TCRAP_Public/110929.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 29, 2011, Vol. 14, No. 193

                            Headlines



A U S T R A L I A

FUNTASTIC LIMITED: Incurs AUD39MM Loss Due to Retail Sales Slump
SONRAY CAPITAL: Founder Faces 24 Criminal Charges


C H I N A

CHINA GREEN: Posts US$43,100 Net Loss in Second Quarter
SHENGDATECH INC: Hires Skadden as Special Counsel


H O N G  K O N G

A TEAM: Court Enters Wind-Up Order
ALFAA ORGANISATION: Court Enters Wind-Up Order
AMCOR LIMITED: Court Enters Wind-Up Order
ATHENA JEWELLERY: Court Enters Wind-Up Order
CHINA FEI: Court Enters Wind-Up Order

CHINA HOUSE: Court Enters Wind-Up Order
CHINA FURNITURE: Court Enters Wind-Up Order
CHINA TENG: Court Enters Wind-Up Order
ECLAT HOLDINGS: Court Enters Wind-Up Order
ETC ENVIRONMENTAL: Kong and Lo Appointed as Liquidators

FUNG'S INTERNATIONAL: Osman Mohammed Arab Appointed as Liquidator
GENWELL TRADING: Court to Hear Wind-Up Petition on Nov. 9
GOLDEN SINO: Court Enters Wind-Up Order
GOOD SUCCESS: Creditors Get 42.6217% Recovery on Claims
GROUP POWER: Court Enters Wind-Up Order

LEHMAN BROTHERS: Inks Plan Voting Deals With HK Units, Others
QWARUBA LIMITED: Wong Sun Keung Steps Down as Liquidator
ROTARY CENTENNIAL: Members' Final Meeting Set for Oct. 25
SHANGHAI-HONGKONG CULTURAL: Members' Final Meeting Set for Oct. 23
SOEN TAK: Members' Final Meeting Set for Oct. 17

TRI RUSS: Creditors' Proofs of Debt Due Oct. 14
WELL FIT: Members' and Creditors Meetings Set for Oct. 4


I N D I A

AARTI INFRA-PROJECTS: CRISIL Rates INR6.3MM LT Loan at 'CRISIL B'
A B CHEM: CRISIL Assigns 'CRISIL BB' Rating to INR8.6MM Term Loan
A B COTSPIN: CRISIL Assigns 'CRISIL B+' Rating to INR330MM Loan
ADHUNIK CEMENT: Fitch Affirms Rating on INR3,617MM Loan at 'BB-'
AMIYA COMMERCE: CRISIL Rates INR150MM Cash Credit at 'CRISIL BB+'

ANKUR CHEMFOOD: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
ARENA LIFESTYLE: Robust Sales Cue Fitch to Place Low-B Ratings
DADU PIPES: Fitch Places Rating on Nat'l Long Term at 'BB-'
G H CROP: CRISIL Assigns 'CRISIL BB' Rating to INR20MM Loan
HANSA METALLICS: Fitch Holds Rating on Nat'l Long Term at 'BB'

KALPANA FORGINGS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
NARMADA AGRO: CRISIL Assigns 'CRISIL B+' Rating to INR35MM Loan
P.B.L. TRANSPORT: CRISIL Places CRISIL BB+ Rating on INR55MM Loan
PCH TELECOM: CRISIL Rates INR299.9MM Cash Credit at 'CRISIL BB'
PREMIER COTSPIN: CRISIL Puts 'CRISIL B+' Rating on INR97.2MM Loan

PREMIER ENTERPRISES: CRISIL Rates INR50MM Loan at 'CRISIL BB-'
PRESS MACH: CRISIL Reaffirms 'CRISIL BB-' Rating on INR15MM Loan
RITESH EXPORT: CRISIL Reaffirms 'CRISIL BB+' INR412MM Loan Rating
RMBAY: CRISIL Assigns 'CRISIL B+' Rating to INR27.9MM Bank Loan
SAI CONSTRUCTION: Stable Income Cues Fitch to Put Low-B Rating

SAINSONS PULP: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
SRI VENKATESWARA: CRISIL Puts 'CRISIL BB-' Rating on INR35MM Loan
SRIVALLI SHIPPING: CRISIL Puts 'CRISIL D' Rating on INR33.8MM Loan
STYLISH PRECAST: CRISIL Rates INR90MM Term Loan at 'CRISIL B-'
SURYA HEALTHCARE: CRISIL Puts 'CRISIL B+' Rating on INR488MM Loan

SWASTI POWER: CRISIL Cuts Rating on INR2.5MM Loan to 'CRISIL D'
VANSH NIMAY: CRISIL Rates INR162.1MM Term Loan at 'CRISIL BB-'


J A P A N

EIRLES TWO: S&P Raises Rating on Credit Default Swap to 'B+'
TOKYO ELECTRIC: Panel to Urge 7,400 Job Cuts at Tepco


M A L A Y S I A

LINEAR CORP: Court Grants 90-Day Extension of Restraining Order
SWEE JOO: Delisted from Bursa Malaysia Securities
SYARIKAT KAYU: Bursa to Delist Securities on September 30
VTI VINTAGE: Restraining Order Extended Until November 18


N E W  Z E A L A N D

AMI INSURANCE: Breaches Central Bank's Solvency Standard
CANTERBURY LEATHER: Blames Job Cuts on High New Zealand Dollar
CRAFAR FARM: Landcorp Confirms Talk With Shanghai Pengxin
NATHANS FINANCE: Two Jailed Former Directors Appeal Sentences
WINDFLOW TECHNOLOGY: Shareholder Offers to Make Private Placement


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Rates $1-Bil. MTN Programme at 'BB-'


T H A I L A N D

TRUE MOVE: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable




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FUNTASTIC LIMITED: Incurs AUD39MM Loss Due to Retail Sales Slump
----------------------------------------------------------------
The Sydney Morning Herald reports that Funtastic Limited said it
had compounded a poor retail performance with "its own issues"
leading to a AUD39 million loss for the year ending July 31.

The announcement came less than two years after Funtastic
restructured and promised a return to profitability after a series
of major losses, SMH relates.

According to the report, investors caught in the crunch since
those promising days include Lachlan Murdoch, who acquired a
14% stake in late 2008 through a private investment vehicle.

SMH notes that further details of the result will be available
later this week when the company releases its annual financial
report, which Funtastic said "will provide additional detail with
regards to the group's performance and its outlook."

The company, says SMH, is expected to report up to AUD17 million
in write-downs and restructuring costs relating to the poor
operating performance it warned of in a May profit downgrade.

Funtastic's shares have plunged more than 65% since that
downgrade, having last traded at 4.8 cents, according to the
report.

According to SMH, the company's announcement on September 27
highlighted company-specific woes that led to Funtastic taking a
AUD17 million hit on "other material items."

The company said this included a key retailer dumping Funtastic's
secondary brands in order to concentrate on direct imports of its
own brand, SMH relates.

SMH notes that Funtastic also reported a "significant decline" in
the sale of its streetboards and a weakening in the home
entertainment business of Madman, its subsidiary.

Excluding one-off items, Funtastic expects to report between
AUD3 million and AUD4 million in earnings before interest, tax,
depreciation and amortisation for the year, SMH reports.

Looking ahead, the report notes, the company said restructuring
costs of AUD4 million to AUD5 million are expected to yield
AUD9 million in reduced costs annually.

Funtastic also announced September 27 that it had secured an
extension of its financing arrangements with National Australia
Bank until August 2013 with financial covenants that preclude the
payment of dividends before that date, SMH adds.

                     About Funtastic Limited

Funtastic Limited (ASX:FUN) -- http://www.funtastic.com.au/-- is
a wholesaler and distributor operating in Australia.  It operates
in four segments: Toys and Lifestyle Merchandise, International,
Entertainment and Other. The Toys and Lifestyle Merchandise
segment distributes licensed toys, sporting equipment, nursery
equipment and confectionary. The International segment designs and
sources product offerings for worldwide distribution.  The
Entertainment segment distributes licensed digital versatile disc
(DVD) and merchandise. The Other reportable segment incorporates
all other trading operations.


SONRAY CAPITAL: Founder Faces 24 Criminal Charges
-------------------------------------------------
The founder and sole director of Sonray Capital Markets Pty Ltd.,
Russell Andrew Johnson, has appeared in the Melbourne Magistrates
Court after his arrest on 24 criminal charges following an
Australian Securities and Investments Commission investigation.

Mr. Johnson, of Toorak, Victoria, is charged with:

   * two charges of conspiracy to commit theft to the value of
     AUD5,780,000;

   * two charges of conspiracy to engage in false accounting;

   * one charge of conspiracy to obtain financial advantage by
     deception;

   * 17 charges of theft to the value of AUD742,641; and

   * two charges of submitting a false document to ASIC.

Mr. Johnson faces a maximum of ten years' imprisonment on each of
the state offences if convicted.

He was granted bail on the condition he surrender his passport and
not attend any international point of departure. Other bail
conditions included that Mr. Johnson not apply for any other
passport, advise ASIC of any change to his residential address and
that he does not contact any of the prosecution witnesses.

The matter returns to the Melbourne Magistrates Court on Dec. 15,
2011.

                        About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

On June 22, 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

On Oct. 27, 2010, the creditors of Sonray Capital Markets voted to
wind up the failed business, allowing the administrators to start
a mediation process.

Ferrier Hodgson said as at June 22, 2010, Sonray had gross client
positions of AUD76.85 million; gross client holdings in either
cash/equities held by counterparties of AUD$30.15 million; a
shortfall of AUD46.70 million; approximately 3,500 clients; and
54 employees.


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CHINA GREEN: Posts US$43,100 Net Loss in Second Quarter
-------------------------------------------------------
China Green Creative, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of US$43,135 on US$406,918 of
revenues for the three months ended June 30, 2011, compared with a
net loss of US$118,263 on US$270,670 of revenues for the same
period of 2010.

For the six months ended June 30, 2011, the Company had net income
of US$69,262 on US$1.1 million of revenues, compared with a net
loss of US$786,205 on US$572,068 of revenues for the same period
last year.

The Company's balance sheet at June 30, 2011, showed US$5.3
million in total assets, US$7.4 million in total liabilities, and
a stockholders' deficit of US$2.1 million.

Madsen & Associates CPA's, Inc., in Salt Lake City, says China
Green Creative, Inc., does not have the necessary working capital
to service its debt and for its planned activity, which raises
substantial doubt about the Company's ability to continue as a
going concern.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/7JbAxy

Shenzhen, China-based China Green Creative, Inc., a Nevada
Corporation, was incorporated on Aug. 17, 2006, under the name of
Glance, Inc.  On Jan. 21, 2009, the Company changed its name to
China Green Creative, Inc.  CGC and its subsidiaries are
principally engaged in the distribution of consumer goods in the
People's Republic of China.


SHENGDATECH INC: Hires Skadden as Special Counsel
-------------------------------------------------
ShengdaTech, Inc. seeks permission from the U.S. Bankruptcy Court
District of Nevada to employ Skadden, Arps, Slate, Meagher & Flom
LLP, as special counsel to the Debtor, acting through the special
committee of the Board of Directors of the Debtor, nunc pro tunc
to August 19, 2011.

Skadden will render services, including:

(a) continuing to advise the Special Committee in connection with
    the internal investigation into financial statement
    irregularities raised by the outside auditors for the Company;

(b) representing the Special Committee in connection with the
    Chapter 11 case and various matters arising thereunder;
    including advising the Special Committee in its review and
    prosecution of matters requiring the Special Committee's
    approval or otherwise affecting the Special Committee's
    fulfillment of its duties; and

(c) preparing on behalf of the Special Committee all motions,
    applications, answers, orders, reports and papers necessary in
    their role in the chapter 11 case.

