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

                      A S I A   P A C I F I C

         Wednesday, September 28, 2011, Vol. 14, No. 192

                            Headlines



A U S T R A L I A

HR COOK: Liquidator Found Guilty On Criminal Charges
LYNAS CORP: Posts AUD57.29 Million Net Loss in Year Ended June 30
MERIDIEN MARINAS: One Bright Goes Into Voluntary Administration
PEATS RIDGE: Goes Into Administration, Unable to Pay Creditors


C H I N A

GITI TIRE: Moody's Confirms 'B3' Corporate Family Rating
* CHINA: Wenzhou Battles Subprime Crisis as Bankrupt Bosses Flee


H O N G  K O N G

CITY OCEAN: Members' Final General Meeting Set for Oct. 25
CT ELECTRONICS: Huen and Huen Appointed as Liquidators
DMV INTERNATIONAL: Lees and Ng Step Down as Liquidators
FAR EAST: Loh Pui Lai Steps Down as Liquidator
FOOK SING: Members' Final Meeting Set for Oct. 31

GAMEX CHINA: Commences Wind-Up Proceedings
GENERAL GARMENT: Creditors' Proofs of Debt Due Oct. 14
GUGGENHEIM SECURITIES: Commences Wind-Up Proceedings
LCK LIMITED: Creditors' Proofs of Debt Due Nov. 11
MACAO DRAGON: Creditors' Meeting Set for Oct. 12

MANLEY HIGH: Yu and Choi Step Down as Liquidators
MIRACLE INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
NARVENT PCB: Creditors' Proofs of Debt Due Nov. 10
NORDIC KNITS: Creditors Get 100% Recovery on Claims
PROCTER & GAMBLE: Commences Wind-Up Proceedings


I N D I A

APOLLO CREATIONS: ICRA Assigns '[ICRA]B' Rating to INR12cr Loan
ARG INFRA: CRISIL Rates INR80MM Term Loan at 'CRISIL B+'
ASIA WOVEN: ICRA Reaffirms '[ICRA]BB' Rating on INR4.95cr Loan
BALAR EXPORTS: CRISIL Cuts Rating on INR16MM Loan to 'CRISIL D'
BRG ENERGY: ICRA Cuts Rating on INR62.62cr Loan to '[ICRA]D'

DRILLCON INFRA: CRISIL Cuts Rating on INR30MM Loan to 'CRISIL BB-'
EMPEE SUGARS: ICRA Cuts Rating on INR368cr Loan to '[ICRA]D'
EXICOM TELE-SYSTEMS: CRISIL Rates INR80MM Loan at 'CRISIL B'
GLOBE TEXTILES: ICRA Assign '[ICRA]BB-' Rating to INR8.55cr Loan
IND BARATH: ICRA Revises Rating on INR38.98cr Loan to '[ICRA]D'

MANGALORE CASHEW: ICRA Assigns '[ICRA]BB' Rating to INR1cr Loan
MARUTI PACKAGERS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
MOHAN CHARITABLE: CARE Rates INR55cr Bank Loan at 'CARE B'
OGENE SYSTEMS: Fitch Puts Rating on National Long Term at 'B+'
RAMDEV CHEMICAL: CARE Assigns 'CARE BB+' Rating to INR5.46cr Loan

SHARMANJI YARNS: Strong Revenue Cues Fitch to Affirm Low-B Rating
SHIVAM STEELS: ICRA Reaffirms '[ICRA]BB+' Rating on INR2.5Cr Loan
SREE VARIETY: ICRA Reassigns '[ICRA]C+' Rating to INR1.5cr Loan


J A P A N

GK MLOX3: Fitch Lowers Rating on JPY4.28 Bil. Notes to 'CCsf'
TOKYO ELECTRIC: Needs to Restart Reactor to Avoid Insolvency


N E W  Z E A L A N D

CRAFAR FARMS: Receivers Reject Michael Fay-Led Bid for Crafar
HANOVER FINANCE: Judge Reserves Decision on Asset Freeze


S I N G A P O R E

AALBORG INDUSTRIES: Creditors' First Meetings Set for Oct. 7
ADICON INTERIOR: Court Enters Wind-Up Order
AP COMMUNICATIONS: Court to Hear Wind-Up Petition on Oct. 14
J&U HOLDINGS: Court Enters Wind-Up Order

LASCOD ASIA: Creditors' Proofs of Debt Due Oct. 25


T A I W A N

CATHAY DUN: Fitch Affirms 'BB' Rating on Class C Certificate


T H A I L A N D

PICNIC CORP: Thai Court Backs Plan to Settle with Asset Million


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


HR COOK: Liquidator Found Guilty On Criminal Charges
----------------------------------------------------
The Australian Securities and Investments Commission said former
liquidator Stuart Ariff was on Monday found guilty by a jury in
the New South Wales District Court on all 19 criminal charges
brought by ASIC.

ASIC said the offences relate to Mr. Ariff's conduct while he was
liquidator of HR Cook Investments Pty Ltd during the period
June 9, 2006, to March 29, 2009.

Mr. Ariff was found guilty on 13 charges under section 176A of the
NSW Crimes Act concerning the transfer of funds totalling
AUD1.18 million with intent to defraud HR Cook Investments.

Mr. Ariff was also found guilty on six charges under section
1308(2) of the Corporations Act 2001 of making false statements in
documents lodged with ASIC recording receipts and payments
relating to HR Cook Investments.

The NSW Crimes Act charges each carry a maximum penalty of 10
years imprisonment.  The Corporations Act 2001 charges each carry
a maximum fine of AUD22,000 or imprisonment for five years or
both.

Mr. Ariff's conditional bail was revoked and he was remanded into
custody.

The matter will return to Parramatta District Court on Nov. 25,
2011, for sentencing.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2006, at an extraordinary general meeting on June 9,
2006, the members of H.R. Cook Investments Pty Limited resolved to
close the Company's business operations and distribute the
proceeds of its assets disposal.  Subsequently, Stuart Ariff was
appointed as liquidator.

H.R. Cook Investments Pty Limited was a Newcastle family company.


LYNAS CORP: Posts AUD57.29 Million Net Loss in Year Ended June 30
-----------------------------------------------------------------
Australian Associated Press reports that Lynas Corp. has posted a
33% jump in full year losses, following a year blighted by
controversy.

AAP says public protests this year prompted an investigation by
the International Atomic Energy Agency (IAEA) into whether the
Lynas rare earth refinery in Malaysia presented radioactive risks.

However, the news agency relates, Lynas insists that the outlook
is bright as it moves from development towards production.

AAP discloses that the miner reported a net loss of
AUD57.29 million for the year ended June 30, 2011, compared to
AUD43.04 million last year.

The firm blamed the increased loss on higher operating costs at
its flagship Mt Weld rare earths mine in Western Australia, as
production is ramped up, according to AAP.

Lynas's operating expenses also shot up by 87.5% from
AUD30.65 million to AUD57.46 million, the report notes.

According to AAP, the company received a favorable report from the
IAEA about the refinery in Kuantan, but has been told to provide a
long-term waste management plan.  More than 60% of the refinery
has been built.

                         About Lynas Corp.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources.  Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant.  The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.

                           *     *     *

The company incurred three consecutive annual net losses of
AUD4.50 million, AU$29.28 million and AU$43.04 million for the
years ended June 30, 2008, 2009 and 2010.


MERIDIEN MARINAS: One Bright Goes Into Voluntary Administration
---------------------------------------------------------------
SmartCompany reports that the 124-unit One Bright Point project
owned by developer and marina group Meridien Marinas has been
placed into voluntary administration.

The AU$100 million resort complex in Queensland is now being
looked after by BRI Ferrier.  SmartCompany says 114 units have
been sold and BRI Ferrier will look to sell the remaining
apartments.

The report notes that the project was hit by the weakened property
market, troubles in the tourism industry, the Queensland natural
disaster and the strong Australian dollar.

The move follows the appointment of receivers to the Meridien-
owned Port of Airlie project, Abel Point marina and Horizon Shores
marina, the latter with approvals for up to 2000 berths and
promoted as being on its way to becoming Australia's largest
marina, SmartCompany notes.

The report discloses that of its four marinas across Queensland
only one of Meridien Marinas' assets is not in administration --
its marina in Port Douglas is said to be unaffected by troubles in
the industry.

Early this month, the report notes, Meridien Marinas managing
director Russell McCart said Abel Point and Horizon Shores were
both "excellent assets and have a great future and will continue
to trade very well . . . The receivers have re-employed all marina
staff and will continue to operate as usual, without disruption."

Mr. McCart said the collapse can be attributed to the "ongoing GFC
and strong Australian dollar" creating difficult trading
conditions for Australia's boating industry, SmartCompany adds.

