Stable (Assigned)
                      of Credit
   INR20.0 Million Foreign Bill      CRISIL A4 (Assigned)
                 Purchase limit
   INR7.5 Million Export Packing     CRISIL A4 (Assigned)
                   Credit limit
   INR5.0 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR15.0 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect SE's small scale of operations in the
fragmented ready-made garment export business, pressure on
topline, high customer concentration, susceptibility of operating
margin to volatility in raw material prices and foreign exchange
rates, and a weak financial risk profile, marked by a small net
worth, moderate gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of SE's partners in the textile business and established
relationships with reputed customers.

Outlook: Stable

CRISIL believes that SE will continue to benefit from its
partners' extensive industry experience, over the medium term. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability,
leading to higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of any further
pressure on SE's topline and profitability and further
deterioration in liquidity due to lower-than-expected cash
accruals and larger-than-expected working capital requirements.

                      About Shivalik Exports

Set up in 1993, SE is a partnership firm that manufactures and
exports ready-made garments, mainly for women. It is managed by
Mr. Vijay Kumar Agarwal and his brother, Mr. Ashok Agarwal, along
with other family members. SE manufactures and exports woven and
knitted garments, which include Women's tops, polos, blouses,
skirts, men's casual shirts, bottoms, and children's wear. The
firm mainly exports to the USA; about 80 per cent of SE's revenues
are generated from the USA and the balance from Europe. The firm
has a capacity to manufacture about 0.1 million garments per month
at its manufacturing unit in Faridabad (Haryana).

SE reported a profit after tax (PAT) of INR1.2 million on an
operating income of INR130.4 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.4
million on an operating income of INR136.1 million for 2009-10.


SHREE GANESH: CRISIL Rates INR76MM Cash Credit at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Shree Ganesh Agro, part of the Anand Prakash
group.

   Facilities                        Ratings
   ----------                        -------
   INR76.00 Million Cash Credit      CRISIL BB-/ Stable (Assigned)

The rating reflects longstanding experience of the Anand Prakash
group's promoters in the agro-commodity trading industry, and the
group's moderate scale of operations. These rating strengths are
offset by the group's below-average financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and large working capital requirements.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SGA, Anand Prakash Ankit Kumar (APAK),
and Ankit Overseas.  The three entities are collectively referred
to as the Anand Prakash group. This is because the firms are under
the same management and in the same line of business. Although
there has been no operational linkage among the firms so far, the
group's management has said that the firms will extend support to
each other in case of exigencies.

Outlook: Stable

CRISIL believes that the Anand Prakash group's operations will
continue to be supported by its promoters' longstanding experience
in the agro-commodity trading business. The outlook may be revised
to 'Positive' in case of a significant improvement in the group's
capital structure and liquidity, most likely driven by more-than-
expected cash accruals or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case
deterioration in profitability or further weakening in the group's
financial risk profile, most likely caused by larger-than-expected
incremental working capital borrowings.

                          About the Group

SGA is a partnership set up by Mr. Anand Prakash Gupta and his
son, Mr. Ankit Kumar Gupta. The firm trades mainly in rice, and to
a smaller extent in pulses and other agro-commodities. Mr. Anand
Prakash Gupta started the business in 1985 under his
proprietorship firm APAK. In 2003, Mr. Anand Prakash Gupta and Mr.
Ankit Kumar Gupta set up SGA. In 2005, Mr. Ankit Kumar Gupta set
up his own proprietorship concern, AO, which is also in the same
business.

The Anand Prakash group's profit after tax (PAT) and net sales are
estimated at INR7.9 million and INR2.4 billion respectively for
2010-11 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR6.2 million on net sales of INR1.7 billion
for 2009-10.


SLV SPINNING: CRISIL Rates INR75MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of SLV Spinning Mills Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR75 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR172 Million Long Term Loan    CRISIL B+/Stable (Assigned)

The rating reflects SLV's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics. The
ratings also reflect SLV's geographically concentrated revenue
profile and susceptibility of the company's operating margin to
volatility in cotton and yarn prices. These rating weaknesses are
partially offset by the extensive experience of SLV's promoter in
the cotton yarn industry.

