TCRAP_Public/111003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, October 3, 2011, Vol. 14, No. 195

                            Headlines



A U S T R A L I A

ENTERPRISE IT: Goes Into Administration After Acquisition Spree
MOBIUS NCM: Fitch Affirms Junk Ratings on Two Note Classes


C H I N A

CHINA SOUTH: Moody's Confirms 'B1' Corporate Family Rating
HOPSON DEVELOPMENT: Moody's Affirms 'B1' Corporate Family Rating
SHANGHAI ZENDAI: Moody's Lowers Corporate Family Rating to 'Caa1'


H O N G  K O N G

BARCLAYS CAPITAL: Creditors' Proofs of Debt Due Oct. 20
BEAR STEARNS: Creditors' Proofs of Debt Due Oct. 30
CHINESE GOLF: Lam Hon Mo Steps Down as Liquidator
CRYSTAL KEY: Creditors' Meeting Set for Oct. 28
ENTERRA OILFIELD: Creditors' Proofs of Debt Due Oct. 28

SUBOR ELECTRONICS: Court Enters Wind-Up Order
SUNTOP PHARMACEUTICAL: Court Enters Wind-Up Order
SUPREE CREATIONS: Court Enters Wind-Up Order
TAK CHEONG: Court Enters Wind-Up Order
TIN CHI: Court to Hear Wind-Up Petition on Nov. 2

TOMSON COMPANY: Court Enters Wind-Up Order
WAH NAM: Creditors and Contributories to Meet on Oct. 6
WAISS INTERIOR: Court Enters Wind-Up Order
WELL BRIGHT: Court Enters Wind-Up Order
YUEH FUNG: Court to Hear Wind-Up Petition on Oct. 19


I N D I A

AIR INDIA: Plans to Sell INR1 Billion in Bonds
ASL MARKETING: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan
BANSAL EDUCATIONAL: CRISIL Rates INR79.9MM Loan at 'CRISIL B+'
BELLEZA GRANITO: CRISIL Places 'CRISIL B+' Rating on INR190MM Loan
COSA CERAMICS: CRISIL Assigns 'CRISIL B' Rating to INR205MM Loan

HIND POLYFABS: CRISIL Reaffirms 'CRISI BB-' Cash Credit Rating
JUPAX VANIJYA: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
KEMS AUTO: CRISIL Assigns 'CRISIL B+' Rating to INR25MM LT Loan
KEMS FORGINGS: CRISIL Puts 'CRISIL B+' Rating on INR93.7MM Loan
KRISHNNA DEEP: CRISIL Assigns 'CRISIL BB-' Rating to INR35MM Loan

MODERN INFRA: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan
N. N. ISPAT: CRISIL Places 'CRISIL BB-' Rating on INR74.4MM Loan
PONTIAC MERCHANTS: CRISIL Rates INR29.9MM LT Loan at ' CRISIL BB-'
RADHE KRISHNA: CRISIL Assigns 'CRISIL B+' Rating to INR1.3MM Loan
RAUNAQ ICE: CRISIL Reaffirms 'CRISIL B-' INR15MM Term Loan Rating

S T ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to 'CRISIL B+'
SHREE RAJ-RAJESHWARI: CRISIL Reaffirms 'CRISIL B+' Loan Rating
SUPER HI-TECH: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
TRIMEX SANDS: CRISIL Raises Rating on INR1.68BB Loan to 'BB+'
ULTIMATE FASHION: CRISIL Reaffirms 'CRISIL B+' INR5MM Loan Rating

UNIQUE TOOLING: CRISIL Places 'CRISIL BB' Rating on INR11.7MM Loan
V.U.S. TIMBERS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
WORLDSTEL STAINLESS: CRISIL Rates INR195MM Term Loan at 'CRISIL D'
ZYG PHARMA: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating


I N D O N E S I A

MANDALA AIRLINES: Aims to Fly "Soon" as Acquisition Deal Closed
* INDONESIA: Moody's Sees Lower Revenue Growth for Mobile Sector


J A P A N

N-SLOT OPUS: S&P Withdraws 'B' Ratings on 2 Certificate Classes
TOKYO ELECTRIC: Overestimated Generation Cost by JPY618 Billion
TOKYO ELECTRIC: May Become "Zombie Company" as Damage Claim Rises
UDMAC-J1: Fitch Affirms Rating on Two Note Classes at 'CCsf'


N E W  Z E A L A N D

BBQ FACTORY: Goes Into Receivership; Shuts Six Retail Stores
PIKE RIVER: CEO P. Whittal to Leave Firm in November
PIKE RIVER: Staff Knock Off for Final Time
* NEW ZEALAND: Signs of Life in Vineyard Sales


                            - - - - -


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


ENTERPRISE IT: Goes Into Administration After Acquisition Spree
---------------------------------------------------------------
SmartCompany reports that Enterprise IT Global has collapsed into
administration despite a number of key acquisitions and
partnerships during the past 12 months.  The report relates
Australian Securities and Investments Commission said that
Enterprise IT Australia has also been placed into administration,
with BRI Ferrier acting as administrator for both companies.

Enterprise IT Chief Executive Jarrod Case said the company
contacted BRI Ferrier to help it undergo an organization
restructure as it looks to sell off some of its assets.  "During
the last 12 months we've acquired a significant amount of business
assets, to a point where we've had some funding let downs.
External partners have made commitments to funding, but that group
has been under cashflow restraints. . . . The most responsible
thing to do here is to make sure this is all done in the right
order," SmartCompany quoted Mr. Case as saying.

SmartCompany notes that while Mr. Case said the company hasn't
grown too quickly, he says the business will sell off some of its
acquisitions.  But Mr. Case said this will be done through a
managed process in order to get the best prices, "without having
people offer us deals in a firesale," the report relates.

The company has continued trading while in administration.

SmartCompany adds that the collapse comes after the company
acquired a number of assets during the past 18 months.

Enterprise IT Global is a New South Wales information technology
company.


MOBIUS NCM: Fitch Affirms Junk Ratings on Two Note Classes
----------------------------------------------------------
Fitch Ratings has affirmed two Mobius NCM RMBS deals and withdrawn
the rating of one particular class.  The RMBS were issued by BNY
Trust Company of Australia Limited in its capacity as trustee of
the Mobius Trusts.  The Mobius NCM-03 and NCM-04 transactions are
securitisations of Australian non-conforming residential
mortgages.  The rating actions are:

Mobius NCM 03 Trust (NCM 03):

  -- AUD10.92MM Class C (AU300MOB2044) affirmed at 'Asf'; Outlook
     Stable

  -- AUD12.1MM Class D (AU300MOB2051) affirmed at 'BBsf'; Outlook
     Stable

  -- AUD6.6MM Class E (AU300MOB2069) affirmed at 'CCCsf'; Recovery
     Rating 'RR2'

Mobius NCM-04 Trust (NCM 04):

  -- AUD8.87MM Class C (AU3FN0000899) affirmed at 'AAsf'; Outlook
     Stable

  -- AUD18.9MM Class D (AU3FN0000907) affirmed at 'BBBsf'; Outlook
     Stable

  -- AUD8.6MM Class E (AU3FN0000915) affirmed at 'BBsf'; Outlook
     Stable

  -- AUD7.7MM Class F (AU3FN0000923) affirmed at 'CCCsf'; Recovery
     Rating 'RR3'

Class M* affirmed at 'BBBsf'; Outlook Stable: rating withdrawn
*Interest only.

"The performance of NCM 03 and NCM 04 has improved from the 30+
days arrears peak of 24.1% and 28.63% respectively in mid-2008,
with credit enhancement growing significantly for all classes,"
said Kim Bui, Analyst in Fitch's Structured Finance team.

As at July 2011, NCM 03's total 30+ days arrears, nevertheless,
remained high at 14%, with a high percentage of loans 90+ days in
arrears at 12.49%.  As at July 31, 2011, NCM 04's total 30+ days
arrears stood at 9.6% with a large percentage of loans 90+ days in
arrears at 6.34%.  "Pepper Australia Pty Ltd, the servicer, has
demonstrated strong capabilities to significantly help reduce and
clear long-dated arrears," added Ms. Bui.

The strong credit enhancement levels for NCM 03 and 04 are
significant at their respective ratings and exceed their breakeven
levels.  Additionally, these transactions feature an excess spread
reserve that provides additional credit enhancement should excess
income become insufficient to reimburse any principal charge-offs.
As at July 31, 2011, this reserve stood at AUD508,681 for NCM 03
and as at Feb. 16, 2011, at AUD3,967,927 for NCM 04.

The rating actions also reflect Fitch's view the credit quality
and performance of the loans in the respective collateral pools
will remain in line with expectations.

As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of Fitch's analysis.

Fitch has withdrawn the rating on the Class M note, in line with
its revised criteria for rating interest only notes (for
additional information, see 'Fitch Revises Practice for Rating IO
& Pre-Payment Related Structured Finance Securities', dated
June 23, 2010).

There is no rating impact on these transactions from the newly
released criteria for APAC Residential Mortgage Criteria and APAC
Residential Mortgage Criteria Addendum -- Australia, both dated
Aug. 10, 2011.


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


CHINA SOUTH: Moody's Confirms 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has changed to negative the outlook of
China South City Holdings Limited's corporate family and senior
unsecured debt ratings.

At the same time, Moody's has confirmed CSC's B1 corporate family
and B2 senior unsecured debt ratings.

This action concludes the rating review of CSC initiated on
June 21, 2011, following the company's announcement of a framework
agreement with Howard Group to construct and develop a large scale
integrated logistics and trade center in Harbin.

Ratings Rationale

"The negative outlook reflects Moody's concern that CSC could face
uncertainties in achieving sales targets outside its home base of
Shenzhen in view of the cooling of the property market by strong
regulatory measures," says Jiming Zou, a Moody's analyst. "CSC
currently remains strongly reliant on sales from Shenzhen, and any
slowness in reducing such geographic concentration could pressure
downwards its B1 corporate family rating."

CSC has received some customer registration and deposits for its
Nanning, Nanchang and Xian trade centers, which are scheduled for
presale in the next few months. Nonetheless, ultimate contract
sales to be generated from these projects are subject to
uncertainties.