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


PEATS RIDGE: Goes Into Administration, Unable to Pay Creditors
--------------------------------------------------------------
ToneDeaf reports that Peats Ridge Sustainable Arts & Music
Festival, held annually for 8 years now as one of New South Wales'
only camping festivals, has gone into administration according to
documents uncovered by The Music Network.

The Australian Securities & Investments Commission said Perife Pty
Ltd, the company that controls Peats Ridge, has gone into
voluntary administration, according to ToneDeaf.

The report notes that ASIC said Peats Ridge appointed liquidators
on Aug. 25, 2011, the same day directors passed a resolution to
wind up the company.  Since then a meeting with their creditors
took place on Sept. 6, 2011 with the intention of the meeting to
discuss the voluntary winding up of the company, ToneDeaf says.

The report discloses that Peats Ridge is in serious trouble as
they are unable to pay their debts to creditors, but in a
statement just issued Peats Ridge director Matt Grant said "Peats
Ridge is most certainly going ahead under the same guidance and
organization as it always has been.  We now are trading under the
name "Peats Ridge"."

"In the vein of keeping honest communication with our fans, the
reason for this is simply a culmination of the events surrounding
the 2007 festival.  As many would know due to extreme weather
conditions over the festival period we were forced to cancel last
minute, causing a financial burden on us for the ongoing years.
The reasoning behind Peats Ridge going under external
administration is simply -- it allows us a way to continue to pay
off our few remaining creditors, and still put on a great festival
experience for fans over this New Year's," ToneDeaf quoted Mr.
Grant as saying.


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C H I N A
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GITI TIRE: Moody's Confirms 'B3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has confirmed Giti Tire Company Ltd's B3
corporate family rating.  The rating outlook is stable.

Ratings Rationale

This action concludes the rating review which commenced on
July 15, 2011, and which was driven by Moody's concern over Giti
Tire's ability to refinance USD200 million in senior secured notes
due Jan. 26, 2012.

At the same, Moody's has withdrawn the Caa1 bond rating on the
USD200m guaranteed senior secured notes which have been fully
repaid.

"The refinancing risk of the senior secured notes is no longer
relevant as Giti Tire has repaid them with its raising of a new
USD225 million secured syndicated loan," says Zou Jiming, a
Moody's analyst.

"Furthermore, the change to the stable outlook is supported by
Giti Tire's 1H 2011 performance, which was also generally in line
with Moody's expectations," says Zou.

"While the availability of bank credit remains challenging in
China, the successful refinancing of the secured notes provides
motivation for Giti Tire's bankers to continue providing it with
short-term operating finance," continues Zou.

Moreover, the covenants of the new USD225 million secured
syndicated loans are not in any way substantially more onerous
than those of the debt incurrence covenants for the repaid secured
notes.

The B3 rating reflects Giti Tire's exposure to commodity price
movements, weak liquidity, and its private ownership status. The
rating also considers its strong competitive position in China's
growing market, low-cost structure when compared with its global
peers, diversified product mix, and relatively stable after-market
business.

Giti Tire's rating could face upward pressure if the company (1)
improves its funding stability by reducing reliance on short-term
debt; and (2) reduces its debt leverage with adjusted Debt/EBITDA
below 4.5x on a sustained basis.

On the other hand, Giti Tire's rating could be downgraded if its
(1) performance weakens, such that Debt/EBITDA exceeds 7-8x; (2)
liquidity profile tightens, including any difficulty in rolling
over its bank debt; or 3) evidence emerges of cash leakage to
group companies and shareholders.

The principal methodology used in rating Giti Tire Company Ltd was
the Global Automotive Supplier Industry Methodology published in
January 2009.

Giti Tire Company Ltd is one of the largest tire manufacturers in
China. It is a private company, ultimately owned by the Liem
family, which has a Singaporean-Indonesian background. It also
owns 49.7% in PT Gajah Tunggal TBK, an Indonesian tire producer.


* CHINA: Wenzhou Battles Subprime Crisis as Bankrupt Bosses Flee
----------------------------------------------------------------
Shanghai Daily reports that Wenzhou in eastern Zhejiang Province
is battling its own subprime lending crisis after seven company
bosses fled the city in the past 10 days, leaving thousands of
employees in a state of shock and up to hundreds of millions of
yuan in loans unpaid.

According to the report, National Business Daily said most of the
bosses who have disappeared were in the manufacturing industry.
The newspaper said each had borrowed hundreds of millions of yuan
from banks as well as private creditors, Shanghai Daily relates.

Shanghai Daily notes that private lending in Wenzhou, the cradle
of China's private sector, has been booming since the country
started monetary tightening late last year to fight inflation.
State-owned banks, under orders to maintain a stable loan-to-
deposit ratio, are reluctant to offer loans to small firms like
those in Wenzhou over default concerns, Shanghai Daily states.

The report says the difficulty of borrowing money from banks has
forced some small business owners to turn to private lending,
mostly illegal, for help despite the high cost. However, when
business doesn't run well as expected, small business owners find
themselves unable to pay their debts.

Shanghai Daily reports the newspaper said Hu Fulin, founder of the
Zhejiang Center Group, one of China's biggest spectacles makers,
has not been at work since early last week and called in on
Wednesday to say he was unable to sustain the company's liquidity
any longer.

According to Shanghai Daily, the newspaper said Mr. Hu's company
has 3,000 employees and produces 20 million pairs of glasses a
year.  Mr. Hu is also involved in the real estate and solar power
industries, according to the newspaper.

Shanghai Daily, citing the 21st Century Business Herald, says that
Mr. Hu was in debt up to around CNY2 billion (US$313 million) and
was now in the United States.

The National Business Daily said the news of Mr. Hu's
disappearance triggered panic among many of his suppliers who have
been gathering at his factory demanding payments of loans and
unpaid business deals, Shanghai Daily relates.

Mr. Hu also owes a total of CNY10 million in salary to his
employees for their work in August and September, the National
Business Daily added.


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


CITY OCEAN: Members' Final General Meeting Set for Oct. 25
----------------------------------------------------------
Members of City Ocean Development Limited will hold their final
general meeting on Oct. 25, 2011, at 11:00 a.m., at Unit 101, 1st
Floor, Hong Kong Trade Centre, at 161-167 Des Voeux Road Central,
in Hong Kong.

At the meeting, Cheung Ka Wa (also known as Cheung Ka Wai Kelvin,
the company's liquidator, will give a report on the company's
wind-up proceedings and property disposal.


CT ELECTRONICS: Huen and Huen Appointed as Liquidators
------------------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Sept. 16, 2011, were
appointed as liquidators of CT Electronics Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor
         9 Des Voeux Road West
         Hong Kong


DMV INTERNATIONAL: Lees and Ng Step Down as Liquidators
-------------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of DMV
International Limited on Sept. 12, 2011.


FAR EAST: Loh Pui Lai Steps Down as Liquidator
----------------------------------------------
Loh Pui Lai stepped down as liquidator of Far East Refrigeration
(Hong Kong) Limited on Sept. 15, 2011.


FOOK SING: Members' Final Meeting Set for Oct. 31
-------------------------------------------------
Members of Fook Sing Factory Building Owners' and Tenants'
Association Limited will hold their final meeting on Oct. 31,
2011, at 10:00 a.m., at 22nd Floor, Shum Tower, at 268 Des Voeux
Road Central, in Hong Kong.

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


GAMEX CHINA: Commences Wind-Up Proceedings
------------------------------------------
Members of Gamex China Limited, on Sept. 9, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ai Yin
         Apt. 603, No. 53 Gui Yuang Dong Li
         Yizhuang, Beijing 100076
         China


GENERAL GARMENT: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------------
Creditors of General Garment Manufactory (H.K.) 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's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F., Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


GUGGENHEIM SECURITIES: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Guggenheim Securities (Hong Kong) Limited, on Sept. 8,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         George Hammond Tilghman
         315 Mill Hill Road
         Mill Neck, New York 11765
         United States

         Paul Mason Friedman
         11 Deerfield Lane
         Scarsdale 10583, New York
         United States


LCK LIMITED: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------
Creditors of LCK Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 11,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 19, 2011.

The company's liquidators are:

         Yip Chee Lan
         Regina Tam Lai Ha
         12 Science Park East Avenue
         6/F, Hong Kong Science Park
         Shatin, New Territories
         Hong Kong


MACAO DRAGON: Creditors' Meeting Set for Oct. 12
------------------------------------------------
Creditors of Macao Dragon Company Limited will hold their meeting
on Oct. 12, 2011, at 3:00 p.m., for the purposes provided for in
Sections 228A(17)), 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 101, the Boys' and Girls' clubs
association of Hong Kong, at 3 Lockhart Road, Wanchai, in
Hong Kong.