Outlook: Stable

CRISIL believes that SLV will continue to benefit from its
promoter's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the company enhances
its scale of operations on a sustainable basis while it maintains
its profitability, leading to higher cash accruals. Conversely,
the outlook may be revised to 'Negative' if SLV undertakes a
large, debt-funded capital expenditure programme, reports a
significant decline in its profitability, or makes any large
investments in other group entities leading to deterioration in
financial risk profile.

                        About SLV Spinning

In 2003, Mr. T Shivarama Prasad acquired TTK Spinning Ltd and
incorporated it as SLV. The company, based in Bellary (Karnataka),
manufactures cotton yarn of 40s and 60s count. SLV's manufacturing
unit is in Nagari (Andhra Pradesh [AP) and has installed capacity
of 33,000 spindles. The company derives close to 70 percent of its
revenues from Maharashtra and the balance from West Bengal. SLV
has other associate entities--SLV Cotton Mills, which is engaged
in cotton ginning, and S.L.V Steels and Alloys Pvt Ltd (rated
'CRISIL D/CRISIL D'), which is currently setting up a 200-tonne-
per-day sponge iron plant in Anantapur (AP); the plant is expected
to become completely operational by end of September 2011. SLV's
operations are managed by its managing director, Mr. T Shivarama
Prasad.

SLV, on a provisional basis, reported a profit after tax (PAT) of
INR16 million on net sales of INR524 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR8
million on net sales of INR354 million for 2009-10.


SRI SAI: CRISIL Rates INR65.4 Million LT Loan at 'CRISIL D'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sri Sai Krishna Educational Society.

   Facilities                          Ratings
   ----------                          -------
   INR65.4 Million Long-Term Loan      CRISIL D (Assigned)
   INR5.5 Million Secured Overdraft    CRISIL D (Assigned)
                           Facility
   INR4.1 Million Proposed Long-Term   CRISIL D (Assigned)
                  Bank Loan Facility

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

SSKES also has a below-average financial risk profile, marked by
high gearing and low net worth and is exposed to risks related to
high degree of government regulations in the education sector.
These rating weaknesses are partially offset by the established
position and experience of SSKES' promoters in the educational
sector.

SSKES, established in 2006, operates two educational institutes in
Kurnool, Andhra Pradesh - G. Pullaiah of College of Engineering &
Technology (GPCET) and Ravindra College of Engineering for Women
(RCEW). The educational institutes are affiliated to Jawaharlal
Nehru Technology University and are AICTE approved. The institutes
offer courses in four engineering streams. The institute also
offers post graduate courses such as Master of Computer
Application (MCA) and Master of Business Administration (MBA).

SSKES reported a provisional profit after tax (PAT) of INR8
million on operating income of INR85 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of INR16
million on operating income of INR51 million for 2009-10.


SURAJMULL GOUTI: CRISIL Ups Rating on INR50MM Loan to 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Surajmull
Gouti, part of the Gouti group, to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   INR50 Million Short-Term        CRISIL A4+ (Upgraded from
              Bank Facility                    'CRISIL A4')

The rating upgrade follows the sustained improvement in the
financial risk profile of the Gouti group backed by reduced levels
of total indebtedness (ratio of total outside liabilities to
tangible net worth [TOL/TNW]) at less than 5 times as on March 31,
2011 from over 15 times couple of years ago. Amid increasing gold
prices on a continued basis for the past two years through 2011, a
significant portion of the incremental working capital
requirements were funded through fresh funds of INR220 million
infused by the promoters in the group, which led to improvement in
the group's TOL/TNW ratio. CRISIL believes that continued
financial support from the promoters and retention of profits in
the business would ensure sustenance of the group's financial risk
profile over the medium term. The upgrade also takes into account
the reduced levels of customer concentration risk faced by SJPL,
with revenue contribution from single largest customer reducing to
less than 40 per cent in 2011 from 80 per cent in the previous
year.

The rating reflects the benefits that the Gouti group derives from
its promoters' industry experience and its prudent risk management
policies. These rating strengths are partially offset by the
group's average financial risk profile, marked by high leverage
and weak interest coverage, and exposure to intense competition in
the gold jewellery industry.

