TCRAP_Public/110926.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

           Monday, September 26, 2011, Vol. 14, No. 190

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Puts Rating on Two Note Classes at Low-B


C H I N A

HOPSON DEVELOPMENT: S&P Affirms 'B+' Corporate Credit Rating
SHENGDATECH INC: Seeks to Hire Greenberg Traurig as Counsel
SHENGDATECH INC: To Tap Lionel Sawyer as Nevada Special Counsel


H O N G  K O N G

B.M. OPTICAL: Creditors' and Members' Meetings Set for Oct. 4
EAST-WEST STRATEGIC: Creditors' Proofs of Debt Due Oct. 24
FAT FRESSNAPF: Commences Wind-Up Proceedings
FEED THE CHILDREN: Members' Final Meeting Set for Oct. 31
GENESYS CONFERENCE: Creditors' Proofs of Debt Due Oct. 25

HK SOCIETY: Members' Final Meeting Set for Oct. 31
KENLAP CHEMICALS: Members' and Creditors' Meetings Set for Oct. 17
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
M003 COMPANY: Members' Final Meeting Set for Oct. 24
M.D. CREATION: Creditors' and Members' Meetings Set for Oct. 4

MOULIN GLOBAL: Creditors' and Members' Meetings Set for Oct. 4
MOULIN (H.K.): Creditors' and Members' Meetings Set for Oct. 4
PEACE CITY: Creditors' and Members' Meetings Set for Oct. 4
SUNG WAH: Members' Final Meeting Set for Oct. 28
TITANIUM TECHNOLOGY: Court Enters Wind-Up Order

TOPCYCLE CONSTRUCTION: Members' Final Meeting Set for Oct. 18
UNION HING: Placed Under Voluntary Wind-Up Proceedings
WALL TREE: Lo and Leung Appointed as Liquidators
WINTEC ELECTRONICS: Court Enters Wind-Up Order
WISE UNION: Creditors' Proofs of Debt Due Oct. 24

YU KEE: Court to Hear Wind-Up Petition on Nov. 2


I N D I A

ASMITHA MICROFIN: CRISIL Cuts Rating on INR7.45BB Loan to CRISIL D
BHARTIYA SAMRUDDHI: CRISIL Cuts Rating on INR10BB Loan to 'BB-'
BIG SAM: CRISIL Rates INR50 Million Cash Credit at 'CRISIL B'
CHILDREN EDUCATION: CRISIL Cuts Rating on INR80MM Loan to 'BB'
GODWIN AGRO: CRISIL Places 'CRISIL B+' Rating on INR160MM Loan

KBR INFRATECH: CRISIL Places 'CRISIL BB+' Rating on INR30MM Credit
KINGFISHER CAPITAL: Moody's Withdraws 'C' Rating of Class B Notes
KOUTONS RETAIL: Finalizes Debt Restructuring Plan
MERU INDUSTRIES: CRISIL Assigns 'CRISIL BB+' to INR110MM Term Loan
MANTRA INDUSTRIES: CRISIL Rates INR50.5MM Loan at 'CRISIL BB-'

OCTANT INDUSTRIES: CRISIL Puts CRISIL BB- Rating on INR7.3MM Loan
PRECISION AUTO: CRISIL Rates INR61MM Long-Term Loan at 'CRISIL D'
PRIYADARSHINI SAHAKARI: CRISIL Cuts Rating on INR130MM Loan to B-
SCAN ENERGY: CRISIL Assigns 'CRISIL B' Rating to INR350MM LT Loan
SAI SRINIVASA: CRISIL Puts 'CRISIL B' Rating on INR50MM Loan

TRITON COLD: CRISIL Rates INR50 Million LT Loan at 'CRISIL B'
ULUBERIA METALIKS: CRISIL Rates INR105.2MM Loan at 'CRISIL D'
ZUHA LEATHER: CRISIL Assigns 'CRISIL BB-' Rating to INR2.5MM Loan


I N D O N E S I A

MATAHARI PUTRA: Moody's Changes Outlook on 'B1' CFR to Negative


J A P A N

VICTOR COMPANY: CDS Swaps Triggered by Restructuring, ISDA Rules


K O R E A

SLS GROUP: In Near Collapse After Court Convicts Chairman of Fraud
* SOUTH KOREA: Credit Default Rates Rise 19.5% at the End of June


N E W  Z E A L A N D

AORANGI SECURITIES: Woodbury Rise Subdivision in Liquidation
POUNAMU PRIME: Receivers, Liquidators Seek to Recover NZ$30MM


S I N G A P O R E

TRUE SPA: Customers Agree to Settlement Deal




                            - - - - -


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


BELLA TRUST: Fitch Puts Rating on Two Note Classes at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned Bella Trust No.2 Series 2011-2
automotive and equipment loan receivables-backed securitization,
due January 2018, final ratings.  The loan receivables are
originated by Capital Finance Australia Limited whose ultimate
parent is Lloyds Banking Group plc ('AA-'/Stable/'F1+').

  -- AUD550.0 million Class A notes: 'AAAsf'; Outlook Stable
  -- AUD80.4 million Class B notes: 'Asf'; Outlook Stable
  -- AUD20.6 million Class C notes: 'BBBsf'; Outlook Stable
  -- AUD5.5 million Class D notes: 'BBsf'; Outlook Stable
  -- AUD14.4 million Class E notes: 'Bsf'; Outlook Stable
  -- AUD16.5 million seller notes: not rated

The notes are issued by BNY Trust Company of Australia Limited in
its capacity as trustee of Bella Trust No. 2 Series 2011-2.  The
Bella Trust No.2 Series 2011-2 is a legally distinct trust
established pursuant to a master trust and security trust deed.

The final 'AAAsf' rating assigned to the Class A notes are based
on the quality of the collateral; the 20% credit enhancement
provided by the subordinate notes; the liquidity reserve account
of 1% of outstanding notes, funded by issuance proceeds; the
servicer reserve fund sized at 3.5% of outstanding notes, funded
by issuance proceeds; an interest rate swap provided by Lloyds TSB
Bank plc, Australia branch; and CFAL's auto and equipment
receivable underwriting and servicing capabilities.

The ratings assigned to the Class B, C, D and E notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

"The transaction benefits from a diversification of a large number
of small business borrowers across a broad range of industries.
In addition, the issued notes benefit from a solid flow of excess
spread which is available to cover realized losses before they
result in any principal loss on the notes," said Spencer Wilson,
Associate Director in Fitch's Structured Finance team.

At the cut-off date, the total collateral pool consisted of 24,700
automotive and equipment loan receivables totalling approximately
AUD680.6 million, with an average size of AUD27,554.  The pool is
made up of amortising principal and interest loans for both new
(44.6%) and used (20.4%) passenger and light commercial vehicles,
as well as trucks (9.5%) and other equipment (25.5%).  The
weighted average balloon payment for the portfolio is 29.7%.


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


HOPSON DEVELOPMENT: S&P Affirms 'B+' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
China-based real estate developer Hopson Development Holdings Ltd.
to negative from stable. "In line with this revision, we also
lowered the Greater China credit scale rating on Hopson to 'cnBB-'
from 'cnBB' and that on the notes to 'cnB+' from 'cnBB-'," S&P
stated.

"At the same time, we affirmed the 'B+' long-term corporate credit
rating on Hopson and the 'B' issue rating on the company's
outstanding senior unsecured notes," S&P stated.

"We revised the outlook to reflect our view that Hopson's
liquidity and financial strength are likely to further weaken in
2011-2012," said Standard & Poor's credit analyst Bei Fu. "The
company's aggressive debt-funded expansion, weak sales execution
record, and ongoing corporate governance are among the key credit
risks. By the end of June 2011, Hopson's total borrowings had
grown by 70% year over year to Hong Kong dollar (HK$) 33.4
billion."

"Hopson's execution ability is weaker than we expected and
substantially lower than peers' with a similar size land bank
during the first half of 2011. The company's contract sales of
Chinese renminbi (RMB) 5.33 billion during this period were weaker
than our expectation. We attribute Hopson's weak sales to its
heavy exposure to tier-one cities (such as Beijing, Shanghai, and
Guangzhou) and, increasingly, to high-end projects. Slow progress
at collecting sales proceeds further weakened Hopson's liquidity.
Policy measures are likely to particularly hit high-end projects
in tier-one cities this year," S&P noted.

"We expect Hopson's refinancing risks to heighten in the next 12
months. The company has substantial short-term debt as of the end
of June 2011. This amount does not include US$350 million in
senior unsecured notes maturing in November 2012. In our view, the
company's financial management is aggressive and it has not
clearly articulated its financial policies. The ratio of total
debt to EBITDA (adjusted) is likely to be more than 6x for full-
year 2011, a level higher than most 'B+' rated peers. This is
attributable to the large capital expenditure Hopson needs to
support its aggressive growth plans, its weak sales execution
record, and the uncertain outlook for the property market. We note
that the company's increased borrowings materially outpace its
sales growth," S&P noted.