MANLEY HIGH: Yu and Choi Step Down as Liquidators
-------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy stepped down as
liquidators of Manley High Investments Limited on Sept. 19, 2011.


MIRACLE INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Aug. 24, 2011,
creditors of Miracle Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Ho Shing Chak
         Room 2102, 21/F
         Multifield Centre
         426 Shanghai Street
         Kowloon, Hong Kong


NARVENT PCB: Creditors' Proofs of Debt Due Nov. 10
--------------------------------------------------
Creditors of Narvent PCB Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 10,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2011.

The company's liquidator is:

         Cheung Kwok Chun
         Flat H, 28/F
         Block B, Hollywood Terrace
         123 Hollywood Road
         Hong Kong


NORDIC KNITS: Creditors Get 100% Recovery on Claims
---------------------------------------------------
Nordic Knits Int'l Limited, which is in creditors' liquidation,
declared the first and final dividend to its creditors on
Sept. 16, 2011.

The company paid 100% for preferential and 1.10% for ordinary
claims.

The company's liquidator is:

         Lo Wing Hung
         Room 2601, 26th Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


PROCTER & GAMBLE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Procter & Gamble (HK) Dormant Limited, on Sept. 15,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


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I N D I A
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APOLLO CREATIONS: ICRA Assigns '[ICRA]B' Rating to INR12cr Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the
INR12.00 crore term loans of Apollo Creations Private Limited.

The rating takes into account the presence of significant
marketing risks for its project 'Golf Links' as the project is yet
to be launched and its weak financial risk profile as exhibited by
low net profitability of 0.58%, interest coverage of 0.93 times
and NCA/Total Debt of 1% in FY2010.

Further, the rating takes into account ACPL's weak capital
structure (gearing of 11.48 times as on March 31, 2010) and
significant debt repayments due in the short to medium term which
exposes the company to re-financing risk. The rating, however,
derives comfort from its fully paid land bank, experience of the
promoters in the Indore real estate market and their continuous
support in the form of advances.

Going forward, timely sale and realization of customer advances
will remain amongst the key rating sensitivity.

                        About Apollo Creation

Apollo Creation (P) Limited was promoted in year 1984 by
Mr. Ramratan Agrawal, Mr. Anil Agarwal and Mr. Nirmal Agarwal to
undertake real estate development activities. The company is a
closely held company and is part of the Apollo Group. In the past,
the Group has successfully developed more than 1.5 million square
feet (sq.ft) of commercial and residential projects amongst which
some are Apollo Trade Centre, Apollo Square, and Apollo Enclave
etc. The company is currently developing a 40-acre plotted
development project called 'Golf Links' at village Kanadia, Indore
(Madhya Pradesh). The project cost is envisaged at INR39.65 crore
against which the company has incurred close to INR13.6 crore by
March 31, 2011.


ARG INFRA: CRISIL Rates INR80MM Term Loan at 'CRISIL B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of ARG Infra Developers Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR40 Mil. Proposed Overdraft       CRISIL B+/Stable (Assigned)
                        Facility
   INR80 Million Proposed Term Loan    CRISIL B+/Stable (Assigned)
   INR5 Mil. Proposed Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect the significant demand-related risks that ARG
Infra is susceptible to, as its ongoing project is in the initial
phase. The company is also susceptible to cyclicality in the real
estate sector and to geographical concentration risks (it is
operating only in and around Ajmer [Rajasthan]). These rating
weaknesses are partially offset by the established market position
of the ARG group (of which ARG Infra is part) as a real estate
developer in Rajasthan.

Outlook: Stable

CRISIL believes that ARG Infra will benefit from the ARG group's
established market position in Rajasthan and will complete its
ongoing project on time. The outlook may be revised to 'Positive'
if ARG Infra reports more-than-expected bookings and customer
advances for its ongoing project. Conversely, the outlook may be
revised to 'Negative' if the company faces time and cost overruns
in its ongoing project or faces more-than-expected delays in
receiving government approvals.

                         About ARG Infra

ARG Infra, part of the ARG group, was established in 2008 for
executing residential projects. The company is currently executing
a residential project, Rosewood, along National Highway (NH) 8, on
the outskirts of Ajmer. The project is expected to cost INR790
million and will be completed in two phases -- the first phase is
expected to be completed by June 2013 and the second phase, by
March 2014.

ARG Infra has been founded by Shri Atma Ram Gupta, a chartered and
cost accountant. After working with Rajasthan Finance Corporation
and a chartered accountancy firm in the initial years of his
career, Shri Gupta started his own chartered accountancy audit
firm, A.R. Gupta & Co, in 1986.

The promoter has also established another entity, ARG Developers
Pvt Ltd (ARG Developers), which is a real estate developer,
engaged in developing both residential and commercial real estate
projects in Jaipur and nearby cities in Rajasthan. The promoter
has undertaken real estate projects through various other real
estate projects. The ARG group has completed 20 projects so far.
ARG Developers has provided corporate guarantee for the bank
facilities of ARG Infra.


ASIA WOVEN: ICRA Reaffirms '[ICRA]BB' Rating on INR4.95cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR4.95 crore
term loans and INR0.45 crore long term fund based facilities of
Asia Woven Sacks Private Limited.  The outlook on the long term
rating is stable.  ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR2.00 crore, short-term, non-fund based limits and
INR4.89 crore short term fund based limits of AWSPL.

The ratings are constrained by the small scale of operations in a
highly fragmented industry, vulnerability of profitability to
volatility in raw material prices and high client concentration
risk characterized by major dependence on an export trading
client, Gulf Star Trading Corp.

The ratings, however, draw comfort from the extensive experience
of the promoters in the Polypropylene (PP) woven sack industry and
moderate debt repayment obligations in the long term. The ratings
also take into account orders received by AWS from Food
Corporation of India (FCI) for foodgrain packaging which could
provide higher realizations; however the same would be subject to
regulatory risk as currently all foodgrain packaging is required
to be done through jute bags with interim shortages allowed to be
fulfilled by PP/HDPE woven sacks.

                          About Asia Woven

Asia Woven Sacks Pvt. Ltd was incorporated in 1984 as a Private
Limited Co. by Shri Somabhai with the objective of engaging in the
manufacturing of Poly Propylene (PP) Woven Sacks. In 2001, the
promoters migrated overseas, and the company was taken over by
Mr. Ajit J. Chaudhari along with his brother -- Mr. Chhatrasinh
Chaudhari for a consideration of INR 0.65 Cr. Mr. Ajit Chaudhari,
had 15 years of prior experience as an employee at various plastic
sacks manufacturing companies before this acquisition. Presently,
the company is into manufacturing of different varieties of PP
Sacks which find utility as industrial packaging materials suited
for fetilisers, tarpaulins, cement, sugar, plastic polymers,
foodgrains, chemicals, salt etc. The manufacturing is carried out
at Nani Kadi, Dist. Mehsana, Gujarat and the present capacity of
the plant is 3000 MTPA.

For the year ended March 31, 2011(unaudited) the company reported
an operating income of INR 33.91 crore and profit after tax of
INR0.71 crore as against INR 28.15 crore of operating income and
INR 0.54 crore of profit after tax for the financial year 2009-10.


BALAR EXPORTS: CRISIL Cuts Rating on INR16MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Balar Exports to 'CRISIL D' from 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR16.0 Million Packing Credit     CRISIL D (Downgraded from
                                                   'CRISIL A4')

   INR44.0 Million Post-Shipment      CRISIL D (Downgraded from
                          Credit                  'CRISIL A4')

   INR15.0 Million Proposed Short-    CRISIL D (Downgraded from
           Term Bank Loan Facility              'CRISIL A4')

The downgrade reflects Balar Exports' export bills of INR23.5
million remaining overdue for 60 days as on September 10, 2011;
the overdue bills were driven by Balar Exports' weak liquidity
resulting from delays in payments by the firm's customers.

Balar Exports has a weak financial risk profile and large working
capital requirements. The firm, however, benefits from its
promoters' experience in the diamond business.

                     About Balar Exports

Set up in 1997 as a partnership firm, Balar Exports manufactures
and trades in rough and polished diamonds of all cuts, colours,
carats, and clarity. The firm has its headquarters in Mumbai
(Maharashtra), and its manufacturing unit in Surat (Gujarat).
Balar Exports is not a sight-holder and imports its rough
requirements from diamond traders in Belgium and other European
countries.

Balar Exports reported a net loss of INR10.78 million on net sales
of INR425.22 million for 2010-11 (refers to financial year April 1
to March 31), against a net loss of INR1.58 million on net sales
of INR501.21 million for 2009-10.