"If contract sales from outside Shenzhen, such as Nanning,
Nanchang and Xian projects, are lower than the planned levels,
then CSC's credit metrics could weaken -- including
EBITDA/interest dropping to below 3x -- and therefore reducing its
financial flexibility," says Mr. Zou.

"On the other hand, we consider that CSC has good liquidity to
fund its share of the upfront payment of RMB2.0 billion required
for the Harbin project, and this is unlikely to create a material
near-term liquidity risk," says Zou, adding, "Moody's expects CSC
to have strong flexibility to pace or scale its development of the
Harbin project."

CSC has strong liquidity and financial flexibility compared to
most of its similarly rated peers. As of March 31, 2011, CSC had
cash of RMB4.5 billion, compared to short term debt of RMB1.7
billion. Adjusted debt to capital was moderate at 34%.

Operationally, CSC has also demonstrated flexibility in managing
its capital expenditure plans in accordance with changes in the
industry conditions.

CSC's B1 corporate family rating continues to reflect the
company's unique business model for successfully developing and
operating integrated trade centers in Shenzhen; access to large-
scale suburban land plots at attractive prices; benefits from
favorable support from local governments in the form of
infrastructure improvements; and flexibility in the speed and
scale of development as it strives to conserve its cash balance in
a down-market.

At the same time, its rating is constrained by the execution risk
from large-scale developments in new locations. Such projects
require some time to reach a critical mass in terms of tenants and
commercial activities.

The ratings could come under pressure for a downgrade, if CSC (1)
fails to execute its business plan, and (2) undertakes further
aggressive expansion into more new locations.

Moody's would consider as downgrade triggers EBITDA/interest
expense coverage below 3.0x; cash balance below RMB1-1.5 billion;
or debt/book capitalization above 50% - 55%.

The ratings outlook could return to stable if CSC (a) achieves its
sales targets with a meaningful contribution from locations
outside Shenzhen; (b) maintains EBITDA/Interest expense coverage
above 3.0x; and (c) maintains a minimum cash balance of at least
RMB1-1.5 billion.

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

China South City (CSC), listed on the Hong Kong Stock Exchange, is
one of China's leading developers and operators of large scale
integrated logistics and trade centers. The company operates one
integrated logistics and trade center in Shenzhen, and is
developing new trade centers in Nanning, Nanchang and Xian, as
well as one residential project in Heyuan. It has a framework
agreement to develop a trade center in Harbin.


HOPSON DEVELOPMENT: Moody's Affirms 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has changed Hopson's rating outlook to
negative from stable.

At the same time, Moody's has affirmed the company's B1 corporate
family rating and the B2 rating on its senior unsecured US dollar
notes.

Ratings Rationale

"The change in outlook to negative reflects Moody's concerns over
Hopson's large dependency on property sales in first tier-cities,
and where purchase restrictions have adversely impacted demand.
The resulting decline in sales could translate into weaker credit
metrics -- interest coverage below 2x - 3x -- which would, in
turn, reduce the company's access to financing," says Jiming Zou,
a Moody's analyst.

Hopson achieved HKD6.3 billion in contract sales in 1H2011, 8%
lower than a year ago, against the backdrop of an increase in
projects available for sale and official attempts to cool the real
estate market.

The results of its geographic diversification into second- and
third-tier cities and its intention to develop more commercial
properties have not yet materialized.

As a result, the company's interest coverage (EBITDA/interest) is
likely to fall below Moody's expectation of at least 2.0 times for
the full year of 2011.

This development also reflects the 40% rise in Hopson's debt to
RMB28 billion during 1H2011 amid weakening sales.

"The weaker sales have resulted in high levels of unsold
inventory. Hopson's 1H2011 completed inventory amounted to
HKD10.8 billion, almost 70% of its 2011 contract sales," says Mr.
Zou.

"The negative outlook also reflects Hopson's high ratio of debt
relative to its contract sales -- more than 2x -- and its high
level of short-term debt maturities: RMB10 billion out of total
debt of RMB28 billion," says Mr. Zou.

The B1 corporate family rating continues to reflect the high
operating risk Hopson faces as a result of its aggressive land
acquisition strategy; its high funding needs, arising from fast
growth; and its limited access to offshore financing.

Offsetting these challenges is Hopson's established market
position and brand equity in Guangdong province and Beijing, and
its solid track record in large-scale residential developments.
Such strengths support sales and cash flow to some extent.

The ratings could be downgraded if Hopson (1) continues to exhibit
below-target sales levels and/or declining profit margins --
EBITDA margin below 25%; or (2) continues its aggressive land
acquisitions; or (3) experiences a decline in its cash balance.

Credit metrics indicating a downgrade would include
EBITDA/interest under 2x; Debt/Total Capitalization 50% - 55%, or
Cash below RMB2 billion.

A rating upgrade is unlikely, given the negative outlook. However,
the ratings could return to stable If Hopson can demonstrate (1)
improved contract sales and meet its sales targets; (2) slow the
pace of its land acquisitions; (3) reduce unsold inventory; and
(4) reduce debt leverage.

Credit metrics for a return to the outlook to stable include
EBITDA/interest coverage at 2.5x -- 3.0x or above; debt/Total
Capitalization below 50%.

The principal methodology used in rating Hopson Development
Company Holdings Limited was the Global Homebuilding Industry
Methodology published in March 2009.

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 30.5 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their surrounding
areas.


SHANGHAI ZENDAI: Moody's Lowers Corporate Family Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Shanghai Zendai Property
Ltd's corporate family rating to Caa1 from B3 and its senior
unsecured debt rating to Caa2 from Caa1.

The outlook of the ratings is negative.

Ratings Rationale

This downgrade action concludes the rating review which was
initiated on 30 May 2011 and was driven by Zendai's weak sales and
increasing liquidity risk from its maturing debt.

"The downgrade reflects Moody's concern over Zendai's slow
progress in improving its contract sales, which were
RMB1.4 billion in 1H 2011, representing 21% of its original budget
for 2011, or 38% of its revised budget for 2011," says Zou Jiming,
a Moody's analyst.

"Furthermore, Zendai has to rely on asset disposals to raise
liquidity. For the past few months, the company has only been able
to raise RMB210 million from the disposal of a plot of land in
Huzhou, and which is small relative to the liquidity gap of more
than RMB2 billion estimated by Moody's," says Mr. Zou, adding,
"The refinancing of the US$150 million notes due June 2012 and
trust loan of RMB958 million due April 2012 has yet to be
arranged."

In addition, its slow progress in arranging for funding and
developing its largest project in the Shanghai Bund continues to
add to its financial burden.

The negative outlook reflects the heightened liquidity risk
arising from its weak sales execution and material level of
maturing debt.

There is no upgrade pressure, given the negative outlook.

Further downgrade pressure could emerge if Zendai is likely to
fail meeting its payment obligations.

The principal methodology used in rating Shanghai Zendai Property
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Shanghai Zendai Property Ltd is a mainland China property
developer that develops, invests in, and manages residential and
commercial properties in China. The group currently has property
projects under development in 12 cities in three regions,
including northern China, Shanghai and adjacent areas, and Hainan
Province.


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


BARCLAYS CAPITAL: Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------
Creditors of Barclays Capital Futures Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 20, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 20, 2011.

The company's liquidators are:

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


BEAR STEARNS: Creditors' Proofs of Debt Due Oct. 30
---------------------------------------------------
Creditors of Bear Stearns Far East Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 30, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 20, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


CHINESE GOLF: Lam Hon Mo Steps Down as Liquidator
-------------------------------------------------
Lam Hon Mo stepped down as liquidator of Chinese Golf Foundation
Limited on Sept. 28, 2011.


CRYSTAL KEY: Creditors' Meeting Set for Oct. 28
-----------------------------------------------
Creditors of Crystal Key Electroplating Company Limited will hold
their meeting on Oct. 28, 2011, at 10:15 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Unit 1402, 14th Floor, Yue Xiu
Building, 160-174 Lockhart Road, Wanchai, in Hong Kong.


ENTERRA OILFIELD: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------------
Creditors of Enterra Oilfield Rentals Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 20, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


SUBOR ELECTRONICS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Subor Electronics Technology Co Ltd.

The official receiver is Teresa S W Wong.


SUNTOP PHARMACEUTICAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of Suntop Pharmaceutical Limited.

The company's liquidators are:

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


SUPREE CREATIONS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Supree Creations Limited.

The company's liquidators are:

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


TAK CHEONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Tak Cheong Engineering Development
Limited.

The official receiver is Teresa S W Wong.


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

Zhang Taoying filed the petition against the company on Aug. 31,
2011.


TOMSON COMPANY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Tomson Company Limited.

The company's liquidators are:

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


WAH NAM: Creditors and Contributories to Meet on Oct. 6
-------------------------------------------------------
Creditors and contributories of Wah Nam Group Limited will hold
their general meeting on Oct. 6, 2011, at 10:00 a.m., at the
offices of FS Asia Advisory Limited, Level 22, The Center, at 99
Queen's Road Central, Central, in Hong Kong.

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


WAISS INTERIOR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Waiss Interior Limited.

The official receiver is Teresa S W Wong.


WELL BRIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of Well Bright Limited.

The company's liquidators are:

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


YUEH FUNG: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------
A petition to wind up the operations of Yueh Fung International
Logistcs Limited will be heard before the High Court of Hong Kong
on Oct. 19, 2011, at 9:30 a.m.

Wong Yim Kwan filed the petition against the company on Aug. 16,
2011.

The Petitioner's solicitors are:

          Tang, Wong & Chow
          22nd Floor, Henan Building
          90 Jaffe Road, Wanchai
          Hong Kong


=========
I N D I A
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AIR INDIA: Plans to Sell INR1 Billion in Bonds
----------------------------------------------
Bloomberg News reports that Air India Ltd plans to raise
INR100 billion (US$2 billion) selling bonds as it works to reduce
dependence on government bailouts.

The bond sale is part of a turnaround plan the airline has
submitted to the government, Vayalar Ravi, India's civil aviation
minister, told Bloomberg in an interview in his New Delhi office
on Sept. 28.  The government hasn't yet decided on giving
sovereign guarantee for the bonds, he said without specifying a
timeframe for the sale, Bloomberg relates.

According to Bloomberg, Mr. Ravi said Air India is also aiming to
"monetize" its land and buildings by renting them out to other
government offices in a bid to generate cash.  The carrier, which
has reported annual losses every year since a merger with Indian
Airlines in 2007, has piled up INR442 billion of debt after
ordering 111 planes from Airbus SAS and Boeing Co., Bloomberg
notes.