CRISIL has combined the business and financial risk profiles of
MSG, Sumatichand Gouti Jewellers Pvt Ltd, and Saurav Jewellers Pvt
Ltd, collectively referred to as the Gouti group. This is because
these entities are engaged in the same line of business and have
strong business linkages and operational and commercial synergies
among each other, arising from having common customers and
suppliers, despite limited intra-group transactions. Furthermore,
the entities have common promoters and management.

Outlook: Stable

CRISIL believes that the Gouti group will maintain its financial
risk profile over the medium term backed by continued financial
support from its promoters, and retention of profits in business.
The outlook may be revised to 'Positive' in case of sharp
improvement in the group's profitability. Conversely, the outlook
may be revised to 'Negative' in case of any large withdrawal of
funds by partners from the group or if the Gouti group's working
capital cycle deteriorates, thereby weakening the liquidity.

                        About the Group

Set up in 2006 by Mr. Sumatichand Gouti and Mr. Yogendra Gouti,
SJPL is primarily involved in bullion trading.

MSG, a proprietorship concern of Mr. Sumatichand Gouti set up in
1950, is engaged in bullion trading and export of jewellery.
SCGJPL was incorporated by Mr. Yogendra Gouti under his father's
name in 2005 as a private limited concern in Kolkata. SCGJPL is
engaged in bullion trading, export of hand-made jewellery to
Middle East countries through Dubai, and gold coin manufacturing.

The Gouti group has been engaged in the bullion trading business
for over 100 years through the presence of its promoter family.
The group ventured into the advertising business in 1996 by
acquiring Inter Publicity Pvt Ltd, an advertising company. The
group also trades in shares and property under MSG to a limited
extent.

MSG reported a profit after tax (PAT) of INR2.9 million on net
sales of INR7.4 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR59.8 million on net
sales of INR2.8 billion for 2009-10.


TECHNO SPRING: CRISIL Rates INR24.7MM Term Loan at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Techno Spring Industries.

   Facilities                      Ratings
   ----------                      -------
   INR24.7 Million Term Loan       CRISIL BB+/Stable (Assigned)
   INR32.5 Million Cash Credit     CRISIL BB+/Stable (Assigned)

The rating reflects the firm's above-average financial risk
profile marked by comfortable gearing and healthy debt protection
metrics, and promoter-partners' extensive industry experience.
These rating strengths are partially offset by Techno's small
scale of operations, vulnerability to volatility in raw material
prices and foreign exchange rates, and high customer
concentration.

Outlook: Stable

CRISIL believes that Techno will maintain its financial risk
profile, supported by comfortable cash accruals, over the medium
term. The outlook may be revised to 'Positive' in case Techno
sustains a healthy revenue growth and diversifies its clientele,
while maintaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is significant
pressure on Techno's revenues and profitability, leading to less-
than-expected cash accruals, or weakening in its capital structure
because of large, debt-funded capital expenditure.

                       About Techno Spring

Techno was formed as a partnership firm in 1978 by Mr. O P Tantia,
his brother, Mr. H G Tantia, and Mr. S K Jain. The firm
manufactures compression springs, extension springs, torsion
springs, conical springs, and wire forms used in automobiles,
electrical, consumer electronic, railways, and the defence
industries. It derives about 80 per cent of its revenues from
various original equipment manufacturers (OEMs) in the automobile
sector. Within the automobile sector, about 90 per cent of
Techno's revenues come from the four-wheeler segment. The firm
derives 60 per cent of its revenues from exports to automobile
manufacturers. The domestic market accounts for the remainder of
its revenues, with electric, consumer electronics, and railways
industries account for 20 per cent and automobile OEMs accounting
for the remaining 20 per cent.


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


INNEXT CO: To File for Bankruptcy With JPY1 Billion in Debts
------------------------------------------------------------
Takehiko Kumakura at Bloomberg News reports that Innext Co. said
in a statement to the Tokyo Stock Exchange that it will file for
bankruptcy protection with the Tokyo District Court.  The company
has liabilities of JPY1 billion, Bloomberg discloses.