BRG ENERGY: ICRA Cuts Rating on INR62.62cr Loan to '[ICRA]D'
------------------------------------------------------------
http://www.icra.in/Files/Reports/Rationale/BRGEnergy-r-
26092011.pdfICRA has downgraded the assigned rating of 'LBBB' to
'[ICRA]D' to the INR62.62 crore long term debt and fund based
facilities of BRG Energy Limited. ICRA has also downgraded the
assigned rating of 'A3+' to '[ICRA]D' to the INR15 crore short
term non fund based facilities of BRG.

The rating revision factors in weak financial position, with
continued pressures on the revenues and profitability on account
of strong competitive pressures faced from domestic players,
increase in cost of production as a result of the commencement of
operations at its new facility at Jedcherla and moderate
operational strengths of the company. Inadequate accruals together
with debt servicing obligations for the recent debt funded
expansion have led to instances of delays in during FY 2012 (ytd).

The rating is further constrained by high working capital
intensity which is intrinsic to this business. The rating also
takes note of the further capacity expansion into extra high
voltage (EHV) power transformers and the planned backward
integration necessitating additional borrowing, which is expected
to further exert pressures on the coverage indicators in the
medium term, given the low level of profitability.

                        About BRG Energy

BRG Energy Limited, which was incorporated in 2005 is engaged in
the field of Design, Manufacture, Testing and supply of Power and
Distribution Transformers up to 31.5 MVA, 66KV Class, catering to
the needs of several Utilities, EPC Contractors, and Industrial
users. The company was formed by Mr. G Bala Reddy (Present CMD of
ICSA (India) Limited) has witnessed significant growth every year
since its inception and, has reported sales revenue of INR1000
million in the year in FY 2008-09, within 3 yrs of inception. BRG
has its manufacturing facility at Pashamailaram Village,
Pattancheru, Medak Dist, in Andhra Pradesh with total installed
capacity to manufacture 5500 MVA in a year. The current product
range of the company includes: Power Transformers: 3 Phase, 50 Hz,
66 or 33/11, 66/33 or 11 Kv Oil filled Type ONAN Transformers upto
10MVA; Distribution Transformers: 3 Phase/1 phase, 11kv, 33kv, 50
Hz, oil type, Al/Cu wound ONAN transformers -- 10 KVA to 1500 KVA.

Recent Results:

As per the FY2010-11 audited results, BRG reported a net profit of
INR1.44 crore on an operating income of INR124.73 crore.


DRILLCON INFRA: CRISIL Cuts Rating on INR30MM Loan to 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Drillcon Infrastructure Pvt Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable', while reaffirming the rating on the short-term
loans at 'CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB-/Stable (Downgraded
                                         from 'CRISIL BB/Stable')

   INR30 Million Rupee Term Loan    CRISIL BB-/Stable (Downgraded
                                         from 'CRISIL BB/Stable')

   INR70 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

The downgrade reflects DIPL's moderate revenue visibility for the
medium term, and the significant revenue concentration. DIPL had
an order book of around INR0.7 billion, as on June 30, 2011. Of
the total orders, around INR0.6 billion is for a single project,
to be executed over the next three years, and work on the project
has not begun yet. CRISIL believes that DIPL's business risk
profile will remain constrained by its dependence on a single
customer for the majority of its revenues. The downgrade also
factors in 15 per cent year-on-year decline in DIPL's revenues to
INR134 million in 2010-11 (refers to financial year, April 1 to
March 31) because of cancellation of one large order due to
clearance issues.

The rating reflect DIPL's established position in the tunnelling
and grouting segments of the infrastructure industry, and its
moderate financial risk profile, marked by healthy gearing and
moderate debt protection metrics. These rating strengths are
partially offset by DIPL's small scale of operations and
susceptibility to risks related to customer concentration and
project execution.

Outlook: Stable

CRISIL believes that DIPL will continue to benefit over the medium
term from promoters' extensive experience in the infrastructure
industry. The company is likely to maintain its moderate financial
risk profile over the medium term, supported by healthy gearing
levels. The outlook may be revised to 'Positive' if DIPL increases
its revenues and increases diversification of its customer
profile, while maintaining its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company fails to prevent the expected decline in its revenues
or undertakes a larger-than-expected debt-funded capital
expenditure (capex) programme, thereby adversely affecting its
financial risk profile, especially liquidity.

                      About Drillcon Infrastructure

DIPL was incorporated in 2009 and promoted by Mr. S K Chakravorty
and his son, Mr. Amit Chakravorty. DIPL undertakes tunnelling,
grouting, and other related infrastructure projects. DIPL acquired
its promoters' erstwhile partnership firm, Drillcon.

DIPL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR155.6 million for 2009-10, as against a PAT of INR5.5
million on net sales of INR105.6 million for 2008-09. For 2010-11,
the company reported, on provisional basis, revenues of INR134.1
million.


EMPEE SUGARS: ICRA Cuts Rating on INR368cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the ratings assigned to INR 368 Crore term loan
of Empee Sugars and Chemicals Limited from 'LB+' to '[ICRA]D'.

The revision in the ratings factors in continued instances of
delays in debt servicing by the company on term loans tied for the
company's green-field sugar cum cogeneration project at
Ambasamudram, Tamil Nadu. Although the commissioning of the sugar
and cogeneration unit at Ambasamudram has resulted in improved
turnover and profitability profile of the company, the liquidity
has remained constrained mainly on account high working capital
intensity in terms of inventory levels and delays in payments from
the key customer for power exports- TNEB.

Further, the shortfall in cane availability for Ambasamudram plant
(because of agro-climatic factors) could impact the financial and
operating performance of the company in the near term. ICRA
understands that the management is in process of restructuring the
liabilities and the completion of the same may support the
liquidity profile of the company.

                         About Empee Sugars

Empee Sugars & Chemicals Limited is engaged in the manufacturing
of sugar and spirits including ethanol. The Company started its
cane crushing operation in 1992 at Naidupet Unit in Andhra Pradesh
and later ventured into the production of Spirits namely rectified
spirits and extra neutral alcohol. ESCL has two operating units at
Naidupet (Nellore) in Andhrapradesh and Ambasamudram (Tirunelveli)
in Tamil Nadu. ESCL has 8000 TCD cane crushing capacity,
integrated with 60 klpd distillery and 50 MW cogeneration plant.
ESCL also has a subsidiary Empee Power Company Limited, which
operates 20 MW cogeneration power plant at Naidupet.

In FY-2011, in first 12 months ESCL reported INR 304.98 Cr
Operating Income, INR 90.65 Cr Operating Profit before
depreciation and interest expenses and INR 14.56 Cr net profit.


EXICOM TELE-SYSTEMS: CRISIL Rates INR80MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Exicom Tele-Systems Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR80 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR200 Million Letter of      CRISIL A4 (Assigned)
    Credit & Bank Guarantee

The ratings reflect Exicom's small scale of operations in the
intensely competitive telecommunication (telecom) equipment
industry, large working capital requirements, and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by Exicom's moderate financial risk profile,
marked by a comfortable capital structure.

Outlook: Stable

CRISIL believes that Exicom's business risk profile will remain
weak over the medium term following the sharp decline in the
company's operating income over the past two years, with a
negative operating margin in 2010-11 (refers to financial year,
April 1 to March 31). Its business risk profile is expected to
remain under pressure because of subdued sales to key customers,
Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd.
Exicom's financial risk profile is expected to remain moderate,
marked by a comfortable capital structure. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
revenues and profitability, leading to better-than-projected
accruals. Conversely, the outlook may be revised to 'Negative' in
case of a slow increase in sales of new technological products,
leading to pressure on Exicom's cash accruals over the medium
term.

                      About Exicom Tele-Systems

Exicom, owned by the Nahata group, primarily assembles and markets
various telecom network equipment, mainly power and control
equipment such as switch mode power supplies (SMPS)-based direct
current power solutions and integrated telecom power units. Exicom
was originally set up in 1994 as Himachal Exicom Communication
Limited, a joint venture (JV) between Himachal Futurisitic
Communication Limited, wholly owned by Nahata group, and Exicom
Australia. Under the terms of the JV, Exicom Australia agreed to
offer technological expertise for production of telecom power
supplies and SMPS, while the manufacturing and marketing of the
products was to be executed by Exicom. In 1995, Exicom Australia
went into liquidation, and Exicom continued to operate on a
standalone basis for the manufacture of SMPS, telephones, and
telecom power supplies. In 2008, HECL was renamed as Exicom.
Currently, HFCL holds a 14.7 per cent stake in Exicom and the
remainder is owned by the companies controlled by the Nahata
family.