The firm's rates are:

   Personnel                                 Rates
   ---------                                 -----
Partners and of Counsel                     US$795 - US$1,095
Counsel/Special Counsel                     US$770 - US$860
Associates
Level
7                                           US$710
6                                            680
5                                            660
4                                            595
3                                            550
2                                            495
1                                            365
Legal Assistants                            US$195 - US$295

John K. Lyons, Esq., member at Skadden, attest that the partners,
counsel and associates of Skadden do not hold or represent any
interest adverse to the Debtor, its creditors, any other party-in-
interest in this bankruptcy case, their respective attorneys and
investment advisors, the United States Trustee, or any person
employed therein, with respect to the matters on which Skadden 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.  On Aug. 23, 2011, the Court entered an
interim order confirming 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
================


A TEAM: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of A Team Production Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


ALFAA ORGANISATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2011, to
wind up the operations of Alfaa Organisation Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


AMCOR LIMITED: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Amcor Limited.

The official receiver is Teresa S W Wong.


ATHENA JEWELLERY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 10, 2011, to
wind up the operations of Athena Jewellery Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


CHINA FEI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of China Fei Teng Educational Foundation
Limited.

The company's liquidator is:

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


CHINA HOUSE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 14, 2011, to
wind up the operations of China House Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


CHINA FURNITURE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Sept. 6, 2011, to
wind up the operations of China Furniture City Limited.

The official receiver is Teresa S W Wong.


CHINA TENG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of China Teng Fei Foundation Limited.

The company's liquidator is:

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


ECLAT HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2011, to
wind up the operations of Eclat Holdings (H.K.) Limited.

The official receiver is Teresa S W Wong.


ETC ENVIRONMENTAL: Kong and Lo Appointed as Liquidators
-------------------------------------------------------
Kong Chi How Johnson and Lo Siu Ki on June 27, 2011, were
appointed as liquidators of ETC Environmental Technology Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Lo Siu Ki
         25/F, Wing On Centre 111
         Connaught Road
         Central, Hong Kong


FUNG'S INTERNATIONAL: Osman Mohammed Arab Appointed as Liquidator
-----------------------------------------------------------------
Osman Mohammed Arab on Sept. 1, 2011, was appointed as liquidator
of Fung's International Company Limited.

The liquidator may be reached at:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


GENWELL TRADING: Court to Hear Wind-Up Petition on Nov. 9
---------------------------------------------------------
A petition to wind up the operations of Genwell Trading Limited
will be heard before the High Court of Hong Kong on Nov. 9, 2011,
at 9:30 a.m.

The Petitioner's solicitors are:

          Fung & Fung
          17th Floor, Righteous Centre
          585 Nathan Road
          Kowloon, Hong Kong


GOLDEN SINO: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of Golden Sino International Finance
Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


GOOD SUCCESS: Creditors Get 42.6217% Recovery on Claims
-------------------------------------------------------
Good Success Catering Group Limited, which is in compulsory
liquidation, will declare the first and final dividend to its
creditors on or after Oct. 14, 2011.

The company will pay 42.6217% for preferential claims.

The company's liquidator is:

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


GROUP POWER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 8, 2011, to
wind up the operations of Group Power Corporation Limited.

The company's liquidators are:

         Yiu Cho Yan
         Jacqueline Lai
         Room 1702, 17/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


LEHMAN BROTHERS: Inks Plan Voting Deals With HK Units, Others
-------------------------------------------------------------
Lehman Brothers Holdings Inc. entered into an agreement which
calls for the reclassification of claims of Hong Kong-based
Lehman units for purposes of voting on its proposed Chapter 11
plan.  The Hong Kong-based Lehman units hold more than 200
secured claims against LBHI and its affiliated debtors.  They
previously agreed to vote their claims to accept the proposed
plan pursuant to a July 31 settlement they reached with LBHI.

Pursuant to the agreement dated September 21, 2011, the claims
will be reclassified to the unsecured class and will be
provisionally allowed for purposes of voting on the plan.

A full-text copy of the agreement is available without charge at
http://bankrupt.com/misc/LBHI_StipHKLehmanVoting.pdf

The Hong Kong-based Lehman units are Lehman Brothers Asia
Holdings Ltd., Lehman Brothers Asia Ltd., Lehman Brothers Futures
Asia Ltd., Lehman Brothers Securities Asia Ltd., LBQ Hong Kong
Funding Ltd., Lehman Brothers Nominees (H.K.) Ltd., Lehman
Brothers Asia Capital Company, Lehman Brothers Commercial
Corporation Asia Ltd., and Lehman Brothers Equity Finance
(Cayman) Ltd.

LBHI also entered into a deal with Danske Bank A/S London Branch
and with a group of claimants composed by former Lehman
employees.

The agreement between the company and Danske Bank requires them
to follow a timetable for filing motions for temporary allowance
of claims, and for serving objections to claims to determine the
creditors qualified to vote on the plan.  A copy of the agreement
is available without charge at:

  http://bankrupt.com/misc/LBHI_StipDanskeVoting.pdf

LBHI's agreement with former employees calls for the provisional
allowance of their claims for purposes of voting on the plan.
The employees are represented by California-based law firm,
Wendel Rosen Black & Dean LLP.

All the agreements are subject to approval by the U.S. Bankruptcy
Court for the Southern District of New York.

In a related development, Judge James Peck approved an agreement
between LBHI and Mizuho Corporate Bank Ltd., which requires the
company to send an individual ballot to each lender identified by
the bank.

Mizuho is lead arranger and agent in a seven-year credit
agreement for JPY35 billion LBHI entered into in May 2007.

                    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.

Judge James Peck  on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's $65
billion liquidation plan.  The proposed plan would enable LBHI and
its affiliated debtors to pay an estimated $65 billion to their
creditors.  Voting on the Plan ends on Nov. 4, 2011.  A hearing to
consider confirmation of the Plan is set for Dec. 6, 2011.

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)


QWARUBA LIMITED: Wong Sun Keung Steps Down as Liquidator
--------------------------------------------------------
Wong Sun Keung stepped down as liquidator of Qwaruba Limited on
Sept. 16, 2011.


ROTARY CENTENNIAL: Members' Final Meeting Set for Oct. 25
---------------------------------------------------------
Members of Rotary Centennial Institute for Wetland Conservation
(Districk 3450 Area 5) Limited will hold their final general
meeting on Oct. 25, 2011, at 11:00 a.m., at Room 628-633, Beverley
Commercial Centre, at 87-105 Chatham Road, Tsimshatsui, Kowloon,
in Hong Kong.

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


SHANGHAI-HONGKONG CULTURAL: Members' Final Meeting Set for Oct. 23
------------------------------------------------------------------
Members of Shanghai-Hongkong Cultural Exchange Fund Association
Limited will hold their final meeting on Oct. 23, 2011, at 10:00
a.m., at Room 605, 6/F, Tai Yip Building, at 141 Thomson Road,
Wanchai, in Hong Kong.

At the meeting, Ma Yat Shuen, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SOEN TAK: Members' Final Meeting Set for Oct. 17
------------------------------------------------
Members of Soen Tak Securities Company Limited will hold their
final meeting on Oct. 17, 2011, at 10:00 a.m., at Room 403, 4/F.,
Wing On House, at 71 Des Voeux Road Central, in Hong Kong.

At the meeting, Chan Chun Shing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TRI RUSS: Creditors' Proofs of Debt Due Oct. 14
-----------------------------------------------
Creditors of Tri Russ International (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 14, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


WELL FIT: Members' and Creditors Meetings Set for Oct. 4
--------------------------------------------------------
Members and creditors of Well Fit Intimate Design & Manufacturing
Limited will hold their annual meetings on Oct. 4, 2011, at 5:00
p.m., at the offices of FTI Consulting (Hong Kong) Limited, Level
22, The Center, at 99 Queen's Road Central, Central, in Hong Kong.

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


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AARTI INFRA-PROJECTS: CRISIL Rates INR6.3MM LT Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aarti Infra-Projects Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR6.3 Million Long-Term Loan     CRISIL B/Stable (Assigned)
   INR43.7 Million Proposed LT       CRISIL B/Stable (Assigned)
            Bank Loan Facility
   INR200 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations in an
intensely competitive construction industry and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of the AIPPL's promoters in the civil
construction industry.

Outlook: Stable

CRISIL believes that AIPPL will continue to benefit over the
medium term from its established market position and its
promoters' experience in the civil construction industry. The
outlook may be revised to 'Positive' in case AIPPL reports more-
than-expected increase in its revenues and improvement in it net
cash accruals and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of elongation in AIPPL's
working capital cycle or deterioration in the company's capital
structure because of debt-funded capital expenditure.

                     About Aarti Infra-Projects

Incorporated in 2006 by the Nagpur (Maharashtra)-based Mandhana
family, AIPPL undertakes works, such as design, fabrication,
erection, and commissioning, for irrigation and hydro-power
projects; it is also engaged in fabrication and installation of
balancing equipment for thermal projects. The company has also
recently begun erecting power transmission towers. AIPPL's overall
operations are handled by Mr. K S Mandhana.

AIPPL reported a profit after tax (PAT) of INR15.2 million on net
sales of INR561.2 million (provisional figures) for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR13 million on net sales of INR436.9 million for 2009-10.


A B CHEM: CRISIL Assigns 'CRISIL BB' Rating to INR8.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of A B Chem (India), part of GHG.

   Facilities                        Ratings
   ----------                        -------
   INR8.6 Million Term Loan          CRISIL BB/Stable (Assigned)
   INR25 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR16.4 Million Proposed LT       CRISIL BB/Stable (Assigned)
            Bank Loan Facility
   INR100 Mil. Letter of Credit      CRISIL A4+ (Assigned)
   INR200 Million Proposed Short-    CRISIL A4+ (Assigned)
          Term Bank Loan Facility

The ratings reflect GHG's moderate financial risk profile, marked
by a moderate gearing and healthy debt protection metrics, and the
benefits that the group derives from its promoters' extensive
experience in the crude palm oil trading business and its above-
average operating efficiency. These rating strengths are partially
offset by GHG's small scale of operations, exposure to risks
related to fluctuations in foreign exchange rates, high capital
withdrawals, and exposure to group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ABCI and G H Crop Science Pvt Ltd,
together referred to as GHG, herein. This is because both the
entities are under a common management and are in the same line of
business. Furthermore, these entities have significant operational
linkages with each other.

Outlook: Stable

CRISIL believes that GHG will continue to benefit from its
promoters' extensive experience in the crude palm oil trading
industry and will maintain its moderate financial risk profile,
supported by lack of any major debt funded capital expenditure,
over the medium term. The outlook may be revised to 'Positive' in
case GHG significantly scales up its operations, along with
efficient working capital management, leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case the group's capital structure deteriorates,
resulting from higher-than-expected capital withdrawals or
increase in investments in group entities, or larger-than-expected
working capital requirements.

                           About the Group

Set up in 2008, ABCI manufactures pesticides and trades in crude
palm oil. ABCI's pesticides manufacturing unit, located at Jammu,
has capacity of about 6500 tonnes per annum. ABCI directly sells
pesticides to customers as well as sells them through the
marketing network of its group company, GHC. ABCI's trading
business comprises importing of crude palm oil from South East
Asian countries and selling them in the domestic market on high
seas basis.

