TCRAP_Public/110915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 15, 2011, Vol. 14, No. 183

                            Headlines



A U S T R A L I A

BAUBRIDGE & KAY: Placed in Receivership; Assets Now Up for Sale
BELGRAVE FINANCE: SFO Lays 60 Charges Against Director, Associate
BURRUP FERTILISERS: Oswals Win Right to Appoint Three Directors


C H I N A

ROAD KING: Moody's Changes 'Ba3' Rating Outlook to Negative
SHENGDATECH INC: Court Enjoins Chen From Taking Over
SHENGDATECH INC: Gets Final Approval to Employ Alvarez & Marsal


H O N G  K O N G

CAMELOT HK: Creditors' Proofs of Debt Due Sept. 28
CHINA BUILDTECH: Court Enters Wind-Up Order
CITICHEM INTERNATIONAL: First Meetings Set for Sept. 16
OCH-ZIFF REAL: Commences Wind-Up Proceedings
PICCHIO PHARMA: Creditors' Proofs of Debt Due Oct. 10

POSILFUSION LIMITED: Creditors' Proofs of Debt Due Oct. 3
RICHGOOD SHIPPING: Members' Final Meeting Set for Oct. 13
RIGHT TALENT: Creditors' Proofs of Debt Due Oct. 9
SINCE-TECH INDUSTRIAL: Annual Meetings Set for Sept. 19
SUMMATION X: Members' Final Meeting Set for Oct. 7

SUNTRUST ASIA: Ying and Chan Step Down as Liquidators
VEGAS KNITTERS: Creditors Get 15% Recovery on Claims
VIDEOTEL MARINE: Creditors' Proofs of Debt Due Oct. 10
WOTTA COMPANY: Philip Brendan Gilligan Steps Down as Liquidator


I N D I A

AIRFLOW EQUIPMENTS: CRISIL Rates INR21MM Loan at 'CRISIL BB-'
BANSAL OIL: CRISIL Assigns 'CRISIL B+' Rating to INR29MM Loan
DATA SONS: CRISIL Assigns 'CRISIL BB' Rating  to INR30MM LT Loan
EASTERN NAVIGATION: CRISIL Rates INR85MM Term Loan at ' CRISIL B'
HUL HYDRO: CRISIL Downgrades Rating on INR200MM Loan to CRISIL B+

INSTA EXHIBITIONS: CRISIL Cuts Rating on INR80MM Loan to CRISIL D
JINDAL NICKEL: CRISIL Rates INR64 Mil. Cash Credit at 'CRISIL B+'
KARTHIK ALLOYS: CRISIL Cuts Rating on INR15.1MM Loan to 'CRISIL D'
M B RUBBER: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
M. E. PROJECT: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan

MICKY METALS: CRISIL Assigns 'CRISIL BB' Rating to INR40MM Loan
MIDFIELD INDUSTRIES: CRISIL Rates INR83.1MM Loan at 'CRISIL B+'
MURLI ELECTRODE: CRISIL Puts 'CRISIL B+' Rating on INR14.8MM Loan
PAWA BUILDERS: CRISIL Places 'CRISIL B+' Rating on INR125MM Loan
RAILONE PROJECTS: Fitch Holds Nat'l Long Term Rating at 'B+'

RAJHANS IMPEX: CRISIL Puts 'CRISIL B+' Rating on INR10.7MM Loan
SAI SPONGE: Fitch Holds Rating on INR80 Mil. Cash Credit at 'BB+'
SHALIMAR IND: Fitch Puts Rating on INR48 Million Funds at 'B'
SHIV PARAS: CRISIL Places 'CRISIL BB-' Rating on INR100MM Loan
SPENCER'S TRAVEL: Fitch Affirms National Long-Term Rating at 'BB-'

TANEJA IRON: CRISIL Assigns 'CRISIL B-' Rating to INR37MM Loan
TAPASYA SHIKSHA: CRISIL Rates INR100MM Term Loan at 'CRISIL D'
UTTAM SUGAR: Fitch Downgrades Rating on Three Note Classes to 'D'


J A P A N

HUMMINGBIRD SECURITISATION: S&P Puts 'CCC' Loan Rating on Watch
JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'


K O R E A

KOREA TECHNOLOGY: U.S. Unit Files Schedules of Assets & Debts


N E W  Z E A L A N D

CENTURY CITY: Serepisos Offers Major Phoenix Share to Developer
PORTAGE RESORT: PricewaterhouseCoopers Handles Receivership
WINDLFOW TECHNOLOGY: Posts NZ$7 Million Loss; Seeks Cash
* NEW ZEALAND: FMA Update on Finance Company Investigations


N E W  Z E A L A N D

LBC DEVELOPMENT: Issues Isolated, Bankers Assure




                            - - - - -


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


BAUBRIDGE & KAY: Placed in Receivership; Assets Now Up for Sale
---------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Sydney-based
retailer and wholesaler Baubridge & Kay is being put up for sale
by receivers Grant Thornton after succumbing to pressure from
offshore and online retailers.

SmartCompany relates that receiver, Said Jahani, said the 22-year
old business has been suffering under competition from offshore
retailers and manufacturers.

"The company has had quite a strong retail presence over the
years, but economic conditions being as they are, they started to
exit a number of stores and eventually were down to one store,"
the report quotes Mr. Jahani as saying.  "The key thing that has
really impacted them here is that they have tried to be true to
their origins. They source quality fabric from Europe, it gets
manufactured in China, and comes here."

However, Mr. Jahani said competitors source cheaper fabric from
China, and try and cost cut as much as possible, the report
relates.  As a result, higher prices can't compete in such a tough
economic environment.

"The exchange rate has made things much more competitive, and from
a cost perspective, it's just hard to compete."

According to the report, Mr. Jahani also said the company was
affected by the Westfield development in Pitt Street mall.  While
the company was relocated and eventually offered a spot back once
the redevelopment was complete, Mr. Jahani said the rents were
just too high.

Both Baubridge & Kay and its accompanying asset, fashion sourcing
division Collaboration & Co, are now up for sale, including
trademarks and intellectual property.  Mr. Jahani said he is
confident he can complete a sale, SmartCompany reports.

Baubridge & Kay was founded in 1989 by Julie and Philip Chapman,
who remains managing director.  The label started with men's
shirts and ties and has expanded over the years to include men's
suiting, women's wear and a luxurious soft furnishing collection.


BELGRAVE FINANCE: SFO Lays 60 Charges Against Director, Associate
-----------------------------------------------------------------
Former Belgrave Finance Director, Stephen Charles Smith, and an
associate, Raymond Tasman Schofield, have appeared in the Auckland
District Court on Sept. 14, 2011, to face charges arising out of
the collapse of Belgrave Finance Limited.

The Serious Fraud Office last week laid 60 charges against three
persons, alleging the defendants misrepresented to investors how
their investments in Belgrave Finance would be used, and
subsequently used those funds in an unauthorized manner.  The
third person will appear at a later date.

The charges relate to more than NZ$18 million of loans made by
Belgrave Finance to various entities allegedly related to
Mr. Schofield and the company, between June 2005 and March 2008.

The charges have been brought under the Crimes Act and, if
convicted, the defendants face penalties of up to ten years
imprisonment.  The Financial Markets Authority has also laid
charges against the three under the Securities Act and Companies
Act.

SFO Chief Executive Adam Feeley said the SFO had been working
closely with the Financial Markets Authority on the Belgrave
Finance case and other finance company investigations.

"Both agencies are acutely aware of the public interest in seeing
these cases concluded. To that end we are committed to working in
whatever manner will achieve the best outcome."

Mr. Feeley said that both agencies would continue to share
information and resources.

"Whether there are joint or separate investigations, in all cases
we will ensure that the best possible outcomes are achieved
through the most efficient and effective use of resources."

Mr. Feeley said that the decision on Belgrave was the 12th finance
company investigation concluded by SFO.

He added that in almost every case charges had been laid either by
the SFO or another agency. A small number of cases that have been
referred to other agencies remain under investigation.

"We have been determined to ensure that, where there is sufficient
evidence, the charges laid properly address the public confidence
in the integrity of our financial markets and the justice system
is maintained."

Mr. Feeley said there were four remaining SFO investigations into
finance companies, all of which were all less than a year old.

"We expect to conclude the majority of these cases shortly, but in
every instance timing will be ultimately determined by evidence
acquired and the issues arising."

Mr. Feeley said that the SFO were continuing investigations into
Belgrave Finance to determine whether additional persons should be
charged in relation to the allegations.

The Securities Commission (now FMA) made initial investigations
into the company's collapse before referring it to the SFO in
June 2010.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- is engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham & Brendan Gibson from KordaMentha Chartered
Accountants as Receivers.


BURRUP FERTILISERS: Oswals Win Right to Appoint Three Directors
---------------------------------------------------------------
Kim Macdonald at The West Australian reports that Indian
entrepreneurs Radhika and Pankaj Oswal claim they have won the
legal right to appoint three directors to the board of Burrup
Fertilisers.

Their claim follows a Supreme Court decision on Wednesday
concerning the bid by the Oswals late last year to appoint
Ramesh Sodum to the board to represent their 65% shareholding in
the fertiliser plant, according to the report.

The West Australian says the pair launched legal action when the
other shareholder in the company, Yara Australia, blocked their
attempt to install Mr. Sodum.

According to the report, a spokesman for the pair, Chris
Codrington, said they would use Wednesday's court win to help them
launch another legal action, a move that would take the total
number of cases involving the Oswals to more than 15.

"I think you'll find the pair will end up suing for damages over
what has been done (to productivity) in the interim," the report
quotes Mr. Codrington as saying.