"It's a balance between commercial business interest and debt
burden," Bloomberg quotes Mr. Ravi as saying.  "Commercial
business interest needs to be looked into by Air India."

Bloomberg relates that the minister said Air India's board has yet
to submit its recommendation on the Boeing 787 Dreamliner to the
government.  The carrier has ordered 27 of the jets, and is due to
get the first one in the fourth quarter after more than three
years of delay, Bloomberg adds.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


ASL MARKETING: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
ASL Marketing Private Limited bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR60 Million Proposed Long-Term   CRISIL BB-/Stable (Assigned)
                 Bank Loan Facility
   INR10 Million Bill Discounting     CRISIL A4+ (Assigned)
   INR50 Million Letter of Credit     CRISIL A4+ (Assigned)

The ratings reflects the company's established market presence in
the iron and steel trading industry .This strength is partially
offset by slender operating margins and limited track record of
the current promoters.

Outlook: Stable

CRISIL believes that ASL will maintain a stable business risk
profile on the back of its established market presence in the
steel industry. The outlook may be revised to 'Positive' in case
of significant increase in revenues while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in operating margins or debt protection
metrics.

                        About ASL Marketing

ASL Marketing Private Limited was incorporated in 1978, by Mr.
Anil Gupta, second generation entrepreneur. The Company is engaged
in trading of iron and steel products such as like MS plates;
Billets, Sponge Iron, Pig Iron and Iron scraps and manufacturing
of the plastic water tanks. Since 2009, Mr. Gaurav Gupta, son of
Mr. Anil Gupta after graduating from BITS Pilani, is currently
managing the overall operations of the Vizag based steel trading
activity (contributing around 99% of revenues). Mr. Sunil Gupta,
brother of Mr. Anil Gupta looks after the overall operations of
the Ranchi based water tank manufacturing activity (contributing
less than 1% of revenues).

ASL reported, profit after tax (PAT) of INR 5 million on net sales
(provisional) of INR1.4 billion for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR 5.8 million on
net sales of INR1.2 billion for 2009-10.


BANSAL EDUCATIONAL: CRISIL Rates INR79.9MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to long-term
bank facilities of Bansal Educational Trust.

   Facilities                           Ratings
   ----------                           -------
   INR5.0 Million Overdraft Facility    CRISIL B+/Stable(Assigned)
   INR79.9 Million Rupee Term Loan      CRISIL B+/Stable(Assigned)

The rating reflects the BET's limited track record, susceptibility
to intense competition accentuated by limited geographical reach,
vulnerability to regulatory risks associated with educational
institutions, and a moderate financial risk profile, marked by a
high gearing, small net worth, and moderate debt protection
metrics. These rating weaknesses are partially offset by funding
support that BET gets from its trustees and the healthy demand
prospects for education in India.

Outlook: Stable

CRISIL believes that BET will continue to have a constrained
business risk profile owing to stiff competition in Uttar Pradesh
on account of various established institutes operating in the
region. The outlook may be revised to 'Positive' if BET is able to
attract more students by offering new courses leading to higher
accruals and improved capital structure. Conversely, the outlook
may be revised to 'Negative' if the trust contracts large debt for
its future capital expenditure or it faces unfavourable changes in
the regulations or legal framework leading to deterioration in its
business risk profile.

                      About Bansal Educational

BET was set up in 2008 by Mr. G S Agarwal and his family members.
The trust runs Bansal Institute of Engineering and Technology, in
Lucknow (Uttar Pradesh). The campus of the institute covers an
area of about 12 acres. The institute offers engineering courses
in electronics and communications, computer science and
engineering, information technology, mechanical, civil,
electronics, and instrumentation; it also offers a master of
business administration course. All the engineering courses are
approved by the All India Council for Technical Education, and the
institute is affiliated to the Gautam Buddh Technical University
(formerly, Uttar Pradesh Technical University). BET currently has
868 students studying in the college and has intake capacity of
450 students per year. The trust also has a hostel with capacity
for accommodating 200 students.

BET reported a surplus of INR2.1 million on an income of
INR26.7 million in 2009-10 (refers to financial year, April 1 to
March 31), as against a deficit of INR1.1 million on an income of
INR13.7 million in 2008-09.


BELLEZA GRANITO: CRISIL Places 'CRISIL B+' Rating on INR190MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Belleza Granito Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR190 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR50 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR30 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect BGPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the strong experience of
the promoters in the ceramic industry and the advantageous
location of BGPL's upcoming facility, marked by easy access to raw
material and skilled labour, expected to result in healthy
operating efficiencies.

Outlook: Stable

CRISIL believes that BGPL will maintain its credit risk profile
over the medium term, on account of its strategically located
upcoming facility and promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company achieves
better-than-expected revenues and profitability. Conversely, the
outlook may be revised to 'Negative' in case of a delay in
commissioning of its facility or if its revenues and profitability
are less than expected, once the project is commissioned.

                       About Belleza Granito

BGPL was incorporated in January 2011 and is presently setting up
its facility in Morbi (Gujarat), which will have the capacity to
manufacture 6500 boxes per day of vitrified tiles. The company's
operations are expected to start in December 2011. The project
cost of INR300.0 million is being funded by a term loan of INR190
million, unsecured loans from promoters of INR10.0 million, and
equity funding of INR100.0 million. This translates into a debt-
to-equity ratio of 2 times.


COSA CERAMICS: CRISIL Assigns 'CRISIL B' Rating to INR205MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Cosa Ceramics Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR205 Million Term Loan         CRISIL B/Stable (Assigned)
   INR60 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR29.5 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect CCPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the strong experience of
the promoters in the ceramic industry and the advantageous
location of CCPL's upcoming facility, marked by easy access to raw
material and skilled labor, expected to result in healthy
operating efficiencies.

Outlook: Stable

CRISIL believes that CCPL will maintain its credit risk profile
over the medium term, on account of its strategically located
upcoming facility and promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company achieves
better-than-expected revenues and profitability. Conversely, the
outlook may be revised to 'Negative' in case of a delay in
commissioning of its facility or if its revenues and profitability
are less than expected, once the project is commissioned.

                         About Cosa Ceramics

CCPL was incorporated in December 2010 and is presently setting up
its facility in Morbi (Gujarat), which will have capacity to
manufacture 6,000 boxes per day of vitrified tiles. The company's
operations are expected to start in December 2011. The project
cost of INR337.0 million is being funded by a term loan of INR205
million, unsecured loans from promoters of INR22.0 million, and
equity funding of INR110.0 million. This translates into a debt-
to-equity ratio of 2.06 times.


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

   Facilities                       Ratings
   ----------                       -------
   INR22 Million Cash Credit        CRISIL BB-/Stable (Reaffirmed)
   INR52 Million Rupee Term Loan    CRISIL BB-/Stable (Reaffirmed)

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

Outlook: Stable

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

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

                         About the Group

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

HPPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR278 million for 2010-11 (refers to financial year,
April 1 to March 31) against a PAT of INR0.4 million on net sales
of INR151 million for 2009-10.


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

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL BB-/Stable (Reaffirmed)

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

Outlook: Stable

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

Update

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

                         About the Group

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

Jupax reported a profit after tax (PAT) of INR0.7 million on net
sales of INR238 million for 2010-11 (refers to financial year,
April 1 to March 31) against a PAT of INR0.6 million on net sales
of INR226 million for 2009-10.


KEMS AUTO: CRISIL Assigns 'CRISIL B+' Rating to INR25MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4'ratings to the
bank facilities of Kems Auto Components Ltd (KACL; part of the
Kems group).

   Facilities                          Ratings
   ----------                          -------
   INR25 Million Long-Term Loan        CRISIL B+/Stable (Assigned)
   INR65 Million Cash Credit           CRISIL B+/Stable (Assigned)
   INR15 Mil. Foreign Bill Purchase    CRISIL A4 (Assigned)
   INR15 Mill.Export Packing Credit    CRISIL A4 (Assigned)
   INR20 Million Letter of Credit      CRISIL A4 (Assigned)
   INR20 Million Bank Guarantee        CRISIL A4 (Assigned)

The ratings reflect the Kems group's below-average financial risk
profile, marked by a high gearing and below-average debt
protection metrics, and susceptibility to customer concentration
risk and cyclicality in the automobile industry. These rating
weaknesses are partially offset by the Kems group's established
position in the forging and machining segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KACL with Kems Forgings Ltd and
Southern Steels and Forgings, together referred to as the Kems
group. This is because all the three entities are engaged in
similar lines of business, have common promoters, share
significant business synergies and considerable financial
fungibility.

Outlook: Stable

CRISIL believes that the Kems group will maintain a stable credit
risk profile over the medium term, on back of its established
market position in the forging and machining sector and
experienced management. The outlook may be revised to positive, in
case of a sustained improvement in the group's working capital
management in conjunction with an improvement in its capital
structure and debt protection metrics or if Kems group diversifies
its customer profile resulting in greater than expected increase
in scale of operations. Conversely, the outlook may be revised to
negative, in case of a sustained slowdown in the automobile
industry resulting in constrained capacity utilization levels or
if the group undertakes any large debt funded capex, resulting in
deterioration of its financial risk profile.

                       About the Group

Incorporated in 1984, KACL (formerly, Karnataka Electrical and
Mechanical Systems Ltd) acquired its current name in 2010-11
(refers to financial year, April 1 to March 31). KACL is engaged
in machining of auto components and caters primarily to the
automotive industry. KACL has two manufacturing facilities with
total manufacturing capacity of 1.2 million components per annum.

KFL was established when its promoters acquired Sree Lakshmi
Industrial Forge and Engineers Ltd in 1991. The company got its
current name in 2010-11 (refers to financial year, April 1 to
March 31). KFL is engaged in forging of alloy, carbon, and
stainless steel. The company has two plants in Bengaluru
(Karnataka) with a total installed capacity of around 28, 800
tonnes per annum (tpa). KFL produces components that cater
primarily to the automobile, construction/mining, oil and gas, and
chemicals industries.