"We view Hopson's corporate governance as weak, which continues to
put pressure on the rating. The company has a significant amount
of ongoing related-party transactions. In the past few years,
senior management has frequently changed. Further, information
disclosure remains limited and untimely," S&P said.

The rating also reflects risks associated with Hopson's strategy
to expand its investment property portfolio in the next two years.
In our view, the company is likely to increase its exposure to the
capital-intensive and long pay-back nature of the commercial
leasing property segment.

"All these risks are tempered by Hopson's established brand name,
diverse revenue stream compared with 'B+' peers', its large and
low-cost land reserves, and good profit margins," said Ms. Fu.

S&P may lower the rating if:

    Hopson's liquidity position becomes weak;

    Contract sales in the second half of 2011 are lower than HK$8
    billion;

    Financial ratios deteriorate, such that EBITDA interest
    coverage is less than 2x;

    Cash holdings fall below RMB2 billion; or

    Investment property strategy or related-party transactions
    further undermine the liquidity position.

"We could revise the outlook to stable if Hopson improves the
execution of its growth strategy and demonstrates financial
discipline. This would result in: (1) improved cash flow and
liquidity protection, including a ratio of total debt to EBITDA
(adjusted) that is lower than 5x on a sustainable basis; and
(2) an adequate liquidity position," S&P stated.


SHENGDATECH INC: Seeks to Hire Greenberg Traurig as Counsel
-----------------------------------------------------------
ShengdaTech, Inc., asks permission from the U.S. Bankruptcy Court
for the District of Nevada to employ Greenberg Traurig, LLP, as
its primary bankruptcy counsel nunc pro tunc to the Petition Date.

As counsel to the Debtor, Greenberg Traurig will advise the Debtor
of its rights and obligations and performance of its duties during
administration of the Chapter 11 case.

The firm is expected to attend meetings and negotiations with
other parties-in-interest in the case; take all necessary action
to protect and preserve the Debtor's estate; negotiate and prepare
a plan of reorganization, disclosure statement and related papers;
represent the Debtor in all proceedings before the Bankruptcy
Court or other courts; and prepare on behalf of the Debtor all
necessary applications, motions, answers, orders and other
documents.

The firm will also be advising the Debtor with respect to (i) the
subpoena issued by the U.S. Securities and Exchange Commission,
(ii) certain Chinese law-related issues, and (iii) the Debtor's
efforts in the British Virgin Islands and China to safeguard
assets.

Greenberg Traurig's current hourly rates are:

       Shareholders                   $340 to $935
       Of Counsel/Special Counsel     $360 to $935
       Associates                     $175 to $610
       Legal Assistants/Paralegals    $60 to $310

The Greenberg Traurig professionals and their hourly rates are:

    Keith Shapiro           Shareholder           $935
    Nancy A. Peterman       Shareholder           $850
    Bob L. Olson            Shareholder           $670
    Rachel Ehrlick Albanese Of counsel            $670
    Miriam G. Bahcall       Shareholder           $625
    George Qi               Shareholder           $525
    Paul Ferak              Shareholder           $495
    Burke A. Dunphy         Associate             $445
    Aviram Fox              Associate             $395
    Michael Cedillos        Associate             $300
    Carla Greenberg         Paralegal             $150

The Firm has agreed to discount the fees charged to the Debtor by
10% solely for purposes of the Chapter 11 case and consistent with
the parties' prepetition retention agreement.  The Firm will also
charge the Debtors for reasonable and necessary expenses in
relation to the retention.

In connection with the Firm's pre-bankruptcy representation of the
Debtor, the Firm received payments prior to the Petition Date
aggregating $735,854, of which $350,000 was in the form of an
advance payment retainer.  After application of the Advance
Payment Retainer, the Firm was owed $43,007.  Upon court approval,
the Firm will write off this amount and waive the related claim
against the Debtor.

The Debtor also seeks Court authority to pay the Firm a $300,000
postpetition advance payment retainer for the anticipated legal
services.

Nancy A. Peterman, Esq., a Greenberg Traurig professional, assures
the Court that her firm does not hold or represent any interest
adverse to the Debtor and thus, is a "disinterested person" as
that term is defined under Section 101(14) of the Bankruptcy Code.

The Firm disclosed that from time to time, it has represented
certain of the Debtor's creditors and other parties-in-interest on
unrelated matters.

                        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.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.


SHENGDATECH INC: To Tap Lionel Sawyer as Nevada Special Counsel
---------------------------------------------------------------
ShengdaTech, Inc., seeks to hire Lionel Sawyer & Collins as its
special counsel, acting through the special committee of the Board
of Directors of the Debtor, nunc pro tunc to Aug. 19, 2011.

Lionel Sawyer will act as Nevada counsel to assist special counsel
Skadden, Arps, Slate, Meager and Flom as necessary to continue the
investigation into accounting irregularities that gave rise to the
Chapter 11 case and to represent the Special Committee in
connection with the case and to provide advice on matters related
to Nevada law.

Lionel Sawyer has informed the Debtor that it will take all
appropriate steps to avoid unnecessary and wasteful duplication of
efforts by any other professionals retained in the Debtor's case.

The Debtor proposes to pay Lionel Sawyer in accordance with the
firm's hourly rates:

              Attorneys     $185 to $650
              Law Clerks    $140
              Paralegals    $160 to $200

The Debtor will also pay the Firm for reasonable and necessary
expenses incurred.

The parties' engagement agreement provides for a $25,0000 retainer
to cover projected fees, charge and disbursements.

Jennifer A. Smith, Esq., assures the Court that her firm does not
hold or represent any interest adverse to the Debtor, its
creditors, or any other party-in-interest in the case, with
respect to the matters on which the firm is to be employed.

                        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.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.


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


B.M. OPTICAL: Creditors' and Members' Meetings Set for Oct. 4
-------------------------------------------------------------
Creditors and members of B.M. Optical International Company
Limited will hold their annual meetings on Oct. 4, 2011, at
9:30 a.m., at the office of FTI Consulting (Hong Kong) Limited,
Level 22, The Center, at 99 Queen's Road Central, Central, in
Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EAST-WEST STRATEGIC: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------------
Creditors of East-West Strategic Development Commission Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Oct. 24, 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:

         Ho Wai Chi
         20th Floor, Golden Centre
         No. 188 Des Voeux Road
         Central, Hong Kong


FAT FRESSNAPF: Commences Wind-Up Proceedings
--------------------------------------------
Members of FAT Fressnapf Asia Trading Limited, on Sept. 16, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun lan Linda
         Units 3401-02, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


FEED THE CHILDREN: Members' Final Meeting Set for Oct. 31
---------------------------------------------------------
Members of Feed The Children Hong Kong will hold their final
general meeting on Oct. 31, 2011, at 11:00 a.m.  The meeting will
be held through the telephone conference.

At the meeting, Ho Mo Hing, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


GENESYS CONFERENCE: Creditors' Proofs of Debt Due Oct. 25
---------------------------------------------------------
Creditors of Genesys Conference Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 16, 2011.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


HK SOCIETY: Members' Final Meeting Set for Oct. 31
--------------------------------------------------
Members of The Hong Kong Society for Promotion of Go Chess Limited
will hold their final meeting on Oct. 31, 2011, at 10:00 a.m., at
Units C & D, 9/F., Neich Tower, at 128 Gloucester Road, Wanchai,
in Hong Kong.

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


KENLAP CHEMICALS: Members' and Creditors' Meetings Set for Oct. 17
------------------------------------------------------------------
Members and creditors of Kenlap Chemicals Limited will hold their
meetings on Oct. 17, 2011, at 10:30 a.m., and 11:00 a.m.,
respectively at 32nd Floor, One Pacific Place, at 88 Queensway, in
Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Sept. 16 that
investigation of over 99% of a total of 21,824 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,772 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,738 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,210 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 839 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 693 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 146 cases; and

    * 153 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 110 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?76f3

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


M003 COMPANY: Members' Final Meeting Set for Oct. 24
----------------------------------------------------
Members of M003 Company Limited will hold their final general
meeting on Oct. 24, 2011, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


M.D. CREATION: Creditors' and Members' Meetings Set for Oct. 4
--------------------------------------------------------------
Creditors and members of M.D. Creation Limited will hold their
annual meetings on Oct. 4, 2011, at 10:00 a.m., at the office of
FTI Consulting (Hong Kong) Limited, Level 22, The Center, at 99
Queen's Road Central, Central, in Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MOULIN GLOBAL: Creditors' and Members' Meetings Set for Oct. 4
--------------------------------------------------------------
Creditors and members of Moulin Global Eyecare Services Limited
will hold their annual meetings on Oct. 4, 2011, at 11:30 a.m., at
the office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MOULIN (H.K.): Creditors' and Members' Meetings Set for Oct. 4
--------------------------------------------------------------
Creditors and members of Moulin (H.K.) Logistics Company Limited
will hold their annual meetings on Oct. 4, 2011, at 11:00 a.m., at
the office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PEACE CITY: Creditors' and Members' Meetings Set for Oct. 4
-----------------------------------------------------------
Creditors and members of Peace City Investment Limited will hold
their annual meetings on Oct. 4, 2011, at 10:30 a.m., at the
office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNG WAH: Members' Final Meeting Set for Oct. 28
------------------------------------------------
Members of Sung Wah (USA) Foundation Limited will hold their final
general meeting on Oct. 28, 2011, at 10:00 a.m., at Suite 1807,
The Gateway, Tower II, at 25 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.