Incorporated in 2009, GHC undertakes marketing of ABCI's
pesticides and also trades in crude palm oil. GHC has a pesticides
dealership network of about 200 dealers, spanning across Punjab,
Haryana, Uttar Pradesh, and Uttarakhand.

GHG's profit after tax (PAT) is estimated at INR98.5 million on
net sales of INR769.3 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR37.5 million on
net sales of INR385.8 million for 2009-10.


A B COTSPIN: CRISIL Assigns 'CRISIL B+' Rating to INR330MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable/CRISIL A4' ratings to the
bank facilities of AB Cotspin India Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR330 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR10 Million Proposed LT       CRISIL B+/Stable (Assigned)
          Bank Loan Facility
   INR10 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect ABCIL's exposure to high project
implementation and regulatory risks, and weak financial risk
profile marked by high project gearing. These rating weaknesses
are partially offset by the benefits that ABCIL derives from the
location of its manufacturing facility and the funding support
that it receives from its promoters.

Outlook: Stable

CRISIL believes that ABCIL will remain exposed to high project
implementation risk. The outlook may be revised to 'Positive' in
case of timely completion of the project within the budgeted cost,
and significant ramp up in revenues and cash accruals. Conversely,
the outlook may be revised to 'Negative' in case there is time or
cost overrun in implementation of the project or the company faces
delays in ramping up its revenues and cash accruals.

                         About AB Cotspin

ABCIL is currently setting up a cotton ginning and spinning unit
with 18,000 spindles in Bhatinda (Punjab). Work on the unit
commenced in 2010 and commercial production at the same is
scheduled to begin from March 2012. The total project cost of
INR528 million is being funded by a term loan of INR330 million
and promoter contribution for the rest.


ADHUNIK CEMENT: Fitch Affirms Rating on INR3,617MM Loan at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Cement Limited's
National Long-Term rating at 'Fitch BB-(ind)'.  The Outlook is
Stable.  Fitch has also affirmed ACL's bank loan ratings as
follows;

  -- INR3,618.5 million long-term loans : 'Fitch BB-(ind)'
  -- INR765 million fund-based limits (enhanced from INR760m):
     'Fitch BB-(ind)'
  -- INR160 million non-fund based limits (enhanced from INR100m):
     'Fitch A4+(ind)'


AMIYA COMMERCE: CRISIL Rates INR150MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Amiya Commerce & Construction Company Pvt
Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR100 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the company's sound revenue visibility, backed
by a healthy order book and an established track record in the
construction industry, and an above-average financial risk
profile. These rating strengths are partially offset by Amiya's
working-capital-intensive operations.

Outlook: Stable

CRISIL believes that Amiya will maintain its stable business risk
profile marked by its promoters' experience in the industry and a
healthy order book. The outlook may be revised to 'Positive' in
case of higher-than-expected increase in the revenue and
profitability, or improvement in the net worth due to equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected profit margin, or
significantly more debt-funded capital expenditure than planned.

                       About Amiya Commerce

Amiya was formed as a closely held company in 1990 by Late Mr. S N
Ghattak and his family. Currently, the second-generation promoter,
Mr. Sabuj Ghattak, manages the business. The company designs,
manufactures, and erects steel structures. The company caters to
pre-engineered steel buildings, aircraft hangers, canopies, sports
stadiums, port cabins, warehouses, light-gauge steel structures,
and multi-deck steel buildings. The company has a capacity of 500
tonnes per month at its facilities in Narendrapur, Kolkata.

Amiya reported a profit after tax (PAT) of INR17.16 million on net
sales of INR481.22 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR41.08 million on net
sales of INR337.83 million for 2008-09.


ANKUR CHEMFOOD: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Ankur Chemfood Ltd
continues to reflect the established track record of the promoters
in the Salt industry, well diversified customer base and a strong
distribution network.

   Facilities                          Ratings
   ----------                          -------
   INR180 Million Rupee Term Loan      CRISIL BB/Stable
   (Enhanced from INR8.70 Million)

   INR320 Million Cash Credit          CRISIL BB/Stable
   (Enhanced from INR210 Million)

   INR4.7 Million Proposed Long-       CRISIL BB/Stable
         Term Bank Loan Facility
   (Enhanced from INR2.50 Million)

   INR2 Million Bank Guarantee         CRISIL A4+ (Reaffirmed)

These strengths are partially offset by the company's weak
financial risk profile marked by high gearing and moderate debt
protection measures and exposure to the highly fragmented salt
industry.

Outlook: Stable

CRISIL expects Ankur Chemfood Ltd. to continue its sales growth
backed by the stabilization of its additional capacities and
stable demand for Edible and Industrial salt. The outlook may be
revised to 'Positive' in case of improvement in capital structure
backed by support from promoters and if the company sustains
healthy improvement in profitability. Conversely, the outlook may
be revised to 'Negative' in case company undertakes significant
debt funded capex leading to deterioration in debt protection
measures.

                        About Ankur Chemfood

Ankur Chemfood Ltd. was incorporated in 1993 and is involved into
manufacturing of Edible and Industrial Salts. It operates with 3
brands -- "Ankur", "Master Cook" and "Anna Purti" and has a well
spread distribution network with greater presence in eastern
region of the country. The company sells edible and industrial
salt under its own brand and also does job work for companies like
Tata Salt and Saffola. Apart from retail sales the company also
bids for tender issued by state governments for edible salt;
company bids and supplies to Jharkhand Govt when any tender is
issued.

For 2010-11 (refers to financial year, April 1 to March 31), on a
provisional basis, ACL's profit before tax is estimated at
INR11.69 million on net sales of INR1457.4 million, against a PAT
of INR15.88 million on net sales of INR1296.5 million,
respectively, for 2009-10.


ARENA LIFESTYLE: Robust Sales Cue Fitch to Place Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has assigned India's Arena Lifestyle Pvt Ltd a
National Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.
Fitch has also assigned ALPL's INR320m fund-based facility 'Fitch
BB(ind)'/'Fitch A4+(ind)' ratings.

The ratings reflect ALPL's robust sales growth of 20% over the
last four years, 15 years long-standing experience and its
comfortable credit metrics.  The company mitigates the risk
associated with raw material price fluctuations by buying gold a
day before sales are realised.  The ratings are constrained by
ALPL's small size of operations and high working capital
requirement.

Fitch notes that management is in the final stages of negotiation
for opening a new 1,600 sq ft jewellery showroom in Bandra,
Mumbai, on a long-term lease to capitalise on the festive season,
starting from October.

Negative rating guidelines include financial leverage (total
adjusted debt / operating EBITDAR) exceeding 5x on a sustained
basis.  Positive rating guideline includes total adjusted debt /
operating EBITDAR falling below 3x on a sustained basis.

As per the financial year ended 31 March 2011 (FY11), ALPL
recorded revenue of INR850 million (FY10: INR690 million), EBITDAR
of INR98 million (INR83 million), and financial leverage of 3.5x
(3x) with interest coverage (EBITDAR/gross interest + rents) at
2.4x (3.5x).

Founded in 1996, ALPL specialises in diamond and gold jewellery
and owns three showrooms across Mumbai- one each at Breach Candy,
Ghatkopar and Borivali.  The company belongs to the Savla family,
which is known by its flagship brand 'Benzer' and owns a fashion
and lifestyle retail outlet at Breach Candy.  The company has a
lifetime buyback policy attached with its entire product making,
purchases and investments.


DADU PIPES: Fitch Places Rating on Nat'l Long Term at 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned India's Dadu Pipes Pvt. Ltd. a National
Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is Stable.

The ratings reflect the decade-long experience of Dadu pipes'
founders in steel tube manufacturing, the company's modest-but-
consistent operating EBITDA margins in the range of 4.5%-5.5% over
FY07-FY11 (year-end March), and its rising capacity utilization
over FY08-FY11.

Fitch notes that Dadu pipes' revenue declined by 10% yoy to
INR612.81m in FY11, though it achieved peak capacity utilization
of 96% (FY10: 75%), on account of falling price realization of
steel pipes.  However, EBITDA margins were intact at 5.6% (FY10:
5.0%) through its ability to pass on hot rolling coil (main raw
material) prices to its customers.

The ratings are constrained by the highly competitive nature of
steel pipe industry, cyclicality in steel industry, high customer
concentration risk as over 60% of the company's revenue comes from
its top five customers and its moderate size of operations.
Concerns also emanate from its high net financial leverage (total
adjusted net debt/operating EBITDAR) of 4.8x in FY11 (FY10: 5.6x)
due to its high working capital requirements, funded through
short-term debt (about 90% of total debt).  Fitch notes Dadu
Pipes' long cash conversion cycle over FY09-FY11 (about 100-110
days), expects it to remain at existing levels in the medium-term.

Positive rating factors would include an improvement in EBITDA
margins along with an increase in revenue, which would lead to a
sustained reduction in financial leverage to below 4x.  Negative
rating factors include unexpected debt-led capex resulting in
deterioration in its financial leverage to beyond 6x.

Established in 2006, Dadu Pipes manufactures electric resistance
welded black steel tubes and pipes at its 30,000 metric tonnes per
annum facility at Sikandrabad Industrial Area, Uttar Pradesh.

Fitch has also assigned ratings to Dadu Pipes' instruments, as
follows:

  -- INR9.2 million long-term bank loans: 'Fitch BB-(ind)'
  -- INR150 million fund-based working capital bank limits:
     'Fitch BB-(ind)'/'Fitch A4+(ind)'
  -- INR60 million non-fund-based working capital bank limits:
     'Fitch BB-(ind)'/'Fitch A4+(ind)'


G H CROP: CRISIL Assigns 'CRISIL BB' Rating to INR20MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of G H Crop Science Pvt Ltd; part of GHG.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR20 Million Proposed Cash       CRISIL BB/Stable (Assigned)
                  Credit Limit
   INR280 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect GHG's moderate financial risk profile, marked
by a moderate gearing and healthy debt protection metrics, and the
benefits that the group derives from its promoters' extensive
experience in the crude palm oil trading business and its above-
average operating efficiency. These rating strengths are partially
offset by GHG's small scale of operations, exposure to risks
related to fluctuations in foreign exchange rates, high capital
withdrawals, and exposure to group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GHC and A B Chem (India) (ABCI),
together referred to as GHG, herein. This is because both the
entities are under a common management and are in the same line of
business. Furthermore, these entities have significant operational
linkages with each other.

Outlook: Stable

CRISIL believes that GHG will continue to benefit from its
promoters' extensive experience in the crude palm oil trading
industry and will maintain its moderate financial risk profile,
supported by lack of any major debt funded capital expenditure,
over the medium term. The outlook may be revised to 'Positive' in
case GHG significantly scales up its operations, along with
efficient working capital management, leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case the group's capital structure deteriorates,
resulting from higher-than-expected capital withdrawals or
increase in investments in group entities, or larger-than-expected
working capital requirements.

                        About the Group

Incorporated in 2009, GHC undertakes marketing of ABCI's
pesticides and also trades in crude palm oil. GHC has a pesticides
dealership network of about 200 dealers, spanning across Punjab,
Haryana, Uttar Pradesh, and Uttarakhand.

Set up in 2008, ABCI manufactures pesticides and trades in crude
palm oil. ABCI's pesticides manufacturing unit, located at Jammu,
has capacity of about 6,500 tonnes per annum. ABCI directly sells
pesticides to customers as well as sells them through the
marketing network of its group company, GHC. ABCI's trading
business comprises importing of crude palm oil from South East
Asian countries and selling them in the domestic market on high
seas basis.