The news agency notes that the case for damages appears to have
been building for some time, with Mr. Oswal winning the right in
June to send an authorized agent to inspect and make copies of the
company's general ledger and primary accounting records since it
went into receivership.

PPB Insolvency was appointed to the company late last year after
ANZ Bank sought to recoup about AUD800 million in outstanding
loans from Mr. Oswal, The West Australian notes.

The West Australian relates that a Yara Australia spokesman said
the pair's ability to execute assumption deeds and exercise rights
of appointment were clouded by the rights of ANZ and insolvency
firm PPB over their shares.

According to The West Australian, Yara Australia said the decision
upheld that Mrs. Oswal had no valid right to appoint a nominee
director to the Burrup Board in December 2010.

Yara Australia maintained that the decision confirmed that Yara
had been legally entitled to take action late last year to suspend
Mr. Oswal as managing director and to appoint two new directors to
Burrup, the report relays.

"This attempt to bring some regularity and stability to the
management of the company was taken just prior to ANZ announcing
that it would appoint receivers and managers to Burrup," Yara said
in a statement obtained by The West Australian.

"Now, as then, Yara will continue to protect its rights and
interests as a significant Burrup shareholder.
"It will also seek to ensure that the Burrup Board acts in the
interests of all shareholders."

                     About Burrup Fertilisers

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

                             *     *     *

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


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C H I N A
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ROAD KING: Moody's Changes 'Ba3' Rating Outlook to Negative
-----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Road King Infrastructure Limited's Ba3 corporate family
and senior unsecured bond ratings.

Ratings Rationale

"The change in the outlook to negative reflects Moody's concerns
over Road King's ability to execute its property sales plan in an
increasingly challenging environment," says Jonathan Lee, a
Moody's Vice President and Senior Analyst.

In 1H 2011 Road King showed weaker-than-expected contract sales of
RMB 2.4 billion, or just 30% of its original full-year budget of
RMB 8 billion.

Moody's considers that it would be challenging for Road King to
achieve its full-year target without any relaxation in the Chinese
government's regulatory restrictions on property purchases.

"The negative outlook is also driven by Moody's concern over the
increased risk that Road King will be under pressure to provide
sales incentives, and which may impair its profitability in the
next 12 -- 18 months. If such an adverse development occurs,
EBITDA interest coverage could weaken, and which would in turn
reduce its financial flexibility, and hence its ability to borrow
funds to support its operations," says Lee, who is also the lead
analyst for Road King.

"At the same time, despite such challenges, Road King's Ba3 rating
remains supported by its disciplined land acquisition strategy,
ability to raise offshore finance, cautious financial management
practices, and stable cash flow from toll road investments," says
Lee.

The rating outlook could return to stable if Road King achieves
its contract sales targets in 2011 and 2012, without any material
impairment to profitability, such that its EBITDA margin remains
around 30% and EBITDA/interest coverage above 2.5x -- 3.0x.

On the other hand, the rating would likely be downgraded if Road
King (1) suffers further declines in its monthly contract sales to
the extent that it falls significantly short of its FY2011 and
2012 sales targets; (2) suffers a decline in EBITDA margin to
below 25%; (3) fails to maintain its balance sheet liquidity with
its cash balance falling below HK$1.5 -- 2.0 billion; (4)
undertakes further debt-funded land acquisitions, or (5)
experiences a deterioration in its toll road investments revenue .

In terms of credit metrics, downgrade pressure would emerge if (a)
EBITDA/interest coverage remains consistently below 2.5-3.0x, and
(b) adjusted debt to capitalization ratio exceeds 55-60% on a
sustained basis.

Furthermore, if cash flow from its toll road business steadily
falls below its interest expenses, then Moody's would consider
such a development as a signal for a downgrade.

The principal methodology used in rating Road King was the Global
Homebuilding Industry Methodology published in March 2009.

Established in 1994, Road King Infrastructure Limited is a Hong
Kong-listed company with investments in toll roads and investment
projects in China.


SHENGDATECH INC: Court Enjoins Chen From Taking Over
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the chief restructuring officer for ShengdaTech Inc.
was granted a preliminary injunction early this month preventing
founder and controlling shareholder Chen Ziangzhi from interfering
with management.

The ruling by U.S. Bankruptcy Judge Bruce T. Beesley in Reno,
Nevada, described how outside auditors discovered "serious
discrepancies in [the company's] financial statements" in March.
Further investigation by a special committee of the board
concluded that "certain" financial records "may have been
falsified in whole or in part," Judge Beesley said.  The judge is
preventing Chen or anyone else from interfering with management,
displacing the chief restructuring officer, or appointing another
member to the deadlocked four-member board.

                     About ShengdaTech

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

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

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

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

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP.  On Aug. 23, 2011, the Court entered an interim order
confirm the Board of Directors Special Committee's appointment of
Michael Kang as the Debtor's chief restructuring officer.


SHENGDATECH INC: Gets Final Approval to Employ Alvarez & Marsal
---------------------------------------------------------------
The Hon. Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada, in a final order, authorized Shengdatech,
Inc., to employ Alvarez & Marsal North America, LLC, to provide
the Debtor with a chief restructuring officer and certain
additional personnel and appoint Michael Kang as the Debtor's CRO.

As reported in the Troubled Company Reporter on Aug. 31, 2011, the
firm will, among other things:

   a) assist in the prosecution of the Debtor's Chapter 11 filing;

   b) assist with cash controls and development and management
      of a 13-week cash flow forecast; and

   c) assist with the management and oversight of ongoing
      accounting investigations.

The firm's professionals will be paid at these hourly rates:

      Managing Director        $650 - 850
      Director                 $450 - 650
      Associate/Consultant     $350 - 450
      Analyst                  $250 - 350

The Debtor assured the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         About ShengdaTech

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

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

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

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

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


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


CAMELOT HK: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------
Creditors of Camelot Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Siu Hung
          Rooms 1909-10 Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


CHINA BUILDTECH: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 31, 2011, to
wind up the operations of China Buildtech Company Limited.

The official receiver is Teresa S W Wong.


CITICHEM INTERNATIONAL: First Meetings Set for Sept. 16
-------------------------------------------------------
Contributories and creditors of Citichem International Limited
will hold their first meetings on Sept. 16, 2011, at 2:00 p.m.,
and 3:00 p.m., respectively at Room 602, The Boys' and Girls'
Clubs Association of Hong Kong, at 3 Lockhart Road, Wan Chai, in
Hong Kong.

At the meeting, Yiu Cho Yan and Lai Jacqueline, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


OCH-ZIFF REAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Och-Ziff Real Estate Hong Kong Limited, on Aug. 26,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PICCHIO PHARMA: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
Creditors of Picchio Pharma (Asia) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 29, 2011.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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

The company commenced wind-up proceedings on Aug. 30, 2011.

The company's liquidator is:

         Tong Lap Hong
         Unit 501, 5/F
         Mirror Tower
         61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


RICHGOOD SHIPPING: Members' Final Meeting Set for Oct. 13
---------------------------------------------------------
Members of Richgood Shipping Limited will hold their final general
meeting on Oct. 13, 2011, at 3:35 p.m., at Level 28, Three Pacific
Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


RIGHT TALENT: Creditors' Proofs of Debt Due Oct. 9
--------------------------------------------------
Creditors of Right Talent Group Limited, which is in members'
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 commenced wind-up proceedings on Aug. 31, 2011.

The company's liquidator is:

         Jonathan Espinili Umali
         Room 1203-05, Citibank Tower
         3 Garden Road
         Hong Kong


SINCE-TECH INDUSTRIAL: Annual Meetings Set for Sept. 19
-------------------------------------------------------
Members and creditors of Since-Tech Industrial Limited will hold
their annual meetings on Sept. 19, 2011, at 2:00 p.m., and 2:30
p.m., respectively at 25/F, Tern Centre Tower I, at 237 Queen's
Road Central, in Hong Kong.

At the meeting, Au Wai Keung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SUMMATION X: Members' Final Meeting Set for Oct. 7
--------------------------------------------------
Members of Summation X Holdings Limited will hold their final
general meeting on Oct. 7, 2011, at 11:30 a.m., at Suite 2105,
21/F, Wing On Centre, at 111 Connaught Road, Central, in
Hong Kong.

At the meeting, Mok Yu Cheng, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SUNTRUST ASIA: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Suntrust Asia Limited on Aug. 30, 2011.


VEGAS KNITTERS: Creditors Get 15% Recovery on Claims
----------------------------------------------------
Vegas Knitters Limited, which is in liquidation, will pay the
first preferential dividend to its creditors on Sept. 28, 2011.

The company will pay 15% for ordinary claims.

The company's liquidator is:

         Lau Siu Hung
         Liang Yang Keng
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


VIDEOTEL MARINE: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
Creditors of Videotel Marine International (Asia) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 10, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 30, 2011.

The company's liquidators are:

         Li Kwok On
         Kam Ka Woo Annie
         10th Floor, Chun Wo Commercial Centre
         23-29 Wing Wo Street
         Central, Hong Kong


WOTTA COMPANY: Philip Brendan Gilligan Steps Down as Liquidator
---------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Wotta
Company Limited on Sept. 5, 2011.