GLOBE TEXTILES: ICRA Assign '[ICRA]BB-' Rating to INR8.55cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR8.55 crore long-
term, fund based facilities of Globe Textiles (India) Private
Limited.  The outlook for the rating is stable. ICRA has also
assigned an '[ICRA]A4' rating to GTPL's INR1.50 crore short-term,
non-fund based facility.

The ratings are constrained by the modest size of the company's
operations and weak financial profile, as reflected by the modest
profitability margins. The ratings also reflect the high
competitive intensity of the industry resulting from the high
level of fragmentation as well as the vulnerability of
profitability and cash flows to the cyclicality in the textile
industry and to raw material price fluctuations.  The ratings
however favorably factor in the experience of the promoters in the
textile business; location advantage arising from the company's
proximity to raw material sources and processing units,
diversified sales in terms of customer base and geographies in
addition to the healthy revenue growth witnessed during the past
few years.

                      About Globe Textiles

Globe Textile (India) Private Limited was incorporated in 1995 and
is engaged in business of merchant manufacturing. GTPL purchases
grey cloth from the weavers located in Bhiwandi, Maharashtra; gets
it processed through fabric processing units based in Ahmedabad
and Surat; gets the embroidery and other value added work done and
sells the finished product, mainly in the overseas market. GTPL is
a closely held company with promoters and their family members
holding the entire 100% stake.

Recent Results

For the year FY 11, the company reported an operating income of
INR51.63 crore and profit after tax of INR0.55 crore.


IND BARATH: ICRA Revises Rating on INR38.98cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR38.98
crore term loans and INR7.0 crore Fund based limits of Ind Barath
Energies (Maharashtra) Limited from 'LC' to '[ICRA]D'.

The rating revision reflects the deterioration in operating and
financial profile of the company in FY2010 and YTD-FY2011 on
account of low PLF levels, which, combined with prior losses, have
resulted in pressures on liquidity as reflected in delays in loan
servicing.

The rating also reflects the below average operating profile of
the company arising out of constraints in the availability and
cost of its fuel namely biomass. This coupled with relatively high
debt funding of the project have resulted in high gearing and
moderate coverage indicators.

Going forward, company's performance will be contingent upon
higher utilization levels for the plant and ICRA expects
operations to remain under pressure because of fuel cost
pressures. Ability to source biomass at remunerative rates will be
the key. Given significant debt on the balance sheet, the
capitalization and coverage indicators will remain stretched in
medium term and group support will be key if there is decline in
profitability.

                          About Ind Barath

IBEML is an IPP promoted by the Ind Bharath group of companies.
The company has recently implemented a 20 MW biomass based power
plant in the Nanded district of Maharashtra at a cost of around
INR81.2 crore. The plant, which commenced commercial operations in
FY 2009 was shut down in between due to fire incidence in the
storage area. Subsequently plant has started its normal operation
in July 2009. It supplies its power to Maharashtra State
Electricity Distribution Co. Ltd under the terms of a PPA with it.
The tariff formula as per the PPA assures it a tariff of around
INR 4.98/unit with an escalation clause. The company proposes to
source its fuel (biomass)- mainly bagasse, wood and waste- from
farmers, sugar mills and factories in the vicinity.

The company reported a loss of INR11.34 crore on net sales of
INR22.89 crore in FY 2010 as against loss of INR10.84 crore over
net sales of INR3.25 crore in FY 2009.


MANGALORE CASHEW: ICRA Assigns '[ICRA]BB' Rating to INR1cr Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' to the INR1.00
crore term loan facilities and the INR10.00 crore fund based
facilities of Mangalore Cashew Industries.

The outlook on the long-term rating is stable. ICRA has also
assigned short-term rating of '[ICRA]A4' to the INR9.00 crore fund
based facilities of the firm. The ratings consider the experience
of the promoters in the cashew processing industry for more than
three decades and the firm's diversified customer base.

The ratings also consider the firm's small scale of operations
which is likely to restrict scale economies/financial flexibility
and its financial profile which is characterized by high gearing
and thin margins. While intense competition exists in the highly
fragmented industry structure, amidst little product
differentiation, restricts pricing flexibility, the revenues and
margins remain exposed to agro-climatic risks. The firm's
profitability remains at modest levels.

                    About Mangalore Cashew

Mangalore Cashew Industries, established in 1977, is primarily
engaged in conversion of raw cashew nuts into cashew kernels.
Floated by Late D Narayana Kamath as a sole proprietorship concern
at inception, the constitution was changed to that of a
partnership firm in 1984. The firm caters to customers in the
United Kingdom, the United States of America, Jordan, Egypt and
Germany, as well as the domestic market. MCI procures its raw
material through import as well as indigenous sources.

Recent Results

MCI reported net profit of INR0.9 crore on operating income of
INR52.7 crore during 2010-11 (according to unaudited results),
against net profit of INR0.6 crore on operating income of
INR52.8 crore during 2009-10.


MARUTI PACKAGERS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maruti Packagers Pvt
Ltd continue to reflect the benefits the business derives from the
experience of its promoters in the polymer trading business.  This
is partially offset by the below average financial risk profile of
the group marked by low net worth base and inadequate interest
coverage, and high working capital intensity.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL BB-/Stable (Reaffirmed)
   INR15 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Rateria Laminators Pvt Ltd, Hind
Polyfabs Pvt Ltd, and Jupax Vanichay Pvt Ltd.  This is because the
companies, collectively referred to as the Maruti group, are under
a common management, operate in similar lines of business, and
have operational and financial linkages.

Outlook: Stable

CRISIL believes that the Maruti group will continue to benefit
from promoters' experience in polymer trading industry. The
outlook may be revised to 'Positive' if the Maruti group scales up
its operations and if its operating margins improve significantly.
Conversely, the outlook may be revised to 'Negative' if the
group's revenues decline sharply, or if it undertakes major debt-
funded capital expenditure, further weakening its financial risk
profile.

Update

With consolidated revenue of around INR830 million, the group's
performance in 2010-11 has been in-line with CRISIL's expectation.
The group's revenue grew by around 15 per cent year on year partly
on the back of increase in average prices of High Density Poly-
ethylene (HDPE) and Polypropylene (PPE) and partly on the back of
increase in demand. The revenue is expected to manifest a moderate
growth over the medium term on the back of sustained growth of the
packaging industry, which is the group's main user industry. The
operating margin of the group continues to remain stable at about
4 per cent. The growth drivers and profitability are marginally
offset by the volatile prices and slowdown in economy that impacts
ultimate demand for the packaging industry's products. The group
had proposed a capital expenditure (capex) plan of INR185 million,
which was to be debt funded to the extent of INR110 million. The
promoters had infused fresh equity of INR53 million for the capex,
which the group has utilized towards civil construction for the
project. However, due to uncertain demand conditions, the
management has deferred the capex by over one year. On the back of
the equity infusion coupled with the deferment of the capex, the
gearing has improved marginally to around 1.3 as on March 31, 2011
from around 1.7 times as on March 31, 2010. The promoters of the
group continue to support the liquidity with timely equity
infusions, though the internal accruals of the group continue to
remain low. The group's dependence on the bank limits also
continue to remain high reflected in average utilization of over
90% over the past twelve months ending July 2011. The group does
not have any long term debt obligations and is expected to
contract long term debt only when it undertakes the capex.

                           About the Group

The Maruti group commenced operations around 1996, with one of its
companies Rateria being appointed as the consignee stockist of
GAIL (India) Ltd for eastern India. MPPL initially traded in
hessian cloth made of jute. In 1996, MPPL began dealing in plastic
granules, and gradually increased the share of plastic products
and exited from the jute business. HPPL manufactures high-density
polyethylene and polyphenylene ether bags with capacity of 100
tonnes per month. Jupax also trades in plastic granules.

MPPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR296 million for 2010-11 (refers to financial year,
April 1 to March 31) against a PAT of INR0.7 million on net sales
of INR334 million for 2009-10.


MOHAN CHARITABLE: CARE Rates INR55cr Bank Loan at 'CARE B'
----------------------------------------------------------
CARE assigns a 'CARE B' rating to the bank facilities of Mohan
Charitable Educational Trust.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      55.00     'CARE B' Assigned

Rating Rationale

The rating is constrained by implementation risk involved with the
setting up of the school within the estimated cost and time,
occupancy risk due to remote location and relatively high gearing
for the project. The rating is further constrained by high
competition from the existing schools operating in the vicinity
and regulatory risk for the education industry. However, the
rating takes into account the experienced members from the
educational industry on the advisory board of the trust and
achievement of financial closure for the debt.