Innext Co., Ltd., is a Japan-based company mainly engaged in the
development, manufacture and sale of liquid crystal manufacturing
equipment and inspection equipment, as well as the import and sale
of medical equipment, measuring equipment and industrial
equipment.


JLOC XXXI: Moody's Downgrades Rating on Class B Notes to 'B1'
-------------------------------------------------------------
Moody's Japan K.K has changed the ratings for the Class A through
D trust certificates issued by JLOC XXXI Trust. The final maturity
of the trust certificates will take place in February 2015.

Deal Name: JLOC XXXI Trust

Class A, downgraded to Baa3 (sf); previously on June 17, 2011 A3
(sf) placed under review for possible downgrade

Class B, downgraded to B1 (sf); previously on June 17, 2011 Ba1
(sf) placed under review for possible downgrade

Class C, downgraded to Caa2 (sf); previously on June 17, 2011 B3
(sf) placed under review for possible downgrade

Class D, downgraded to Caa3 (sf); previously on June 17, 2011 Caa2
(sf) placed under review for possible downgrade

Class: Class A through D trust certificates

Issue Amount (initial): Approximately JPY24.3 billion

Dividend: Floating/fixed

Transfer Date of trust certificates: August 10, 2006

Final Maturity Date: February 2015

Underlying Asset (initial): A portfolio of 22 non-recourse loans

Loan Originator: Morgan Stanley Japan Limited (as of issue date)

Arranger: Morgan Stanley Japan Limited (as of issue date)

JLOC XXXI, issued in August 2006, represents the securitization of
22 non-recourse loans.

The loan originator launched the loans.

The loans were entrusted to the trustee, which received the Class
A through D and X trust certificates in return, which were then
sold through the arranger to investors.

The trust certificates are rated by Moody's.

The underlying loan portfolio is divided into loan pool 1 and loan
pool 2.

Of the total 22 loans, all twelve in loan pool 1 had been paid
down, or recovered in full as of July 2011.

Six of ten loans in loan pool 2 had also been paid down by their
loan maturity dates.

The transaction is currently secured by four loans, two of which
are under special servicing.

In this transaction, the interest and principal payments from the
each loan pool will be used to make sequential payments
independently from the most senior class.

The losses will be allocated in reverse sequential order, starting
with the most subordinate class of the trust certificates.

Rating Rationale

The current rating action reflects:

1) Given that the profitability of the properties for the two
   specially serviced loans remain lower than Moody's previous
   assumptions in July 2010, and that the lengthening of the
   special servicing activities is expected, Moody's has lowered
   its recovery assumptions by 48% to 52%, and 51% (weighted
   average) from Moody's initial value.

2) In addition, Moody's has also confirmed the occupancy and the
   cash flow from the collateral on the two remaining performing
   loans. Moody's has estimated its recovery assumptions in the
   range of 38% to 49%, 45% (weighted average) less than initially
   assumed.

3) As a result of the special servicing activities, losses from
   the remaining loans are highly likely and could negatively
   affect the Class C and D trust certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010 on www.moodys.co.jp.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.


ORIX-NRL TRUST: Moody's Downgrades Rating on Class D Notes to Caa3
------------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class D
through F Trust Certificates issued by Orix-NRL Trust 13.  At the
same time, Moody's has confirmed the ratings for the Class C,
Class G and Class H Trust Certificates issued by Orix-NRL Trust
13.

Class C, Confirmed at A1 (sf); previously on August 11, 2011 A1
(sf) Placed Under Review for Possible Downgrade

Class D, Downgraded to Caa3 (sf); previously on August 11, 2011 B1
(sf) Placed Under Review for Possible Downgrade

Class E, Downgraded to Caa3 (sf); previously on August 11, 2011
Caa1 (sf) Placed Under Review for Possible Downgrade

Class F, Downgraded to Caa3 (sf); previously on August 11, 2011
Caa2 (sf) Placed Under Review for Possible Downgrade

Class G, Confirmed at Caa3 (sf); previously on August 11, 2011
Caa3 (sf) Placed Under Review for Possible Downgrade

Class H, Confirmed at Caa3 (sf); previously on August 11, 2011
Caa3 (sf) Placed Under Review for Possible Downgrade

Deal Name: Orix-NRL Trust 13

Class: Class C through H Trust Certificates

Issue Amount (initial): JPY4 billion

Dividend: Floating

Issue Date (initial): January 29, 2007

Final Maturity Date: September, 2013

Underlying Asset (initial): Ten non-recourse loans and two
specified bonds and cash

Originator: ORIX Corporation

Arranger: ORIX Corporation

Certificate Sales Intermediary: ORIX Securities Corporation (as of
the issue date)

ORIX-NRL Trust 13, effected in January 2007, represents the
securitization of ten non-recourse loans and two specified bonds.