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AIRFLOW EQUIPMENTS: CRISIL Rates INR21MM Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/ Stable/CRISIL A4+' ratings to
the bank facilities of AirFlow Equipments (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR12 Million Cash Credit-Book   CRISIL BB-/Stable (Assigned)
                             Debt
   INR1 Million Cash Credit-Stock   CRISIL BB-/Stable (Assigned)
   INR46 Million Proposed Cash      CRISIL BB-/Stable (Assigned)
                  Credit Limit
   INR21 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR100 Million Proposed Long     CRISIL BB-/Stable (Assigned)
        Term Bank Loan Facility
   INR5 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect AEPL's healthy business risk profile, marked
by its established relationships with its prime customer, Indian
Railways, and its above-average financial risk profile marked by
healthy gearing and debt protection metrics. These rating
strengths are partially offset by AEPL's small scale of operations
and its exposure to risks related to project implementation.

Outlook: Stable

CRISIL believes that AEPL will maintain its market position on the
back of its healthy relationship with its prime customer, Indian
Railways, and its product capabilities over the medium term. The
outlook may be revised to 'Positive' in case AEPL expands its
customer base, without adversely affecting its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case AEPL's profitability deteriorates, or in case
its working capital requirements increase, resulting in higher
reliance on bank funding, or if the company undertakes a large
debt-funded capex programme, leading to deterioration in its debt
protection measures.

                     About AirFlow Equipments

Established in 1983 under the name of Bala Industries, the firm
was reconstituted as a private limited company in 1999, when it
was renamed AEPL. The company was promoted by Mr. G Dakshinamurthy
(father of Mr. D Manikandan, the current managing director AEPL
manufactures heating, ventilating, air conditioning (HVAC)
components and since 2001, has begun manufacturing various
products for railway compartment's interiors. Currently, AEPL
derives 95% of revenues from Indian Railways and 5% from HVAC
segment. Over the years, AEPL has emerged as a rolling stock
systems supplier to IR from an HVAC segment player

AEPL reported a profit after tax (PAT) of INR17 million on net
sales of INR228 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR10 million on net
sales of INR223 million for 2009-10.


BANSAL OIL: CRISIL Assigns 'CRISIL B+' Rating to INR29MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable' rating to the bank
facilities of Bansal Oil Mill Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR29 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR35 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile,
small scale of operations, and susceptibility to intense
competition in fragmented edible industry. These rating weaknesses
are partially offset by the promoters' extensive experience in the
industry and their financial support.

Outlook: Stable

CRISIL believes that BOML will continue to benefit from promoters'
extensive experience in the industry and their financial support.
The outlook may be revised to 'Positive' if BOML scales up its
operations and improves its capital structure, most likely through
fresh equity infusion. Conversely, the outlook may be revised to
'Negative' if BOML's liquidity weakens significantly, most likely
because of less-than-expected cash accruals, or if the company
undertakes a larger-than-expected, debt-funded capex programme.

                         About Bansal Oil

BOML was incorporated as public limited company in 1990, and is
promoted by Mr. S K Agarwal, Mr. Muktilal Gindoria, and Mr. Om
Prakash Bhutia (all relatives). The company processes mustard oil
and mustard oil cake from mustard seeds. The promoters also
manufacture emery stone used in wheat mills (chhakki) through
Mayank Industries, a wholly owned subsidiary of BOML. In addition
to these segments, the company also runs two windmills in
Jaisalmer (Rajasthan).


DATA SONS: CRISIL Assigns 'CRISIL BB' Rating  to INR30MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Data Sons.

   Facilities                      Ratings
   ----------                      -------
   INR60.0 Million Cash Credit     CRISIL BB/Stable (Assigned)
   INR30.0 Million Proposed LT     CRISIL BB/Stable (Assigned)
            Bank Loan Facility

The rating reflects the extensive experience of Data Sons'
partners in the steel trading industry and their established
relationships with customers and suppliers. These rating strengths
are partially offset by Data Sons' weak financial risk profile
marked by a high ratio of total outside liabilities to total net
worth, modest scale of operations, and susceptibility to intense
market competition.

Outlook: Stable

CRISIL believes that Data Sons will maintain its business risk
profile over the medium term, supported by partners' extensive
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' in case of
a significant improvement in Data Sons' financial risk profile,
most likely driven by reduction in total outside liabilities,
coupled with increase in its scale of operations. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates significantly, most likely because of adverse
changes in steel prices or substantial withdrawal of funds from
the firm by its partners.

                         About Data Sons

Data Sons was set up as a partnership firm in 1991 by Mr. Rajinder
Data and his cousin Mr. Ashok Data. Data Sons is engaged in steel
trading, catering primarily to customers in the auto ancillary
industry. Data Sons is an authorised dealer of the products of
Rashtriya Ispat Nigam Ltd (RINL). Data Sons has been associated
with RINL since 1993. The firm deals mainly in steel angles,
rounds, channels and squares. Data Sons operates in and around
Haryana.

Data Sons reported a book profit of INR143 million on net sales of
INR760 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR101 million on net sales of
INR560 million for 2008-09. Data Sons' revenues for 2010-11 are
estimated at INR1098 million.


EASTERN NAVIGATION: CRISIL Rates INR85MM Term Loan at ' CRISIL B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
Eastern Navigation Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR7.5 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR85 Million Rupee Term Loan    CRISIL B/Stable (Assigned)
   INR102.5 Million Proposed LT     CRISIL B/Stable (Assigned)
             Bank Loan Facility
   INR5 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect the intense competition that Eastern
Navigation faces from local players in the marine transport
industry, and the company's large working capital requirements.
These rating weaknesses are partially offset by Eastern
Navigation's financial risk profile marked by low gearing, and
long track record in the marine transportation segment.

Outlook: Stable

CRISIL believes that Eastern Navigation will maintain its moderate
business risk profile on the back of long relationships with key
customers. The outlook may be revised to 'Positive' company
sustains its revenue growth and profitability with improvement in
debtor collection cycle. Conversely, the rating outlook may be
revised to 'Negative' if Eastern Navigation's financial risk
profile deteriorates, most likely because of decline in operating
profitability or fresh, large, debt-funded capital expenditure or
if the company's liquidity weakens led by further stretching of
receivables.

                        About Eastern Navigation

Incorporated in 1957 by Mr. K S Singhee, Eastern Navigation is a
marine transportation service provider, providing marine vessels
on hire for transport of cargo at various ports in India. Around
75% of company's revenue comes from private sector clients, and
the rest comes from government entities through tender process.
Approved by the High Court of Kolkata on Nov. 17, 2008, Eastern
Navigation has merged two of its group entities (Eastern Dredgers
and Salvors Pvt Ltd, and Karya Autota Pvt Ltd) with itself, with
effect from April 1, 2008.

Eastern Navigation reported a profit after tax (PAT) of INR7.2
million on net sales of INR152.6 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.8
million on net sales of INR157.5 million for 2008-09.


HUL HYDRO: CRISIL Downgrades Rating on INR200MM Loan to CRISIL B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on Hul Hydro Power Pvt Ltd's bank
facilities to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

   Facilities                    Ratings
   ----------                    -------
   INR200 Million Long-Term      CRISIL B+/Stable (Downgraded from
              Bank Facility                   'CRISIL BB-/Stable')

The downgrade has been driven by delays in project implementation
by HHPPL because of agitations by villagers against construction
of the proposed HUL Khad hydel power project in Himachal Pradesh,
thereby delaying the commissioning of the project. Currently,
HHPPL is contesting the issues raised by the villagers and the
matter is sub judice. CRISIL expects HHPPL's business risk profile
to remain under pressure until the matter is completely resolved.

The ratings are also constrained by HHPPL's exposure to risks
related to implementation, as the project is in its initial stage,
and to uncertainty regarding continuous availability of sufficient
water flow post completion of the project. These rating weaknesses
are partially offset by HHPPL's stable revenue visibility for the
medium term, supported by its power purchase agreement (PPA) with
Himachal Pradesh State Electricity Board, and the benefits that
HHPPL derives from its promoters' experience in setting up hydel
power projects, and the likely support from its promoters' in case
of exigencies.

Outlook: Stable

CRISIL believes that HHPPL will continue to benefit from the
experience of its promoters. The outlook may be revised to
'Positive' if HHPPL commences and stabilises operations.
Conversely, the outlook may be revised to 'Negative' in case of
further delays in the commissioning the project, most likely
caused by unforeseen events, or if it faces significant cost
overruns in the project, leading to deterioration in its financial
risk profile.

                        About Hul Hydro

HHPPL was incorporated as a private limited company on May 28,
2003, for developing, constructing, and maintaining hydropower
projects. The company is currently setting up a 4.5-megawatt hydel
project across HUL Khad, in Chamba (Himachal Pradesh). HHPPL is
jointly owned by Astha Projects (India) Ltd (APIL; 51%
shareholding) and Indus Power & Infrastructure Mauritius (Indus
Mauritius, 49% shareholding). Work on the project was scheduled to
begin in April 2010 and be completed in 24 months.

Indus Power and Infrastructure LLC (Indus USA), through Indus
Power & Infrastructure Mauritius (Indus Mauritius), holds stakes
in three companies including HHPPL in India. The three companies
are in the renewable energy sector, with a focus on hydropower.
Indus USA (holding company) is held by HHPPL's three Indian
promoters (combined stake of 30%),Mr. Lingareddy Venkata Prasad,
Mr. Nagarjun Valluripalli, and Mr. Ramaraju Raudraraju and a hedge
fund, Wexford Capital LLC(Wexford) (70%). The promoters have
received a commitment of INR5 billion from Wexford to invest in
various power projects in India.


INSTA EXHIBITIONS: CRISIL Cuts Rating on INR80MM Loan to CRISIL D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Insta
Exhibitions Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL
BB+/Positive/A4+'.