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


TITANIUM TECHNOLOGY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 2, 2011, to
wind up the operations of Titanium Technology Limited.

The company's liquidator is Teresa S W Wong.


TOPCYCLE CONSTRUCTION: Members' Final Meeting Set for Oct. 18
-------------------------------------------------------------
Members of Topcycle Construction Company Limited will hold their
final general meeting on Oct. 18, 2011, at 9:40 a.m., at Room
1601, Wing On Centre, at 111 Connaught Road Central, in Hong Kong.

At the meeting, Sum Kwan Yiu Philip, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNION HING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Sept. 12, 2011,
creditors of Union Hing Yip Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

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


WALL TREE: Lo and Leung Appointed as Liquidators
------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Sept. 16, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Wall Tree Development Limited on May 3, 2010.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway, Admiralty
         Kong Kong


WINTEC ELECTRONICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 7, 2011, to
wind up the operations of Wintec Electronics Limited.

The company's liquidator is Teresa S W Wong.


WISE UNION: Creditors' Proofs of Debt Due Oct. 24
-------------------------------------------------
Creditors of Wise Union Industries Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 14, 2011.

The company's liquidator is:

         Liu Kai Wing
         12/F., OTB Building
         256-265 Des Voeux Road
         Central, Hong Kong


YU KEE: Court to Hear Wind-Up Petition on Nov. 2
------------------------------------------------
A petition to wind up the operations of Yu Kee Trading Company
Limited will be heard before the High Court of Hong Kong on
Nov. 2, 2011, at 9:30 a.m.

Tung Chun Soy Sauce and Canned Food Company Limited filed the
petition against the company on Aug. 25, 2011.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor, The Chinese General Chamber of Commerce
          Building
          No. 24-25 Connaught Road
          Central, Hong Kong


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ASMITHA MICROFIN: CRISIL Cuts Rating on INR7.45BB Loan to CRISIL D
------------------------------------------------------------------
CRISIL has downgraded its rating on the debt instrument and bank
facilities of Asmitha Microfin Ltd to 'CRISIL D' from 'CRISIL C'.

   Facilities                       Ratings
   ----------                       -------
   INR7.452 Billion Long-Term       CRISIL D (Downgraded from
           Bank Loan Facility                 'CRISIL C')
   INR2.548 Billion Proposed LT     CRISIL D (Downgraded from
             Bank Loan Facility               'CRISIL C')
   INR0.75 Billion Proposed LT      CRISIL D (Downgraded from
    Non-Convertible Debentures                'CRISIL C')

The downgrade reflects delays by the company in servicing its
debt. Asmitha, having been admitted to the corporate debt
restructuring (CDR) mechanism, has delayed its debt repayment on
the principal amount of its debt to preserve cash for disbursing
loans outside Andhra Pradesh. CRISIL had, earlier, removed its
ratings on the debt instruments and bank facilities of Asmitha
from 'Rating Watch with Negative Implications' and downgraded the
rating to 'CRISIL C' from 'CRISIL BB' because of the increased
probability of Asmitha defaulting on its debt, subsequent to its
admission for restructuring of debt under the CDR mechanism in
April 2011. CRISIL will continue to monitor the terms of the final
restructuring under CDR, on the company's credit risk profile.

Asmitha is also exposed to risks related to the challenging
operating environment in Andhra Pradesh (AP) and to the
constrained funding environment, especially for AP-based
microfinance institutions (MFIs). Asmitha, however, benefits from
its experienced management.

                         About Asmitha Microfin

Set up in 2002 as a non-banking financial company, Asmitha is a
MFI which offers microcredit to women. The company follows the
microcredit model of Grameen Bank, Bangladesh. As on March 31,
2011, Asmitha's loans outstanding aggregated INR12.6 billion (of
which Andhra Pradesh accounted for more than 50 per cent of loans
outstanding).

For 2010-11 (refers to financial year, April 1 to March 31),
Asmitha reported a profit after tax (PAT) of INR209.7 million on a
total income of INR4.4 billion, against a PAT of INR588.0 million
on a total income of INR2.86 billion for 2009-10. For the quarter
ended June 30, 2011, Asmitha reported a net loss of INR528.6
million on a total income of INR613.4 million.


BHARTIYA SAMRUDDHI: CRISIL Cuts Rating on INR10BB Loan to 'BB-'
---------------------------------------------------------------
CRISIL has downgraded its rating on Bhartiya Samruddhi Finance
Ltd's bank facilities to 'CRISIL BB-/Rating Watch with Negative
Implications' from 'CRISIL BB+/Rating Watch with Negative
Implications'.

   Facilities                       Ratings
   ----------                       -------
   INR0.75 Billion Subordinated     CRISIL BB- (Downgraded from
                    Bonds Issue     'CRISIL BB+/Rating Watch
                                     with Negative Implications')

   INR10 Billion Long-Term Bank     CRISIL BB- (Downgraded from
                  Loan Facility    'CRISIL BB+/Rating Watch
                                     with Negative Implications')

The downgrade reflects significant deterioration in BSFL's
financial flexibility and liquidity, given investors' and the
banking sector's apprehension towards microfinance entities based
in Andhra Pradesh (AP), and the threat this could pose to the
long-term sustainability of BSFL's operations in case there is no
fresh funding. The downgrade also reflects BSFL's reduced net
worth because of losses and the fact that its capital base will be
adversely affected if adequate fresh equity is not infused in the
next few quarters.

The rating continues to be on 'Rating Watch with Negative
Implications'. CRISIL will continue to monitor BSFL's ability to
raise additional resources or equity and service its outstanding
debt in a timely manner.

BSFL's liquidity and financial flexibility have weakened
considerably in the past six months given the lack of fresh
funding into the company despite several positive developments in
the microfinance sector, including acceptance of the Malegam
Committee's recommendations by the Reserve Bank of India (RBI),
the release of priority sector regulations by RBI, and the
completion of corporate debt restructuring (CDR) process by banks
for microfinance institutions (MFIs) based in AP. Given the
banking sector's continuing apprehensions regarding lending to the
microfinance sector, especially to MFIs with material exposures to
AP, BSFL has been unable to raise additional bank funding or
equity since the microfinance crisis (except for a INR250 million
bank loan draw down in March 2011). Furthermore, timelines for
infusion of fresh funds have been extended several times by BSFL
in the past few months.

BSFL's internal cash accruals have also come under increasing
pressure. Repayment rates on the AP portfolio continue to be low
at around 10 per cent, while those for the non-AP portfolio have
fallen to around 90 per cent for the first four months of 2011-12
(refers to financial year, April 1 to March 31) from around 97 per
cent earlier. In the absence of fresh funding, BSFL had to slow
down disbursements significantly in the past eight months, even to
non-AP states, resulting in a steady fall in repayment rates, and
reduction in cash inflows, with the amortization of the non-AP
portfolio. BSFL is the only large AP-based MFI that did not
exercise the option of restructuring its debt under the CDR
mechanism. As the company continued to service its debt in a
timely manner, its cash position eroded further. Given the
standstill clause on debt repayments under the CDR mechanism,
CRISIL's downgraded its ratings on other AP-based MFIs that have
undergone debt restructuring under the CDR mechanism to default or
near-default levels. However, CRISIL did not downgrade its ratings
on the debt instruments and bank facilities of BSFL with the
expectation that fresh bank funding would ease its liquidity
pressure within a few months.

CRISIL believes that BSFL's cash inflows and outflows will be very
tightly matched by October 2011, increasing the risk of delayed
payment on its debt, unless fresh debt or equity is infused. BSFL
had loans outstanding of INR10.5 billion as on June 30, 2011, of
which exposure to AP is INR3.75 billion (all of it categorized as
non-performing assets). CRISIL believes that for BSFL to service
its debt in a timely manner, it will need to increase its
performing loans to at least INR10 billion from around INR6
billion currently; this will necessitate raising fresh funds of
INR5 billion to INR6 billion. BSFL is in advanced stages of
discussion with equity investors and banks for additional
financial support of about INR6 billion to INR8 billion including
preference and equity capital. BSFL may also consider converting
some of its debt to either equity or preference share capital
mitigate strain on its liquidity. There are also plans to
recapitalize by reaching out to existing equity investors.
Additional bank funds may be raised only after the capital
infusions or debt conversions are completed. However, given the
steady erosion in BSFL's liquidity, the timing and quantum of
these transactions assumes criticality.