SSF trades carbon steel and alloy steel long products, such as
bars, rods, and billets. SSF is based in Chennai (Tamil Nadu) and
has branch offices in Karnataka, Andhra Pradesh, Maharashtra, and
West Bengal. Around 50-55% of SSF's sales are made to KACL and
KFL. The day to day operations of the Kems group is managed by its
promoter - Mr. S.K Gandhi.

The Kems group reported a profit after tax (PAT) of
INR59.1 million on net sales of INR1.9 billion for 2010-11, as
against a PAT of INR19.34 million on net sales of INR1.47 billion
for 2009-10.


KEMS FORGINGS: CRISIL Puts 'CRISIL B+' Rating on INR93.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kems Forgings Ltd (KFL; part of the Kems group).

   Facilities                        Ratings
   ----------                        -------
   INR93.7 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR135 Million Cash Credit        CRISIL B+/Stable (Assigned)

The rating reflects the Kems group's below-average financial risk
profile, marked by a high gearing and below-average debt
protection metrics, and susceptibility to customer concentration
risk and cyclicality in the automobile industry. These rating
weaknesses are partially offset by the Kems group's established
position in the forging and machining segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KFL with Kems Auto Components Ltd
(KACL) and Southern Steels and Forgings (SSF), together referred
to as the Kems group. This is because all the three entities are
engaged in similar lines of business, have common promoters, share
significant business synergies and financial fungibility.

Outlook: Stable

CRISIL believes that the Kems group will maintain a stable credit
risk profile over the medium term, on back of its established
market position in the forging and machining sector and
experienced management. The outlook may be revised to positive, in
case of a sustained improvement in the group's working capital
management in conjunction with an improvement in its capital
structure and debt protection metrics or if Kems group diversifies
its customer profile resulting in greater than expected increase
in scale of operations. Conversely, the outlook may be revised to
negative, in case of a sustained slowdown in the automobile
industry resulting in constrained capacity utilization levels or
if the group undertakes any large debt funded capex, resulting in
deterioration of its financial risk profile.

                        About the Group

KFL was established when its promoters acquired Sree Lakshmi
Industrial Forge and Engineers Ltd in 1991. The company got its
current name in 2010-11 (refers to financial year, April 1 to
March 31). KFL is engaged in forging of alloy, carbon, and
stainless steel. The company has two plants in Bengaluru
(Karnataka) with a total installed capacity of around 28, 800
tonnes per annum (tpa). KFL produces components that cater
primarily to the automobile, construction/mining, oil and gas, and
chemicals industries.

Incorporated in 1984, KACL (formerly, Karnataka Electrical and
Mechanical Systems Ltd) acquired its current name in 2010-11
(refers to financial year, April 1 to March 31). KACL is engaged
in machining of auto components and caters primarily to the
automotive industry. KACL has two manufacturing facilities with
total manufacturing capacity of 1.2 million components per annum.

SSF trades carbon steel and alloy steel long products, such as
bars, rods, and billets. SSF is based in Chennai (Tamil Nadu) and
has branch offices in Karnataka, Andhra Pradesh, Maharashtra, and
West Bengal. Around 50-55% of SSF's sales are made to KACL and
KFL. The day to day operations of the Kems group is managed by its
promoter - Mr. S.K Gandhi.

The Kems group reported a profit after tax (PAT) of INR59.1
million on net sales of INR 1.9 billion for 2010-11, as against a
PAT of INR19.34 million on net sales of INR1.47 billion for
2009-10.


KRISHNNA DEEP: CRISIL Assigns 'CRISIL BB-' Rating to INR35MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Krishnna Deep Overseas Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR35 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR40 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the experience of KDOPL's promoters in
manufacturing polyethylene films. The ratings also factor in the
financial support that the promoters extend to the company. These
rating strengths are partially offset by KDOPL's weak financial
risk profile, marked by a high gearing, a small net worth, and
weak debt protection metrics, small scale of, and working-capital-
intensive, operations, and susceptibility of the company's
operating margin to volatility in input prices.

Outlook: Stable

CRISIL believes that KDOPL will continue to benefit over the
medium term from its promoters' industry experience and financial
support. The outlook may be revised to 'Positive' if KDOPL scales
up its operations while it prudently manages its working capital
cycle, or if it improves its capital structure significantly.
Conversely, the outlook may be revised to 'Negative' if KDOPL's
liquidity weakens significantly because of large incremental
working capital requirement or pressure on the company's revenues
and profitability.

                        About Krishnna Deep

Set up in 2008 by Mr. Nitin Aggarwal and his wife, Mrs. Shalini
Aggarwal, KDOPL manufactures polyethylene films that are used to
make flexible packaging mainly used for food products. The company
has a facility based in New Delhi. In 2011-12 (refers to financial
year, April 1 to March 31), KDOPL also began trading in polyester
products.

KDOPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR301 million for 2010-11, against a PAT of INR0.5
million on net sales of INR247 million for 2009-10.


MODERN INFRA: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Modern Infra Projects India Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR20 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR30 Million Proposed LT       CRISIL BB+/Stable (Assigned)
          Bank Loan Facility
   INR100 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect MIPIL's above-average financial risk profile,
marked by a moderate net worth, healthy debt protection metrics,
and comfortable gearing, moderate order book, and improved
segmental, geographical, and customer diversification. These
rating strengths are partially offset by MIPIL's working-capital-
intensive operations and presence in the highly fragmented
construction industry, leading to intense competition.

For arriving at its ratings, CRISIL has treated INR144 million of
unsecured loans extended by the promoters' group companies,
friends, and family as neither debt nor equity. This is based on
the management assurance that it will maintain these funds in the
business for at least five financial years starting from 2010-11
(refers to financial year, April 1 to March 31). The management's
also undertakes that any interest on the same would be serviced by
MIPIL only after the company services the obligations on bank
loans or any loans availed of from financial institutes.

Outlook: Stable

CRISIL believes that MIPIL will continue to benefit from the
growth prospects for the civil construction industry over the
medium term. The outlook may be revised to 'Positive' if the
company strengthens its business risk profile through better
execution of projects and improves its profitability. Conversely,
the outlook may be revised to 'Negative' if MIPIL's financial risk
profile weakens because of any larger-than-expected debt-funded
capital expenditure or if the company is unable to execute its
order in hand in a timely manner.

                       About Modern Infra

MIPIL was taken over by the Mr. Sukhdev Jhawar and his son, Mr.
Babulal Jhawar of Kolkata, in June 2005. The company is engaged in
urban infrastructure and civil construction. The company
undertakes projects mostly in West Bengal, Madhya Pradesh, and
Delhi and elsewhere. The company sub-contracted a major part of
its work in 2010-11(refers to financial year, April 1 to
March 31). MIPIL caters to both the private and public sectors.

MIPIL reported a profit after tax (PAT) and net sales of
INR78.5 million and INR2.37 billion for 2010-11, as against a
reported PAT of INR 31.1million on net sales of INR851 million for
2009-10.


N. N. ISPAT: CRISIL Places 'CRISIL BB-' Rating on INR74.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of N. N. Ispat Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR74.4 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR10.1 Million Proposed LT        CRISIL BB-/Stable (Assigned)
            Bank Loan Facility
   INR32.5 Mil. Overdraft Facility    CRISIL BB-/Stable (Assigned)

The rating reflects NNIPL's modest financial risk profile and the
susceptibility of its operating performance to the cyclicality in
the steel industry. These weaknesses are partially offset by the
extensive industry experience of NNIPL's promoters.

Outlook: Stable

CRISIL believes that NNIPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case of
more-than-expected improvement in the company's revenues and
margins while maintaining capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's operating income, profitability or capital
structure.

                         About N. N. Ispat

NNIPL was incorporated in 2004 by its original promoters the Singh
family. In 2009, subsequent to a change in management, Mr. Dinesh
Adukia and Mr. Vivek Adukia took over its operations. The present
management (the Adukia family) has been engaged in the steel
manufacturing and trading business in West Bengal for 40 years.

NNIPL manufactures mild steel ingots. Its steel plant is located
at Burdwan in West Bengal. The company has production capacity of
28000 TPA of finished products at present.

NNIPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR494 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR182.9 million for 2008-09.


PONTIAC MERCHANTS: CRISIL Rates INR29.9MM LT Loan at ' CRISIL BB-'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Pontiac Merchants Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR20 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR29.9 Million Proposed LT     CRISIL BB-/Stable (Assigned)
            Bank Loan Facility
   INR50 Million Letter of Credit  CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of PMPL's promoters
in the timber trading and saw mill business. This rating strength
is partially offset by PMPL's average financial risk profile,
relatively small scale of operations, and working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that PMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is substantial equity infusion by the
promoters or sustained improvement in working capital management,
leading to significant growth in the company's revenues.
Conversely, the outlook may be revised to 'Negative' if larger-
than-expected debt-funded capital expenditure materially impacts
PMPL's debt protection metrics, or if the company's revenues and
profitability decline significantly.

                      About Pontiac Merchants

Incorporated in 1997, PMPL trades timber. The company deals
primarily in hard wood and derives revenues majorly from the North
Bengal market. PMPL procures wood mainly from local dealers who
import material from Malaysia and West Africa.

PMPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR260.0 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR192.8 million for 2008-09.


RADHE KRISHNA: CRISIL Assigns 'CRISIL B+' Rating to INR1.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Radhe Krishna Cotton Industries.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR1.3 Million Proposed LT       CRISIL B+/Stable (Assigned)
           Bank Loan Facility

The rating reflects RCI's average financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, small scale of operations in the highly fragmented cotton
ginning industry, and susceptibility to changes in government
policies. These rating weaknesses are partially offset by the
extensive experience of RCI's partners in the cotton ginning
industry.

Outlook: Stable

CRISIL believes that RCI will continue to benefit over the medium
term from its partners' extensive experience in the cotton ginning
industry. The outlook may be revised to 'Positive' if the firm's
scale of operations and operating margin improve significantly,
along with improvement in its financial risk profile backed by
infusion of partners' equity. Conversely, the outlook may be
revised to 'Negative' if RCI's profitability declines further or
capital withdrawals or debt-funded capital expenditure leads to
weakening in its financial risk profile.

                      About Radhe Krishna

Set up in 1997 in Amreli (Gujarat), RCI is a partnership firm
engaged in cotton ginning; the firm has cotton ginning capacity of
40,000 bales per annum. RCI also undertakes oil extractions from
cotton seed. The firm has 10 partners belonging to the Chav
family; however, Mr. Kantilal Chav and Mr. Balwantray Chav manage
its overall activities. RCI mainly undertakes business activities
during cotton season viz., October to April.