   Facilities                         Ratings
   ----------                         -------
   INR80 Million Foreign Currency     CRISIL D (Downgraded from
                        Term Loan        'CRISIL BB+/Positive')

   INR95 Million Cash Credit          CRISIL D (Downgraded from
                                         'CRISIL BB+/Positive')

   INR5 Million Letter of credit      CRISIL D (Downgraded from
                & Bank Guarantee                  'CRISIL A4+')

The downgrade reflects instances of delays by IEPL in meeting its
foreign currency (forex) obligations. The delays have been caused
by the company's weak liquidity resulting from delay in
realization of forex receivables.

IEPL's financial risk profile is also constrained by its funding
support to its loss-making foreign subsidiaries and joint
ventures; moreover, the company is exposed to intense competition
in the exhibition products and solutions industry. IEPL, however,
benefits from its wide product profile, its strong marketing and
distribution network, and its established client relationships.

For arriving at its ratings, CRISIL has assessed the standalone
financial risk profile of IEPL and factored in the financial
support that IEPL provides to, and the operational benefits that
it derives from, its overseas subsidiaries and joint ventures.

                        About Insta Exhibitions

Incorporated in 2003 by Mr. Rajnikant Kedia, IEPL provides
exhibition solutions, which include manufacturing products, such
as portable-display systems, modular systems, custom-modular
systems, custom-built systems, and other exhibition-related
services. IEPL is present across the value chain of the exhibition
solutions space, including product manufacturing, designing,
installing, and maintenance.

IEPL has two regional offices, one each in Gurgaon (Haryana) and
Bengaluru (Karnataka), and four branches, one each in Ahmedabad
(Gujarat), Hyderabad (Andhra Pradesh), Chennai (Tamil Nadu), and
Pune (Maharashtra). IEPL's manufacturing facilities are at
Haridwar (Uttarakhand) and in Vasai (Maharashtra).

In 2007, IEPL acquired a European company named Expo Display
Holding (EDH) AG, Switzerland in 2007. EDH owns a range of the
EXPO brand of modular exhibition products. IEPL had been sourcing
products from EDH during the company's initial years in the
industry. EDH has seven subsidiaries spread across Europe.
Moreover, in 2009, IEPL acquired Exponents Inc, USA, which owns a
variety of exhibition and marketing products in USA. IEPL has also
formed a joint venture, EDS Middle East (EDSME) LLC, Dubai, with a
holding of 49%; the rest is owned by a Dubai-based businessman.

IEPL posted a provisional profit after tax (PAT) of INR42.6
million on net sales of INR610.3 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR52.2
million on net sales of INR469.7 million for 2009-10.


JINDAL NICKEL: CRISIL Rates INR64 Mil. Cash Credit at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable' rating to the cash
credit facility of Jindal Nickel and Alloys Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR64 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects JNAL's weak financial risk profile marked by
small scale of operations and supplier concentration along with
low profitability, resulting into weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of JNAL's promoters in the steel trading industry.

Outlook: Stable

CRISIL believes that JNAL will continue to benefit from of the
experience of its promoters in the steel trading business. The
outlook may be revised to 'Positive' if JNAL generates more-than-
expected cash accruals through substantial increase in revenues
and maintenance of profit. Conversely, the outlook may be revised
to 'Negative' if there is significant deterioration in JNAL's
revenues or profitability.

                        About Jindal Nickel

JNAL was incorporated in 1999 by its three current directors, Mr.
Ashwani Jindal, Mr. Mangat Rai, and Mr. Sandeep Gupta. The company
was in the business of alloy manufacturing till 2007. After the
Delhi High Court's order to shut down the major polluting
industries in the National Capital Region, the company had to
discontinue with its manufacturing operations. In 2007, JNAL
commenced trading in stainless steel scrap. Currently, the company
trades in imported as well as domestic steel scrap.

For 2010-11 (refers to financial year, April 1 to March 31), JNAL
reported, on provisional basis, a profit after tax (PAT) of
INR1.1 million on net sales of INR387.1 million; the company
reported a PAT of INR1.2 million on net sales of INR370.2 million
for 2009-10.


KARTHIK ALLOYS: CRISIL Cuts Rating on INR15.1MM Loan to 'CRISIL D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Karthik Alloys Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.

   Facilities                       Ratings
   ----------                       -------
   INR42.5 Million Cash Credit      CRISIL D (Downgraded from
                                              'CRISIL C')

   INR15.1 Million Working Capital  CRISIL D (Downgraded from
                       Demand Loan            'CRISIL C')

   INR120 Million Bill Discounting  CRISIL D (Downgraded from
                                              'CRISIL A4')

   INR50 Million Letter of Credit   CRISIL D (Downgraded from
                                              'CRISIL A4')

   INR19.6 Million Bank Guarantee   CRISIL D (Downgraded from
                                              'CRISIL A4')

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

KAL has a weak financial risk profile, marked by a high gearing
and a small net worth; moreover, it is exposed to risks related to
volatility in raw material prices and to power shortages. KAL,
however, benefits from the extensive experience of its promoters
in the ferroalloys segment.

                        About Karthik Alloys

Set up in 1992, KAL manufactures ferroalloys used in production of
steel. The company set up its first manufacturing unit at Cuncolim
(Goa). Subsequently, a second unit was set up in Durgapur (West
Bengal) in 1997. KAL had suffered heavy losses in the past because
of which its net worth turned negative, and consequently the
company was referred to Board of Industrial and Financial
Reconstruction (BIFR) in 2002. KAL had also delayed in servicing
its term debt and payment of statutory liabilities, and had to
restructure its term loans. It is still under BIFR. Mr. B Srinivas
is the managing director of the company.

KAL reported a net profit of INR68 million on (provisional) net
sales of INR796 million for 2010-11 (refers to financial year,
April 1 to March 31), against a reported profit after tax (PAT) of
INR21 million on net sales of INR650 million for 2009-10.


M B RUBBER: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M B Rubber Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR10.0 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect MBR's weak financial risk profile marked by
high gearing and average debt protection metrics, and small scale
of operations. These rating weaknesses are partially offset by the
extensive experience of MBR's promoters in the footwear industry
and the company's established marketing network.

Outlook: Stable

CRISIL believes that MBR will maintain its business risk profile
over the medium term, supported by its established clientele and
marketing network. MBR's financial risk profile is expected to
remain weak over the medium term, because of its high debt level
arising from its large working capital requirements. The outlook
may be revised to 'Positive' in if MBR's financial risk profile
improves, most likely because of more-than-expected profitability
or less-than-expected increase in working capital requirements.
Conversely, the outlook maybe revised to 'Negative' if MBR's
financial risk profile weakens further, most likely because of
more-than-expected increase in working capital requirements or
larger-than-expected debt-funded capital structure.

                       About M B Rubber

Incorporated in 1988, MBR manufactures a wide variety of footwear,
including rubber, polyvinyl chloride, ethylene vinyl acetate, and
canvas wears, and hawai slippers. It also manufactures footwear
soles, raincoats, and ground sheets used in defence. The company's
plant in Sahibabad (Uttar Pradesh) has capacity of manufacturing
0.4 million pairs of footwear per month.

MBR's profit after tax (PAT) and net sales are estimated at
INR4.3 million and INR401 million for 2010-11 (refers to financial
year, April 1 to March 31); the company reported a PAT of
INR2.8 million on net sales of INR317 million for 2009-10.


M. E. PROJECT: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of M.E. Project Pvt Ltd, part of the Rathore
group.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect Rathore group's moderate financial risk
profile, marked by a modest net worth and high gearing, modest
scale of the group's operations and the geographical concentration
in the revenues, and the high competitive intensity in the civil
construction industry. These rating weaknesses are partially
offset by extensive industry experience of Rathore group's
promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MEPL and R & B Infra Project Pvt Ltd
(RBIPL), together referred to as the Rathore group, as both the
entities are in a similar line of business and have common
promoters and have significant operating & financial synergies.

Outlook: Stable

CRISIL believes that the Rathore group will continue to benefit
over the medium term from the extensive experience of the
promoters in the civil construction industry. The outlook may be
revised to 'Positive' if the group significantly scales up its
operations, while maintaining its profitability, operating cycle
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case if there is slowdown in revenues or
deterioration in its profitability, capital structure & debt
protection metrics.

                     About the Group

The Rathore group, promoted by Mr. Ratansingh Rathore with his
brother Mr. Mangal Singh Rathore, Mumbai based entrepreneurs,
undertakes civil construction and real estate development. It
constructs roads and bridges, lays and maintains pipelines and
buildings, and develops gardens mainly through two group companies
-- RBIPL and MEPL. The group undertakes and executes projects
awarded by government agencies, such as Municipal Corporation of
Greater Mumbai and Public Works Department, Government of
Maharashtra. The Rathore group also enters into joint ventures
with other players in the industry to bid for and execute large
contracts. As on 31st May 2011, the group had an outstanding order
book of around INR1.5 billion, to be executed over the next two
years.

Rathore Group reported a profit after tax (PAT) of INR20 million
on net sales of INR522.8 million for 2010-11 (provisional figures,
refers to financial year, April 1 to March 31), as against a PAT
of INR34.1 million on net sales of INR718.7 million for 2009-10.


MICKY METALS: CRISIL Assigns 'CRISIL BB' Rating to INR40MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/ CRISIL A4+' ratings to
the bank facilities of Micky Metals Limited.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR22.5 Million Bank Guarantee    CRISIL A4+ (Assigned)
   INR7.5 Million Letter of Credit   CRISIL A4+ (Assigned)

The rating reflects MLL's comfortable financial risk profile
marked by healthy gearing and debt protection metrics and the
promoters' extensive experience in the iron and steel industry.
These rating strengths are partially offset by t competitive and
fragmented nature of the industry and susceptibility of margins to
volatility in steel prices and downturns in the end user industry.