CRISIL believes that BSFL will need to infuse sufficient funds by
end of September 2011, for it to continue servicing debt in a
timely manner. Given that BSFL's negotiations with bankers and
investors are still ongoing, and that the timelines for infusion
of funds may be extended further, its liquidity is critically
poised, and the rating continues to be on 'Rating Watch with
Negative Implications'.

BSFL's financial risk profile has been under substantial stress in
the quarter through June 30, 2011, on account of net losses of
INR827 million, driven by a 10 per cent provisioning for the non-
performing portfolio in AP, and derecognition of interest income
on this portfolio. The losses have resulted in an erosion in net
worth to INR1277 million as on June 30, 2011 from INR2102 million
three months ago. The company had a capital adequacy ratio of 16.5
per cent as on June 30, 2011. With full provisioning to be
concluded on the impaired portfolio by March 2013, the company's
net worth is at risk of turning negative, unless a sizeable equity
infusion materialises.

                     About Bhartiya Samruddhi

BSFL, a non-banking financial company promoted by Bhartiya
Samruddhi Investments and Consulting Services Ltd, began
operations in 1997. BSFL provides microfinance (credit and
insurance) services and knowledge-based technical assistance. Its
services are organized under three major heads: livelihood
financial services, agricultural and business development
services, and institutional development services. The company's
customers include small and marginal farmers, rural artisans,
micro enterprises, and federations and co-operatives owned by
self-help groups.


BIG SAM: CRISIL Rates INR50 Million Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Big Sam Snacks & Foods Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B/Stable (Assigned)

The rating reflects BSPL's short track record of operations, and
working-capital-intensive operations. These rating weaknesses are
partially offset by BSPL's established network for sourcing
seafood products from Indepesca Overseas Private Limited and
Indepesca Aquaculture Private Limited.

Outlook: Stable

CRISIL believes that BSPL will continue to benefit over the medium
term from its established source of seafood products from its
group companies. The outlook may be revised to 'Positive' if the
company ramps up its operations successfully, leading to higher-
than-expected revenues and profitability. Conversely, the outlook
may be revised to 'Negative' in case the company is unable to
reach expected sales, leading to lower profitability and weakening
in its financial risk profile.

                           About Big Sam

BSPL, part of the TRITON group, was incorporated in 2010 and
markets processed and frozen vegetarian food and meat. The company
is primarily engaged in branding and distribution of products
packaged by IOPL and IAPL. BSPL procures packaged seafood (packed
under the brand, Big Sam) from its group companies, IOPL and IAPL,
and sells it through a network of distributors throughout the
country. The company procures other products such as chicken and
veggies from Al-kabeer and Vivek Agro, respectively. In the first
quarter of 2011-12 (refers to financial year, April 1 to
March 31), BSPL's total revenue was around INR20 million.


CHILDREN EDUCATION: CRISIL Cuts Rating on INR80MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facilities
of Children Education Society to 'CRISIL BB/Stable' from 'CRISIL
BBB+/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million Cash Credit     CRISIL BB/Stable (Downgraded
                                      from 'CRISIL BBB+/Stable')

The rating downgrade reflects deterioration in CES' liquidity on
account of the significant increase in debt repayment obligations,
due to the term loans contracted to fund the large, ongoing, debt-
funded capital expenditure (capex) plan without commensurate
increase in cash accruals. The society's debt repayment obligation
has increased to around INR115 million in 2011-12 (refers to
financial year, April 1 to March 31) from around INR60 million in
2010-11 on account of the additional debt contracted for the
INR520-million capex for setting up a new engineering college.
Moreover, though the society generated cash accruals of INR230
million in 2010-11, a significant portion of this was utilized to
fund the capex, thus reducing the cash available for servicing the
debt. Around INR330 million of the capex was completed in 2010-11.
The remaining INR190 million will be part-funded through internal
accruals, implying continued pressure on liquidity.

CRISIL's rating reflects CES's diversified revenue profile,
comfortable financial risk profile, marked by healthy capital
structure and strong net worth, and the extensive experience of
its promoters. These rating strengths are partially offset by
CES's susceptibility to adverse regulatory changes in the
education sector and to changing student preferences.

Outlook: Stable

CRISIL believes that CES will continue to benefit from its
presence in various education streams over the medium term. The
outlook may be revised to 'Positive' in case of improvement in
CES's liquidity arising on account of fresh funding through
unsecured loans from promoters or more-than-expected contribution
through Infrastructure Development Fund. Conversely, the outlook
may be revised to 'Negative' in case of further deterioration in
the society's liquidity, primarily if it undertakes an additional
larger-than-expected, debt-funded capex over the near term.

                         About the Society

CES, a Telugu linguistic minority educational society set up in
1974, runs schools, and graduate, post-graduate, and professional
colleges in various educational streams, in Bengaluru. The society
has 40 institutes, a 2500-strong teaching staff, and around 15,000
students. The society is currently developing an engineering
college at the Hongasandra campus in Bengaluru at a proposed
project cost of INR520 million. This capex, which is being funded
by bank term debt of INR295 million and internal accruals of
INR225 million, is expected to be completed by 2011-12.


GODWIN AGRO: CRISIL Places 'CRISIL B+' Rating on INR160MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Godwin Agro Products Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR160.0 Mil. Rupee Term Loan    CRISIL B+/Stable (Assigned)

The rating reflects GAPL's short-track record and start-up nature
of operations in the cold storage industry, and weak financial
risk profile, marked by high gearing. These rating weaknesses are
partially offset by the low technology risk associated with the
project and support available to GAPL from government bodies
through various incentives and schemes.

Outlook: Stable

CRISIL believes that GAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
company's financial risk profile will be constrained because of
large debt contracted to fund its project and working capital
requirements. The outlook may be revised to 'Positive' if GAPL
reports better-than-expected growth in topline and margins,
leading to improved financial risk profile, or if it manages its
working capital requirements efficiently. Conversely, the outlook
may be revised to 'Negative' if the commissioning of GAPL's plant
gets delayed, there are cost overruns in the project, or if top
line and cash accruals are significantly lower than expected.

                         About Godwin Agro

Incorporated in 1994, GAPL is a public limited company promoted by
Mr. Ajit Jain, Mr. Akaash Jain, and Ms. Ritu Jain. The company is
setting up a cold storage using controlled atmosphere technology
in Mohali (Punjab). It is planning to undertake end-to-end
services in the agricultural procurement, storage, and supply
chain business. The total cost for setting up the project is
INR241.1 million which will be funded through term loan of INR160
million and remaining through equity capital. The plant is
expected to commence operation by the end of August, 2011.


KBR INFRATECH: CRISIL Places 'CRISIL BB+' Rating on INR30MM Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of KBR Infratech Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR320 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of KBR's promoter in
the civil construction industry and the company's average
financial risk profile, marked by comfortable gearing and average
debt protection metrics. These rating strengths are partially
offset by KBR's small scale of operations, segmental and
geographic concentration in revenues, and susceptibility to
intense competition in the civil construction industry.

Outlook: Stable

CRISIL believes that KBR will continue to benefit over the medium
term from its experienced management and healthy order book. The
outlook may be revised to 'Positive' if KBR diversifies
geographically, and increases its scale of operations and improves
its profitability on a sustainable basis, leading to improvement
in its business risk profile. Conversely, any deterioration in
financial risk profile, most likely caused by decline in revenues
and margins, large debt-funded capital expenditure (capex), or
delay in project execution or in receipt of bills from various
principal contractors, may lead to a revision in the outlook to
'Negative'.

                       About KBR Infratech

Set up in 1992 by Mr. K Babu Raju, KBR undertakes civil
construction works, such as construction of buildings, drainages,
sewages, and roads, mostly in Karnataka. The company was initially
set up as a sole proprietorship concern but was reconstituted as a
public limited company in 2010. KBR is based in Bengaluru
(Karnataka) and undertakes projects for various government
entities, such as public works department, Karnataka Housing
Board, Karnataka Power Corporation Ltd, Panchayat Raj Engineering
Department among others. As on August 20, 2011, the company has
outstanding orders of around INR3.4 billion.

KBR reported a profit after tax (PAT) of INR22 million on net
sales of INR1075 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR17 million on net
sales of INR744 million for 2009-10.


KINGFISHER CAPITAL: Moody's Withdraws 'C' Rating of Class B Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of two classes
of notes issued by Kingfisher Capital CLO Limited, a high-yield
collateralized loan obligation (CLO).  Moody's noted that Lehman
Brothers Holdings Inc.'s is the guarantor to the counterparty's
payment obligations under the sub-participation agreements and
under the asset swaps.