The Originator entrusted the loans to the Asset Trustee and, in
return, received the Class A through H and X Trust Certificates,
which it then sold through the Arranger and the Certificate Sales
Intermediary to investors.

The Trust Certificates are rated by Moody's.

In this transaction, interest and principal payments will be made
on a sequential basis. The losses will be allocated in reverse
sequential order, starting with the most subordinate class of the
Trust Certificates.

Eight of the non-recourse loans and one specified bond have either
been paid down or recovered. Additionally, one performing non-
recourse loan was paid at its maturity and one specially serviced
non-recourse loan was fully recovered in August, 2011.

The transaction is currently secured by one specified bond which
is under special servicing. The bond is backed by an office
building in a provincial city.

Rating Rationale

The current rating action reflects:

1) The remaining performing loan was paid at its maturity date and
   the specially serviced loan was fully recovered during Moody's
   review period. Thus, Moody's confirmed the rating for the Class
   C Trust Certificates, considering the improved credit
   enhancement level of the senior classes.

2) With one specially serviced specified bond, it is highly likely
   that the recovery from the property sale may fall below Moody's
   recovery assumption, given the results from the special
   servicing activities thus far. Therefore, Moody's has re-
   assessed and lowered its recovery assumptions.

3) As a result of the special servicing activities mentioned
   above, losses from the remaining specified bond are highly
   likely and could negatively affect the Class D through F Trust
   Certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010 and available on www.moodys.co.jp.

Moody's did not receive or take into account third party due
diligence report on the underlying assets or financial instruments
relating to the monitoring of this transaction in the past six
months.


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


BRIDGECORP LTD: Receivers Reaffirm Less Than 10c Investor Recovery
------------------------------------------------------------------
BusinessDay.co.nz reports that the latest receivers' report for
failed finance company Bridgecorp Ltd makes predictably grim
reading for investors, with a mere NZ$1.5 million recovered from
its assets in the six months to July 1.

BusinessDay.co.nz says receivers Colin McCloy and Maurice Noone of
PWC repeated their assessment that debenture holders owed
NZ$459 million are likely to recover less than 10c in the dollar.

Subsequent to the period covered by the report a further
NZ$4 million was recovered and in August receivers sent debenture
holders their first payment since Bridgecorp collapsed in
July 2007, BusinessDay.co.nz relates.

BusinessDay.co.nz notes that the money, totalling NZ$16 million,
represented 3.5c in the dollar.

That's about a quarter of the NZ$64.7 million or so recovered so
far. Of the money going out the biggest chunk - about NZ$25
million - has gone in repaying debt secured on specific
properties, which ranked ahead of debenture holders.

Fees for lawyers and receivers total about NZ$6 million since
receivership began four years ago, BusinessDay.co.nz discloses.

According to BusinessDay.co.nz, receivers said in their latest
report that NZ$25.5 million had been recovered from the
New Zealand loan book, which Bridgecorp's management said was
worth NZ$254 million in June 2007.

There were potential recoveries from insurance policies on 19 of
the New Zealand loans, with a maximum claimable of NZ$20 million
in a 12 month period, BusinessDay.co.nz relays.

BusinessDay.co.nz relates that receivers said they ''continue to
correspond with insurers regarding quantification and acceptance
of claims, many of which are disputed.''

PwC, as cited by BusinessDay.co.nz, said the biggest single loan
exposure - NZ$106 million to the Momi Bay resort development in
Fiji - ranked behind another lender and was likely to be a total
loss.