Outlook: Stable

CRISIL expects MML's to benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case of substantial and sustained
increase in the operating revenues and margins while maintaining
comfortable debt protection metrics and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected capacity utilization levels or volatility in
raw material prices leading to substantial deterioration in
profitability levels or in case of elongation of the working
capital cycle or larger than expected debt funded capex.

                       About Micky Metals

Micky Metals Ltd, incorporated in 1993 by Kolkata based Agarwal
family, is engaged in production of Thermo-Mechanically Treated
(TMT) bars. MML was also engaged in production of billet and
ingots till 2010 however owing to high power costs in the region;
the company stopped in-house production of the same and is only
engaged in TMT bar production at present. MML's manufacturing
facility at Suri (West Bengal) having rolling capacity of 100,000
tpa. The company is actively managed by Mr. Narendra Kumar
Agarwal, his brother Mr. Sarwan Agarwal and son Mr. Saket Agarwal.

For 2010-11 (refers to financial year, April 1 to March 31), MLL
reported a provisional profit after tax (PAT) of INR0.4 million on
net sales of INR296 million, against a PAT of INR1.1 million on
net sales of INR430 million for 2009-10.


MIDFIELD INDUSTRIES: CRISIL Rates INR83.1MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Midfield Industries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR320.00 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR83.10 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR69.90 Million Proposed LT       CRISIL B+/Stable (Assigned)
             Bank Loan Facility
   INR34.50 Stand by line of credit   CRISIL A4 (Assigned)
   INR70.00 Million Letter of Credit  CRISIL A4 (Assigned)
   INR22.50 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect MIL's working-capital-intensive operations
because of high debtor realization period leading to weak
liquidity. This rating weakness is partially offset by MIL's
established position in the packaging industry, and above-average
financial risk profile marked by a strong net worth, a low
gearing, and comfortable debt protection metrics primarily driven
by IPO issue of INR600 Million made in July 2010.

Outlook: Stable

CRISIL believes that MIL will continue to benefit over the medium
term from its established market position in the steel strapping
segment. The outlook may be revised to 'Positive' if the company's
liquidity improves, most likely because of improvement in debtor
collection. Conversely, the outlook may be revised to 'Negative'
if MIL's financial risk profile deteriorates because of lower-
than-expected cash accruals or larger-than-expected debt-funded
capital expenditure.

                    About Midfield Industries

Set up in 1990, MIL manufactures packaging consumables such as
high-tensile steel strapping, low-tensile steel strapping, seals
for diverse applications, collated nails, and angle boards for
varied industries such as steel, aluminium, and glass. MIL also
provides end-to-end packaging solutions at the customer's
location. The company's manufacturing units are in Hyderabad
(Andhra Pradesh), Roorkee (Uttarakhand), and Mumbai (Maharashtra).

MIL reported a profit after tax (PAT) of INR125 million on net
sales of INR1.28 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR82 million on net sales
of INR856 million for 2009-10.


MURLI ELECTRODE: CRISIL Puts 'CRISIL B+' Rating on INR14.8MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Murli Electrode Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR14.8 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR30 Million Proposed Cash     CRISIL B+/Stable (Assigned)
                  Credit Limit
   INR40 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR15.2 Million Proposed LT     CRISIL B+/Stable (Assigned)
            Bank Loan Facility
   INR10 Million Proposed Letter   CRISIL A4 (Assigned)
                       of Credit
   INR10 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect MEPL's weak financial risk profile, marked by
low net worth, high gearing and weak debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of MEPL's promoters
and the healthy growth prospects for the welding industry.

Outlook: Stable

CRISIL believes that MEPL will maintain its business risk profile,
backed by its experienced management team and the expected growth
in the welding industry. The outlook may be revised to 'Positive'
if MEPL reports higher-than-expected revenue growth and maintains
its profitability, while efficiently managing its working capital.
Conversely, the outlook may be revised to 'Negative' if MEPL faces
any time or cost overruns with respect to the capital expenditure
(capex) being undertaken by the company, or if its liquidity
weakens further because of large, incremental working capital
requirements or build up of debtors.

                       About Murli Electrode

MEPL was set up in 2003. The company commenced operations in 2005
and manufactures electrodes. Its managing director is Mr. Nandlal
Maloo. MEPL has two manufacturing units with an installed capacity
of 14400 tonnes per annum (tpa).

MEPL reported a profit after tax (PAT) of INR5.56 million on net
sales of INR117.55 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.51 million on net
sales of INR76.78 million for 2008-09.

MEPL is estimated to report revenues of INR120.50 million for
2010-11.


PAWA BUILDERS: CRISIL Places 'CRISIL B+' Rating on INR125MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term loan
facility of Pawa Builders Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR125 Million Term Loan        CRISIL B+/Stable (Assigned)

The rating reflects PBPL's client and geographical concentration
risks, and weak financial flexibility as reflected in its low cash
accruals which are just enough to meet its term obligations. These
rating weakness are partially offset by PBPL's stable cash flows
backed by a long-term lease agreement with Jain Infrastructure
Ltd.

Outlook: Stable

CRISIL believes that the financial risk profile of PBPL will
remain stable over the medium term backed by stable cash flows.
The outlook may be revised to Positive if PBPL diversifies its
client base and increases its lease revenues along with
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of unexpected termination of
existing leases, or if PBPL's credit risk profile materially
deteriorates because of aggressive debt funding or if the company
supports other group entities thereby impacting its debt-servicing
ability.

                        About Pawa Builders

Incorporated in the 1980s by Mr. Satish Kumar Pawha, PBPL is
engaged in the business of construction and leasing of commercial
complexes. It currently has one commercial property at Vasant
Kunj, New Delhi, with 3 towers having a total developed area of
around 80,000 square feet (sq ft). Currently, around 18,000 sq ft
is leased for nine years ending 2019.

PBPL is estimated to report revenue receipts of Rs 24.3 million
for 2010-11 (refers to financial year, April 1 to March 31); it
reported a PAT of Rs 4.9 million on revenue receipts of Rs 10.9
million for 2009-10 as against a loss of Rs 2 million on revenue
receipts of Rs 7.3 million in 2008-09.


RAILONE PROJECTS: Fitch Holds Nat'l Long Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed India-based Railone Projects Private
Limited's National Long-Term Rating at 'Fitch B+(ind)'.  The
Outlook is Stable.

The affirmation reflects the company's strong order book position,
which was INR2,537 million at end- August 2011 (4.2x FY11
revenue), and its low albeit increased financial leverage (net
debt/ EBITDA) of 1.7x in FY11 (FY10: 0.9x).

The ratings are, however, constrained by Railone's limited track
record of operations and the deterioration in its working capital
cycle to 27 days in FY11 from -13.5 days in FY10 mainly due to an
increase in inventory days to 96.2 days from 41.5 days.  Further,
Fitch expects the company's financial leverage to increase over
the medium term given planned capex in new construction equipment
that will be funded predominantly through debt.

Negative rating guidelines include a sustained deterioration in
Railone's liquidity and EBITDA margins to below 7.5% and/or its
net debt/ EBITDA exceeding 3.0x.

Positive rating guidelines include successful execution of
contracts and improvements in the order book and liquidity from
current levels.  The ratings may also be upgraded if EBITDA
margins are maintained above 9% and total adjusted net debt/
EBITDA falls below 1.5x on a sustained basis.

Railone is a Hyderabad-based company, involved in the construction
of railway infrastructure such pre-stressed concrete road and rail
over bridges.  In FY11, the company's operating income increased
to INR600.2 million (FY10: INR413.9 million), operating EBITDA to
INR78.2 million (INR44.8 million) and net income to
INR33.9 million (INR18.6 million).

Railone's facilities have been affirmed as follows:

-- INR100 million fund-based working capital limits: 'Fitch B+
    (ind)'/'Fitch A4(ind)'

-- INR300 million non-fund based working capital limits:
    'Fitch B+(ind)'/'Fitch A4(ind)

-- INR23.6 million term loans: 'Fitch B+(ind)'


RAJHANS IMPEX: CRISIL Puts 'CRISIL B+' Rating on INR10.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajhans Impex Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR10.7 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR90 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR50 Million Proposed LT       CRISIL B+/Stable (Assigned)
          Bank Loan Facility
   INR30 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect the company's weak financial risk profile and
small scale of operations with operating margin vulnerable to raw
material price and foreign exchange fluctuations. These rating
weaknesses are partially offset by the promoter's extensive
experience in the industry.

Outlook: Stable

CRISIL believes that RIPL will continue to benefit from the
promoter's extensive experience in the industry. The outlook may
be revised to 'Positive' in case of higher-than-expected increase
in the revenue or if the company's financial risk profile improves
substantially mainly driven by higher than expected cash accruals
or fresh equity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals, or due to
debt-funded capital expenditure, which would weaken its capital
structure and liquidity.

                        About Rajhans Impex

RIPL was promoted by Mr. Jinesh Shah in 2004. RIPL is based in
Jamnagar (Gujarat) and manufactures brass rods of different shapes
(round, hexagonal, square, flat, or rectangular), copper alloy
ingots (brass ingots), and copper alloy billets (brass billets).
The company's products are used in various industries such as
engineering, electricals, electronics, automobiles, building
hardware, and sanitary ware.

RIPL reported a profit after tax (PAT) of INR11.4 million on net
sales of INR574.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR3.3 million on
net sales of INR419.8 million for 2009-10.