GHG's profit after tax (PAT) is estimated at INR98.5 million on
net sales of INR769.3 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR37.5 million on
net sales of INR385.8 million for 2009-10.


HANSA METALLICS: Fitch Holds Rating on Nat'l Long Term at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Hansa Metallics Limited's
National Long-Term rating at 'Fitch BB(ind)' with Stable Outlook.

The ratings reflect HML's small size, high working-capital
intensity and exposure to inventory risk due to its highly
commoditised finished product.  The company is funding its capex
with debt to double its production capacity to 120,000 metric tons
(MT) of electric resistance welded cold rolling (ERW CR) tubes and
CR sheets each by FYE12 (ending March 2012) by installing its
sixth ERW CR tube mill and two new furnaces for the CR mill.  Its
debt to equity ratio stood at 2.96x in FYE11 (ended March 2011)
and is expected to remain high in the short- to medium-term.

The ratings also reflect the experience of HML's founders in
manufacturing steel-based products, a diversified customer base
and its ability to pass on raw material costs to its customers.

HML's financial performance improved during FY11 with higher
EBITDA margins of 14.1% (FY10: 8.7%), which lowered net financial
leverage (total adjusted net debt/operating EBITDAR) to 3.67x
(5.02x). HML's improved profitability was attributed to backward
integration as its CR mill began operating partially in Q2FY11.
This new mill has a capacity of 60,000 MT per annum.  However,
Fitch notes that the ongoing capex combined with increasing
working capital requirements are expected to keep financial
leverage at high levels in the short- to medium-term.

Positive rating factors would include an improvement in EBITDA
margins along with an increase in revenues leading to a sustained
improvement in its interest coverage (EBITDA net interest
coverage) ratio above 1.75x.  Negative ratings factors include
unexpected debt-led capex resulting in deterioration in its
interest coverage ratio below 1.25x on a sustained basis.

HML manufactures ERW precision tubes by procuring hot rolling coil
and converting it to CR ERW pipes.  HML's net revenues grew 45.6%
to INR1,595.5m (INR1,094.7m).

Fitch has affirmed ratings to HML's instruments, as follows:

  -- INR208.3 million term loans (increased from INR153.6
     million): 'Fitch BB(ind)'
  -- INR570 million fund based working capital bank limits
     (increased from INR264.5 million): 'Fitch BB(ind)'/'Fitch
     A4+(ind)'


KALPANA FORGINGS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facility of
Kalpana Forgings Ltd at 'CRISIL BB+/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR19.7 Million Term Loan        CRISIL BB+/Stable (Reaffirmed)
   INR80.0 Million Cash Credit      CRISIL BB+/Stable (Reaffirmed)
   INR50.3 Million Proposed LT      CRISIL BB+/Stable (Reaffirmed)
           Bank loan Facility

The rating continues to reflect KFL's small scale of operations,
low profitability following intense market competition and
exposure risk related to cyclicality in commercial real estate
business. These weaknesses are mitigated by KFL's promoter's
industry experience, its longstanding relationships with customers
(most of whom are Tier I automotive component manufacturers) and
its healthy financial risk profile.

Outlook: Stable

CRISIL believes that Kalpana Forgings Ltd will maintain its
moderate business risk profile on the back of steady revenue
growth and profitability. The outlook may be revised to 'Positive'
if there is higher-than-expected improvement in the company's
financial risk profile driven by improved business performance and
increase in net worth. Conversely, the outlook may be revised to
'Negative' if there is pressure on KFL's revenues and operating
profitability due to slowdown in demand in the automotive sector,
or decline in lease income, or if the company undertakes debt-
funded capex.

                         About Kalpana Forgings

KFL, incorporated in 1995, is into hot-forging of automotive parts
and real estate. KFL has forging capacity of 20,000 tonnes per
annum (tpa). The company manufactures automotive parts, such as
gear components, housings, support parts, and tool-kit items. It
also does job work for other companies, which brought in about 32
per cent of its total revenue in 2010-11. The company has a strong
clientele including Hitech Gears Ltd and Shivam Autotech Ltd, JCB
India Ltd. KFL has long-term lease rental agreements with INOX
Leisure Ltd and Classee (furniture showroom); lease rentals from
these properties help the company meet its regular term loan
obligations. Mr. B S Sharma is KFL's managing director.

For 2010-11 (refers to financial year, April 1 to March 31), KFL
reported a profit after tax (PAT) of INR29 million on net sales of
INR316 million, against a PAT of INR14 million on net sales of
INR285 million for the previous year.


NARMADA AGRO: CRISIL Assigns 'CRISIL B+' Rating to INR35MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Narmada Agro Foods Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR35 Million Term Loan         CRISIL B+/Stable (Assigned)

The rating reflects the company's exposure to risks related to
project stabilisation, to volatility in raw material prices, to
high dependence on the monsoon, and to adverse regulations in the
rice industry. These rating weaknesses are partially offset by the
extensive industry experience of NAFPL's promoters and the stable
demand for rice.

Outlook: Stable

CRISIL believes that NAFPL will continue to benefit over the
medium term from the healthy prospects of, and its promoters'
experience in, the rice processing industry. The outlook may be
revised to 'Positive' in case of higher-than-expected increase in
revenues and profitability, or in case of better working capital
management leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected capacity utilisation levels which may deteriorate NAFPL's
operating margin, or in case of any significant debt-funded
capital expenditure.

                        About Narmada Agro

NAFPL was set up in 2009 for milling and processing non-basmati
parboiled rice. The company's manufacturing facility at Ranchi
(Jharkhand) has capacity to process 38,400 tonnes of rice per
annum. NAFPL procures paddy mainly from farmers and traders in
West Bengal, Bihar, Jharkhand, and Orissa. The company's day-to-
day operations are looked after by its promoter-director
Mr. Mahendra Jain, and Mr. Ashok Jain. NAFPL commenced operations
in July 2011.


P.B.L. TRANSPORT: CRISIL Places CRISIL BB+ Rating on INR55MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of P.B.L. Transport Corporation Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR55 Million Long Term Loan     CRISIL BB+/Stable (Assigned)
   INR15 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect PBL's healthy financial risk profile, marked
by healthy debt protection metrics and moderate net worth, and the
extensive experience of its promoters in the transport and
logistics industry. These rating strengths are partially offset by
PBL's working-capital-intensive operations and the susceptibility
of revenues to economic cycles.

Outlook: Stable

CRISIL believes that PBL will continue to benefit from its
established customer relationships and promoters' extensive
industry experience, over the medium term. The outlook may be
revised to 'Positive' if PBL scales up its operations and
maintains its profitability. Conversely, the outlook may be
revised to 'Negative' if PBL's revenues and profitability come
under pressure because of a slowdown in demand or the company
undertakes a large, debt-funded capital expenditure (capex)
programme, thus adversely affecting its capital structure.

                       About P.B.L. Transport

Set up in 2005, PBL is engaged in the transportation and logistics
business. Based in Vishakhapatnam (Andhra Pradesh) the company is
a large fleet operator with capabilities across transportation of
cargo and hiring of cranes. The company has a fleet of 63
mechanical trailers, three prime movers, 46 hydraulic axles
ranging from 22 tonne- to 250 tonne capacities with attachment of
dollies and multi-tiered floating axle for cargo carriage. The
company also has a fleet of 89 cranes and 12 fork-lifts of wide
ranging capacity and boom lengths to handle over sized cargo. PBL
also undertakes its business operations through hired vehicles. On
an average the company uses 60 per cent of hired vehicles for
meeting its requirements. The largely outsourced business model
provides the company greater flexibility to adapt to variability
in demand.

PBL's profit after tax (PAT) and net sales for 2010-11 (refers
to financial year, April 1 to March 31) are estimated at
INR27 million and INR429 million respectively. PBL reported a PAT
of INR25 million on net sales of INR331 million for 2009-10, as
against a PAT of INR29 million on net sales of INR288 million for
2008-09.


PCH TELECOM: CRISIL Rates INR299.9MM Cash Credit at 'CRISIL BB'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank loan facilities of PCH Telecom (India) Private Limited.

   Facilities                        Ratings
   ----------                        -------
   INR299.9 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR30 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR20 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect PCHTPL's promoters' extensive industry
experience in distribution and retailing of electronic products
and healthy growth prospects of the Indian mobile phone industry
over the medium term. These rating strengths are partially offset
by the susceptibility to intense competition in the mobile handset
market, large working capital requirements, and short track record
of operations.

Outlook: Stable

CRISIL believes that the extensive industry experience and
established track record of PCHTPL's promoters in distribution and
retailing of various products will help the company establish its
market position and rapidly scale up its operations. The outlook
may be revised to 'Positive' if the company generates higher-than-
expected revenues and profitability on a sustainable basis coupled
with comfortable working capital management resulting in improved
financial profile. Conversely, the outlook may be revised to
'Negative' if PCHTPL's revenue growth and cash accruals are lower
than expected, or the company undertakes any significant debt-
funded capital expenditure programme, weakening its financial risk
profile.

                        About PCH Telecom

Promoted by Mr. Balvinder Singh and his wife Mrs. Baljit Kaur in
2010, PCHTPL is a distributor of G'Five mobile phones in Andhra
Pradesh (A.P), Orissa, Bihar, and Jharkhand, and Spice mobile
phones in A.P and Tamil Nadu (T.N). PCHTPL is the exclusive
distributor of G'Five in the above-mentioned states. In addition
to G'Five and Spice, company is also a distributor of Apple i-
phones. The company started its commercial operations in January
2011. It has a network of around 150 distributors located in its
region of operations for its sales.

PCHTPL reported a profit after tax (PAT) of INR16.5 million on net
sales of INR881 million for 2010-11 (refers to financial year,
April 1 to March 31).


PREMIER COTSPIN: CRISIL Puts 'CRISIL B+' Rating on INR97.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Premier Cotspin Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR97.2 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR19 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR33.8 Million Proposed Long-    CRISIL B+/Stable (Assigned)
         Term Bank Loan Facility

The rating reflects the expected deterioration in company's
financial risk profile on account of large debt funded capital
expenditure, and small scale of operations along with low
bargaining power. These rating weaknesses are partially offset by
PCL's established relationship with suppliers and customers.

Outlook: Stable

CRISIL believes that PCL will continue to benefit over the medium
term from established relationship with its suppliers and
customers. The outlook may be revised to 'Positive' if the company
completed its project on time and within the budgeted cost, with a
significant ramp up in sales and profitability. Conversely, the
outlook may be revised to 'Negative' if PCL faces any significant
delays or cost overrun in its project completion, or lower-than-
expected ramp up in its sales and profitability.

                        About Premier Cotspin

Incorporated in 2006 in Samana (Punjab) and promoted by Mr.
Virendra Kumar Garg, PCL commenced operations in April 2008. The
company manufactures cotton yarn in the count range of 10s to 20s.
PCL's spinning unit in Samana is based on rotor technology.
Currently, the company has 1056 rotors, which are capable of
producing 12,500 kilograms per day. PCL uses comber noil, and
cotton waste of other fine grade cotton yarn manufacturers, as raw
material. The company sells its cotton yarn in the domestic
market. PCL is currently in the process of doubling its capacity
by addition of 1056 rotors. The enhanced capacity is expected to
be operational in Jan'13.

PCL reported a profit after tax (PAT) of INR0.95 million on net
sales of INR259 million (On provisional basis) for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.41 million on net sales of INR234 million for 2009-10.