                       About Bridgecorp Ltd

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

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

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


LIFESTYLES INVESTMENT: NZ Investors Lose Millions in Failed Scheme
------------------------------------------------------------------
The New Zealand Herald reports that more than 30 New Zealanders
allegedly lost almost NZ$7 million by investing through a Hamilton
man now living in Panama.

Tony Lusby admits the money is "all gone" as a result of bad
decisions and "misappropriating funds", according to the news
agency.

According to the Herald, the Serious Fraud Office confirmed on
Wednesday it had investigated a complaint about Mr. Lusby and his
investment scheme, Lifestyles Investment Group, but could not act
as the alleged actions did not occur in New Zealand.

Complaints were also made to the Australian Securities &
Investments Commission, the US Attorney's Office and the FBI, the
Herald notes.

The Herald relates that Auckland barrister Mark van Leewarden said
67 investors from New Zealand and Australia were affected and are
out of pocket for $6.7 million.

"He [Mr. Lusby] set up a fund called Lifestyles Investment Group
out of Samoa, and he reportedly had this investment scheme that
would deliver returns of between 28 and 30-32 per cent per annum
by trading equities," the report quotes Mr. van Leewarden  as
saying.  "People who knew other people got involved. It started
off in 2007, ticking along until October last year when Tony flew
out of New Zealand to Panama."

According to the report, Mr. Lusby said from Panama he had spoken
to Mr. van Leewarden and hoped to return to New Zealand by the end
of this month.

"It's all gone.  At least 90 per cent of it was lost on the
market," Mr. Lusby told the Herald.

The money was lost over a five-year period and Mr. Lusby said he
wrote to investors to apologise earlier this year, the Herald
says.

Mr. Lusby, according to the Herald, admitted putting more than
$200,000 into a bar in Panama that has since gone bust.  A further
$750,000 was lost in a failed merger with another investment fund,
the report adds.

The Herald  notes that an SFO spokeswoman said an investigation
was launched after Mr. van Leewarden's complaint.  But it was
determined that none of the alleged offences took place in
New Zealand.

Mr. van Leewarden, a former detective and director of
investigation and security company Warden Consulting, said 20
US investors were also affected, with $1 million of investments,
the Herald reports.


PIKE RIVER: Receivers Reach NZ$80 Million Insurance Payout Deal
---------------------------------------------------------------
The Receivers of Pike River Coal Limited, John Fisk, David
Bridgman and Malcolm Hollis, from PwC, have successfully reached a
settlement with PRC's insurers in respect of material damage and
business interruption claims arising from the tragic events of
Nov. 19, 2010.

At the time of the events in November 2010, PRC held extensive
insurance with a cap of NZ$100 million. The Receivers are pleased
to advise they have agreed with the insurers to accept a payment
of NZ$80 million in full and final settlement of claims under
those insurance policies.  The settlement agreement remains
conditional on execution of all required documentation, and
subject to this, the Receivers expect to receive the settlement
proceeds around the end of this month (September).

The Bank of New Zealand is a first ranking secured lender to PRC
and will be fully repaid from the proceeds.

The Receivers and New Zealand Oil & Gas Limited (NZOG), the
largest secured creditor of PRC, have agreed up to NZ$10.5 million
of the insurance settlement can be directed to PRC's unsecured
creditors, including contractors and former employees, through an
Early Payment Plan (EPP).  Under the proposed EPP unsecured
creditors will receive a part payment of the first NZ$10,000 of
their claim (or their full claim if less than NZ$10,000) and up to
20c in the dollar for any balance above that amount, up to a
capped aggregate amount of NZ$10.5 million. Unsecured creditors
are not being asked to reduce their total claim and will still be
entitled to claim for the full remaining balance, once the
Receivers complete the sales process.  Unsecured creditors will be
asked to agree to a moratorium on certain actions they could
otherwise contemplate, including seeking the appointment of a
liquidator. As the total amount available for early payment to
unsecured creditors under the plan is limited, the amount to be
paid to each may need to be reduced if actual claims accepted are
greater than the amounts of claims known to date.

Under Section 229 of the Companies Act 1993, a Notice of Meeting
is being sent to all creditors and they will be asked to submit
postal votes on the early payment plan, which if accepted by a
majority in number representing at least 75% in value of each
class of creditors, will be binding on all creditors. Details of
the EPP will be mailed to creditors within the next week.