Issuer: Kingfisher Capital CLO Limited

   -- US$960,000,000 Class A Senior Secured Floating Rate Notes
      due 2016, Withdrawn (sf); previously on Sept. 29, 2008
      downgraded to Ca (sf)

   -- US$240,000,000 Class B Senior Secured Deferrable Floating
      Rate Notes due 2016, Withdrawn (sf); previously on Sep 29,
      2008 Downgraded to C (sf)

Ratings Rationale

Moody's has withdrawn the ratings because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the ratings.


KOUTONS RETAIL: Finalizes Debt Restructuring Plan
-------------------------------------------------
ET Now reports that Koutons Retail India Ltd's debt restructuring
plan has been finalized and the lenders will meet this week for
final approval, according to sources familiar with the
development.

ET Now discloses that the company's total debt is INR660 crore out
of which the long term debt of INR500 crore that will be payable
over a period of 10 years including a 2 year moratorium.

According to the report, the company will not have to pay any
money to the bankers for first 2 years in terms of interest on the
principal amount.  The average interest rate on the long term debt
is around 10.5% to 11%, ET Now discloses.

ET Now relates that Koutons Retail also plans to bring down the
number of stores from the current 1,060 to 800.  The company has a
total of 10 lenders which include Indian Overseas Bank, Punjab
National Bank, Bank of India & Bank of Baroda, according to the
report.

Koutons Retail's market capitalization has come down by 93% over
the last one year and 63% from January 2011, ET Now discloses.  ET
Now says the promoter's hold 21.74% in the company out of which
97.04% of the shares are pledged according to the shareholding
pattern details available on Bombay Stock Exchange as on June 30,
2011.

Sources told ET Now that the company may look at offloading
minority stake in the company once the debt restructuring process
is completed.

According to ET Now, Koutons Retail, which went public in 2007,
raised long-term debt from a consortium of banks led by Indian
Overseas Bank three years ago, to take advantage of the then
booming retail sector.

The company started as a men's brand in India, but later extended
its portfolio to accommodate women and children wear.  But, the
economic slowdown in 2008 had an adverse impact on overall sales
and the company had to stall expansion plans.  Inventories piled
up and the company fell short of cash, ET Now states.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 27, 2010, livemint.com said Koutons Retail India Ltd was
facing at least four lawsuits, of which two are winding-up
petitions filed in the Delhi high court by its suppliers to
recover dues.  In December 2010, livemint.com relateds, Berry
Cotts Pvt. Ltd, a New Delhi-based vendor of fabrics, filed a
winding-up petition against the troubled retailer.  Another
winding-up petition was earlier filed by RC Velvet, a supplier of
corduroy fabric based in Gurgaon near New Delhi, according to
livemint.com.  Fortunex Ltd, headquartered in Hong Kong with
facilities in Dhaka, Bangladesh, has also moved court to recover
dues, livemint.com added.

                        About Koutons Retail

Based in India, Koutons Retail India Limited (BOM: 532901) --
http://www.koutonsparivar.com/-- engages in the business of
manufacturing, trading and selling of textile products,
accessories and shoes.  The Company's collection offers a range of
formal and casual wear for women and children.  Its brands include
Les Femme, which offers women wear, and Koutons Junior, which
offers kids wear.


MERU INDUSTRIES: CRISIL Assigns 'CRISIL BB+' to INR110MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Meru Industries.

   Facilities                       Ratings
   ----------                       -------
   INR110 Million Term Loan         CRISIL BB+/Stable(Assigned)
   INR20 Million Cash Credit        CRISIL BB+/Stable(Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+(Assigned)

The ratings reflect MI's moderate financial risk profile,
supported by customer advances, healthy gearing and debt
protection metrics, recent increase in revenues, and healthy order
book. These rating strengths are partially offset by MI's limited
track record in implementing turnkey projects, geographic, and
project concentration, and susceptibility to cyclicality in the
sugar industry.

Outlook: Stable

CRISIL believes that MI's business risk profile will remain
constrained by its high dependence on a few projects, and industry
and geographic concentration in Maharashtra. The outlook may be
revised to 'Positive' in case MI continues to increase its scale
of operations and maintains its healthy order book. Conversely,
the outlook may be revised to 'Negative' if MI's financial risk
profile deteriorates, most likely because of large working capital
requirements or significant delays in executing projects.

                       About Meru Industries

Set up by Mr. Sharad Gore in 1988, MI manufactures critical
equipment and implements projects on a turnkey basis for sugar
plants. Based in Pune (Maharashtra), MI has three manufacturing
plants there. The combined area of the three plants is 1.66 acres.
Initially, MI manufactured small equipment required by water
treatment and sugar plants. Gradually, the firm started
manufacturing critical equipment for the sugar industry. The firm
also started exporting its products to southern African countries.
Since 2007-08 (refers to financial year, April 1 to March 31), the
firm has been implementing projects on a turnkey basis for sugar
plants, and has reported a healthy growth in revenues in 2010-11
with healthy order book.

MI reported a profit after tax (PAT) of INR12 million on net sales
of INR283.7 million for 2009-10, as against a PAT of
INR14.3 million on net sales of INR395.1 million for 2008-09.


MANTRA INDUSTRIES: CRISIL Rates INR50.5MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Mantra Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR39.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR50.5 Million Rupee Term Loan   CRISIL BB-/Stable (Assigned)

The rating reflects MIL's small scale of operations and short
track record. These rating weaknesses are partially offset by
MIL's moderate financial risk profile, marked by above-average
debt protection metrics, and promoters' extensive experience in
manufacturing pressure cookers and pans.

Outlook: Stable

CRISIL believes that MIL will sustain its credit risk profile over
the medium term backed by its promoters' extensive industry
experience and moderate financial risk profile. The outlook may be
revised to 'Positive' if the company substantially increases its
scale of operations while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if its
financial risk profile deteriorates due to significant stretching
of working capital cycle, or cost/time overruns in its expected
debt-funded capital expenditure.

                        About Mantra Industries

Incorporated in 2009 by Mr. Ganesan Nadar and his family members,
MIL manufactures pressure cookers and pans. The company is also
planning to manufacture wet grinders from 2011-12 (refers to
financial year, April 1 to March 31) onwards. MIL sells its
products through Maha Marketing Pvt Ltd under the brand, Mantra,
in Tamil Nadu (TN) and other states in South India. The company
has an annual installed capacity of manufacturing 500,000 cookers
at its unit in Coimbatore (TN).

MIL is estimated to have reported on a provisional basis a profit
after tax (PAT) of INR1.7 million on net sales of INR95.2 million
for 2010-11, as against a PAT of INR0.8 million on net sales of
INR52.8 million for 2009-10.


OCTANT INDUSTRIES: CRISIL Puts CRISIL BB- Rating on INR7.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Octant Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR80.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR7.3 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR0.7 Million Proposed LT        CRISIL BB-/Stable (Assigned)
           Bank Loan Facility
   INR20.0 Mil. Bill Discounting     CRISIL A4+ (Assigned)
   INR20.0 Million Export Packing    CRISIL A4+ (Assigned)
                           Credit
   INR2.0 Million Bank Guarantee     CRISIL A4+ (Assigned)
   INR20.0 Mil. Letter of Credit     CRISIL A4+ (Assigned)

The ratings reflect OIL's average financial risk profile, marked
by moderate net worth and gearing, and the benefits that the
company derives from its promoters' extensive experience in the
castor oil derivatives business and the power generation industry,
and its sound operational capabilities. These rating strengths are
partially offset by the susceptibility of OIL's operating margin
to the volatility in its raw material prices, and the company's
exposure to risks related to commercialisation of its power
project.

Outlook: Stable

CRISIL believes that OIL will continue to benefit from its
comfortable market position in the castor oil derivatives
business, over the medium term. The outlook may be revised to
'Positive' in case of substantial improvement in OIL's revenues
and profitability, after implementation of its vertically
integrated operations and power generation capital expenditure
(capex) programme. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overruns in OIL's
capex plans, if the company's margins decline, or if it undertakes
any larger-than-expected, debt-funded capex, resulting in
deterioration of its financial risk profile.

                       About Octant Industries

Promoted by Mr. Manmohan Sahu, OIL is based in Hyderabad (Andhra
Pradesh). It is in the castor oil derivatives business, engaged in
contract farming of castor seeds, and implementation of biomass
and hydropower generation projects. It manufactures castor oil
derivatives such as British Standard Specification castor oil,
hydrogenated castor oil, and 12-hydroxystearic acids.

OIL, which was earlier in the software and finance business,
demerged its finance division in 2010-11 (refers to financial
year, April 1 to March 31) and merged with three companies:
Swarnajyothi Agro & Exports Ltd, which was in the castor
derivative business, and Vanishekhar Green Energy P Ltd and
Indrabathi Energies Pvt Ltd, which had obtained required licenses
for implementation of power generation projects. The software
business is expected to be discontinued in 2011-12. The company
plans to set up a biomass power plant and castor oil extraction
plant over the medium term with a total outlay of around
INR570 million, which is to be funded in debt-to-equity ratio of
70:30.