PREMIER ENTERPRISES: CRISIL Rates INR50MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Premier Enterprise.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR40 Million Proposed LT        CRISIL BB-/Stable (Assigned)
         Bank Loan Facility
   INR110 Million Bank Guarantee    CRISIL A4+ (Assigned)
   INR105 Million Proposed Short-   CRISIL A4+ (Assigned)
         Term Bank Loan Facility

The ratings reflect Premier's above-average business risk profile
marked by a moderate order book and promoters' extensive
experience in the electrical engineering, procurement and
construction (EPC) industry. These rating strengths are partially
offset by Premier's below-average financial risk profile marked by
low networth, small-scale and working-capital-intensive
operations, and susceptibility to intense market competition
because of industry fragmentation.

Outlook: Stable

CRISIL believes that Premier will maintain its business risk
profile, supported by moderate order book and promoter's extensive
experience in the electrical EPC industry, over the medium term.
The outlook may be revised to 'Positive' if Premier increases its
scale of operations, while maintaining its operating margin, and
improves its working capital management. Conversely, the outlook
may be revised to 'Negative' if the there is less-than-expected
revenue growth and cash accruals for Premier, or there is
deterioration in its operating margin or working capital
management due to intense market competition.

                       About Premier Enterprise

Promoted by Mr. H K Saikia and Mr. J B Saikia, Premier is engaged
in the business of supply, erection, installation, and testing of
sub-station equipment in Assam. It also engages in manufacturing
pre-stressed concrete (PSC) poles; the unit for this is located
near Guwahati (Assam). Since 2009, Premier has been engaged in an
Asian Development Bank (ADB)-funded electrification project in
Darrang district of Assam for Assam State Electricity Board
(ASEB).


PRESS MACH: CRISIL Reaffirms 'CRISIL BB-' Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facility of Press Mach (part of the Pressmach group) at 'CRISIL
BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR15 Million Long-Term Loan     CRISIL BB-/Stable (Reaffirmed)
   INR80 Million Cash Credit        CRISIL BB-/Stable (Withdrawal)
   INR7.5 Million Bank Guarantee    CRISIL A4+ (Withdrawal)

The rating on Press Mach's other bank facilities have been
withdrawn, as these facilities have been taken over by Press
Mach's group entity, Pressmach Infrastructure Pvt Ltd.  The
facilities have been taken over following the amalgamation of the
erstwhile infrastructure division of Press Mach with PIPL,
beginning April 2011. However, the term loan facility continues to
be with Press Mach.

The rating continues to reflect the benefits Pressmach group
derives from healthy growth prospects in the niche pre-fabricated
shelter segment. This rating strength is partially offset by the
Pressmach group's working-capital-intensive operations and
moderate financial risk profile, marked by a high gearing and
small net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Press Mach and PIPL. The two entities
are together referred to as the Pressmach group. This is because
both the entities are in the same line of business, share
significant business synergies, have common promoters, and
significant financial fungibility. Furthermore, the group's
management has plans to merge both the entities over the medium
term.

Outlook: Stable

CRISIL believes that the Pressmach group will continue to benefit
over the medium term from its established position in the pre-
fabricated shelter segment. The outlook may be revised to
'Positive' in case of a sustained improvement in the group's
working capital management, marked by efficient receivables
collection and a significant improvement in its revenues and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of significant delay in receivables, resulting
in stretched liquidity, or in case the group undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its financial risk profile.

                         About the Group

Press Mach (proprietorship firm) was set up in 1984 by Mr. C A
Sunny and is engaged in the erection of pre-fabricated site
offices, guesthouses, and staff hostels. These pre-fabricated
shelters are made of Sintex and steel. Until March 2011, Press
Mach had two divisions' viz., infrastructure and manufacture
division. The infrastructure division erects pre fabricated
shelters and contributed to 90 per cent of total revenues of the
firm in the past. The manufacturing division is involved in the
production of roofing sheets, cable tray, switch bulbs, which are
used in house for the construction of pre-fabricated shelters.

PIPL was incorporated in July 7th 2010 and has been executing
infrastructure projects beginning July - August 2010. Post April
2011, the infrastructure division of the proprietorship firm was
hived off and merged with PIPL. Pressmach infrastructure has been
executing new infrastructure orders from April 2011, while
existing infrastructure orders are being executed by Press Mach.
The manufacturing division, however, continues to be with Press
Mach. The management of Pressmach group intends to consolidate
both the entities over the medium term.

The Pressmach group reported a profit after tax (PAT) of INR50.2
million on net sales of INR658.3 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR31.3
million on net sales of INR337.6 million for 2009-10.


RITESH EXPORT: CRISIL Reaffirms 'CRISIL BB+' INR412MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ritesh Export continues
to reflect the firm's healthy operating margin and moderate debt
protection metrics, and the benefits that the firm continues to
derive from its partners' extensive industry experience. These
strengths are partially offset by Ritesh Export's large working
capital requirements and the lack of direct access to rough
diamonds, limiting its operational and market competitiveness.

   Facilities                       Ratings
   ----------                       -------
   INR412 Million Post Shipment     CRISIL BB+/Stable (Reaffirmed)
                         Credit
   INR188 Million Packing Credit    CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Ritesh Export will maintain its credit risk
profile, backed by healthy operating margin and moderate debt
protection metrics. The outlook may be revised to 'Positive' if
the firm's working capital cycle improves. Conversely, the outlook
maybe revised to 'Negative' if Ritesh Export's working capital
cycle stretches or if there are substantial capital withdrawals by
partners, causing deterioration in the firm's capital structure.

                          About Ritesh Export

Established as a partnership firm in 1986, Ritesh Export processes
and trades in diamonds. The firm specialises in diamonds in the
sizes of 2 cents to 14 cents. The firm's manufacturing unit is in
Surat (Gujarat). Ritesh Export exports cut and polished diamonds
primarily to South East Asia and Europe.

Ritesh Export, on a provisional basis, reported a profit after tax
(PAT) of INR54.8 million on net sales of INR1.80 billion for 2010-
11 (refers to financial year, April 1 to March 31), against a PAT
of INR42.6 million on net sales of INR1.72 billion for 2009-10.


RMBAY: CRISIL Assigns 'CRISIL B+' Rating to INR27.9MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RMBAY.

   Facilities                          Ratings
   ----------                          -------
   INR27.9 Million Proposed LT         CRISIL B+/Stable (Assigned)
           Bank Loan Facility
   INR40 Million Letter of Credit      CRISIL A4 (Assigned)
   INR10 Million Packing Credit        CRISIL A4 (Assigned)
   INR22 Mil. Export Bill Purchase-    CRISIL A4 (Assigned)
                       Discounting

The ratings reflect RMBAY's weak financial risk profile marked by
high gearing and weak debt protection metrics, and risk associated
with customer concentration. These rating weaknesses are partially
offset by RMBAY's efficient working capital management and its
partners' extensive experience in the textile industry.

Outlook: Stable

CRISIL believes that RMBAY will continue to benefit from partners'
extensive experience in the textile industry. The outlook may be
revised to 'Positive' if the firm improves its operating margin
significantly or/and if there is any significant capital infusion
by the partners in the firm, leading to sustained improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes larger-than-expected debt-
funded capital expenditure programme or if there is a significant
decline in its operating margin, leading to further deterioration
in its debt protection metrics.

                         About RMBAY

RMBAY is engaged in sale of textile products, including worsted
yarn, nylon top, polyester top, wool top, designed fabrics and
Kashmiri shawls. The firm does not engage in manufacturing; most
of its business processes are outsourced, and a few, such as
testing and packaging, are done in-house. The firm also process
polyester top and nylon top, albeit in small quantity. In 2010-11
(refers to financial year, April 1 to March 31), around 80 per
cent of RMBAY's revenues came from sale of worsted yarn.

RMBAY's profit after tax (PAT) and net sales are estimated at of
INR2.00 million and INR173 million respectively for 2010-11; the
firm reported a PAT of INR0.02 million on net sales of INR154
million for 2009-10.


SAI CONSTRUCTION: Stable Income Cues Fitch to Put Low-B Rating
--------------------------------------------------------------
Fitch Ratings has assigned India-based Sai Construction Private
Limited a National Long-Term Rating of 'Fitch BB(ind)'.  The
Outlook is Stable.  The agency has also assigned SCPL's INR900m
long-term loan a 'Fitch BB(ind)' rating.

The ratings reflect SCPL's stable rental income from and the sound
asset quality of its five lakh sq ft real estate property "Sai
Radhey" in Pune, which is primely located near the railway station
and adjacent to a five-star hotel (Le Meridien).  The ratings
derive strength from the company's four-year-long relationship
with its clients and the three-year lock-in period in its tenancy
agreements.

The ratings are however constrained by the customer concentration
risk, with SCPL's three clients occupying 86% of the total area
and contributing about 80% to its rental revenue.  Rating concerns
also emanate from renegotiation risk as agreements with three of
its clients, contributing about 50% to rental revenue, are due for
renewal in the financial year ending March 2012 (FY12).  Fitch
will monitor any decline in rental rates per square feet and
occupancy levels of the building due to migration of clients to
other locations.

Further, Fitch expects SCPL's interest coverage (operating
EBITDA/gross expense: 5.8x in 2011) to decline significantly in
the near-term as a low interest rate external commercial borrowing
(ECB) and an unsecured loan have been replaced by a high interest
bearing term loan on the balance sheet.  However, the company has
adequate cash flows (FY11: INR71.24m) for its debt servicing.

The building is of nine floors, of which six floors were completed
and leased out in 2006-2007.  The remaining three floors could not
be completed due to a transfer of development rights (TDR)
litigation.  SCPL has indicated that it is in advanced stages of
discussion to reach an out-of court settlement for its TDR
litigation.  However, given the uncertainty, Fitch has not
factored any capex or revenue from the remaining floors in its
analysis, while simultaneously noting the minimal construction
risk post receipt of TDR rights as core and shell have already
been constructed for these floors.

Negative rating guidelines include any new debt-funded capex and
debt service coverage ratio (DSCR) falling below 1.1x.  Positive
rating guidelines include continued stability of revenue and DSCR
remaining above 1.36x.

Sai Constructions is part of the S. Balan Group - a real estate
developer.  It is also building a luxurious residential project
'Sai Sunder' spread over three lakh sq ft.  As the project is at a
nascent stage, no revenue has been considered for the same. In
FY11, the company had revenue of INR179.68 million (FY10:
INR175.08 million), EBITDA of INR149.61 million (INR155.73
million), and a net income of INR76.10 million (INR57.85 million).
Debt levels of the company in 2011 were INR1,079 million (term
loan of INR900 million and cash credit limit of INR179 million) as
against INR1045.78 million in 2010 (ECB of INR464.13 million and
an unsecured loan of INR581.65 million).  Financial leverage
(adjusted debt/ operating EBITDAR) in FY11 was 7.22x (6.72x).


SAINSONS PULP: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
-----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Sainsons Pulp &
Papers Ltd continue to reflect instances of delay by SPPL in
servicing its term loan; the delays have been caused by the
company's weak liquidity, resulting from failure to implement the
project.

   Facilities                         Ratings
   ----------                         -------
   INR322.5 Million Term Loan         CRISIL D (Reaffirmed)
   INR60 Million Cash Credit          CRISIL D (Reaffirmed)
   INR100 Million Letter of Credit    CRISIL D (Reaffirmed)
   INR27 Million Bank Guarantee       CRISIL D (Reaffirmed)

About Sainsons Pulp

SPPL was incorporated in 2005 for setting up a waste-paper-based
writing and printing paper (WPP) mill at Taliwal-Nichla in Una
(Himachal Pradesh). The company is promoted by Mr. Ramesh Kumar
Saini, who has more than 18 years of experience in the paper
industry. SPPL has undertaken an aggressive debt-funded capital
expenditure programme to set up a WPP plant with capacity of 200
tonnes per day. The total project cost is INR1.06 billion, funded
in a debt-to-equity mix of 70:30. The plant was expected to
commence operations in January 2010, but commenced operations in
March 2010. However, on account of the non-availability of funds
to meet its working capital requirement, the plant was shut down
in December 2010 and has not yet recommenced operations.