If the EPP is approved, the unsecured creditors (including NZOG,
the owners of leased mining equipment, trade creditors and
employees) will receive payments.  On the basis of known creditor
claims to date, around 243 creditors will be repaid in full and a
further 222 creditors will receive a part-payment.

The remainder of the settlement proceeds will be used to repay
owners of leased mining equipment that was lost underground and
make a partial repayment of amounts owing to NZOG in respect of
its secured debt.

One of the Receivers of the Company, Mr. John Fisk, acknowledges
the support of NZOG in working with the Receivers to ensure some
of the insurance settlement proceeds will be used to make an early
payment to the unsecured creditors, many of whom are local West
Coast businesses and contractors.

Mr. Fisk also said "the sale process in respect of the mine
continues to progress well and we hope to achieve a successful
outcome that allows all of the unsecured creditors to be repaid in
full. A number of interested parties are presently conducting due
diligence before submitting their final bids. We'll also be
ensuring the new owner is fully able to continue the mine
stabilization work, and to attempt to recover the bodies of the
deceased miners and ultimately to recommence commercial mining
activity."

With the support of the Receivers and an expert panel, PRC is
continuing with the mine stabilization work and is currently
planning the next phase of work to reclaim the access tunnel up to
the likely rock fall, which is necessary before any attempt can be
made to re-enter the main workings of the mine and recover the
bodies.

                           About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


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


LBC DEVELOPMENT: Placed Under PDIC Receivership
-----------------------------------------------
The Monetary Board placed LBC Development Bank under receivership
of the Philippine Deposit Insurance Corporation by virtue of MB
Resolution No. 1354 dated Sept. 9, 2011.

PDIC said in a statement that it took over the bank on Sept. 9,
2011.  PDIC will gather, verify and validate all bank records and
administer and preserve its assets for the benefit of all
creditors.

PDIC assured depositors of LBC Development Bank that all valid
accounts and deposit insurance claims will be paid as soon as
possible.  It also said that updates will be issued as soon as
examination and validation of accounts are completed.

The state deposit insurer will conduct a series of Depositors
Forums in the localities where branches of LBC Development Bank
are located.  During the DF, PDIC representatives will explain the
requirements and procedures in filing deposit insurance claims.

Latest available records show that as of June 30, 2011, LBC
Development Bank had estimated total deposit liabilities of
PHP6.09 billion comprising one tenth of one percent of the total
deposits in the Philippine banking system.  Insured deposits
amount to PHP3.73 billion.  Number of accounts totaled to 321,516
and 99.4% of the said total number of accounts are fully covered
by deposit insurance.

LBC Development Bank is a 20-unit thrift bank.  Its head office is
located at 809 J. P. Rizal St., Poblacion, Makati City.  Its 19
branches are located nationwide.


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


ASIA MANAGEMENT: Court to Hear Wind-Up Petition Sept. 23
--------------------------------------------------------
A petition to wind up the operations of Asia Management Group
Shipping Pte Ltd will be heard before the High Court of Singapore
on Sept. 23, 2011, at 10:00 a.m.

Mentz, Decker GmbH & Co. KG filed the petition against the company
on Aug. 26, 2011.

The Petitioner's solicitor is:

         M/s Navin & Co. LLP
         1 Maritime Square
         #09-07 Harbourfront Centre
         Singapore 099253


BLUE MOUNTAIN: Court to Hear Wind-Up Petition Sept. 23
------------------------------------------------------
A petition to wind up the operations of Blue Mountain Restaurant
and Cafe Pte Ltd will be heard before the High Court of Singapore
on Sept. 23, 2011, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Sept. 2, 2011.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


BORDERS PTE: Court Enters Judicial Management Order
---------------------------------------------------
The High Court of Singapore entered an order on Sept. 6, 2011, to
place Borders Pte Ltd under judicial management.

The company's solicitors are:

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


COVENANT GAINS: Creditors' Proofs of Debt Due Oct. 7
----------------------------------------------------
Creditors of Covenant Gains Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 7,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


DIAMOND CITY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Sept. 2, 2011, to
wind up the operations of Diamond City Construction Pte Ltd.