Going forward, MCET's ability to complete the project within the
estimated time and cost and establish a brand name for itself
amidst competition and ensuring adequate student intake would be
the key rating consideration.

Mohan Charitable Educational Trust was incorporated in December
2009 by Mr. Dwarka Das Agarwal, Mr. Mohan Goel, Mrs. Ruchi Goel
and Mrs. Madhu Agarwal for the purpose of developing a senior
secondary school. The school is located at Noida, UP on a total
area of 4 acre.

MCET proposes to operate the school from the academic year
2012-2013 till class VII under both Central Board of Secondary
Education (CBSE) and International Baccalaureate (IB) curriculum.
The total cost of the project is estimated at INR79.3 crore funded
through debt-equity of 2.2:1.

MCET had incurred INR28 crore on the project as on July 25, 2011
funded through the term loan of INR10 crore and the rest through
the promoters' contribution.


OGENE SYSTEMS: Fitch Puts Rating on National Long Term at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned Ogene Systems India Private Limited a
National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.

The ratings reflect Ogene's limited track record of operations and
intense competition in India's active pharmaceutical Ingredient
(API) industry.  The ratings are however supported by the
company's strong pipeline of partly government-funded non-
infringing processes and other chemical products, as well as by
the proven technology acumen of its promoters.

Negative rating action may result if Ogene's financial leverage
(gross debt/EBITDA) is sustained at levels above 6.0x.
Conversely, positive rating action may result if its gross
debt/EBITDA is sustained at levels below 4.0x.

Hyderabad-based Ogene commenced operations in 2005.  It derives
most of its revenue from API production and is currently working
on 17 new non-infringing processes.  Ogene acquired Indian
Chemphar Limited's 125kl manufacturing plant in 2007 and upgraded
the same to a 200kl.  Due to a fire breakout in 2010, Ogene
operated only in Q4 of FY11 and reported revenue of
INR147.4 million (FY10: INR185.3 million), an operating EBITDA of
INR21.9 million (INR15.1 million), an EBITDA margin of 14.9%
(8.1%). Consequently, its debt/EBITDA was 22.8x in FY11 (FY10:
4.2x).

Ogene's facilities have also been assigned ratings as follows:

  -- INR144.2 million term loan: 'Fitch B+(ind)'
  -- INR106.8 million term loan: 'Fitch B+(ind)'
  -- INR75 million fund-based working capital limits: 'Fitch B+
     (ind)'/'Fitch A4(ind)'


RAMDEV CHEMICAL: CARE Assigns 'CARE BB+' Rating to INR5.46cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Ramdev Chemical Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     5.46       CARE BB+ Assigned

   Long-term/Short-term Bank    12.50       CARE BB+/CARE A4+
                Facilities                  Assigned

   Short-term Bank Facilities    2.00       CARE A4+ Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings are constrained on account of Ramdev Chemical
Industries' constitution as a partnership firm, modest scale of
its operations, susceptibility of its margins to the foreign
exchange fluctuation on the exports and volatility associated with
its raw material prices being mainly derivatives of the crude oil,
cost and time overrun in its ongoing expansion project and its
modest financial risk profile.

The ratings, however, favorably factor in the long-standing
experience of the promoters of over two decades in the
manufacturing and export of Copper Phthalo-Cyanine (CPC) pigments,
good clientele and favorable location by way of being present in
the chemical belt of India.

RCI's ability to successfully manage its raw material and foreign
exchange fluctuation apart from ensuring the completion of its
ongoing expansion project without any further time and cost
overruns would be the key rating sensitivities. Furthermore,
continuing its relationship with its key customers would also
remain crucial.

                            About Ramdev Chemical

Ankleshwar (Gujarat) based, RCI was constituted as a partnership
firm in 1991 by Mr. Suresh Bhingradiya and his other family
members with the objective of manufacturing and export of CPC
pigments that find application mainly in the printing inks. RCI's
product mix mainly includes pigments like CPC Blue, Beta and Alfa
Blue (15.3/ 15.4) as well as Activated Blue Crude and it has an
installed capacity to manufacture 2,400 MTPA of CPC Blue, 2,700
MTPA of Beta and Alfa Blue (15.3/15.4) pigments, and 120 MTPA of
Activated Blue Crude as on March 31, 2010. Apart from the
manufacturing of blue pigments, the firm also trades in the green
pigments. Exports comprise nearly 95% of its total income with its
major export destinations being the European countries such
as Belgium, UK, Sweden, Greece, etc and to certain African
countries.


SHARMANJI YARNS: Strong Revenue Cues Fitch to Affirm Low-B Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Sharmanji Yarns Private
Limited's National Long-Term rating at 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings reflect SYPL's strong revenue growth and EBITDA
margins in its third year of operations.  Revenue increased to
INR1,447.2 million in the financial year ended March 2011 (FY11)
from INR545.90 million in FY10, while EBITDA margins, though
declined due to high inventory costs, remained sound at 26.8% as
against 29.7% in FY10.

The ratings are also supported by SYPL's locational advantage as
its manufacturing facility is based out of Ludhiana (a textile hub
in Punjab) as well as by its technologically advanced machinery
and efficient raw material sourcing. In addition, the company's
limited track record in manufacturing yarn (since April 2008) is
compensated to some extent by management's long-standing
experience in yarn trading (since 1965).

The ratings are however constrained by SYPL's high working capital
requirements, the commoditized nature of yarn business -- low
scope for product differentiation -- and the intense competition
due to the fragmented nature of industry.  The company had a long
net cash conversion cycle of 204 days in FY11, funded mostly by
working capital debt.

The ratings are further constrained by the expected increase in
SYPL's net financial leverage (net debt/operating EBITDA) in the
short to medium term from 2.9x at FYE11 due to its planned
INR1,210.8 million capex to increase its spinning capacity to
59,376 spindles by end-2013 from 30,000 spindles.  It will be
funded by debt to equity in the ratio of 3:1.  Capex execution
risk is partly mitigated by successful and timely execution of
past projects.

Negative rating guidelines include any adverse movement in raw
material prices or sales realizations, causing deterioration in
margins and any unexpected debt-funded capex leading to an
increase in net financial leverage. Positive rating guidelines
include successful execution of capex plans leading to an increase
in revenue while maintaining profitability along with a decline in
net financial leverage.

Incorporated in 2002, SYPL manufactures 100% cotton yarns, blended
polyester and cotton yarns and 100% polyester yarns of counts
ranging from 20s to 30s.  In FY11, it reported EBITDA and a profit
after tax of INR387.7 million (FY10: INR162.3 million) and
INR153.5 million (INR51.6 million), respectively.

The following facilities of SYPL have also been affirmed:

  -- INR447.42 million long-term debt: 'Fitch BB(ind)'
  -- INR500 million fund-based working capital limits: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'
  -- INR27 million non-fund based working capital limits: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'


SHIVAM STEELS: ICRA Reaffirms '[ICRA]BB+' Rating on INR2.5Cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of the INR2.50 crore
(reduced from INR3.00 crore earlier) fund-based bank facilities of
Shivam Steels and Tubes Pvt Ltd at '[ICRA]BB+'.  The outlook on
the long-term rating is 'stable'.

ICRA has also reaffirmed the short-term rating of the INR12.50
crore non-fund based bank facilities (reduced from INR15.00 crore
earlier) and INR12.50 crore fund-based bank facilities of SSTPL at
'[ICRA]A4+'.  The INR12.50 crore fund-based facilities is a sub-
limit of the INR12.50 crore non-fund based facilities.

Rating Rationale

The ratings take into account the long experience of the promoters
of SSTPL in the steel tubes manufacturing business; and the
company's healthy return on capital employed. The ratings also
take into account the increase in value addition by the company
through backward integration, which strengthens the company's
operating profile and helps it maintain operating margins in spite
of an increase in pricing pressures from increased competition.
ICRA notes the reputed customer base of SSTPL which indicates
acceptable quality of SSTPL's products.

The ratings are, however, constrained by SSTPL's small scale of
current operations; high working capital intensity of the business
leading to tight liquidity conditions; high gearing levels on
account of high working capital borrowings; and the company's
significant exposure to price risks on account of a high inventory
level maintained. The ratings are also constrained by SSTPL's high
customer's concentration risks, with the top 10 customers
contributing about 63% to the operating income in 2010-11; and the
highly fragmented nature of the steel tubes industry which is
likely to maintain pricing pressures, adversely impacting the
profitability of players including SSTPL.

                        About Shivam Steels

Established in 1998, SSTPL is engaged in the manufacture of ERW
precision steel tubes with its manufacturing facility being
located at Shahapur in the Thane District of Maharashtra, having
an installed capacity of 18,000 MTPA. SSTPL recently installed a
cold rolling mill to convert HR coils into CR coils in-house as a
part of its backward integration initiative. SSTPL's products find
applications in the automobile and furniture industries.