SRI VENKATESWARA: CRISIL Puts 'CRISIL BB-' Rating on INR35MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Sri Venkateswara Rice Industry.

   Facilities                      Ratings
   ----------                      -------
   INR35 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR110 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR55 Million Proposed Cash     CRISIL BB-/Stable (Assigned)
                  Credit Limit

The rating reflects the extensive experience of SVRI's partners in
the rice milling industry. This rating strength is partially
offset by SVRI's weak financial risk profile, marked by a small
net worth, moderate gearing, and weak debt protection metrics, and
the susceptibility of its operating margin to adverse regulatory
changes and volatility in raw material prices.

Outlook: Stable

CRISIL believes that SVRI will continue to benefit over the medium
term from its partners' extensive industry experience, over the
medium term. The outlook may be revised to 'Positive' if the
firm's revenues and profitability increase on a substantial basis
or in case of significant infusion of capital, resulting in a
stronger capital structure. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive debt-funded
expansions, if its revenues and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to deterioration in its financial risk profile.

                         About Sri Venkateswara

Set up in 2006 as a partnership firm, SVRI is engaged in milling
and processing of paddy into rice, rice bran, broken rice, and
husk. It has an installed paddy milling capacity of 20 tonnes per
hour. Its rice mill is in Peddapuram village in the East Godavary
district of Andhra Pradesh. The firm is owned by Mr. Valluri Surya
Prakash Rao and his wife, Mrs. Valluri Krishna Tulasi.

SVRI reported a provisional profit after tax (PAT) of INR0.9
million on net sales of INR1077 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a net loss of
INR3 million on net sales of INR859 million for 2008-09.


SRIVALLI SHIPPING: CRISIL Puts 'CRISIL D' Rating on INR33.8MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Srivalli Shipping & Transport Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         CRISIL D (Assigned)
   INR33.8 Million Long-Term Loan    CRISIL D (Assigned)
   INR39.2 Million Proposed Long-    CRISIL D (Assigned)
          Term Bank Loan Facility
   INR7 Million Bank Guarantee       CRISIL D (Assigned)

The ratings reflect instances of continuous overdrawing of cash
credit account for more than 30 days owing to company's weak
liquidity.

Srivalli's credit profile is exposed to risks related to presence
in the highly fragmented and intensely competitive transportation
and warehousing industry and to high geographical concentration in
its revenues. The above weaknesses are partially offset by
established market position and vast promoter's experience.

                      About Srivalli Shipping

Srivalli was established in 1994 as a partnership firm; it was
reconstituted as a private limited company in May 2011. Srivalli
is promoted by Mr. Babu Rao, his wife, Mrs. P Babu Rao Eswari, and
their son, Mr. Kiran Babu Rao. Based in Visakhapatnam (Andhra
Pradesh), Srivalli provides services, such as material handling
(at ports), custom house agent, and transportation and warehouse
provisioning.

Srivalli reported a profit after tax (PAT) of INR 34 million on
net sales of INR557 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 25 million on net
sales of INR 442 million for 2009-10.


STYLISH PRECAST: CRISIL Rates INR90MM Term Loan at 'CRISIL B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Stylish Precast Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR51 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR90 Million Term Loan          CRISIL B-/Stable (Assigned)
   INR 7 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect SPL's weak financial risk profile, marked by
constrained financial flexibility due to large expansion of
capacities, small scale of operations in fragmented industry.
These rating strengths are partially offset by the industry
experience of SPL's promoters and their established relationship
with their clients.

Outlook: Stable

CRISIL's believes that SPL's credit risk profile will remain
sensitive to the timely infusion of funds from promoters to
service debt obligations on account of low surpluses in the
initial years of its expanded operations. The outlook may be
revised to 'Positive' upon completion and timely stabilization of
SPL's project along with higher-than-expected turnover leading to
better-than-expected cash generations. Conversely, the outlook may
be revised to 'Negative' in case of delays in execution of the
company's project and lower-than-expected cash generations,
leading to weak liquidity.

                         About Stylish Precast

SPL was promoted by Mr. Kishan Mall in 1998 as a proprietorship
firm and was reconstituted as a private limited company in 2000.
The company is managed by Mr. Mall, his two nephews Mr. Ganesh
Bagri and Mr. Yogesh Bagri and relative Mr. Shankarlal Jhanwar. It
manufactures paver blocks, which are used in roads, railways, port
trusts, and airports. It has an installed capacity to manufacture
20,000 pavers per day and the manufacturing facility is located at
Kolkata, West Bengal. Around 90 per cent of its revenues are from
the government segment which also includes work taken on a sub-
contract basis. SPL is currently implementing an expansion project
to expand the current capacity of paver block by around 30 per
cent, manufacture fly ash brick, solid and hollow bricks with
capacity of around 30,000 bricks per day. The expansion also
includes backward integration for manufacturing Portland slag
cement and pozzolona portland cement having capacity of 66,000
tonnes per annum. This capital expenditure (capex) was completed
in May 2011 and trial production has begun.

SPL is expected to report a profit after tax (PAT) of INR1.5
million on net sales of INR65.7 million for 2010-11 (refers to
financial year, April 1 to March 31) against a PAT of INR0.3
million on net sales of INR54.3 million for 2009-10.


SURYA HEALTHCARE: CRISIL Puts 'CRISIL B+' Rating on INR488MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Surya Healthcare Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR350.0 Mil. Cash Credit Limit     CRISIL B+/Stable (Assigned)
   INR488.0 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR110.0 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect SHL's weak financial risk profile, driven by
its aggressive expansion plans, and its susceptibility to intense
competition in the pharmaceutical industry. These rating
weaknesses are partially offset by the benefits that SHL derives
from the rollout of its new stores, and promoters' industry
experience.

Outlook: Stable

CRISIL believes that SHL business risk profile will be supported
by the rollout of new stores and that it will benefit from its
promoters' extensive industry experience, over the medium term.
Its capital structure is, however, expected to worsen on account
of its large, debt-funded capital expenditure (capex) programme
and incremental working capital requirements. The outlook may be
revised to 'Positive' if SHL secures equity infusion, thereby
improving its financial risk profile, or if the company registers
better-than-expected profitability from the existing and new
stores. Conversely, the outlook may be revised to 'Negative' in
case the company undertakes a larger-than-expected, debt-funded
capex programme, leading to further strain on its financial risk
profile, particularly its liquidity.

                       About Surya Healthcare

SHL, promoted by the Surya group and based in Chandigarh, was
incorporated in 2008-09 (refers to financial year, April 1 to
March 31); it opened its first pharmacy retail store in 2009 in
Delhi. The company operates in the wellness and pharmaceutical
retailing business through its chain of chemist stores, Viva.
Currently, it operates more than 125 stores. Besides providing
prescription drugs, SHL also sells various fast-moving consumer
goods and health supplement products. SHL's stores are classified
as big, medium, and express, depending on their size.

SHL, on provisional basis, reported a net loss of INR35.8 million
on net sales of INR463.9 million for 2010-11, as against a net
loss of INR16.0 million on net sales of INR81.5 million for
2009-10.


SWASTI POWER: CRISIL Cuts Rating on INR2.5MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Swasti
Power Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR1157.50 Million Term Loan         CRISIL D (Downgraded from
   (Enhanced from INR949.20 Million)           'CRISIL B-/Stable')

   INR2.50 Million Proposed Long-Term   CRISIL D (Downgraded from
   Bank Loan Facility                          'CRISIL B-/Stable')
   (Enhanced from INR0.80 Million)

The downgrade reflects instances of delay by Swasti Power in
servicing its term debt. The company's power plant was closed
during the period from February 2011 to June 2011 for maintenance
and upgrade in the design to prevent deposition of silt.
Consequently, the company did not generate any operational cash
flows during this period.

Swasti Power is exposed to hydrology risk because of its lack of
control over availability of water, leading to low utilisation of
its installed capacity, and its below-average financial risk
profile, marked by uneven cash flows and weak debt protection
metrics. However, the company continues to benefit from its power
purchase agreement (PPA) with Uttarakhand Power Corporation Ltd
(UPCL), and its high operating efficiency, supported by its
advantageous location in the Himalayan belt.

                         About Swasti Power

Set up in 1993, Swasti Power has a 22.5-megawatt run-of-the-river
hydroelectric power plant. Its power plant, Bhilangana Hydro Power
Project, is across Bhilangana River, which is a major tributary of
Bhagirathi River. Swasti Power is promoted by Mr. Y Raveendranath
Reddy and Mr. Y Vivekananda Reddy.

Swasti Power got the project from the Government of Uttaranchal
(GoU) on build-own-operate-and-transfer basis, under private
sector participation in power projects. The company signed an
agreement with GoU in 2003. The ownership of the unit vests with
Swasti Power for a period of 35 years from the date of
commencement of commercial operations, after which the project
shall be transferred to GoU free of charge. Swasti Power signed a
PPA with UPCL in July 2009 for sale of power for the next 35
years. Swasti Power commenced operations in August 2009.

Swasti Power reported, on provisional basis, a net loss of INR43.4
million on net sales of INR201.8 million for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a net
loss of INR71.3 million on net sales of INR69.0 billion for 2009-
10.


VANSH NIMAY: CRISIL Rates INR162.1MM Term Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the rupee
term loan facility of Vansh Nimay Infraprojects Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR162.1 Mil. Rupee Term Loan     CRISIL BB-/Stable (Assigned)

The rating mainly factors in the expectation of need-based
financial and managerial support to VNIL from its parent, IL&FS
Transportation Networks (India) Ltd (rated
'CRISILA/Stable/CRISILA1').  The rating also reflects CRISIL's
belief that VNIL will maintain its strong revenue growth over the
medium term. These rating strengths are partially offset by VNIL's
weak financial risk profile; VNIL has negative net worth and its
operations are yet to break even, while it has large outstanding
external debt of INR451 million contracted for purchase of buses.
Furthermore, VNIL has an adverse cost structure, with large
employee and fuel expenses. Hence, VNIL's ability to maximise
revenues will be a key rating sensitivity factor.

Outlook: Stable

CRISIL believes that VNIL's cash accruals will remain under
pressure over the medium term. However, the company is expected to
benefit from the need-based financial and managerial support from
ITNL during this period. The outlook may be revised to 'Positive'
if there is significant improvement in VNIL's cash accruals and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the expected support from ITNL is not forthcoming,
or if VNIL contracts additional debt to fund its capital
expenditure or its losses are larger than expected.

                        About Vansh Nimay

Set up in 2006, VNIL is engaged in operating intra-city buses in
Nagpur (Maharashtra). As per the concession agreement signed with
the Nagpur Municipal Corporation in 2007, VNIL won the right to
exclusively operate 230 buses in Nagpur. Subsequently, the scope
of operations was increased in 2010, with the addition of 240 more
buses under the Jawaharlal Nehru National Urban Renewal Mission.
In 2008, ITNL acquired a stake in VNIL, and is currently the
majority shareholder, with a 90 per cent stake. The remaining 10
per cent is held by Mr. Ajay Dhawangale, who had originally
promoted VNIL.