Hock Hin Leong Timber Trading (Pte) Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


LION CAPITAL: Creditors' Proofs of Debt Due Oct. 9
--------------------------------------------------
Creditors of Lion Capital Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 9,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


ORIENTAL CENTURY: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Oriental Century Limited Pte Ltd will declare the first and final
dividend on Sept. 13, 2011.

The company will pay 100% for preferential and 22.2907% for
ordinary claims.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


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


* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2011
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       2.03
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.63
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      67.51
EXPORT FIN & INS         0.50    06/15/2020   AUD      65.49
EXPORT FIN & INS         0.50    06/15/2020   NZD      67.61
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.40
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.67
NEW S WALES TREA         1.00    09/02/2019   AUD      73.49
NEW S WALES TREA         0.50    09/14/2022   AUD      61.49
NEW S WALES TREA         0.50    10/07/2022   AUD      61.01
NEW S WALES TREA         0.50    10/28/2022   AUD      60.77
NEW S WALES TREA         0.50    11/18/2022   AUD      60.61
NEW S WALES TREA         0.50    12/16/2022   AUD      60.07
NEW S WALES TREA         0.50    02/02/2023   AUD      59.73
NEW S WALES TREA         0.50    03/30/2023   AUD      59.18
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.87
RESOLUTE MINING         12.00    12/31/2012   AUD       1.76
TREAS CORP VICT          0.50    08/25/2022   AUD      61.73
TREAS CORP VICT          0.50    11/12/2030   AUD      59.88
TREAS CORP VICT          0.50    11/12/2030   AUD      42.40


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.86
SOUTHERN POWER           5.60    09/17/2019   CNY      75.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      25.27


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.66
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.24
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.06
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.14
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.41
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.87
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.48
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.24
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.12
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.13
VIDEOCON INDUS           6.75    12/16/2015   USD      72.47


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.44
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.98
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.48    04/28/2020   JPY      73.23
TOKYO ELEC POWER         1.39    05/28/2020   JPY      73.08
TOKYO ELEC POWER         1.31    06/24/2020   JPY      74.06
TOKYO ELEC POWER         1.22    07/29/2020   JPY      72.32
TOKYO ELEC POWER         1.55    09/08/2020   JPY      72.85
TOKYO ELEC POWER         1.63    07/16/2021   JPY      74.74
TOKYO ELEC POWER         2.34    09/29/2028   JPY      72.65
TOKYO ELEC POWER         2.40    11/28/2028   JPY      73.09
TOKYO ELEC POWER         2.20    02/27/2029   JPY      68.77
TOKYO ELEC POWER         2.11    12/10/2019   JPY      67.25
TOKYO ELEC POWER         1.95    07/29/2030   JPY      65.80
TOKYO ELEC POWER         2.36    05/28/2040   JPY      60.51


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.45
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.28
DUTALAND BHD             6.00    04/11/2013   MYR       0.71
DUTALAND BHD             6.00    04/11/2013   MYR       0.43
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.55
ENCORP BHD               6.00    02/17/2016   MYR       0.86
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.81
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.80
MITHRIL BHD              3.00    04/05/2012   MYR       0.50
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.84
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       0.71
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.68
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.58
WAH SEONG CORP           3.00    05/21/2012   MYR       2.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.50
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.31


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

ALLIED FARMERS           9.60    11/15/2011   NZD      36.80
BLUE STAR GROUP          9.10    09/15/2015   NZD       7.50
DORCHESTER PACIF         5.00    06/30/2013   NZD      67.28
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      59.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      62.79
NZF GROUP                6.00    03/15/2016   NZD      32.19
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.60
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.85
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

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


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

JEIL II SAVINGS          8.50    07/19/2014   KRW      50.27
JEIL MUTUAL BK           8.50    01/22/2015   KRW      50.23
JEIL MUTUAL BK           8.10    07/16/2015   KRW      30.19
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      70.49
SOLOMON MUTUAL B         8.00    10/29/2014   KRW      60.23
TOMATO MUTUAL SA         7.90    07/18/2015   KRW      60.61
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.22


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      68.07


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.65


                             *********

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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