RCI reported a profit after tax (PAT) of INR1.6 million on net
sales of INR568.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.7 million on net
sales of INR346.8 million for 2009-10.


RAUNAQ ICE: CRISIL Reaffirms 'CRISIL B-' INR15MM Term Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on Raunaq Ice & Cold Storage's bank facilities
continue to reflect RICS's below-average financial risk profile
marked by small net worth and weak debt protection metrics, and
susceptibility to risks inherent in the seafood exports industry,
to intense competition and to volatility in foreign exchange
rates.  These rating weaknesses are partially offset by RICS's
promoter-partners' experience in the seafood exports industry.

   Facilities                        Ratings
   ----------                        -------
   INR15.0 Million Term Loan         CRISIL B-/Stable (Reaffirmed)
   INR75.0 Million Export Packing    CRISIL A4 (Reaffirmed)
                           Credit
   INR60.0 Million Foreign Bill      CRISIL A4 (Reaffirmed)
                       Purchase

Outlook: Stable

CRISIL believes that RICS will maintain its business risk profile
over the medium term, supported by promoter-partners' industry
experience. The outlook may be revised to 'Positive' if the firm
scales up its operations significantly, while maintaining its
profitability, or if the promoter-partners infuse substantial
equity capital in the firm. Conversely, the outlook may be revised
to 'Negative' if the firm's profitability declines or if it
undertakes larger-than-expected debt-funded capital expenditure
programme, thereby weakening its capital structure.

                        About Raunaq Ice

RICS was established as a partnership firm by the members of the
Khetalpar family of Mangrol (Gujarat) in 1995. Headed by
Mr. Naranbhai Khetalpar and his brother Mr. Hirabhai Khetalpar,
the firm is an exporter of seafood, such as squid, cuttlefish,
ribbon-fish croakers, and shrimps. RICS exports mainly to the US,
Europe, the Middle East, and China. The firm has one unit in
Mangrol, with an installed capacity of 40 tonnes per day (tpd) for
processing of seafood. It has a 750-tpd cold storage facility for
preserving processed seafood.

RICS reported, on provisional basis, a profit after tax (PAT) of
INR1.25 million on net sales of INR306 million for 2010-11 (refers
to financial year, April 1 to March 31); the firm reported a PAT
of INR3.19 million on net sales of INR377 million for 2009-10.


S T ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of S T
Electricals Pvt Ltd (STEPL, part of the ST group) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' while reaffirming its rating on
STEPL's short-term facilities at 'CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR90 Million Cash Credit       CRISIL B+/Stable (Upgraded from
                                               'CRISIL B-/Stable')

   INR30 Million Proposed Cash     CRISIL B+/Stable (Upgraded from
                  Credit Limit                 'CRISIL B-/Stable')

   INR70 Million Proposed Bank     CRISIL A4 (Reaffirmed)
                    Guarantee

   INR60 Million Letter of Credit  CRISIL A4 (Reaffirmed)

   INR160 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in the ST group's business risk
profile, marked by more-than-expected increase in topline and
profitability in 2010-11 (refers to financial year, April 1 to
March 31). Topline increased to over INR1.13 billion in 2010-11
from INR390 million in 2009-10, driven by increase in orders for
the group's joint venture (JV) with Space Age Associates (Space
Age) and efficient order execution in 2010-11. The group's
operating margin improved by over 100 basis points (bps; one%
equals 100 bps) to 10.1% in 2010-11 because of two large orders
from Maharashtra State Electricity Distribution Company Ltd.
CRISIL believes that the ST group, notwithstanding moderation in
its topline growth rate, will maintain its topline at close to the
current level, supported by its successful association with Space
Age, and orders of about INR900 million (as on March 31, 2011) to
be delivered over the medium term. The rating upgrade also factors
in enhancement in the group's working capital bank lines to INR90
million from INR5 million, which has helped in alleviating its
liquidity pressures. CRISIL believes that the ST group will
continue to efficiently manage its working capital and enhance its
working capital bank lines in a timely manner, thereby ensuring
adequate liquidity.

The ratings reflect the ST group's working-capital-intensive, and
modest scale of, operations, and susceptibility to intense
competition in the electrical contracting industry. These rating
weaknesses are partially offset by the group's comfortable gearing
and debt protection metrics, and promoters' industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STEPL, Success Engineers (SE) and
Siddharth Engineering Corporation (SEC). The entities are
collectively referred to as the ST group herein. This is because
the entities are in the same line of business, under a common
ownership, and have cash flow fungibility.

Outlook: Stable

CRISIL believes that the ST group will continue to benefit from
its association with Space Age, promoters' industry experience,
and a healthy demand scenario, over the medium term. The outlook
may be revised to 'Positive' if the promoters extend long-term
funds to the group to help it tide over liquidity pressures.
Conversely, the outlook may be revised to 'Negative' if the group
faces any unprecedented delay in realizing its debtors, or if its
pace of execution of orders slows down.

                           About the Group

STEPL was incorporated in 1998 as a private limited company, prior
to which (since 1986) it functioned as a partnership firm. The
company is primarily engaged in execution of government-funded
electrical projects. The company is promoted by Mr. S T Tiwari and
his family. In 2009-10, STEPL won four contracts from MSEDCL --
this includes two contracts of INR1800 million combined, which
were won through a 50:50 joint bid with Space Age. STEPL's share
in these two contracts is about INR900 million.

SE, set up in 2000, is a partnership firm engaged in manufacturing
feeder pillars and in job-works. The promoters of STEPL are the
partners in Success Engineers. SEC is a partnership firm engaged
in job-works and in trading in electrical items; it was set up in
2003.

STEPL reported a profit after tax (PAT) of INR107 million on net
sales of INR887.1 million for 2010-11, against a PAT of INR13.6
million on net sales of INR293.9 million for 2009-10.


SHREE RAJ-RAJESHWARI: CRISIL Reaffirms 'CRISIL B+' Loan Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the INR5.5-million
bank guarantee facility of Shree Raj-Rajeshwari Pap-Chem
Industries Pvt Ltd, while reaffirming its ratings on Shree Raj's
other aforementioned facilities at 'CRISIL B+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR129.5 Million Cash Credit         CRISIL B+/Stable
   (Enhanced from INR100.00 Million)

   INR50.0 Million Term Loan            CRISIL B+/Stable
                                            (Reaffirmed)

   INR5.50 Million Bank Guarantee       CRISIL A4 (Assigned)

The rating reflects Shree Raj's weak financial risk profile marked
by small net worth, small scale of operations, geographic
concentration, and susceptibility to cyclicality in the paper
industry and to volatility in waste paper prices and foreign
exchange rates. These rating weaknesses are partially offset by
Shree Raj's promoters' experience in the paper business.

Outlook: Stable

CRISIL believes that Shree Raj's financial risk profile will
remain weak over the medium term despite improved liquidity,
because of the small net worth. The rating may be revised to
'Positive' in case of improvement in Shree Raj's capital
structure, most likely driven by fresh equity infusion or larger-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any significant pressure on the
company's liquidity, most likely caused by less-than-expected cash
accruals or larger-than-expected working capital requirements.

                     About Shree Raj-Rajeshwari

Shree Raj was established by in 1997 by the Shah family of
Maharashtra. The company manufactures kraft paper from waste
paper. Its plant, with an installed capacity of 100 tonnes per
day, is in Nashik (Maharashtra). Shree Raj mainly manufactures
paper of 100 to 250 grammage per square metre and markets its
products primarily in Gujarat and Maharashtra. The company
undertook a capital expenditure programme of INR100 million to
establish a unit for manufacture of kraft paper of higher burning
factor in the range of 20-26 points; the new unit is expected to
become operational by end June 2011.

The company reported a PAT of INR10.8 million on net sales of
INR548.7 million for 2009-10, against a PAT of INR4.5 million on
net sales of INR427.6 million for 2008-09.


SUPER HI-TECH: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Super Hi-Tech Engineers & Contractors.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR45 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect the expected weakening in SHEC's financial
risk profile because of the funding requirement for the firm's
large proposed project. The ratings also factor in SHEC's small
scale of operations with high geographical concentration. These
rating weaknesses are partially offset by the extensive experience
of SHEC's promoters in the construction industry, and strong
revenue visibility.

Outlook: Stable

CRISIL believes that SHEC will benefit from its promoters'
extensive industry experience, and from strong revenue visibility,
over the medium term. The outlook may be revised to 'Positive' in
case SHEC scales up its operations on a sustainable basis, and
increases its net worth, most likely through fresh equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity weakens significantly, most likely because of
large, debt-funded capital expenditure, or large working capital
requirement.

                       About Super Hi-Tech

SHEC was set up in 1997 as a partnership firm by Mr. Mohammed
Nazeeruddin and his three sons, Mr. Mohammed Naheeruddin,
Mr. Mohammed Saiahuddin, and Mr. Mohammed Nayeemuddin. The firm
executes projects related to construction of roads primarily for
government undertakings. Its construction activities are
concentrated mainly in Andhra Pradesh (AP). However, in 2011-12
(refers to financial year, April 1 to March 31), the firm bid for
a project worth INR1.06 billion in Saudi Arabia through a 49:51
joint venture (JV) and is lowest bidder. SHEC has formed another
JV and is in the process of bidding for a highway construction
project in AP worth INR900 million.

SHEC reported a profit after tax (PAT) of INR7.6 million on net
sales of INR199 million for 2009-10, against a PAT of
INR6.1 million on net sales of INR169 million for 2008-09.