For 2010-11 (refers to financial year, April 1 to March 31), VNIL
reported a loss of INR185 million on an operating income of INR410
million, against a loss of INR36 million on an operating income of
INR282 million for 2009-10.


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


EIRLES TWO: S&P Raises Rating on Credit Default Swap to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the Eirles
Two Ltd. TAPAS 2004-4 credit default swap transaction, and at the
same time removed the rating from CreditWatch with positive
implications.

"The rating action is a part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. The action incorporates,
among other things, the effect of rating migration within
reference portfolios," S&P related.

Rating Raised, Off Creditwatch
Eirles Two Ltd.
TAPAS 2004-4 credit default swap
To             From                     Amount
BBsrp (sf)     B+srp (sf)/Watch Pos     JPY4.0 bil.


TOKYO ELECTRIC: Panel to Urge 7,400 Job Cuts at Tepco
-----------------------------------------------------
Dow Jones Newswires, citing the Yomiuri Shimbun, reports that a
government panel will recommend in an upcoming report that Tokyo
Electric Power Co. cut 7,400 jobs by March 2014, while indicating
that the troubled utility may be unable to repay some of its debts
to financial institutions.

Dow Jones relates that the newspaper, citing a draft of the
report, said the panel will call on Tepco to cut 14% of its group-
wide work force from the current level of 53,000, including 3,600
from Tepco itself.

According to Dow Jones, the Yomiuri said the panel's upcoming
report will indicate there is a possibility that the utility will
be unable to repay a portion of JPY4 trillion in loans from banks
and other financial institutions, depending on its financial
status.

Dow Jones notes that the panel of third party experts has been
looking into ways Tepco can restructure before receiving
government assistance to help pay compensation to those affected
by the nuclear accident at the Fukushima Daiichi plant.

The newspaper, as cited by Dow Jones, said the panel will submit
its report to the government as early as Oct. 3, 2011.

                            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.  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.


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


LINEAR CORP: Court Grants 90-Day Extension of Restraining Order
---------------------------------------------------------------
The Penang High Court has extended the restraining order granted
to Linear Corporation Berhad and its subsidiaries LCI Global Sdn
Bhd, District Cooling Systems Sdn Bhd and BAC Cooling Technology
Sdn Bhd. for a maximum period of 90 days from Sept. 27, 2011.

The Penang High Court previously granted Linear a 90-day
restraining order in June 2011, to prevent any proceedings
against the Company and the relevant subsidiaries that may
jeopardize the company's restructuring exercise.

                        About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


SWEE JOO: Delisted from Bursa Malaysia Securities
-------------------------------------------------
Swee Joo Berhad's entire issued and paid-up share capital was
removed from the Official List of Bursa Malaysia Securities Berhad
on Sept. 26, 2011, pursuant to paragraph 16.11(2)(c) of the
Listing Requirements.

Trading of the stocks halted on July 11, 2011, as the company's
request following the appointment of provisional liquidators.

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2011, Swee Joo Berhad appointed Dato' Jeyaraj Ratnaswamy
of MustaphaRaj Sdn Bhd as provisional liquidator pursuant to
Section 255 (1) of the Companies Act 1965 having made a statutory
declaration (Form 65A) which has been lodged with the Registrar
and with the Official Receiver as the Company cannot by reason of
its liabilities continue its business.  The provisional liquidator
was appointed on July 11, 2011.

The Company said the decision comes as the Company has not been
able to secure any agreement to a regularization plan,
particularly with one of the major lenders who had rejected the
proposed restructuring scheme.

In addition, Swee Joo said the restraining order pursuant to
Section 176 of the Act for SJB and its other two subsidiaries
Johan Shipping Sdn Bhd and Asia Bulkers Sdn Bhd has lapsed on
July 8, 2011, as the Companies did not apply for the extension or
renewal of the said order.

The Companies in the Group including SJB which are appointing a
provisional liquidator are Johan Shipping Sdn Bhd, Asia Bulkers
Sdn Bhd, Asia Depot Sdn Bhd, Masmah Sdn Bhd, JH Container Services
Sdn Bhd and Shiplink Agency Sdn Bhd.

                          About Swee Joo

Swee Joo Berhad is a Malaysia-based investment holding company.
Through its subsidiaries, the Company operates in four segments:
Shipping services, which is involved in the provision of container
and other shipping services; Shipping agency, which is involved in
the provision of shipping agency services; Transportation and
haulage, which is involved in the provision of transportation and
haulage services, and Container repair and related services, which
is involved in the provision of handling, repairing and
maintaining containers.  As of September 30, 2009, the Company
owns and operates 39 vessels, which comprises of 13 tugboats, 10
container vessels, seven barges, five dual-purpose vessels and
four chemical tankers.

On Sept. 1, 2010, Swee Joo Berhad was listed as an Amended
Practice Note 17 Company based on the criteria set by the Bursa
Malaysia Securities Bhd.  According to a disclosure statement with
the bourse, the Company triggered the PN17 listing as it is unable
to provide a solvency declaration to Bursa Malaysia.


SYARIKAT KAYU: Bursa to Delist Securities on September 30
---------------------------------------------------------
Syarikat Kayu Wangi Berhad said that the Company has received
letter from Bursa Malaysia Securities Berhad informing that:

   a) The Court of Appeal had on April 28, 2011, dismissed SKW's
      appeal against the High Court's decision dated Sept. 14,
      2009, dismissing SKW's application for a judicial review
      of Bursa Securities' decision dated Nov. 30, 2007, to
      de-list the Company;

   b) The Penang High Court had on April 28, 2010, allowed the
      application of a shareholder of the Company, namely Maple
      Diversified Sdn. Bhd. for an injuction to restrain Bursa
      Securities from de-listing SKW.  However, following the
      decision of the Court of Appeal on April 28, 2011, Maple
      Diversified Sdn. Bhd. had on May 13, 2011, filed a Notice
      of Discontinuance in respect of its legal action against
      Bursa Securities; and

   c) The Penang High Court had on Aug. 11, 2011, dismissed SKW's
      application for a judicial review of Bursa Securities'
      decision vide letter dated Jan. 27, 2011, rejecting SKW's
      application to consider the Company's regularisation plan
      dated Jan. 19, 2011.  Subsequently, the Penang High Court
      and the Court of Appeal had on Sept. 22, 2011, and Sept. 27,
      2011, respectively, also dismissed SKW's application for an
      interim injunction to restrain Bursa Securities from de-
      listing SKW pending the Company's appeal against the
      decision dated Aug. 11, 2011.

In the circumstances and in accordance with Bursa Securities'
decision dated Nov. 30, 2007, the securities of the Company will
be removed from the Official List of Bursa Securities upon the
expiry of 2 market days from the date hereof i.e. on Friday,
Sept. 30, 2011.

With respect to the securities of the Company which are currently
deposited with Bursa Malaysia Depository Sdn. Bhd., the securities
remain deposited with Bursa Depository notwithstanding the de-
listing of the securities from the Official List of Bursa
Securities. It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificates, can
withdraw these securities from their Central Depository System
accounts maintained with Bursa Depository at anytime after the
securities of the Company have been de-listed from the Official
List of Bursa Securities by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  Shareholders of the Company can contact any
Participating Organisation of Bursa Securities and/or Bursa
Securities General Line at 03-20347000 for further information on
the withdrawal procedures.

Upon the de-listing of the Company, the Company will continue to
exist but as an unlisted entity.  The Company is still able to
continue its operations and businesses and proceed with its
corporate restructuring and its shareholders can still be rewarded
by the Company's performance.  However, the shareholders will be
holding shares which are no longer quoted and traded on Bursa
Securities.

                        About Syarikat Kayu

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.


VTI VINTAGE: Restraining Order Extended Until November 18
---------------------------------------------------------
VTI Vintage Berhad has obtained 60 days extension of the
restraining order from Sept. 7, 2011 to Nov. 18, 2011.

The High Court of Malaya at Kuala Lumpur entered an order on
Feb. 8, 2011, pursuant to Section 176(10) of the Act, to restrain
all further proceedings, and any and all actions or proceedings
against the Company and the its subsidiary companies:

   i) Vintage Tiles Industries Sdn Bhd;
  ii) Vintage Roofing & Construction Sdn Bhd;
iii) Newsteel Building Systems Sdn Bhd; and
  iv) Vintage Tiles Industries (EM) Sdn Bhd.

The restraining order was granted in relation to these events:

   * The scheme creditors of the Companies had at its Court
     Convened Meeting held on July 16, 2010, approved the
     Proposed Scheme of Arrangement under Section 176 of the
     Companies Act, 1965 and the meetings of the shareholders
     of the Companies will be convened within three (3) months
     from Feb. 8, 2011, or any other time period extended by
     the Court.

   * The Companies were served with several notices pursuant
     to Section 218 of the Companies Act, 1965 by the creditors
     since the previous Restraining Order granted to the Companies
     had expired on August 18, 2010.

   * The restraining order is for the Companies to finalize the
     Scheme.

The restraining order does not have any financial and operational
impact on VVB.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On Feb. 25, 2010, VTI Vintage Berhad was classified as an Amended
Practice Note 17 issuer based on the criteria set by the Bursa
Malaysia Securities Bhd as it has triggered Paragraph 2.1 (a) of
the PN17.


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


AMI INSURANCE: Breaches Central Bank's Solvency Standard
--------------------------------------------------------
Rob O'Neill at Sunday Star Times reports that AMI Insurance is in
breach of both the Reserve Bank's draft solvency standards for
insurance companies and the solvency standard in the Crown Support
Deed which provides NZ$500 million of back-up capital, according
to its 2011 financial statements.

Failing to meet that standard is a "trigger event" that would
allow the Crown to take ownership of the company, the report says.

A solvency calculation in the accounts shows a shortfall between
actual capital and the minimum capital required of NZ$76 million,
even with the government's NZ$500 million backstop included,
according to Sunday Star Times.

However, Sunday Star-Times understands the government sees taking
ownership and control as a last resort and is continuing to
support the company's recapitalization plans.

Sunday Star Times states that when the Crown Support Deed was
released to the public, one trigger event was redacted under the
Official Information Act because it was likely "unreasonably to
prejudice the commercial position" of the company.

According to the report, the 2011 accounts shed some light on what
the trigger event is -- the loss of a material proportion of the
company's policy holders.  The Crown clearly has an interest in
maintaining AMI's value in case it has to take ownership and then
sell the company, Sunday Star Times relates.

For that value to be maintained, notes Sunday Star Times, the
company has to retain customers, even in an environment where it
will be forced to lift insurance premiums.

The 2011 accounts further reveal AMI's NZ$600 million pre-quake
reinsurance cover was not even adequate for the September quake,
for which claims now total NZ$664 million, according to Sunday
Star Times.

Asked why the company did not increase its reinsurance between the
September and February quakes, AMI chairman Kerry Nolan said the
quantum of claims from the earlier event did not come clear until
after February and changes that allowed access to EQC claims
information.

Sun Star Times reports that the troubled insurer's statements
released last week also revealed that the company paid its CEO
John Balmforth a salary of NZ$869,369 in 2011 plus a bonus for the
2010 year of NZ$122,700, making Mr. Balmforth as one of the
highest paid executives in New Zealand.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.

AMI has since been seeking alternative sources of capital to
replace the government backing, BusinessDay.co.nz reported.

                             About AMI

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


CANTERBURY LEATHER: Blames Job Cuts on High New Zealand Dollar
--------------------------------------------------------------
The Press reports that the high New Zealand dollar is being blamed
for 55 job losses at Canterbury Leather International.  The
company will make 60% of its workforce redundant on October 21.