SAI SPONGE: Fitch Holds Rating on INR80 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based metal & mining company Sai
Sponge (India) Limited's National Long-Term Rating at 'Fitch BB-
(ind)'.  The Outlook is Stable.

The affirmation reflects Fitch's assessment of moderate
operational and strategic linkages between SSL and its parent
company Super Smeltors Limits (SML), along with the latter's
financial performance over the year financial year ended March
2011 and FY10 which is in line with Fitch's expectation.  The
ratings also reflect SML's unconditional and irrevocable guarantee
to SSL working capital facilities.

Fitch notes that SSL is assured of a fixed revenue stream as 90-
95% of its production goes to SML's billet manufacturing unit
at Koderma.  While the former does not fulfill SML's full
requirements for sponge iron, it is significant enough to give
the parent a cost advantage over its peers.

The ratings are, however, constrained by SML's significant
INR8,568.3 million debt-funded capex for a new integrated steel
plant by end-FY13, which is expected to weaken gross financial
leverage (total adjusted debt/EBITDA) from 5.9x in FY11.  However,
the ratings draw comfort from SML's adequate credit quality, which
as per Fitch's expectation will support SSL in case of need.

Positive rating guidelines include an increase in SSL's capacity
utilization and interest coverage of over 3x, along with a reduced
gross financial leverage of below 2x and any positive change in
the guarantor's creditworthiness.  Negative rating guidelines
include any significant reduction in the company's operating
margins, along with a gross financial leverage of over 4x, any
negative change in the guarantor's creditworthiness and/or a
withdrawal of its guarantee.

As per provisional figures of FY11, SML's revenue was
INR8,357.9 million (FY10: INR6,811.1 million), total adjusted debt
was INR3,157.9 million (INR1,904.3 million), and gross leverage
5.9x (FY10: 4.5x).  As per provisional figures of FY11, SSL's
revenue was INR358.4 million (INR236 million), although its EBITDA
margins reduced significantly to 7.3% (11%) because of increased
raw material prices.  It had total debt of INR64.7 million at end-
FY11 (INR70 million).  Its financial leverage (total adjusted debt
net of cash/operating EBITDAR) was 2.4x in FY11 (FY10: 2.7x), due
to low outstanding debt.  Fitch expects SSL's credit metrics to
stay stable in short- to medium-term with no significant capex
plans.

SSL, a 100% subsidiary of SML, was formed by the Sai group based
out of Kolkata. It has been operating since 2005 and has an
installed capacity of 60,000 mtpa of sponge iron.

SSL's bank facilities have been affirmed as follows:

-- INR80 million cash credit limit: 'Fitch BB+(ind)(SO)'; and
-- INR20 million non-fund based facilities (increased from
    INR15 million):
    'Fitch A4+(ind)'.


SHALIMAR IND: Fitch Puts Rating on INR48 Million Funds at 'B'
------------------------------------------------------------
Fitch Ratings has assigned India-based Shalimar Industries Limited
a National Long-Term Rating of 'Fitch B(ind)'.  The Outlook is
Stable.


The ratings reflect SIL's small scale of operation, tight
liquidity as reflected by its high working capital utilization,
low EBITDA margin of 5%-6% in the last four years due to intense
competition from its industry peers, and weak credit metrics.
SIL's net financial leverage (net debt/EBITDA) was high at 5.5x in
the financial year ended March 2011 (FY10: 5.93x) and interest
coverage has been low at around 1x for the past four years.
Positively, the ratings also reflect the over six-decade-long
experience of SIL's promoters - the Khaitan family - and the
former's leadership position in manufacturing pin and pin-based
products for the jute industry.  The ratings further reflect the
company's robust revenue growth of 32% yoy to INR166.8 million in
FY11, driven by higher sales volume of pins (65%-70% of total
revenue), leading to increased market share.

Positive rating guidelines include an increase in SIL's EBITDA
margins resulting in a sustained improvement in its net
debt/EBITDA to below 5x.  Conversely, a decline in the company's
EBITDA margins leading to a net debt/EBITDA above 6.5x may result
in negative rating action.

SIL product portfolio comprises pins, card staves, aluminum
staves, jute shuttle and tobacco staves.  At end-FY11, SIL had
total debt of INR49.3 million, comprising working capital debt of
INR45.7 million, vehicle loan of INR1.9 million and unsecured loan
of INR1.7 million.

SIL's bank loans are rated as follows:

-- Fund-based limits of INR48m: 'Fitch B(ind)'
-- Non-fund based limits of INR12m: 'Fitch A4(ind)'


SHIV PARAS: CRISIL Places 'CRISIL BB-' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Shiv Paras Steel.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR100.0 Million Proposed Cash   CRISIL BB-/Stable (Assigned)
                     Credit Limit

The rating reflects the extensive experience of SPS's proprietor
in the steel industry and its moderate financial risk profile,
marked by moderate total outside liabilities to tangible net worth
(TOL/TNW) ratio and adequate debt protection metrics. These rating
strengths are partially offset by the small scale of SPS's
operations in the highly fragmented industry and geographical
concentration in its revenue profile.

Outlook: Stable

CRISIL believes that SPS will maintain its business risk profile
over the medium term, backed by its proprietor's industry
experience and established customer relationships. The outlook may
be revised to 'Positive' if the firm reports a better-than-
expected operating margin, leading to improvement in debt
protection metrics, or if the capital structure improves, most
likely through fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' if the firm's operating margin declines
or if its financial risk profile deteriorates, due to a stretch in
the working capital cycle.

                         About Shiv Paras

SPS, established in 1998, is the proprietorship firm of Mr. Hitesh
K Sanghvi. It trades in various steel products such as Hot Rolled
(HR) Coils, Cold Rolled (CR) Coils, mild steel (MS) plates, MS
beams, channels, round and TMT bars etc. The firm sells its
products primarily in Maharashtra. In 2011-12 (refers to financial
year, April 1 to March 31), the firm is expected to be shift its
business to a newly formed private limited company.

SPS achieved a book profit of INR1.0 million on net sales of
INR658.5 million in 2010-11 as against book profit of INR0.2
million on net sales of INR127.6 million for 2009-10.


SPENCER'S TRAVEL: Fitch Affirms National Long-Term Rating at 'BB-'
------------------------------------------------------------------
Fitch Ratings has affirmed India-based Spencer's Travel Services
Limited's National Long-Term Rating at 'Fitch BB-(ind)'.  The
Outlook is Stable.

The affirmation reflects STSL's three-decade long experience as a
general sales agent for airlines of cargo space and passenger
seats as well as its strong long-standing relationships with its
airline customers.  STSL also benefits from being part of RPG
Group by way of business visibility and potential financial
support.  Total adjusted debt/operating EBITDAR fell to 1.89x in
the financial year ended March 2011 from 4.35x in FY10, after
assets and liabilities pertaining to an aircraft belonging to RPG
Group were removed from STSL's books.

STSL's gross revenue (total value of ticket sales) rose to
INR2,627.7 million in FY11 from INR2,423 million in FY10 although
net revenue declined to INR156.6 million from INR181 million.
This was mainly due to termination of contract with Cathay Air,
reducing passenger ticket sales and cargo sales.  The company
reported only six months of revenue from Cathay Pacific during
FY11.

The ratings are constrained by STSL's low margins and risk of
termination of contract by airlines.  In FY11 (audited), the
company reported a EBITDA/net revenue margin of 20.2% (FY10:
19.5%).

Negative rating guidelines include any significant deterioration
in STSL's interest coverage and further termination of agreements
by any other major airline.  Any stoppage and a significant
reduction of commission payments by the airlines, any default by
agents and airlines due to a weak operating environment may also
put downward pressure on ratings.  Positive rating guidelines
include any significant improvement in commissions and margins and
tie-ups with more airlines, which would boost STSL's revenues and
margins.

RPG Group was established in 1979, with an estimated turnover of
around INR200 billion.  RPG group companies are involved in
diverse business interests ranging from power, infrastructure, IT,
retail, to entertainment.

Other affirmed STSL's ratings:

  -- INR5 million fund-based working capital limits: 'Fitch BB-
     (ind)' /'Fitch A4+(ind)'

  -- INR350 million non fund- based working capital limit: 'Fitch
     A4+ (ind)'


TANEJA IRON: CRISIL Assigns 'CRISIL B-' Rating to INR37MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Taneja Iron & Steel Company Limited.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR37 Million Long-Term loans    CRISIL B-/Stable (Assigned)
   INR8 Million Proposed Long-Term  CRISIL B-/Stable (Assigned)
              Bank Loan facilities
   INR5 Million Bank Guarantee  CRISIL A4 (Assigned)

The ratings reflects TISCL's modest scale of operations, weak
liquidity due to its highly working-capital-intensive operations
and low cash-generating capability, and susceptibility of its
operating margin to volatility in raw material prices. The ratings
also factor in the company's weak financial risk profile, marked
by a small net worth, high gearing, and modest debt protection
metrics. These rating weaknesses are partially offset by TISCL's
established position in the flat products segment, promoters'
extensive industry experience and regular support to TISCL for
operational needs.

Outlook: Stable

CRISIL believes that TISCL will sustain its business risk profile
over the medium term on back of its established position in the
flat products segment catering to leaf springs and steady demand
for its products. The company's financial risk profile is however,
expected to continue to remain weak, due to low annual cash
generation and high working capital requirements. The rating
outlook may be revised to 'Positive', if TISCL is able to report
better than anticipated cash accruals and prudently manages its
working capital, leading to improved liquidity. Conversely, the
rating outlook may be revised to 'Negative' if TISCL's cash
generation is lower than expected due to sluggish revenue growth
and profitability, its liquidity is further stretched, in case of
major debt funded capital expenditure, or there are delays by
promoters to infuse funds in times of exigencies.