OIL's provisional profit after tax (PAT) was INR14.7 million on
sales of INR555.5 million for 2010-11, against a PAT of
INR13.1 million on sales of INR335.2 million for 2009-10.


PRECISION AUTO: CRISIL Rates INR61MM Long-Term Loan at 'CRISIL D'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Precision Auto Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR61 Million Long-Term Loan     CRISIL D (Assigned)
   INR10 Million Cash Credit        CRISIL D (Assigned)
   INR9 Million Letter of Credit    CRISIL D (Assigned)

The ratings reflect instances of delay by PAIPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

PAIPL also has a modest scale of operations, and moderate
financial risk profile marked by a small net worth, slender
operating profitability, and below-average debt protection
metrics. PAIPL, however, benefits from its promoters' extensive
experience in the automotive industry.

                       About Precision Auto

PAIPL was set up in 1997 by Mr. B M Khairnar in Nashik
(Maharashtra). The company commenced commercial operations in
2002-03 (refers to financial year, April 1 to March 31). PAIPL
manufactures fuel tanks for vehicles for Mahindra Scorpio, a sport
utility vehicle of Mahindra and Mahindra Ltd (rated 'CRISIL
AA+/Stable/CRISIL A1+/CRISIL GVC Level 1'). PAIPL also
manufactures press components and vacuum connections which are
used in automobiles. More than 90 per cent of its revenues are
generated from the fuel tanks division. The company has a
manufacturing unit at Nashik, with capacity of about 6,000 fuel
tanks per month. Currently, the unit is utilising about 60 per
cent of its installed capacity.

PAIPL's estimated sales for 2010-11 are around INR230 million.
PAIPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR200 million for 2009-10, against a PAT of
INR3.5 million on net sales of INR141 million for 2008-09.


PRIYADARSHINI SAHAKARI: CRISIL Cuts Rating on INR130MM Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Priyadarshini Sahakari Soot Girni Ltd to 'CRISIL B-/Negative' from
'CRISIL B+/Stable', while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL B-/Negative (Downgraded
                                          from 'CRISIL B+/Stable')

   INR130 Million Long-Term Loan    CRISIL B-/Negative (Downgraded
                                          from 'CRISIL B+/Stable')

   INR20 Million Bank Guarantee     CRISIL A4 (Reaffirmed)

The downgrade reflects expected decline in PSSGL's net cash
accruals because of large inventory losses in the first half of
2011-12 (refers to financial year, April 1 to March 31). The
losses were caused by fall in cotton prices by around 35 per cent
in during the first quarter of 2011-12, since the price peaked in
March 2011. CRISIL expects that the company's cash accruals in
2011-12 would not be sufficient to honor the long term debt
obligations due during the same period.

The ratings also reflect PSSGL's limited track record of
operations and susceptibility of its operating margin to
volatility in cotton prices. These rating weaknesses are partially
offset by PSSGL's healthy operational efficiencies resulting in
higher yield and hence, higher production.

Outlook: Negative

CRISIL believes that the PSSGL's liquidity will deteriorate
primarily because the company is not expected to generate adequate
cash accruals to meet its fixed debt repayments over the near
term. The ratings may be downgraded if PSSGL is not able to
service its debt obligations in a timely manner. Conversely, the
outlook may be revised to 'Stable' if there is an improvement in
the company's liquidity, driven by higher-than-expected cash
accruals.

                      About Priyadarshini Sahakari

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
the development of the small-scale cotton yarn manufacturing
industry in the region. It was formed as a joint initiative of the
Government of Maharashtra and the textile ministry. PSSGL
manufactures cotton yarn.

PSSGL reported, on provisional basis, a profit after tax of INR2
million on net sales of INR362 million for 2010-11; the company
reported a net loss of INR4.4 million on net sales of
INR278 million for 2009-10.


SCAN ENERGY: CRISIL Assigns 'CRISIL B' Rating to INR350MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Scan Energy & Power Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR350 Million Long-Term Loan     CRISIL B/Stable (Assigned)
   INR70 Million Letter of Credit    CRISIL A4 (Assigned)

The rating reflects aggressive capital expenditure (capex) plans
of the company and its exposure to project implementation risks,
large working capital requirements, and susceptibility to
volatility in raw material prices. These rating weaknesses are
mitigated by the extensive industry experience of SEPL's promoters
and healthy demand prospects for steel products.

Outlook: Stable

CRISIL believes that SEPL will implement its projects on schedule
supported by the promoters experience and willingness to infuse
additional fund in case required. The rating may be revised to
'Positive' if the company generates better-than-expected revenues
and cash accruals and also strengthens its capital structure and
improves liquidity through infusion of fresh equity. Conversely,
the outlook may be revised to 'Negative' in case of any major
delay in project implementation, or further impact on its
liquidity due to lower profitability.

                         About Scan Energy

SEPL, part of the Scan group, was incorporated in 2007. The
company is currently setting up a steel billet and bars
manufacturing unit in Mahboobnagar district (Andhra Pradesh),
around 60 kilometers from Hyderabad. The company is setting up
three 15 tonne induction furnaces to manufacture billets and a
500-tonnes-per-day rolling mill to manufacture steel bars. The
project cost is estimated at INR1.45 billion of which
INR0.97 billion will be funded through debt and the remaining
INR480 million through equity.  Around INR600 million has already
been incurred toward this project and two 15-tonne furnaces
started production, one in July 2010 and another in September
2011.

The Scan group comprises two other companies, Scan Steels Ltd and
Nav Durga Fuels Pvt. Ltd. Both these companies also manufacture
and trade in iron and steel products.

For 2010-11 (refers to financial year, April 1 to March 31), SEPL
reported profit after tax (PAT) of INR6.81 million on net sales of
INR373.3 million.


SAI SRINIVASA: CRISIL Puts 'CRISIL B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sai Srinivasa Bottle Traders.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR30 Million Proposed Cash     CRISIL B/Stable (Assigned)
                  Credit Limit

The rating reflects SSBT's weak financial risk profile, marked by
a small net worth and weak debt protection metrics. The rating
also reflects SSBT's modest scale of operations and susceptibility
to highly fragmented bottles (used for packaging of alcoholic
beverages) trading industry. These rating weaknesses are partially
offset by the benefits that SSBT derives from its partners'
extensive experience in the bottles trading industry and its
established customer-base

Outlook: Stable

CRISIL believes that SSBT will continue to benefit over the medium
term from its partners' established position in the bottle trading
business. The outlook may be revised to 'Positive' if the firm
scales up its operations significantly, while it sustains its
profitability, resulting in significant improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of any large debt-funded capital expenditure
programme, large capital withdrawals, or sharp decline in volumes
or operating margin leading to deterioration in capital structure.

                        About Sai Srinivasa

Set up in 2004 by Mr. Uppala Srinivas in Hyderabad (Andhra
Pradesh), SSBT trades in glass bottles used for packaging of
alcoholic beverages. The firm's facilities are in Hyderabad and
have an installed capacity to process 300,000 bottles per day.
SSBT's day-to-day operations are managed by Mr. Uppala Srinivas.
The firm's other partners include the founder's wife, Mrs. U
Swapna, and friend, Mr. R Laxman. The customers of the firm
include United Breweries Group and United Spirits Limited among
others.

SSBT, on a provisional basis, reported a profit after tax (PAT) of
INR4 million on net sales of INR695 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of
INR2 million on net sales of INR256 million for 2009-10.


TRITON COLD: CRISIL Rates INR50 Million LT Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Triton Cold Chain & Logistics Services Pvt Ltd.

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

The rating reflects TCPL's constrained financial risk profile due
to the large debt-funded capital expenditure (capex) and its small
scale of operations in the highly fragmented logistics industry.
These rating weaknesses are partially offset by the benefits that
TCPL derives from favorable government policies for private sector
participation in cold storage and warehouse infrastructure.

Outlook: Stable

CRISIL believes that TCPL will benefit over the medium term from
the healthy demand prospects for cold storage in the domestic
market. The outlook may be revised to 'Positive' if the company
completes the capex without any time or cost overrun along with
successful stabilization of its operations. Conversely, the
outlook may be revised to 'Negative' in case TCPL undertakes
larger-than-expected debt-funded capex programme or there is any
material time or cost overrun in the project, leading to lower-
than-expected sales and profitability.