According to the report, co-owner Ian Hunter said the high kiwi
currency meant the company was "not competitive any more" and had
lost a large export contract to the United States.

"It's very, very challenging. We're going through much the same as
other New Zealand manufacturers," The Press quotes Mr. Hunter as
saying.

In 2004, the business produced 300,000 sheepskin boots and
employed about 220 people, The Press discloses.

However, the varying exchange rate was a "fact of life", and
Mr. Hunter said he was concentrating on the remaining business,
The Press relates.

"You have to focus on what you're good at and we've got a strong
Canterbury Sheepskin brand."

The Press notes that the redundancies were occurring over
different parts of the business and the remaining workers were
"multi-skilled and specially skilled".

Mr. Hunter, as cited by The Press, said the affected workers would
receive redundancy packages according to their contracts and the
company was working to help staff find other jobs.

Redwood-based Canterbury Leather International makes Canterbury
Sheepskin-branded footwear and accessories.


CRAFAR FARM: Landcorp Confirms Talk With Shanghai Pengxin
---------------------------------------------------------
BusinessDay reports that state-owned enterprise Landcorp has
confirmed it is talking to aspiring buyer Shanghai Pengxin about
being involved in the running of the dairying estate if the
Chinese firm gets consent from another government organisation,
the Overseas Investment Office.

BusinessDay relates that Chris Kelly, the chief executive of
Landcorp, New Zealand's biggest corporate farmer, said that he was
in e-mail contact with the Chinese real estate developer on
Monday, and they would talk again in the next 10 days.

Landcorp is accountable to Finance Minister Bill English and State
Owned Enterprises Minister Tony Ryall.  Mr. Kelly said Mr. Ryall
had been told about the preliminary discussions.

"Neither Landcorp nor the Minister for SOEs, nor the Minister of
Finance, will be involved in assessing the application, thus
ensuring no conflict of interest," a statement from Mr. Ryall's
office said, according to BusinessDay.

BusinessDay relates that Mr. Kelly and Landcorp chairman
Jim Sutton, a former Labour minister of agriculture and trade,
rejected the suggestion that the Government had a conflict of
interest, or that ministers who would make the final decision on
the Chinese application could be compromised by Landcorp's
position.

"All we have committed to is initial discussions with Shanghai
Pengxin about some form of possible management contract on behalf
of them for the farms if they are successful," BusinessDay quotes
Mr. Kelly as saying.

Mr. Sutton, as cited by BusinessDay, said Landcorp's primary
responsibility under the SOE Act was to act like a successful
company that is not a state-owned company.

"There is a business opportunity for us and frankly, to leave it
until the purchase was signed, sealed and approved wouldn't be a
practical thing to do."

According to BusinessDay, Mr. Sutton said Landcorp had talked to
other would-be buyers of the 16-farm Crafar estate "to make them
aware of our capacity and willingness to undertake a management or
sharemilking role".

                      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.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the Crafar
Farms group have been placed onto the open market for sale by
Crafar's receivers through Bayleys Real Estate.  Bayley's said the
receivership sale is the single largest receivership sale of farms
in New Zealand history.  The 16 farms employ nearly 200 staff and
managers and cover 8,000 hectares.  They are located in the
Waikato, near Benneydale in the King Country, Reporoa, Atiamuri,
Waverley, Hawera and Bulls.


NATHANS FINANCE: Two Jailed Former Directors Appeal Sentences
-------------------------------------------------------------
Colin Williscroft at The National Business Review reports that the
two former Nathans Finance directors jailed last month have
appealed their sentences.

NBR relates that lawyers for Kenneth Roger Moses and Mervyn Ian
Doolan told the Court of Appeal in Wellington Tuesday that the
sentences given to their clients by Justice Paul Heath at the
Auckland High Court in September were not warranted.

According to the news agency, the jail terms followed a 13-week
trial that found Moses, Doolan and fellow Nathans director Donald
Menzies Young guilty of lying to thousands of out-of pocket
investors about a Nathans prospectus aimed at raising
NZ$100 million from the public.

Fellow Nathans director John Hotchin pleaded guilty before the
trial and assisted the prosecution, in exchange for a reduced
sentence, while Mr. Young was given home detention, NBR discloses.

NBR says Mr. Moses' lawyer, Paul Davison QC, told the Court of
Appeal that the two years, two months sentence his client received
was excessive, as the criminality of his client's behaviour
warranted a lower starting point in sentencing.

Mr. Davison, as cited by NBR, said Mr. Moses spoke out the loudest
of the four directors charged over the finance company's failure
when it came to concerns about inter-company lending from Nathans
to its parent company, Vending Technologies.  Mr. Moses did his
best to keep that issue before the Nathans board, he said.

NBR relates that Mr. Davison said that if it was good enough for
Justice Heath to sentence Mr. Young to home detention, then his
client should have received a similar sentence.

It was a point echoed by Mr. Doolan's lawyer, Chris Tennet.
Mr. Doolan was sentenced to two years, four months, NBR notes.

Mr. Tennet, according to NBR, said if the three men were guilty,
then it made no sense for one to be given home detention, while
the other two were jailed.

The Crown's lawyer, Brian Dickey, rejected claims the sentences
were excessive, NBR reports.

Mr. Dickey said if anything, the sentencing starting points were
light and the discounts given to the two men by Justice Heath were
generous, according to NBR.

He pointed out that Justice Heath, in his sentencing notes, said
he considered Young the least culpable of the three on trail,
which was why he received a lesser sentence, NBR adds.

The court reserved its decision.

As reported in the Troubled Company Reporter-Asia Pacific on
July 11, 2011, nzherald.co.nz said former Nathans Finance
directors Mervyn Doolan, Donald Young and Kenneth Moses have been
found guilty on five charges of breaching the Securities Act.
According to nzherald.co.nz, the Crown claimed the financial
statements the directors -- including fourth director John Hotchin
-- issued concerning related party lending to VTL, the quality of
its loan book, its loan management practices and its management of
liquidity were untrue.  The Crown also said the directors made
untrue statements in the company's offer documents of Dec. 13,
2006, and in a signed extension certificate on March 30, 2007,
nzherald.co.nz related.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
Aug. 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


WINDFLOW TECHNOLOGY: Shareholder Offers to Make Private Placement
-----------------------------------------------------------------
BusinessDay.co.nz reports that a Windflow Technology shareholder
has offered to make a NZ$50,000 private placement in the cash-
strapped turbine maker.

According to the report, Wolfgang Rehfus, a Swiss national with
business interests in New Zealand, holds 270,000 Windflow shares
and wants to increase his holding to 400,000 shares with a
NZ$50,000 investment by means of a private placement.

The company said that would be in addition to the share purchase
plan (SPP) Windflow launched on September 15, BusinessDay.co.nz
reports.

BusinessDay.co.nz relates that Windflow said it was approaching
eligible shareholders regarding an additional investment beyond,
or instead of, the share purchase plan.

Shareholders have been invited to invest between $3000 and $15,000
in additional shares at 50c a share under the SPP, which closes on
October 3, BusinessDay.co.nz discloses.

According to BusinessDay.co.nz, Mr. Rehfus' private placement is
conditional on Windflow having, or being likely to have, enough
cash from the SPP and/or other new sources to remain solvent. In
subscribing for the private placement, Rehfus included a letter of
support for the company to encourage other shareholders to join
in.

BusinessDay.co.nz reports that Windflow said September 27 its cash
reserves were running "very low", and it needed a minimum of
NZ$2.4 million from the SPP and other sources to buy the company
time to market its intellectual property overseas, and maintain
its presence in Britain where it expected a favourable outcome
from the December 2011 feed-in tariff review.

Last month, BusinessDay.co.nz recalls, the company said it had
only NZ$400,000 cash and needed NZ$2.4 million to see it through
to January when final payments for turbines for the Te Rere Hau
wind farm in Manawatu would come through from NZ Windfarms, and
those payments would sustain Windflow until June.

                     About Windflow Technology

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

                           *     *     *

Windflow Technology incurred a net loss of NZ$7 million in the
year ended June 30, 2011, compared with the NZ7.95 million loss
booked in the prior financial year.  The company posted a net loss
of NZ$1.23 million for the year ended June 30, 2009.


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


RIZAL COMMERCIAL: Fitch Rates $1-Bil. MTN Programme at 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned Rizal Commercial Banking Corp.'s (RCBC)
USD1bn medium-term note (MTN) programme a senior unsecured rating
of 'BB-'.

Fitch stresses that there is no assurance that notes issued in the
future under the programme will be assigned a rating, or that the
rating assigned to a specific issue under the programme will have
the same rating as the programme rating.  The agency does not
assign generic programme ratings to subordinated debt, which will
be rated on a case-by-case basis.

RCBC is a mid-sized universal bank with total assets of PHP301bn
at end-June 2011.  The Yuchengco family's group of companies owned
a majority 50.4% stake in the bank at end-2010.

RCBC's full list of ratings:

  -- Long-Term Foreign-Currency Issuer Default Rating (IDR) 'BB-';
     Outlook Stable
  -- Long-Term Local-Currency IDR 'BB-'; Outlook Stable
  -- Viability Rating 'bb-'
  -- Individual Rating 'D'
  -- Support Rating '3'
  -- Support Rating Floor 'BB-'


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


TRUE MOVE: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Thailand-based wireless telecommunication operator True Move Co.
Ltd. to stable from negative. "At the same time, we affirmed our
'B' long-term corporate credit rating on True Move and our 'B-'
issue rating on the company's senior unsecured notes," S&P stated.

"The outlook revision reflects our assessment that True Move's
liquidity and financial flexibility are likely to improve because
the company recently made a tender offer for and refinanced its
senior unsecured notes," said Standard & Poor's credit analyst
JunHong Park. "The outlook revision also reflects the improving
capital structure of the company's parent, True Corp. Public Co.
Ltd. (not rated), mainly due to a rights issue in June 2011."

"True Move's proposed amendments to the indentures of its
outstanding notes will, in our view, eliminate all of the
indentures concerning restrictive covenants, and those concerning
certain events of default and related provisions. The company made
a tender offer and sought bondholder consent on Sept. 6, 2011. The
company received the consent of about 97% of its bondholders
during the early tender period, which ended on Sept. 20, 2011. We
believe this percentage is sufficient to affect all the proposed
amendments. The indentures concern $465 million 10.75% notes due
2013, and $225 million 10.375% notes due 2014," S&P stated.

True group has also secured Thai baht (THB) 48.9 billion (about
$1.6 billion) in loan facilities from domestic banks for the
refinancing and for investments in 3G networks. These loan
facilities will have lower funding costs and looser covenants
compared with the U.S. dollar notes. "We therefore expect the
company's liquidity and financial flexibility to improve further,"
S&P said.

True group's capital structure improved after a THB13.1 billion
rights issue in June 2011. True Corp.'s debt-to-capital ratio has
improved to 79% as of June 30, 2011 from 86% at the end of
December 2010.

"We could raise the rating on True Move if growth in the company's
3G wireless business substantially improves its weak business risk
profile and highly leveraged financial risk profile. A debt-to-
EBITDA ratio of less than 4.0x would indicate such improvement,"
S&P related.

"On the other hand, we could lower the rating if negative
regulatory intervention or intense competition in the wireless
segment weakens True Move's cash flows, such that its debt-to-
EBITDA is more than 5.0x for a prolonged period or the ratio of
FFO to debt is less than 12% in the next 12 months," S&P added.


                             *********

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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