TRIMEX SANDS: CRISIL Raises Rating on INR1.68BB Loan to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Trimex Sands Pvt Ltd (TSPL; part of the Trimex group) to 'CRISIL
BB+/Stable' from 'CRISIL BB/Stable', while reaffirming the short-
term rating at 'CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR1682.5 Million LT Loan        CRISIL BB+/Stable (Upgraded
                                       from 'CRISIL BB/Stable')

   INR100 Million Cash Credit       CRISIL BB+/Stable (Assigned)

   INR70 Million Export Packing     CRISIL A4+ (Assigned)
                         Credit

   INR100 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

The rating upgrade reflects improvement in TSPL's capital
structure and successful ramp-up of operations in its newly
commenced sand mineral separation unit during 2010-11 (refers to
financial year, April 1 to March 31). TSPL has converted INR330
million worth of preference shares into common equity, during
2010-11 which has led to an improvement in its capital structure.
The company's gearing has improved from over 10 times as on
March 31, 2010, to 3.2 times as on March 31, 2011.  The upgrade
also reflects the successful stabilization of operations at TSPL's
beach sand mineral separation unit which started commercial
production in the fourth quarter of 2009-10. The company reported
sales of INR1.3 billion in 2010-11 and is expected to continue its
strong revenue growth over the near term as well. TSPL has
achieved sales of over INR450 million in the first quarter of
2011-12. With a healthy operating margin of 35 to 40%, the strong
growth in sales is expected to result in comfortable cash accruals
over the near term.

The ratings also reflect the Trimex group's comfortable business
risk profile, and its promoter's extensive experience in the
mining industry. These rating strengths are partially offset by
the Trimex group's average financial risk profile, marked by high
gearing and susceptibility to offtake risks.

For arriving at its ratings, CRISIL has combined the financials of
TSPL and Trimex Heavy Minerals Pvt Ltd, collectively referred to
as the Trimex group; this is because THMPL is a direct subsidiary
of TSPL and both the entities share a common management. Moreover,
the management has indicated that TSPL would financially support
THMPL over the medium term as the latter undertakes a debt-funded
capital expenditure (capex) for setting up a beach sand mining
project.

Outlook: Stable

CRISIL believes that the Trimex group will maintain its business
risk profile over the near term backed by successful stabilisation
of its operations in 2010-11 and improving net cash accruals. The
outlook may be revised to 'Positive' if the group increases its
scale of operation significantly while maintaining its operating
margins, leading to an improvement in cash accruals and financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the group undertakes larger-than-expected debt-funded capex
programme, leading to a deterioration of its capital structure, or
if the Trimex group increases its exposure with other group
companies leading to deterioration in its liquidity profile.

                         About the Group

TSPL, setup in 2007, is promoted by Mr. Pradeep Koneru. The
company extracts heavy minerals such as ilmenite, rutile,
sillimanite, zircon, and garnet, from beach sand. The company's
beach sand mineral separation unit at Srikakulam district of
Andhra Pradesh, which was initially planned to start commercial
production in January 2009, was finally commissioned only in
January 2010. The total project cost of the same was around INR2.4
billion.

THMPL is a direct subsidiary of TSPL and has obtained a
prospecting mining license over an area of 17.95 square kilometres
in Bhavanapadu district in Andhra Pradesh for mining beach sand
minerals. The company currently does not have any operations but
plans to set up its mining operations through a INR5 billion capex
over the medium term.

The Trimex group reported a profit after tax (PAT) of INR57.5
million on net sales of INR1.3 billion for 2010-11, as against a
net loss of INR138.5 million on net sales of INR74.7 million for
2009-10.


ULTIMATE FASHION: CRISIL Reaffirms 'CRISIL B+' INR5MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ultimate Fashion Maker
Ltd continue to reflect UFML's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics, the financial support the company provides to group
entities, and its large working capital requirements.

   Facilities                        Ratings
   ----------                        -------
   INR25.6 Million Long-Term Loan    CRISIL B+/Stable (Reaffirmed)

   INR5.0 Million Proposed LT        CRISIL B+/Stable (Reaffirmed)
           Bank Loan Facility

   INR75.0 Million Packing Credit    CRISIL A4 (Reaffirmed)

   INR20.0 Million Bill Discounting  CRISIL A4 (Reaffirmed)

   INR10.0 Million Letter of Credit  CRISIL A4 (Reaffirmed)
                  & Bank Guarantee

These rating weaknesses are partially offset by UFML's strong
business risk profile, supported by its promoters' extensive
industry experience and established customer relationships.

Outlook: Stable

CRISIL believes that UFML will continue to benefit from its
promoters' industry experience and established customer base, over
the medium term. The outlook may be revised to 'Positive' in case
of significant improvement in UFML's revenues and operating margin
and/or improvement in its liquidity. Conversely, the outlook may
be revised to 'Negative' in case the company's cash accruals
decline significantly, owing to economic slowdown or increased
competition in the leather goods industry, or if it undertakes any
large, debt-funded capital expenditure programme, adversely
impacting its capital structure.

Update
UFML was able to achieve a turnover of around INR297 million in
2010-11 (refers to financial year, April 1 to March 31),
marginally lower than CRISIL's expectation, against INR307 million
in 2009-10. The decline in sales in 2010-11 can be attributed to
decline in price per unit of leather garments and also due to
less-than-expected demand.

The company has also added a few new customers, namely French
Connection Plc and Leather Fantastico, and Fieldstone Clothes Inc
while its relationships with existing customers such as Hugo Boss
AG, S A Territoire, Lekra GmBH remain healthy. The company
continues to generate around 30% of its revenues from Hugo Boss.
UFML also plans to venture into domestic market, but not before
2012-13.

UFML's operating profitability before depreciation, interest and
tax in 2010-11, at around 5.8%, was lower than the 9.3% achieved
by it in 2009-10, on account of one-time charge due to debtor
write-off. However, the profit after tax was higher than CRISIL
had expected, on account of one-time income from closure of Keyman
insurance policy. UFML also generated dividend income of around
INR2.6 million from investments in group entity and is expected to
receive dividend to the tune of about INR6 million going forward.

UFML's financial risk profile remains below average, with an
operating net worth (adjusted for investments made in unrelated
business entities) of just INR94 million, adjusted gearing of 1.19
times, and weak debt protection metrics, with interest coverage
ratio of around 1.45 times and net cash accruals to total debt of
around 10.4% for 2010-11. The company's financial risk profile is
expected to remain average over the medium term.

UFML's turnover is expected to grow at moderate pace while
profitability is expected to remain in the range of about 7 to 9%
in line with previous years.

UFML reported, on a provisional basis, a profit after tax (PAT) of
INR7.0 million on net sales of INR306.6 million for 2010-11,
against a PAT of INR5.3 million on net sales of INR307.2 million
for 2009-10.

                      About Ultimate Fashion

UFML was incorporated in 1997 as a closely held public company by
Mr. Gajinder Singh (managing director) and Mr. Nirmohan Singh
(director). It manufactures and exports leather jackets and
purses, and has a capacity of 0.1 million pieces per annum. The
company exports its product to Germany, France, Italy, Spain, the
UK, and the US.


UNIQUE TOOLING: CRISIL Places 'CRISIL BB' Rating on INR11.7MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Unique Tooling Solutions Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR11.7 Million Proposed LT      CRISIL BB/Stable (Assigned)
            Bank Loan Facility
   INR10 Million Bill Discounting  CRISIL A4+ (Assigned)

The ratings reflect the benefits that UTSPL derives from its
promoters' extensive experience in the tooling industry and
established relationships with customers and suppliers. The rating
also reflects the company's moderate financial risk profile marked
by moderate ratio of total outside debt to tangible net worth,
moderate debt protection metrics, along with low inventory risk.
These rating strengths are partially offset by UTSPL's working-
capital-intensive operations, high debtor-related risks, small net
worth, small scale of operations in the intensely competitive
cutting tools industry, and exposure to supplier concentration
risks.

Outlook: Stable

CRISIL believes that UTSPL will continue to benefit from its
promoters' extensive industry experience and established customer
and supplier relationships over the medium term. The outlook may
be revised to 'Positive' in case of an increase in UTSPL's scale
of operations and improvement in profitability, and improvement in
financial flexibility by way of infusion of sizeable capital by
the promoters. Conversely, the outlook may be revised to
'Negative' in case of deterioration in UTSPL's liquidity caused by
stretch in receivables cycle or pressure on profitability.

                       About Unique Tooling

Incorporated in 2003, UTSPL is an authorized distributor of
cutting and precision tools, manufactured by Mitsubishi Materials
Corporation, Japan (MMC). UTSPL is a Pune-based company, promoted
by Mr. V S Kulkarni, who looks after the overall management.  The
company deals in various cutting, drilling and turning tools,
including tungsten-carbide inserts and other components such as
holders, adaptor, drills, boaring bars, coolent and other spares.
The prominent customers of the company include Cararro India Ltd,
John Deere India Pvt Ltd, Z F Steering Gear (India) Ltd, Bharat
Forge Ltd and others. UTSPL is also an authorised distributor of
products of MAPAL Dr. Kress KG, Germany (special tools), NT Tool
Corporation, Japan (tool holders), Blazer Products Industrial
Tools, Switzerland(cutting oils and metal working fluids), and
Brother Industries Ltd, Japan (tooling machines). About 95% of
UTSPL revenues come from its MMC business.

UTSPL reported a profit after tax (PAT) of INR19.9 million on an
operating income of INR361 million for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR14 million on an operating income of INR225 million in
2009-10.


V.U.S. TIMBERS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of V.U.S Timbers (VUS;
part of the VS group) continue to reflect the VS group's
promoters' experience, and the group's well-established market
position, in the timber industry.

   Facilities                       Ratings
   ----------                       -------
   INR2.5 Million Cash Credit       CRISIL BB-/Stable (Reaffirmed)
   INR100-Mil. Letter of Credit     CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by the group's below-
average financial risk profile marked by high gearing and weak
debt protection metrics, and its susceptibility to volatility in
timber prices and in the value of the Indian rupee

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VUS, V S Export & Import (VS), and VS
Timbers Pvt Ltd. The entities are collectively referred to as the
VS group. This is because the entities derive business synergies
from each other have common promoters and fungible cash flows.

Outlook: Stable

CRISIL believes that the VS group will continue to benefit from
its promoters' experience in the timber business and established
customer relationships. The outlook may be revised to 'Positive'
if the group scales up its operations and profitability, and
significantly improves its capital structure. Conversely, the
outlook may be revised to 'Negative' if the VS group's revenues
decline most likely due to a slowdown in the real estate sector
leading to deterioration in debt protection metrics or if it
undertakes a large, debt-funded capital expenditure (capex)
programme leading to deterioration in financial risk profile.