                        About Taneja Iron

Incorporated in August 2006, TISCL was merged with its group
company, Taneja Steels Pvt Ltd, in July 2009. Mr. Manoj Kumar
Taneja, Mrs. Sunita Taneja, and Mr. Shyam Kumar Taneja are the
company's promoter-directors. TISCL's manufacturing unit is
located in Pithampur (Madhya Pradesh). The company manufactures
leaf springs that are widely used in commercial vehicles. It also
produces steel flats, rings, angles, and round bars used in the
production of leaf springs. TISCL has a capacity to manufacture
30,000 tonnes per annum (tpa) of steel flats and 5000 tpa of leaf
springs. The company's products mainly cater to the automotive
replacement market and its leading customers include state
transport corporations and local auto component manufacturers
based in Chennai (Tamil Nadu), Mumbai (Maharashtra), Bengaluru,
and Mangalore (both in Karnataka). The company sells its products
under the brand, TSI.

For 2010-11 (refers to the financial year, April 1 to March 31),
TISCL reported a net profit of INR6.1 million on net revenues of
INR325.2 million, against a profit after tax of INR2.7 million on
net revenues of INR271.7 million for 2009-10.


TAPASYA SHIKSHA: CRISIL Rates INR100MM Term Loan at 'CRISIL D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Tapasya Shiksha Samiti.

   Facilities                     Ratings
   ----------                     -------
   INR100 Million Term Loan       CRISIL D (Assigned)

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

TSS also has a weak financial risk profile, marked by weak debt
protection metrics and moderate capital base, and is susceptible
to adverse regulations and to intense competition in the higher
education sector. The society, however, benefits from the healthy
demand prospects for the education sector in India.

Set up in 2000 by Mr. Sanjeev Saxena and his father Mr. R R
Saxena, TSS operates five institutes comprising three engineering
colleges (also offering management courses) and two pharmaceutical
colleges at the same campus spread across 65 acres of land at
Ratibad in Bhopal (Madhya Pradesh).

In 2003, TSS set up its first college, Radharaman Institute of
Technology and Science.  After which, over the past eight years,
the trust has set up four other colleges - Radharaman College of
Pharmacy in 2004, Radharaman Engineering College in 2005,
Radharaman Institute of Research and Technology in 2006, and
Radharaman Institute of Pharmaceutical Sciences in 2006. The total
seat strength of the trust is around 5000.

TSS reported a deficit of INR51.3 million on an income of
INR178.9 million in 2010-11 (refers to financial year, April 1 to
March 31), against a surplus of INR56.7 million on income of
INR197.7 million for 2009-10.


UTTAM SUGAR: Fitch Downgrades Rating on Three Note Classes to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Uttam Sugar Mills
Limited's National Long-Term Rating to 'Fitch D(ind)' from 'Fitch
B(ind)'.

The ratings reflect delays by USML in its debt servicing due to
its tight liquidity position.  The company has been unable to
adhere to the repayment schedule agreed under the corporate debt
restructuring package approved in FY10, in a timely manner.
However, the company has now established a debt service repayment
account to ensure repayment of its financial obligations.

A key positive rating guideline would be timely servicing of debt
obligations by the company for the next six months.

In FY11, USML's revenue grew by 38.6% yoy to INR6.8bn and its
EBITDA improved to 11% (FY10: 8.8%) on account of an improvement
in sugar realization and high revenue from its power segment. Its
net cash cycle also improved to 174 days in FY11 (FY10: 239 days),
led by a yoy decline of 142 days in inventory days to 244 days in
FY11. However, high interest costs led to the company posting a
loss of INR146 million in FY11 (FY10: a loss of INR441 million).

Fitch expects USML's revenue and margins to improve in the near-
term from the sale of ethanol for petrol blending from its
recently set up ethanol unit as well as from an increase in the
number of electricity units sold from its incremental captive
capacity.

USML is a listed company with four sugar manufacturing plants
across the states of Uttar Pradesh and Uttaranchal.  It also owns
a total cane-crushing capacity of 23,750 tonnes crushed per day, a
co-generation capacity of 96MW and an ethanol distillery capacity
of 75,000 litres per day.

USML's bank loan facilities have been downgraded as follows:

-- INR2,781.5 million term loans: downgrade to 'Fitch D(ind)'
    from 'Fitch B(ind)';

-- INR3,345.9 million fund-based working capital limits:
    downgraded to 'Fitch D(ind)' from 'Fitch B(ind)'/'Fitch A4
    (ind)'; and

-- INR237.5 million non-fund based working capital limits:
    downgraded to  'Fitch D(ind)' from 'Fitch A4(ind)'.


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


HUMMINGBIRD SECURITISATION: S&P Puts 'CCC' Loan Rating on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on two
tranches relating to two Japanese synthetic collateralized debt
obligation (CDO) transactions on CreditWatch with negative
implications.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the tranches placed on CreditWatch negative had
synthetic rated overcollateralization (SROC) levels that fell
below 100% as of Aug. 31, 2011," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P noted.

"By the end of the month, we intend to review the tranche, along
with any other tranches with ratings that are presently on
CreditWatch negative or positive, in accordance with our current
CDO criteria," S&P added.

Ratings Placed On CreditWatch Negative
Hummingbird Securitisation Ltd.
Series 2 loan
Class      To                    From        Issue amount
#2 Loan    CCC (sf)/Watch Neg    CCC (sf)    JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                     From         Issue amount
CCC+ (sf)/Watch Neg    CCC+ (sf)    JPY4.0 bil.


JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services kept its 'A (sf)' rating on the
class B senior trust certificates issued under the JLOC XXVIII
transaction on CreditWatch with negative implications. "At the
same time, we have affirmed our ratings on the class C and D
senior trust certificates, as well as our rating on Harajuku
Holding TMK's series 4-2 floating-rate mezzanine specified bonds
issued under the same transaction. We initially placed the rating
on class B on CreditWatch negative on April 26, 2011. Then, on
June 15, 2011, we simultaneously lowered the rating on class B to
'A (sf)' from 'AA (sf)' and kept it on CreditWatch negative. The
class A senior trust certificates and Nakano Holding TMK's series
3-2 floating-rate mezzanine specified bonds have already been paid
in full," S&P said.

Of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bond) issued by one obligor (the specified bonds
originally represented about 51% of the total initial issue amount
of the transaction) remain. The asset manager is still in the
process of liquidating the properties backing the specified bonds
in accordance with the property sales plan. "We believe that
completing collection through the sales of the related collateral
properties will require a certain amount of time, as many of these
properties remain unsold. Indeed, with the transaction's legal
final maturity date drawing closer, it is our view that the rating
on class B is under pressure," S&P related.

Meanwhile, the plan prepared by the asset manager envisages that a
large number of the properties in question could be sold by the
end of December 2011. "Accordingly, if all goes according to plan,
the redemption of class B -- which is currently the transaction's
highest-level tranche and is already partly redeemed -- will
further progress. We kept our rating on class B on CreditWatch
negative because we consider the status of the sales of the
collateral properties to be a key factor in the credit quality of
that class. We intend to review our rating on class B after
ascertaining a number of factors, including the progress of the
collateral property sales," S&P said.

"We lowered our assumption with respect to the likely collection
amount from the properties backing the transaction's two remaining
specified bonds after considering primarily the performance as
well as the status of the sales of the related collateral
properties. We currently assume the combined value of
the properties in question to be about 63% our initial
underwriting value, whereas we assumed the value of the properties
to be about 69% of our initial underwriting value when we reviewed
our ratings in November 2010. We affirmed our 'BB- (sf)' rating on
class C because, notwithstanding the revision, the credit
enhancement level for that class has increased, reflecting
progress in the redemption of the transaction's underlying
specified bonds (an amount equivalent to about 53% of the total
initial issuance amount of the remaining specified bonds has
already been redeemed)," S&P noted.

"We also affirmed our 'CCC (sf)' ratings on class D and on
Harajuku Holding TMK's series 4-2 floating-rate mezzanine
specified bonds after taking into account our revised assumption
with regard to the likely collection amount from the properties
backing the transaction's remaining specified bonds," S&P said.

JLOC XXVIII is a property sales-type commercial mortgage-backed
securities (CMBS) transaction. The transaction was initially
secured by two senior specified bonds and two mezzanine specified
bonds. The senior and mezzanine specified bonds were backed by 567
real estate properties. Morgan Stanley Japan Securities Co. Ltd.
served as the arranger for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in October 2012 for the
class B to D senior trust certificates and the Harajuku Holding
TMK series 4-2 floating rate specified bonds," S&P added.

Rating Kept On CreditWatch Negative
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class       Rating                   Initial issue amount
B           A (sf)/Watch Neg         JPY10.1 bil.

Ratings Affirmed
Class       Rating          Initial issue amount
C           BB- (sf)        JPY8.8 bil.
D           CCC (sf)        JPY7.2 bil.

JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK Series 4-2 JPY3.6 billion floating-rate
mezzanine

specified
bonds due October 2012
Rating         Initial issue amount
CCC (sf)       JPY3.6 bil.