Recent Results

As per the provisional results of 2010-11, SSTPL reported a profit
after tax (PAT) of INR2.46 crore on an operating income of
INR58.37 crore as compared to a PAT of INR1.32 crore on an
operating income of INR36.38 crore during 2009-10. In the period
between April 2011 to August 2011, SSTPL reported gross sales of
INR34.98 crore (provisional).


SREE VARIETY: ICRA Reassigns '[ICRA]C+' Rating to INR1.5cr Loan
---------------------------------------------------------------
ICRA has reassigned a long term rating of '[ICRA]C+' to the
INR1.50 crore Corporate Loan and INR10.00 crore Fund Based (Cash
Credit) Bank Limits of Sree Variety Marketing Solutions Private
Limited.

ICRA has also reassigned a short term rating of '[ICRA]A4' to the
INR1.50 crore Fund Based (Standby Line of Credit) and INR2 crore
Non-Fund Based (Bank Guarantee/Letter of Credit) Bank Limits of
SVM. The ratings are constrained by the company's stretched
liquidity position with consistently high fund based limit
utilization and as well as weak financial profile as indicated
adverse capital structure (gearing of 3.29 times as on March 31,
2010) and poor coverage indicators (OPBDIT/Interest of 1.67 times
in FY 2010).

The ratings are further constrained by the modest scale of
operations, thin profitability levels (operating margins of 1.9%
in FY 2010) inherent in the trading business and the high
competitive intensity in the industry given the low entry
barriers. The ratings, however, draw comfort from the established
position and long experience of the promoter group in the trading
industry, the company's diversified product portfolio, strong
distribution network with long standing relationships with
dealers. The rating also factors in the stable stream of revenue
from the franchisee business as well as the exclusive arrangements
for the distribution of BIPL and Tata GY products, having an
established market position, which alleviates the demand risk to
an extent.

Going forward, with the increase in scale of operations, the
company's ability to manage its liquidity position and ensure
timely debt servicing remains critical from a credit perspective.

                        About Sree Variety

Sree Variety Marketing Solution Private Limited is a closely held
private company based out of Hyderabad, Andhra Pradesh (AP),
engaged in trading of a variety of products. The company started
out as a partnership concern in April 1994 under the name of
Variety Marketing, however was converted into a private limited
company in the year 2010. SVM was promoted by Mr. K Sathya Reddy
along with Ms. K. Neeraja and Mr. Prabhakar Reddy.

SVM is head quartered in Hyderabad, AP; and has warehouses in
Hyderabad, Vijaywada, Kakinada and Yanam in AP. The company is a
part of the Hyderabad based Variety Group, which comprises of
entities held by the Reddy Family For the financial year ending
March 2010, VAPL reported an operating income of INR 33.47 crore
and a net profit of INR0.24 crore as compared to revenues of
INR18.92 crore and profit of INR0.16 crore in the previous year.


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


GK MLOX3: Fitch Lowers Rating on JPY4.28 Bil. Notes to 'CCsf'
-------------------------------------------------------------
Fitch Ratings has downgraded GK MLOX3 class D notes due June 2015
and affirmed the rest.  The transaction is a Japanese multi-
borrower type CMBS securitisation.  The rating actions are as
follows:

  -- JPY28.20bn Class A notes affirmed at 'A+sf''; Outlook Stable
  -- JPY5.60bn Class B notes affirmed at 'BBB-sf''; Outlook
     Stable
  -- JPY6.27bn Class C notes affirmed at 'Bsf''; Outlook Stable
  -- JPY4.28bn Class D notes downgraded to 'CCsf'' from 'CCCsf'';
     Recovery Rating of 'RR4'

The downgrade reflects the increased probability of principal loss
on class D notes as a result of Fitch's revaluation of the
collateral properties backing the underlying loans.  Fitch has
revised downwards the net cash flow estimates for seven out of 23
collateral properties, reflecting the current condition of
property lease markets and the collateral properties' recent
actual performance.

The affirmation of class A through C notes reflects likely further
partial redemption of the notes due to recent or expected
repayment of underlying loans in the near-term.  According to
recent servicer reports, one of the four remaining loans has been
repaid in full prior to its maturity date, and bulk sales of the
collateral properties are in progress following the default of
another underlying loan in August 2011.  Possible negative effects
of the pro rata waterfall structure on senior tranches were also
taken into account in Fitch's analysis.

Fitch assigned ratings to this transaction in September 2007.  The
transaction was initially a securitisation of five loans backed by
25 property trust beneficiary interests. It is currently backed by
three loans, which in turn are backed by 23 properties.


TOKYO ELECTRIC: Needs to Restart Reactor to Avoid Insolvency
------------------------------------------------------------
According to Bloomberg News, Japanese media reported that Tokyo
Electric Power Co. needs to restart nuclear reactors or raise
electricity prices to avoid insolvency from Fukushima compensation
costs of more than JPY4 trillion (US$52 billion).

Bloomberg relates that the Nikkei newspaper reported that a
government panel investigating the utility's finances made the
estimate after examining nine scenarios in the next decade based
on when reactors at the company's Kashiwazaki Kariwa plant in
Niigata prefecture come back online and how much electricity
prices are increased.

Kyodo News, without saying how it got the information, reported
that the same panel estimated the cost of compensation to those
affected by the Fukushima nuclear disaster will exceed
JPY4 trillion, Bloomberg says.

Bloomberg notes that no Japanese nuclear reactors have restarted
since the March 11 earthquake and tsunami caused three reactor
meltdowns at Tepco's Fukushima Dai-Ichi nuclear station.

According to Bloomberg, Yukio Edano, the head of the trade and
industrial ministry, which regulates the electricity industry,
said Sept. 16 that Tepco won't be allowed to raise electricity
rates without cost cuts acceptable to the investigation panel.

Kyodo, as cited by Bloomberg, said the compensation cost may be
bigger than the estimate after a separate panel under the science
and technology ministry decides on the costs Tepco should bear
from decontamination and voluntary evacuation.

Bloomberg relates that Kyodo said Tepco withdrew a plan to raise
electricity rates by as much as 15% after receiving criticism from
the panel members.  The utility overestimated costs used to
calculate tariffs for its customers for the decade since 1998,
Kazuhiko Shimokobe, a lawyer and the chairman of the committee
overseeing the company's finances, said.

The Nikkei reported that the Shimokobe committee will release its
report in early October, Bloomberg adds.

                            About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO).  The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3.  The ratings outlook is
negative.


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


CRAFAR FARMS: Receivers Reject Michael Fay-Led Bid for Crafar
-------------------------------------------------------------
BusinessDay reports that Crafar farms receivers Korda Mentha have
declined an underbid from a group of farmers led by Sir Michael
Fay.

Receiver Brendon Gibson said the accepted offer from Chinese
conglomerate Shanghai Pengxin was by far the best offer and
remained so, according to BusinessDay.

BusinessDay relates that Mr. Gibson said Mr. Fay group's
NZ$171.5 million offer was conditional, a collaboration of several
purchases and was at a price that continued to be unacceptable.

Pengxin's offer is conditional on getting Overseas Investment
Office consent, BusinessDay relates.

                  Fay's Bid Remains on the Table

Meanwhile, Grant Bradley at nzherald.co.nz reports that
Mr. Fay said his group's bid for the Crafar farms remains on the
table despite being rejected by the receivers.

"It was conditional and a collaboration of several companies and
was a price that we think was unacceptable, so no go on any of
those fronts," nzherald.co.nz quotes Mr. Fay as saying.

"The price is a very key factor. That's our job to get the very
best price and we've got an offer that we were happy with and
remain happy."

Mr. Fay said the receivers' decision was disappointing but not
surprising, according to nzherald.co.nz.

"We were always the back-up position but the current decision by
the receivers doesn't mean we are going away," Mr. Fay said.

The group comprised about 40% of iwi farming interests and all of
the farmers in the consortium already had dairy interests in the
central North Island.

Mr. Fay, as cited by nzherald.co.nz, said the group remained ready
to jump in if the office rejected the current Chinese contract.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on Sept. 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


HANOVER FINANCE: Judge Reserves Decision on Asset Freeze
--------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that a High Court judge
has reserved her decision on a bid from former Hanover Finance
director Mark Hotchin to have an order freezing some of his assets
lifted.

Justice Helen Winkelmann allowed journalists to sit in on the
Auckland hearing on Monday but banned reporting on the details of
what was discussed.