Update
The VS group's sales of INR751.8 million in 2010-11 (refers to
financial year April 1 to March 31) were significantly below
CRISIL's expectations by 26% because of a decline in demand,
primarily in Karnataka, driven by the trailing effects of the
slowdown in the real estate sector in 2009-10. However, the
group's revenues for 2011-12 are expected to be higher than FY
2010-11 as the demand for timber has stabilized and the group has
reported sales of INR390 million for the five months ended
Aug. 31, 2011. Liquidity remains adequate, with utilization of
bank lines at 85% for 12 months ending July 2011, and supported by
no term debt obligations to service. Furthermore, the promoters
have extended INR30 million of unsecured loans and INR6.5 million
of equity capital to the group to meet its incremental working
capital requirements in 2010-11. The group does not have any capex
plan for the medium term. The VS group reported a profit after tax
(PAT) of INR9.7 million on net sales of INR751.8 million for
2010-11, against a PAT of INR13.5 million on net sales of
INR912.9 million for 2009-10.

                         About the Group

VS was set up in 1995 by Mr. V U Siddique as a proprietary
concern, and trades in a variety of imported timber; the entity is
based in Muvattupuzha (Kerala). VUS, set up in 1995 by Mrs. K M
Sainaba (wife of Mr. Siddique), and VSTPL, owned by Mr. Siddique
and his family members, are also in the same line of business. The
group's clientele comprises wholesalers, saw mills, and furniture
manufacturers based in South India.


WORLDSTEL STAINLESS: CRISIL Rates INR195MM Term Loan at 'CRISIL D'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Worldstel Stainless Steels Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR230.0 Million Cash Credit       CRISIL D (Assigned)
   INR195.0 Million Term Loan         CRISIL D (Assigned)
   INR3.5 Million Proposed LT         CRISIL D (Assigned)
           Bank Loan Facility
   INR70.00 Million Letter of Credit  CRISIL D (Assigned)

The ratings reflect instances of delay by WSSL in servicing its
debt; the delays have been caused by the company's weak liquidity
due to the operational losses that WSSL suffered at its plant in
2010-11 (refers to financial year, April 1 to March 31), which
resulted in depressed cash accruals.

WSSL also has a weak financial risk profile, marked by average
gearing and weak debt protection metrics, and limited track record
of operations. These rating weaknesses are partially offset by the
experience of WSSL's promoters in steel industry.

                     About Worldstel Stainless

WSSL was incorporated in 2007-08 by Mr. Parveen Kumar Khorana, who
set up a stainless steel plant in Bhiwadi (Rajasthan). WSSL is a
closely held company and the shareholding is within the Khorana
family. The commercial operations of the plant commenced from
June 2010. Mr. Parveen Kumar Khorana purchased the plant from M/s
Norma Ispat Pvt Ltd in July 2007 for a total consideration of
INR100 million. Post the refurbishment and renovation of the
plant, it has an installed capacity of 1,00,000 tonnes per annum.
WSSL operated at 6% of its installed capacity in the first year of
operations, which was 2010-11, thus leading to operational losses.
As result, the plant shut down production in April 2011 and
continues to remain shut till date.

WSSL reported a profit after tax (PAT) of INR0.032 million on net
sales of INR182 million for 2010-11 (refers to financial year,
April 1 to March 31).


ZYG PHARMA: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of ZYG Pharma Pvt Ltd
continue to reflect ZYG's stable cash accruals, resulting from
established relationship with its major client, Fulford (India)
Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB+/Stable (Reaffirmed)
   INR83 Million Long-Term Loan     CRISIL BB+/Stable (Reaffirmed)
   INR47 Million Proposed LT Bank   CRISIL BB+/Stable (Reaffirmed)
                    Loan Facility
   INR10 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

The ratings also factor in export opportunities in the topical
dermatological formulations segment that ZYG may benefit from over
the medium term. These rating strengths are partially offset by
ZYG's limited revenue diversity, and its limited financial
flexibility because of small net worth.

Outlook: Stable

CRISIL believes that ZYG will continue to benefit, over the medium
term, from its established relationship with Fulford. The outlook
may be revised to 'Positive' if ZYG significantly diversifies its
revenue profile and sustains an improvement in its revenues and
profitability, backed most likely by export revenues. Conversely,
the outlook may be revised to 'Negative' if ZYG's cash accruals
are less-than-expected, or if its capital structure deteriorates
significantly.

                        About ZYG Pharma

ZYG, incorporated in 1987, contract manufactures topical
dermatological preparations; the company derives around 85% of its
revenues from Fulford. ZYG's manufacturing unit in Pithampur
(Madhya Pradesh), has been certified for good manufacturing
practices by World Health Organisation, and has approvals from the
Australian Therapeutic Goods Administration and the National
Health Surveillance Agency, Brazil.

For 2010-11 (refers to the financial year, April 1 to March 31),
ZYG reported, on provisional basis, net sales and a profit after
tax (PAT) of INR320 million and INR8.4 million respectively; the
company reported net sales and a PAT of INR226 million and INR6.3
million respectively for 2009-10.


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


MANDALA AIRLINES: Aims to Fly "Soon" as Acquisition Deal Closed
---------------------------------------------------------------
The Jakarta Post reports that new stakeholders of troubled carrier
Mandala Airlines expect the restructured airline to fly "soon"
after the acquisition transaction with Singapore's budget airline
Tiger Airways and Indonesian strategic investment firm Saratoga
Group was finally closed on September 24.

According to the report, Saratoga Capital Investment manager Devin
Wirawan said Mandala would be back in the air 90 days after the
acquisition and that Mandala was now carrying out the final
restructuring phase: securing an air operator certificate (AOC)
from the Transportation Ministry.

"I have no details about the application process with the
ministry. To my knowledge, the application has not been sent yet.
However, talks are taking place," the report quotes Mr. Devin as
saying.

Mr. Devin said that the new stakeholders had not decided whether
to continue using the brand name "Mandala", which has been popular
in the country, or change it to "Tiger".

"We have not yet discussed the details," Devin told The Jakarta
Post on September 25.

Mr. Devin said that the restructured airlines would serve domestic
and international routes within a five-hour flying radius, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, ANTARA News said Mandala Airlines, Saratoga Group
and Tiger Airways have signed a conditional purchase agreement and
various other commercial as well as legal documents.  Under the
agreement, Saratoga Group would act as a financial investor and
Tiger Airways as a corporate strategic investor.  Saratoga would
be the majority shareholder controlling 51% of the company's
shares and Tiger Airways 33%.  The rest of the shares was to be
held by concurrent creditors and old shareholders.  With the
signing of the agreement, all parties had moved closer to
a settlement of Mandala's restructuring, ANTARA said.

Debt problems, as high as IDR2.45 trillion (US$286.65 million),
ceased Mandala's operation earlier this year, The Jakarta Post
discloses.  The debt problems arose because of the high cost of
leasing aircraft.  Eleven leased planes had been returned.

Based in Jakarta, Indonesia, PT Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.


* INDONESIA: Moody's Sees Lower Revenue Growth for Mobile Sector
----------------------------------------------------------------
Moody's Investors Service expects the Indonesian mobile sector to
experience lower revenue growth in 2011-12 and be in line with the
country's GDP growth rate.

"As market penetration rises, the era of easy top-line growth from
adding subscribers is coming to an end, and subscribers will have
to focus on mobile data services to offset slowing subscriber
growth," says Nidhi Dhruv, a Moody's Associate Analyst.

Ms. Dhruv was speaking on the release of a special comment on the
Indonesian mobile sector, which she authored.

The report highlights that data services will lead the next phase
of growth and that improved technology will raise efficiency.

"Lower growth prospects coupled with a renewed regulatory push to
share infrastructure should result in better controlled capex, and
channel fresh investments into growth areas like 3G," Ms. Dhruv
adds.

"Hence, leading operators are moving away from price competition
to a "value of service" proposition, in order to better manage
margins and avoid a repeat of earlier price wars that raised
subscriber numbers without commensurate gains in earnings," says
Laura Acres, a Moody's Vice President -- Senior Credit Officer,
and co-author of the report.

"Operators are looking to improve operational efficiencies and
offer differentiated customer service through investments in the
latest generation of billing and service-management
infrastructure," adds Ms. Acres.

Moreover, consolidation in the industry has yet to gain momentum.
According to the report, while early signs of consolidation have
appeared, larger carriers have shield away from acquiring smaller
players because of overlapping coverage and subscriber bases.

The report also states that increased regulatory activity will
bring in operating efficiencies.

Indonesia's regulator, Badan Regulasi Telekomunikasi Indonesia,
has become more active in the past couple of years. For example,
it has introduced guidelines to effectively make the sharing of
tower infrastructure mandatory.

Moody's rates four telecommunications companies in Indonesia:
Telkom (Baa1/stable), Telkomsel (Baa1/stable, Indosat
(Ba1/stable), and XL (Ba1/stable).


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


N-SLOT OPUS: S&P Withdraws 'B' Ratings on 2 Certificate Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all its ratings on the
class A and B trust certificates issued and asset-backed loans
(ABL) extended under the N-SLOT Opus 5 Trust Certificate
transaction. The withdrawal was made upon the request of the
arranger of this transaction, Nomura Securities Co. Ltd.

Ratings Withdrawn
N-SLOT Opus 5 Trust Certificate
JPY4.65 billion trust certificates and ABLs due December 2012
Class   To     From           Initial issue/Loan amount
A       NR     BB (sf)        JPY1.8 billion
A ABL   NR     BB (sf)        JPY1.7 billion
B       NR     B (sf)         JPY0.55 billion
B ABL   NR     B (sf)         JPY0.6 billion


TOKYO ELECTRIC: Overestimated Generation Cost by JPY618 Billion
---------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. overestimated the
cost to generate electricity by JPY618.6 billion over the last 10
years, according to a draft report by the government panel
overseeing the utility's cost-cutting efforts.

The news agency relates that the finding indicates households in
TEPCO's service area may have been overcharged, as electricity
rates are decided under a mechanism that allows utilities to pass
on to customers power generation costs such as personnel and the
price of fuel, plus a predetermined margin.

The draft, obtained by Kyodo on Thursday, said the cost of
repairing facilities was the main reason for the overestimate.
Fuel costs were not included in the estimate, Kyodo notes.

According to Kyodo, the panel said the difference between the
estimate and actual spending suggests cost predictions reported to
authorities were "not appropriate in the first place."

Under the current pricing method, Kyodo notes, utilities need the
approval of the minister of economy, trade and industry to raise
electricity rates, while lowering them only requires notification
to the minister.