                        About Triton Cold

TCPL, part of the TRITON group, was incorporated in 2010 and
provides logistical services primarily through cold storage chain
and cold storage trucks. The company plans to establish cold
storage chains across six cities in the country with a total
capacity of 8700 pallets (which is equivalent to 8700 tonnes).
Currently, TCPL operates leased facilities of 850 pallets of cold
storages in five cities and also provides cold storage transport
through 15 rented cold storage trucks in the country. In 2010-11
(refers to financial year, April 1 to March 31), the company's
total revenue was around INR14.5 million (80 per cent from cold
storage trucks and 20 per cent from cold storage chain).


ULUBERIA METALIKS: CRISIL Rates INR105.2MM Loan at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Uluberia Metaliks Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR105.2 Million Term Loan        CRISIL D (Assigned)
   INR32 Million Cash Credit         CRISIL D (Assigned)
   INR2.8 Million Bank Guarantee     CRISIL D (Assigned)
   INR20 Million Letter of Credit    CRISIL D (Assigned)

The ratings reflect instances of delay by UMPL in servicing its
debt and prolonged overdrawals of cash credit facility; the delays
have been caused by the company's weak liquidity.

UMPL is also susceptible to risks related to stabilization of
operation and expectation of low cash accruals in initial stage of
operations. These rating weaknesses are partially offset by UMPL's
moderate business risk profile supported by its promoters'
experience.

                      About Uluberia Metaliks

UMPL was incorporated in 2006 and is promoted by Mr. Rajendra
Kumar Jhunjhunwala and his brother, Mr. Surendra Kumar
Jhunjhunwala. The company has started manufacturing pig iron from
June 2011 with installed capacity of 80,000 tonnes per annum. The
company's manufacturing plant is located in Uluberia, which is
about 50 kilometers from Kolkata (West Bengal). The plant was
expected to be operation from FY2008 but due to delays in availing
clearances from the government, the project got delayed.


ZUHA LEATHER: CRISIL Assigns 'CRISIL BB-' Rating to INR2.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Zuha Leather Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR2.5 Million Term Loan           CRISIL BB-/Stable (Assigned)
   INR5 Million Cash Credit           CRISIL BB-/Stable (Assigned)
   INR10 Mil. Foreign Bill Disc.      CRISIL A4+ (Assigned)
   INR5 Mil. Standby Line of Credit   CRISIL A4+ (Assigned)
   INR20 Mil. Export Packing Credit   CRISIL A4+ (Assigned)
   INR70 Million Letter of Credit     CRISIL A4+ (Assigned)
   INR5 Million Bank Guarantee        CRISIL A4+ (Assigned)

The ratings reflect ZLPL's above-average financial risk profile,
marked by a moderate gearing and healthy debt protection metrics,
and promoters' extensive experience in the leather industry. These
rating strengths are partially offset by ZLPL's working-capital-
intensive and moderate scale of operations, and exposure to
customer concentration in its revenue profile.

Outlook: Stable

CRISIL believes that the ZLPL will benefit over the medium term
from its promoters' industry experience and its moderate capital
structure. The outlook may be revised to 'Positive' if the company
substantially improves its scale of operations and diversifies its
customer base. Conversely, the outlook may be revised to
'Negative' in case of any significant pressure on the company's
revenue or margins or if it undertakes large debt-funded capital
expenditure programme or in case of deterioration of relationships
with key customers thereby affecting its financial risk profile.

                        About Zuha Leather

Promoted in 1985, ZLPL processes leather. The company has a
tannery in Vaniyambadi (Tamil Nadu) with a production capacity of
6 million square feet per annum. About 60 per cent of the raw
hides are tanned through vegetable tanning process. The company
derives close to 70 per cent of its revenues from export to
leather goods and shoe manufacturing companies in Korea, Taiwan,
China, and other East-Asian countries. The company derives around
60-65 per cent of its revenues from its two major customers -
Korea based Simone Acc. Collection Ltd and Taiwan based Smart
Faith Trading Company.

ZLPL's sister concern, Western Alfa Pvt Ltd, runs a tannery in
Vaniyambadi to process sheep leather, while the other group
entity, Zuha Shoes Pvt Ltd, manufactures leather uppers used for
shoes. Both these entities are independently managed.

ZLPL's profit after tax (PAT) and net sales are estimated at of
INR7.64 million and INR437.97 million respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR5.41 million on net sales of INR428.21
million for 2009-10.


=================
I N D O N E S I A
=================


MATAHARI PUTRA: Moody's Changes Outlook on 'B1' CFR to Negative
---------------------------------------------------------------
Moody's has changed its outlook on PT Matahari Putra Prima's B1
corporate family rating to negative from stable.

Ratings Rationale

"The change in outlook reflects Moody's expectation that Matahari
will operate at higher leverage levels, having re-levered its
balance sheet since the sale of its department store business in
April 2010," says Annalisa DiChiara, a Vice President and Senior
Analyst at Moody's.

"Whilst the performance of its Indonesian hypermarket operations
has been solid, an increasingly competitive marketplace and
negative free cash flow in the current financial year could impede
the improvement in metrics that had previously been factored into
Moody's B1 rating and stable outlook," adds Ms. DiChiara, who is
also the lead analyst for Matahari.

Following the sale of its department stores business in April
2010, Moody's had expected Matahari to sustain an adjusted
leverage of about 3.5x debt/EBITDA.

While the company initially used a portion of the proceeds to
reduce debt, it has since re-levered its balance sheet into the
range of IDR1.5 trillion to IDR2.0trillion (US$170million) -- a
level it is likely to maintain going forward. As such, Moody's
expects adjusted debt/EBITDA to be about 4.5x at FYE2011.

"While Matahari's operating performance is currently in line with
Moody's expectations, competition from Carrefour, Giant and Hero
continues to intensify in the Indonesian market. This could put
additional pressure on its growth and margins," says Ms. DiChiara,
adding "its willingness to pay significant special dividends also
demonstrates a potentially more aggressive risk appetite."

The B1 rating reflects its position as one of the largest, fast
moving consumer goods retailers in Indonesia, its leading market
position in the hypermarket segment, and its proven execution
capabilities.

Ratings could come under further pressure, should credit metrics
fail to improve or even deteriorate, such that adjusted
debt/EBITDA consistently exceeds 4.5x.

Conversely, the outlook could return to stable, if gross adjusted
leverage stays below 4.0x, retained cash flow (RCF)/gross adjusted
debt remains comfortably above 15%, and EBITDA interest cover
remains above 2x to 2.5x.

Moody's also expects the company to maintain cash and short-term
investments above IDR800 billion (US$90million).

The principal methodology used in rating PT Matahari Putra Prima
was the Global Retail Industry Methodology published in June 2011.

PT Matahari Putra Prima Tbk is a leading retailer in Indonesia
with multiple retail formats. It operates hypermarkets,
supermarkets, and family entertainment outlets in over 39 cities.
The Lippo Group controls an equity interest of about 57% in
Matahari.


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


VICTOR COMPANY: CDS Swaps Triggered by Restructuring, ISDA Rules
----------------------------------------------------------------
Yusuke Miyazawa at Bloomberg News reports that the International
Swaps & Derivatives Association said credit-default swaps insuring
debt of Victor Company of Japan Ltd., a unit of JVC Kenwood Corp.,
will be paid out after the manufacturer restructured payment on
its debt.

ISDA's Japan Determinations Committee ruled on September 21 that
Victor triggered a so-called restructuring credit event when it
agreed with its bondholders to extend the maturity of
JPY12 billion ($156 million) in bonds last month, according to
Bloomberg.  Out of 15 committee members, Goldman Sachs Group Inc.
and JPMorgan Chase & Co. voted against the decision, Bloomberg
says.

Bloomberg notes that the committee's ruling came after four
meetings failed to reach a conclusion.  This is the first credit
event in Japan since consumer lender Takefuji Corp.'s bankruptcy
triggered payout of the swaps in October 2010, and the first
restructuring event since Aiful Corp. won approval from creditors
for a debt restructuring plan in December 2009, says Bloomberg.

Headquartered in Kanagawa, Japan, Victor Company of Japan
Limited -- http://www.jvc-victor.co.jp/-- manufactures audio-
video equipment and products with the digital and networking
products such as digital camcorders and D-VHS as the core
competencies and visual software.  Operations are carried out
through consumers' products (TVs, Stereo, Car Audio, CD radio
cassettes, DVD players), industrial products (Karaoke Systems),
electronic devices (video heads, motors, display parts), soft
media (compact discs, videodiscs, music and visual software),
and interior furniture.


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


SLS GROUP: In Near Collapse After Court Convicts Chairman of Fraud
------------------------------------------------------------------
The Korea Herald reports that SLS Group, which came to public
attention on Thursday when its chairman Lee Kuk-chul accused
former vice minister of culture Shin Jae-min of taking billions of
won in bribes, is facing disintegration.

Mr. Lee, a former civil servant, began his career as a businessman
with a factory producing parts for trains. He then acquired Haitai
Heavy Industries' plant in Changwon, South Gyeongsang Province,
the Herald discloses.  Mr. Lee's company was involved in
developing new carriages for the Mugunghwa train, for which it was
awarded a presidential commendation.