=========
K O R E A
=========


KOREA TECHNOLOGY: U.S. Unit Files Schedules of Assets & Debts
-------------------------------------------------------------
Korea Technology Industry America, Inc., filed with the U.S.
Bankruptcy court for the District of Utah its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $35,246,360
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $11,725
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $38,739,803
                                 -----------      -----------
        TOTAL                   US$35,246,360   US$38,751,528

                      About KTIA, UBR and CAR

Korea Technology Industry America, Inc., is a subsidiary of Seoul-
based Korea Technology Industry Co. that tried to squeeze crude
oil from Utah's sandy ridges.  Korea Technology Industry America,
Uintah Basin Resources LLC, and Crown Asphalt Ridge L.L.C., filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Utah Case Nos.
11-32259, 11-32261, and 11-32264) on Aug. 22, 2011.  The cases are
jointly administered under KTIA's case.  Steven J. McCardell,
Esq., and Kenneth L. Cannon II, Esq., at Durham Jones & Pinegar,
in Salt Lake City, serve as the Debtors' counsel.  Each of the
Debtors estimated assets and debts of $10 million to $50 million.


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


CENTURY CITY: Serepisos Offers Major Phoenix Share to Developer
---------------------------------------------------------------
The Dominion Post reports that Wellington Phoenix owner Terry
Serepisos offered millionaire property developer Mark Dunajtschik
the majority holding of his football club as part of a bailout
deal earlier this year.

According to the report, Mr. Dunajtschik said he had been offered
a 51% share in the Phoenix, but he believes the club, which loses
up to NX$1.5 million a year, is a liability and he has no
intention of taking control.  But he would contemplate offers from
would-be saviors, the report says.

The Dominion Post relates that Phoenix chief executive Nathan
Greenham said in a written statement that negotiations over the
club's future would remain confidential.

"Should there be a necessity for change, all relevant stakeholders
will be informed accordingly," the report quotes Mr. Greenham as
saying.

Mr. Dunajtschik said he was offered control of the club by Mr
Serepisos earlier this year as part of a $4 million bailout to
stave off liquidation action for unpaid taxes and ACC levies, the
report relates.

Mr. Dunajtschik, as cited by The Dominion Post, said Mr. Serepisos
signed a share transfer for 51% of the club as part of the deal.
However, Mr. Dunajtschik had no intention of signing the transfer
because taking those shares would see him inherit all the club's
liabilities.  The document was being held by his solicitor.

Mr. Dunajtschik said he was "absolutely not" interested in taking
over or supporting the football club but he might be willing to
transfer the share options to someone else, though that would
depend on who approached him, according to the report.

The Dominion Post revealed last month that a group of Wellington
businessmen had a backup plan to save the Phoenix.

The consortium -- labelled the Phoenix Five but understood to
number just four -- is led by Rob Morrison alongside his brother
Lloyd Morrison, Sam Morgan and his father Gareth Morgan, the
report discloses.

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

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

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


PORTAGE RESORT: PricewaterhouseCoopers Handles Receivership
-----------------------------------------------------------
The Marlborough Express reports that Portage Resort Hotel is in
receivership.

The resort is directed by Alison Evans and Dain Simpson, who each
own just more than 41% of the Portage Resort Hotel, according to
The Marlborough Express.  The report relates that the remaining
17% is owned by the Hong Kong-based Snowdrops Company.

The report discloses that the company was put under the management
of PricewaterhouseCoopers on Sept. 14, 2011.

The hotel is listed for sale on Trade Me.

Meanwhile, The Marlborough Express discloses that associated
company Kenepuru Tourism was put into receivership in July.


WINDLFOW TECHNOLOGY: Posts NZ$7 Million Loss; Seeks Cash
--------------------------------------------------------
Chris Hutching at The National Business Review reports that
Windlfow Technology has posted a NZ$7 million loss and said it is
running out of cash.

Windflow -- which reported a net loss of NZ$7.95 million in 2010
-- said this year's loss was due to delays in completing Stage 4
of the Te Rere Hau windfarm, increased costs of operating and
maintenance (O&M) and warranty for those turbines, and a lack of
new sales, BusinessDay.co.nz discloses.

According to NBR, the company has about NZ$400,000 in hand and
said the tight cash position underlines the need for an immediate
capital raising.

The company has managed to stay afloat by selling stock, blades
and turbines, to one of its clients, NZ Windfarms.  Windflow still
has a further NZ$900,000 worth of 16 blades and components for at
least one turbine, the report discloses.

"There is substantial uncertainty about Windflow's ability to
remain a going concern," according to the company's latest report
to investors, NBR relates.

NBR notes that the directors want to raise another NZ$2.4 million
from shareholders.  This will retain the value of Windflow's
intellectual property and keep the company turning over until it
begins receiving final payments in January 2012 from turbines
supplied to NZ Windfarms, the report relays.

The directors, as cited by NBR, said that the funds raised will be
used to engage outside specialists to conduct a formal process for
licensing the company's intellectual property internationally for
manufacturing Windflow's designs in North America and build a
market presence in the UK, as well as meeting warranty
obligations, according to NBR.

The new shares would represent 30% of the existing shares on
issue, the report notes.

                      About Windflow Technology

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

                           *     *     *

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


* NEW ZEALAND: FMA Update on Finance Company Investigations
-----------------------------------------------------------
The Financial Markets Authority announced on Sept. 14, 2011, that
investigations into 16 collapsed finance companies involving an
estimated NZ$3.45 billion of losses to investors were continuing,
with decisions on the most advanced cases likely before the end of
2011.

Chief Executive Sean Hughes said the 16 ongoing investigations
were:

   -- Allied Nationwide Finance
   -- Boston Finance
   -- Equitable Mortgages
   -- Hanover Capital
   -- Hanover Finance
   -- Kiwi Finance
   -- LDC Finance
   -- Mutual Finance
   -- OPI Pacific Finance (formerly MFS Pacific Finance)
   -- Propertyfinance Securities
   -- South Canterbury Finance
   -- St Laurence
   -- Strategic Finance (including Strategic Nominees)
   -- Structured Finance
   -- Viaduct Capital
   -- Vision Securities

"FMA's decisions are consistent with our recently published
Enforcement Policy, and are the result of careful review and
analysis since we began operating just over four months ago in
May," said Mr. Hughes.

"Amongst the cases remaining under FMA's scrutiny are some
involving large numbers of investors at risk of significant or
potential loss; in which there is information suggesting unlawful
behaviour; and where there is a need to send a clear regulatory
signal to the markets."

FMA's 16 ongoing investigations are at different stages of
completion:

   * Five cases are close to the point at which recommendations
     will be made on bringing civil and/or criminal proceedings;

   * In a further six cases, a significant body of information
     has already been obtained which FMA staff and external
     advisers will continue to review and analyse with the aim
     of completing the investigations as soon as possible;

   * In  the remaining five cases, where FMA does not yet have
     enough information to decide whether to continue or to
     close the investigation,  it has appointed external
     investigators and forensic accountants from three leading
     insolvency practices to assist. Announcements will be made
     in the next two months as to whether these investigations
     will continue or be closed.

FMA has also identified six cases it will not pursue at this stage
because further investigation would not be in the public interest
because no law breaches have been identified. The six cases are:

   -- All Purpose Finance (trading as St Kilda Finance)
   -- Direct Property Investments (No.6)
   -- Finance & Leasing
   -- Geneva Finance
   -- Mascot Finance
   -- Strata Finance

"In those six cases in which we have decided not to pursue our
investigations, we have carefully assessed whether we have seen
information suggesting unlawful behavior; whether such information
is sufficient to justify charges or proceedings; and whether it
would be in the public interest to prosecute," said
Mr. Hughes.

In those six cases FMA has not found any breaches or had any
brought to its attention. Consistent with FMA's Enforcement Policy
it has concluded there is no public interest in continuing its
investigation, without sufficient cause.

In the case of Rockforte Finance, FMA closed its investigation
because it referred the matter to Serious Fraud Office.  Should
the SFO not proceed to prosecution, FMA may decide to reopen its
investigation. Rockforte Finance investors' capital is subject to
a Crown guarantee, as are investments in Strata Finance and Mascot
Finance. This means the Crown will compensate investors for their
losses in part or in whole.

FMA announced on June 20, 2011, that it had closed its
investigation into Aorangi Securities (including Hubbard
Management Funds) and referred the matter to the Serious Fraud
Office.


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


LBC DEVELOPMENT: Issues Isolated, Bankers Assure
------------------------------------------------
Katlene O. Cacho at Sunstar reports that closed doors in branches
of the LBC Development Bank upset depositors the first banking day
since it was placed under receivership of the Philippine Deposit
Insurance Corp.

But the bank's liquidity problems do not reflect on the entire
banking industry's condition, assured officials of the Cebu
Bankers' Club, according to Sunstar.

"The banking sector is still generally liquid and with strong
fundamentals that have continued to remain stable, despite the
financial problem of the Western countries.  The recent problem of
the LBC Bank is an isolated case and is not reflective of the
banking industry's financial condition," Sunstar quoted CBC past
president Chito Cabaero of Metrobank Philippines.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 14, 2011, Roderick T. dela Cruz at Manila Standard Today,
citing data from Bangko Sentral ng Pilipinas (BSP), reports that
LBC Development Bank's receivership was caused by high levels of
bad and classified loans.  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.  LBC Development incurred non-performing loans of
PHP316.3 million representing 27.29% of its total loan portfolio
of more than PHP1 billion as of December 2010, according to Manila
Standard Today.  The report related that the bank also had more
than PHP725 million in classified loans and other risk assets as
of December last year.  Manila Standard Today noted that against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the report said.
Michelle V. Remo at Philippine Inquirer related that Nestor
Espenilla, BSP deputy governor for bank supervision, said aside
that the bank had already turned insolvent it has also been
engaged in unsafe and unsound banking practices including
commitment of paying interest rate on deposits higher than the
average commercial interest rate.

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.


                             *********

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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