The panel said TEPCO's cost predictions have not been reviewed by
authorities for 10 years, Kyodo relates.  It is calling for a
review of the system for determining costs and pricing, which some
critics say is leading to higher power bills than in other
countries.  The panel report also questions if TEPCO has conducted
sufficient rate cuts, Kyodo adds.

                            About TEPCO

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

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

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


TOKYO ELECTRIC: May Become "Zombie Company" as Damage Claim Rises
-----------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co., which faces
damages of at least JPY4.5 trillion ($59 billion) for the
Fukushima nuclear disaster, may be consigned to a future as a
"zombie company" requiring constant government funding.

Bloomberg, citing the Yomiuri newspaper, says the estimate is
contained in a report from a panel reviewing finances at the
Japanese utility known as TEPCO.  Bloomberg notes that the
government is trying to avert the bankruptcy of a company that
supplies power to 29 million customers as it pays for the worst
nuclear disaster in 25 years.

"Significant financial resources for compensation can be extracted
if they liquidate Tepco," Bloomberg quotes Yoshimi Watanabe, the
head of Japan's opposition Your Party, as saying in an interview.
"The government isn't doing this. It's simply writing a check for
the compensation body, to be funded by higher electricity bills
and taxes. Tepco will ultimately be a zombie company."

According to Bloomberg, the term zombie company is a throwback to
the 1990s when the Japan's asset bubble burst and large
corporations avoided bankruptcy by being kept alive with loans
from banks that also held their stock.  Bloomberg says TEPCO,
which has reported losses of JPY1.8 trillion, must also find funds
to pay for decommissioning and clean up costs after the March
earthquake and tsunami caused three reactor meltdowns at its
Fukushima Dai-Ichi plant.

Bloomberg notes that the oversight panel is due to present its
report next week to the Cabinet of Prime Minister Yoshihiko Noda
and the findings will form the basis of a plan to be drafted by
TEPCO and the Nuclear Damage Compensation Facilitation Corp.  The
body opened its offices on Sept. 26 after being created by an act
of parliament in August with JPY2 trillion of funds, Bloomberg
notes.

                           About TEPCO

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

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

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


UDMAC-J1: Fitch Affirms Rating on Two Note Classes at 'CCsf'
------------------------------------------------------------
Fitch Ratings has upgraded UDMAC-J1's class D and E trust
beneficiary interests (TBIs) due June 2013 and affirmed the rest.
The transaction is a Japanese multi-borrower type CMBS
securitisation.  The rating actions are as follows:

  -- JPY2.23bn* Class D TBIs upgraded to 'BBsf' from
     'CCCsf'/Recovery Rating 'RR2'; Outlook Stable

  -- JPY1.5bn* Class E TBIs upgraded to 'Bsf' from
     'CCCsf'/Recovery Rating 'RR6'; Outlook Stable

  -- JPY1.4bn* Class F TBIs affirmed at 'CCsf'; Recovery Rating
     revised to 'RR4' from 'RR6'

  -- JPY0.34bn* Class G TBIs affirmed at 'CCsf'; Recovery Rating
     of 'RR6'

*as of Sept. 27, 2011

The upgrade of the class D and E TBIs reflects the progress of
principal repayment of TBIs on a sequential basis due to the
partial repayment of the underlying loan.  In July 2011, the
remaining underlying loan was partially repaid due to refinancing
and capital injection, resulting in the class B and C TBIs being
redeemed in full and the partial redemption of the class D TBIs at
the payment date in September 2011.  As a result, two out of the
remaining three properties, at the time of Fitch's previous rating
action in June 2011, have been released from the security for the
transaction.

The affirmation of the class F and G reflects Fitch's view on
sales activity for the remaining one property.  The asset manager
is working on disposing the property, with a view to using the
proceeds for full redemption of classes D to G TBIs.  However, the
property may be transferred to the trustee as a repayment of the
underlying loan (known as payment in substitution), if the
property sale is not completed by loan maturity at end-January
2012.  Payment in substitution has rarely been observed in the
Japanese CMBS market and therefore, Fitch has taken into account
that the sale value is likely to be stressed if it occurs.

At closing, the transaction was a securitisation of 17 underlying
loans extended to seven borrowers, and ultimately secured by 40
commercial real estate properties.  The transaction is now backed
by one loan secured by one property.


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


BBQ FACTORY: Goes Into Receivership; Shuts Six Retail Stores
------------------------------------------------------------
APNZ reports that The BBQ Factory has been placed in receivership.

Receiver Shaun Adams of KPMG was appointed on September 29 after a
private, secured creditor called in a loan, which was understood
to be under NZ$5 million, APNZ says.

Mr. Adams told APNZ that the company would probably not trade its
way out of its difficulties.

According to the news agency, Mr. Adams said it had been a bad
winter for the BBQ Factory, which relies on sales of woodburners
during the winter to tide it over until the summer barbeque
season.

APNZ relates that Mr. Adams said it had been an extremely
difficult market for the company, which faced stiff competition
from the likes of Mitre 10 and Bunnings Warehouse.

"It's an extremely competitive and difficult market, and you need
a lot of capital to make it work at the end of the day," Mr. Adams
told APNZ.

              Auckland Retail Stores to Remain Open

BusinessDay.co.nz reports that The BBQ Factory's receivers said
the company's two Auckland retail stores will remain open for the
foreseeable future but vouchers won't be honoured.

The Auckland stores are in Mt Wellington and Wairau Park on the
North Shore.  According to BusinessDay.co.nz, Mr. Adams said
vouchers would not be redeemable and customers who had paid for
products but were waiting for delivery from third-party suppliers
would have to join the queue as unsecured creditors.

Mr. Adams, as cited by BusinessDay.co.nz, said customers who had
paid for or given a deposit on products that were already in store
would be able to claim their purchase as long as they paid in
full.

The six other BBQ Factory stores between Auckland and Nelson would
be permanently closed with 30 to 40 jobs affected across the
group, according to BusinessDay.co.nz.

BusinessDay.co.nz reports that Mr. Adams said the company would be
unlikely to attract a trade buyer in the current retail
environment, but said the well-known brand might be of value.

He would not say how many vouchers were outstanding or how much
debt was owed by the company, BusinessDay.co.nz notes.

                   About The BBQ Factory

Based in Auckland, New Zealand, The BBQ Factory --
http://www.bbqfactory.co.nz/-- is a privately-owned retail chain
specializing in barbecues, woodburners, spa pools and outdoor
furniture.  It is owned by Mark Royston Flaherty and Timothy
Joseph Wilson, and has eight stores from Auckland to Nelson.


PIKE RIVER: CEO P. Whittal to Leave Firm in November
----------------------------------------------------
Radio New Zealand reports that Peter Whittall, the chief executive
of Pike River Coal, has been given notice by the mine's receivers
and will leave the company on November 30 this year.

Radio NZ says Mr. Whittall was the spokesperson for the company
following explosions which killed 29 men at the West Coast mine
from November 19 last year.  Mr. Whittall has also given evidence
at a Royal Commission hearing into the tragedy.

According to Radio NZ, a spokesperson for receivers
PricewaterhouseCoopers said now that insurance matters have been
almost settled and the mine sale process well advanced, a chief
executive is no longer needed.

Receiver Malcolm Hollis said Mr. Whittall will be paid his
contract salary until the end of November plus any other statutory
entitlements, Radio NZ states.

Mr. Hollis, as cited by Radio NZ, said about 20 other Pike River
workers mostly at the mine site will continue to be employed in
the meantime.

                        About Pike River

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

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


PIKE RIVER: Staff Knock Off for Final Time
------------------------------------------
Newstalk ZB reports that the large majority of Pike River mine
workers left the company on Sept. 30, 2011.

Among those going is Chief Executive Officer Peter Whittall, whose
employment will end in November, according to Newstalk ZB.  The
report notes that receiver Malcolm Hollis said Pike River used to
employ 157 staff, plus contractors.  Newstalk ZB notes that
two thirds of them will be leaving and that they are people who
have left voluntarily and heading off to other employment.

Newstalk ZB discloses that Mr. Hollis said there will be 18
people, who will be with the company for another couple of months.

The receivers recently struck a deal with the coal mine's insurers
for a settlement of US$80 million and negotiations for the sale of
the mine are at an advanced stage, Newstalk ZB adds.

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand company that operates the coal mine where 29
miners died in a series of explosions last month, has been placed
into receivership.  Bloomberg related that Pike River Chairman
John Dow said that its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and New
Zealand Oil and Gas.  Pike River also owed another estimated NZ$10
million to NZ$15 million to contractors, including some of the men
who lost their lives in the disaster.

                         About Pike River

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

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


* NEW ZEALAND: Signs of Life in Vineyard Sales
----------------------------------------------
Business Day reports that Marlborough vineyard sales are beginning
to pick up, Bayleys Marlborough said.  However, most are mortgagee
or receivership sales, the report relates.

The real estate company has sold five vineyards so far this year,
compared with only one last year, according to Business Day.

Harcourts Marlborough did not respond to inquiries about sales.

Business Day notes that Bayleys Marlborough senior viticulture
specialist John Hoare said the market was beginning to accept the
lower prices, which in some cases were less than half the value of
three to four years ago, when the market was at its peak.

The price band for vineyards was about NZ$80,000 to NZ$150,000 for
a planted hectare, compared with NZ$200,000 to NZ$250,000 before
2008, Mr. Hoare, Business Day discloses.

"Sales are being made by parties wanting to get out of the
industry and who are prepared to sell at current market prices, or
they are distressed or receivership sales --  and there are still
a number of these working through the system," the report quoted
Mr. Hoare as saying.

But the handful of sales is only a fraction of the 57 Marlborough
vineyards up for sale on Trade Me, the report relates.

The buyers were mostly well-capitalised wine companies and growers
with supply relationships, who could expand and run the holdings
efficiently, Mr. Hoare said, Business Day relates.

Business Day relays that Mr. Hoare said the drop in price was a
reflection of the halving of grower earnings since the 2008 and
2009 wine glut and the global financial crisis.  However,
increased sales were a good sign and showed improving confidence
in the industry, Mr. Hoare added, the report notes.

"Supply and demand is now in better balance, with export demand
close to exceeding supply at the premium end of the market,"
according to the Wine Institute, the report adds.


                             *********

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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