Journalists are permitted to report on Justice Winkelmann's
decision when it is released, nzherald.co.nz says.

Mr. Hotchin did not appear in person on Monday, nzherald.co.nz
adds.

The news agency recalls that the Financial Markets Authority --
formerly the Securities Commission -- froze Mr. Hotchin's assets
in December in an unprecedented display of power but has yet to
issue proceedings against him or indicate what any charges would
be.

FMA is investigating whether the registered prospectuses of
Hanover Finance, Hanover Capital and United Finance breached the
Securities Act when Mr. Hotchin was a director of all three,
according to nzherald.co.nz.

Some 16,000 investors have lost more than NZ$500 million in the
companies, nzherald.co.nz discloses.

According to the report, Justice Winkelmann dismissed an
application in May to overturn the freeze on some of Mr. Hotchin's
New Zealand assets and said the authority had "good grounds" to
investigate him for alleged breaches of the Securities Act.

The news agency says the asset preservation orders were put in
place to ensure that if any investors wished to take civil action
against Mr. Hotchin in the future, money would be available should
they win.

Although parts of Hotchin's assets are still frozen, Justice
Winkelmann has removed the freeze over household assets for use by
Hotchin's Australia-based family, nzherald.co.nz adds.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


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


AALBORG INDUSTRIES: Creditors' First Meetings Set for Oct. 7
------------------------------------------------------------
Aalborg Industries Water Treatment Pte Ltd, which is in
liquidation, will hold their first meeting for its creditors on
Oct. 7, 2011, at 3:00 p.m., at 20 Cecil Street, #12-02 Equity
Plaza, Singapore 049705.

Agenda of the meeting include:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      company;

   b. to appoint a Committee of Inspection if deemed necessary;
      and

   c. discuss other business.

The company's liquidator is:

         Don M Ho, FCPA
         C/o Don Ho & Associates, Public Accountants
         & Certified Public Accountants,
         Corporate Advisory & Recoveries
         20 Cecil Street, #12-02
         Equity Plaza
         Singapore 049705


ADICON INTERIOR: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 16, 2011, to
wind up Adicon Interior Pte Ltd's operations.

Ong Soon Lian as the sole executrix of the Estate of Chong Chee
Chiat, deceased filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


AP COMMUNICATIONS: Court to Hear Wind-Up Petition on Oct. 14
------------------------------------------------------------
A petition to wind up the operations of AP Communications Pte Ltd
will be heard before the High Court of Singapore on Oct. 14, 2011,
at 10:00 a.m.

M.Tech Products Pte Ltd filed the petition against the company on
Sept. 20, 2011.

The Petitioner's solicitors are:

          Legal21 LLC
          4 Robinson Road, #10-01,
          Singapore 048543


J&U HOLDINGS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Aug. 12, 2011, to
wind up J&U Holdings Pte Ltd's operations.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


LASCOD ASIA: Creditors' Proofs of Debt Due Oct. 25
--------------------------------------------------
Creditors of Lascod Asia Pte Ltd, 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's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


===========
T A I W A N
===========


CATHAY DUN: Fitch Affirms 'BB' Rating on Class C Certificate
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Cathay Dun Nan Commercial
Building Real Estate Asset Trust beneficiary certificates to
Stable from Negative as follows:

  -- TWD1,101.5m Class A affirmed at 'AAAsf(twn)'; Outlook revised
     to Stable from Negative

  -- TWD285m Class B affirmed at 'Asf(twn)'; Outlook revised to
     Stable from Negative

  -- TWD310m Class C affirmed at 'BBsf(twn)'; Outlook revised to
     Stable from Negative

The Outlook change follows the successful auction of the entrusted
property on Sept. 15, 2011, with Cathay Life Insurance (Cathay
Life) winning the bid at TWD8,566.66 million (or TWD 8,673.74
million with additional property value-added business tax).
Cathay Life is the subordinated beneficiary certificates holder of
this transaction, and hence this property sale is a related party
transaction.  An investor meeting will be arranged in early
November 2011 to authorize and confirm the sale.  The purchase
price from Cathay Life is expected to be fully paid before the
next payment date in December 2011 in five instalments.  The
trustee has received the 20% of the purchase price (i.e.
TWD1,734.7 million) from the first two instalments.

"The sale price of the entrusted property is five times the
aggregate of current outstanding balance of class A, B and C
beneficiary certificates.  Based on the payment schedule provided
by the trustee, Fitch expects this securitization transaction to
be paid in full before the end of this year," says April Chen,
Associate Director in Fitch's Structured Finance team.

In the unlikely event that the sale falls through or is delayed,
the transaction's debt servicing capability remains adequate, with
estimated debt service coverage ratio at 3.15x, 2.48x and 1.96x
for class A, B and C respectively on the next payment date.  This
is despite Fitch cash flow analysis showing an expected fall in
the occupancy rate of the property in H211.  According to the
latest tenancy information as at 15 September 2011 provided by the
property manager, Cathay Real Estate Management, Fitch expects the
occupancy rate in H211 will further decrease to 60.7% from 73.0%
in May 2011.

The legal final maturity date is 25 December 2013.  The
beneficiary certificates are backed by cash flows generated by the
entrusted property, as well as by the land and property value.


===============
T H A I L A N D
===============


PICNIC CORP: Thai Court Backs Plan to Settle with Asset Million
---------------------------------------------------------------
Bangkok Post reports that the Central Bankruptcy Court ruled on
Sept. 22, 2011, in favor of a proposal by the rehabilitation
planner of Picnic Corp to settle a case with Asset Million Co
involving 7.99 million shares of World Gas.

According to the report, the court said that if the deal is
concluded, Picnic will benefit as it will obtain cash to use as
working capital and revive its faltering cooking gas business.

Bangkok Post relates that the court also noted that Picnic itself
had failed to exercise rights to buy back World Gas shares from
AMC within 180 days after a repayment deadline for an earlier loan
backed by the shares.

The court, says Bangkok Post, also dismissed petitions filed by
creditors to reconsider Picnic's request. It said their claim that
the World Gas shares could be sold for THB1.2 billion more than
the THB799 million proposed by the planner was not relevant to the
case, Bangkok Post adds.

Bangkok Post discloses that World Gas was also once wholly owned
by Picnic but was later transferred to AMC, a company set up by
Picnic before it entered debt restructuring.  AMC was later
acquired by another group of investors.

According to the report, the dispute over the World Gas shares
arose after Picnic borrowed THB200 million from AMC, using World
Gas shares worth THB800 million as security.  Picnic failed to
repay the debt, prompting AMC to claim ownership of the shares,
the report relays.

Early this month, Bangkok Post recalls, the planner asked the
court to allow it to buy back the World Gas shares at par value
for THB799 million, on condition that it would then sell them to a
third party, World Siam Group.

The planner would repay a THB200-million debt to AMC and give
World Siam Group seven months to pay for the World Gas shares,
Bangkok Post notes.

But the proposal prompted investors led by Wichai Thongtang and
creditors to file a petition with the court against the planner's
request, saying the deal did not have the creditors' consent,
according to the Bangkok Post.

Mr. Wichai is a part of a group assembled by property tycoon Pimol
Srivikorn, which reached a deal with creditors to acquire 85% of
Picnic, but later failed to pay THB1.7 billion for new shares by
the September 1 deadline.  The creditors' steering committee has
agreed to wait for the group's payment.

Meanwhile, Bangkok Post reports that another case is pending
involving a group led by Wimolrat Kuldiloke, the wife of Pol Lt
Gen Chatt Kuldiloke, a deputy transport minister.

Bangkok Post relates that Ms. Wimolrat's group also claims
ownership of Asset Million, and will file a petition with the
upper court to seek an order to stop the deal, as she believes it
will depress the asset value of AMC.

                           About Picnic

Picnic Corporation Public Company Limited is a Thailand-based
company engaged in the distribution of liquefied petroleum gas
(LPG) under the name Picnic Gas.  It also provides installation
services for electrical systems, water supplies and air
conditioners.

Picnic Corp entered into court-supervised restructuring in
December 2009.

Picnic's last reported result was a loss of THB946.3 million for
the first half of 2009.  Its LPG market share has fallen by half
to just 4 to 5% in recent years.

According to Bangkok Post, the company has been the subject of
numerous investigations since 2004.  The SEC accused Picnic and
members of the Lapvisuthisin family of accounting fraud in 2005,
but the case was dismissed in 2007 for lack of evidence.
Regulators filed a new complaint in 2009 against Suriya
Lapvisuthisin, a deputy commerce minister in the Thaksin
government, for colluding to defraud Picnic in the transfer of
holdings in World Gas to another company prior to entering
rehabilitation.


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


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


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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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.

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