The Korea Herald relates that the group then acquired the
shipbuilder ShinaSB Yard Co., and by 2009 it was posting annual
sales of over KRW1 trillion.

However, the Korea Herald says, Mr. Lee was found to have doctored
the group's accounts and was sentenced to five years probation in
November.

Mr. Lee was also indicted without detention in December for using
$100 million raised from a Singapore-based shipping firm to hide
the fact that SLS Shipbuilding had lost KRW140 billion in capital,
the Korea Herald states.

As a result, the shipbuilder has since begun a workout process,
while other subsidiaries of the group have been declared bankrupt,
the Korea Herald adds.

                 Bribery Allegations Against Shin

Mr. Lee told Yonhap News Agency in an interview that he had
provided KRW10 million (US$8,500) to KRW20 million every month
from 2008 to 2010 in bribes to Shin Jae-min when Shin was a vice
culture minister in the Lee Myung-bak administration.

Yonhap relates that Mr. Lee claimed Mr. Shin also received money
ranging from KRW3 million to KRW10 million every month between
2002 and 2006 when he was a reporter for a local newspaper and up
to KRW100 million during 2007 when he was in the president's
election camp and worked as a secretary to the president-elect.

According to Yonhap, Mr. Shin voluntarily stepped down as a
culture minister nominee in August last year after confirmation
hearings raised deep suspicions about financial activities that
increased his personal assets, real estate speculation and conduct
unfit for a public official.

Mr. Shin, says Yonhap, denied the bribery allegations and the
former official said he was carefully considering a legal
response.

                         About SLS Group

Korea-based SLS Group is a mid-grade business group with 10
subsidiaries, including heavy industry and shipbuilding firms.


* SOUTH KOREA: Credit Default Rates Rise 19.5% at the End of June
-----------------------------------------------------------------
Kang Seung-woo at The Korea Times reports that financial companies
saw their number of delinquent customers increase by nearly
200,000 this year as more people struggle to repay debt amid the
alarming deterioration of family finances.

The Korea Times relates that industry figures show the default
rates for households approved by commercial banks have surpassed
the level shown during recent financial crises, and an increasing
number of small- and medium-sized companies are sinking under a
sea of red.

Citing statistics by credit-rating agency National Information and
Credit Evaluation), The Korea Times discloses that the number of
individual credit defaulters reached 1.1 million at the end of
June, up a staggering 19.5% from 919,570 in December last year.

The number represents a rebound in the number of delinquents,
which had been declining as the country navigated its way out of
the economic turmoil that erupted in 2008, the report notes.

After reaching 1.21 million in 2008, The Korea Times says, the
number of delinquent individuals declined by 170,000 to
1.03 million in 2009 and by another 130,000 in 2010.

According to the report, companies are also struggling to repay
debt.  The Korea Credit Guarantee Fund said its subrogation
payment for corporate loans accounted for 3.6% of total credit
guarantees in August, compared to 3.2% at the end of last year.
The rate soared to 4% in June, the Korea Times adds.


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


AORANGI SECURITIES: Woodbury Rise Subdivision in Liquidation
------------------------------------------------------------
The Timaru Herald reports that the Woodbury Rise, a Tauranga
subdivision owned by Allan and Jean Hubbard, has gone into
liquidation.

The couple, along with investment companies Aorangi Securities and
Hubbard Management Funds and several charitable trusts, were put
into statutory management on June 20 last year.

The Timaru Herald, citing documents from the Companies Office,
says Tauranga-based liquidator Kenneth Brown was appointed to
Woodbury Rise on September 21, at the direction of the Hubbards'
statutory managers.

Mr. and Mrs. Hubbard are the sole directors of Woodbury Rise.  The
sole shareholder is their nominee company, Forresters.

According to Timaru Herald, the sixth statutory managers report
from Grant Thornton noted: "Two stalled North Island property
development projects owe Aorangi and Mr. Hubbard close to
NZ$10 million in total.  Overseas funding is being pursued by the
borrowers and the result of this worldwide search is expected
soon.

"No property sales have been made from these developments for at
least 18 months, meaning no payments have been made to Aorangi.
Interest is accruing but the state of the local property market is
such that the full loan value is unlikely to be received.  We have
assessed the current value of the land less holding and further
development costs in our assessment of the Aorangi loan book
value."

The website for Woodbury Rise said it was a subdivision in a
prestigious yet affordable residential development located in
Cheyne Rd and Pyes Pa, Tauranga, the Timaru Herald relays.

                   About Aorangi Securities

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

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

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

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

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

The SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.


POUNAMU PRIME: Receivers, Liquidators Seek to Recover NZ$30MM
-------------------------------------------------------------
Tracey Roxburgh at Otago Daily Times reports that liquidators and
receivers are working to recover more than NZ$30 million owed to
creditors of Pounamu Prime Ltd, a company owned by bankrupt
Auckland developer Dan McEwan.

Otago Daily Times discloses that Mr. McEwan, who once planned to
construct the Hilton Queenstown in Frankton Rd, incorporated the
special purposes entity in November 2003 to develop a 34-apartment
complex in Frankton Rd.

According to the news agency, receivers Grant Graham and Brendon
Gibson, of KordaMentha, were appointed by the Bank of Scotland
International (Australia) in April 2009, with the company owing
more than NZ$20 million to BOSI (Australia) and more than
NZ$7 million to Strategic Finance Ltd. However, BOSI (Australia),
the general security agreement (GSA) holder, had since sold the
debt to Quilington Pte Ltd.

Mr. Gibson told the Otago Daily Times last week he and Mr. Graham
had since retired as receivers.

Otago Daily Times relates that Messrs. Graham and Gibson said in
their final report, dated September 13, that as at July 13, BOSI
(Australia) was owed about NZ$12.3 million, plus accrued interest,
and Strategic Finance was owed just over NZ$7 million.

Quilington Pte Ltd appointed Richard Simpson and Timothy Downes,
of Grant Thornton New Zealand Ltd (Auckland) on July 13 to
continue the receivership, Otago Daily Time states.

Citing the new receivers' report, Otago Daily Times disclosed that
based on information provided, NZ$20,080,000 plus any accrued
interest and penalties was outstanding in respect of the GSA dated
June 12, 2007.  "It is unlikely that the general security
agreement holder will be paid in full," the new receivers said.

The new receivers had been advised there was NZ$3,139,610 owing to
the Commissioner of Inland Revenue, of which NZ$1,986,119 was
preferential, Otago Daily Times relates.  Unsecured trade
creditors were owed $201,461.

The new receivers' report, as cited by Otago Daily Times, said no
distribution would be made to preferential creditors.

"As things currently stand, it appears that no funds will be
available to meet the claims of unsecured creditors and that there
will be insufficient funds to repay the full amount of the debt
due to the general security agreement holder."

On Sept. 14, 2011, Insolvency and Trustee Service (ITS) was
appointed as the company's liquidator, following a petition by
Inland Revenue, according to Otago Daily Times.

Otago Daily Times relates that an ITS spokeswoman said the
receivership would continue "in tandem with the liquidation".

The liquidator's first report is due next month, Otago Daily Times
adds.


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


TRUE SPA: Customers Agree to Settlement Deal
--------------------------------------------
Tanya Fong at channelnewsasia.com reports that the application for
a winding-up order sought by a group of True Spa customers was
settled in the High Court on Thursday, after the customers agreed
for their unused credit to be serviced by nine other spas.

Under the arrangement, the news agency says, True Spa customers
will be able to realize the remaining value of their packages with
Adonis, Asmara Lifestyle, Atos Wellness, Aura, Body Contours,
Inner Harmony, Mary Chia, Spa Infinity and Rustic.

All True Spa customers will be able to enjoy a minimum of one spa
treatment a month at any of the nine spas without restriction on
the hours, according to the report.

According to channelnewsasia.com, Mr. Salem Ibrahim, lawyer for
the 332 True Spa customers who started the court action, told
Justice Andrew Ang that Mr. Patrick Wee, CEO of True Spa, agreed
to help meet the cost of realizing the customers' unused credit
and the legal costs of the customers who took it to court.

Mr. Ibrahim, as cited by channelnewsasia.com, said Mr. Wee has
also given a personal guarantee that the costs will be met.  He
will be footing between 15% and 20% of the cost of unrealised
packages, while the nine spas will pay for the rest, the report
notes.

channelnewsasia.com relates that unused packages of these
customers have been estimated to be about SG$10 million.

Customers will be able to register for coupons from October 15 and
start spa treatments on November 1, the report adds.

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

True Spa customers were left in the lurch last year after it was
sold to another spa company, Subtle Senses, which collapsed in
August last year, according to channelnewsasia.com.

True Spa Pte Ltd is a Singapore-based luxury spa.


                             *********

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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