TCRAP_Public/111005.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

           Wednesday, October 5, 2011, Vol. 14, No. 197

                            Headlines



A U S T R A L I A

ANDREW SHORT: Goes into Liquidation, BRI Ferrier as Liquidators
FP TURBO TRUST: Moody's Affirms Class E Notes Rating at 'Ba1'
VNR TRANSPORT: Liquidator Seek to Claw Back Money from MyChemist


C H I N A

CHAODA MODERN: Moody's Monitors Tribunal Proceedings, Trade Halt
ROAD KING: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Negative
SHENGDATECH INC: Taps PricewaterhouseCoopers as Accountant


H O N G  K O N G

DEEPWATER ORIENT: Creditors' Meeting Set for Oct. 26
DULWICH COLLEGE: Members' Final Meeting Set for Nov. 3
EVERGREEN RESTAURANT: Kong Steps Down as Liquidator
GREAT PARAMOUNT: Placed Under Voluntary Wind-Up Proceedings
HAPPY CITY: Creditors' Proofs of Debt Due Oct. 31

HAPPY RICH: Members' Final Meeting Set for Oct. 31
JADESAILS INVESTMENTS: Chan and Chow Step Down as Liquidators
KADEFU DEVELOPMENT: Members' and creditors' to Meet on Oct. 25
KENFAIR TRAVEL: Final Meetings Set for Nov. 1
MACWING LIMITED: Creditors' Proofs of Debt Due Nov. 4

MUSHK LIMITED: Fok and Sutton Step Down as Liquidators
NEW PARAGON: Creditors' Proofs of Debt Due Oct. 31
NEWPRO TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
ORIENT TRUCKING: Sole Member' Final Meeting Set for Nov. 4
PCI EXPRESS: Tjon Yose Manuel Sie Fo Steps Down as Liquidator

PROFIT STAR: Creditors' Meeting Set for Oct. 7


I N D I A

ALLIED INDIA: CRISIL Assigns 'CRISIL B' Rating to INR6.8MM Loan
ANVIL CABLES: CRISIL Assigns 'CRISIL C' Rating to INR150MM Credit
ARINITS SALES: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
BENTEC ELECTRICALS: CRISIL Rates INR60MM Loan at 'CRISIL D'
BHAVANI INDUSTRIES: CRISIL Rates INR50MM Loan at 'CRISIL BB+'

BHUMIKA GEMS: CRISIL Raises Rating on INR2MM Loan to 'CRISIL BB-'
CENTURY ALUMINUM: Fitch Places 'Fitch BB+(ind)' National LT Rating
EMERALD MINERAL: Fitch Lowers National LongTerm Rating to 'D(ind)'
GANSON LTD: Improved Financial Cues Fitch to Hold Low-B Ratings
INDRAYANI SALES: CRISIL Assigns 'CRISIL B+' Rating to INR10MM Loan

KBJ BULLION: CRISIL Assigns 'CRISIL BB-' Rating to INR250MM Loan
KINGS DEHYDRATED: CRISIL Puts 'CRISIL BB' Rating on INR20MM Loan
KOHIMA MUNICIPAL: Weak Financial Cues Fitch to Affirm Low-B Rating
NATIONAL MINING: CRISIL Places 'CRISIL B-' Rating on INR80MM Loan
NIRANJAN METALLIC: CRISIL Cuts Rating on INR55MM Loan to 'BB'

N.S. ENGINEERING: Fitch Assigns 'C(ind)' Nat'l Long Term Rating
OTIRA PHARMACEUTICALS: CRISIL Rates INR30MM Loan at 'CRISIL B'
PREGNA INT'L: CRISIL Ups Rating on INR2MM Loan to 'CRISIL BB-'
RISHABH SOFTWARE: CRISIL Rates INR7MM Term Loan at 'CRISIL B+'
SIPAI INDUSTRIES: CRISIL Puts 'CRISIL B' Rating on INR0.6MM Loan

SIZER METALS: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB+'
SREE SIDDARAMESHWARA: CRISIL Rates INR40MM Loan at 'CRISIL B+'
SUNFAME CERAMIC: CRISIL Assigns 'CRISIL B' Rating to INR31MM Loan
SUNSHINE FASTENERS: CRISIL Rates INR90MM Loan at 'CRISIL BB'
SURANA MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR45MM Loan

VISHESH ENGINEERING: CRISIL Reaffirms 'CRISIL BB' Credit Rating


I N D O N E S I A

ADARO INDONESIA: Fitch Holds Rating on US$800MM Notes at 'BB+'


K O R E A

KOREA TECHNOLOGY: Amends Lists of Largest Unsecured Creditors


N E W  Z E A L A N D

ALLIED FARMERS: Fails to Submit Annual Report; Faces Suspension
CENTURY CITY: Goes Into Receivership, CB Richard Acts as Manager
FINANCE & INVESTMENTS: Perpetual Trust, PwC Added in Civil Suit
NLG INSURANCE: Fitch Affirms Financial Strength Rating  at 'B'


S I N G A P O R E

PIERS RESOURCE: Court to Hear Wind-Up Petition on Oct. 14
SAGAR SHIP: Court to Hear Wind-Up Petition on Oct. 7
SPURWAY COOKE: Creditors' Proofs of Debt Due Oct. 14
STARS OF SAN FRANCISCO: Creditors' Proofs of Debt Due Oct. 14
WMC TRADING: Creditors' Proofs of Debt Due Oct. 11


T H A I L A N D

S.E.C. AUTO: Court Approves Two-Year Rehabilitation Plan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


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A U S T R A L I A
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ANDREW SHORT: Goes into Liquidation, BRI Ferrier as Liquidators
---------------------------------------------------------------
Sail-World.com News reports Andrew Short Marine has gone into
liquidation days before the second death anniversary of its former
owner and founder, Andrew Short.

A devastated Matthew Short, who took charge of the family firm
following the death of his brother Andrew, confirmed that the
marine company was no longer trading after shutting its doors for
the final time on Sept. 29, 2011, Sail-World.com News relates.

He said the family last week decided to pull the pin on the entire
business on the advice of the National Australia Bank and had
appointed receivers BRI Ferrier to liquidate the company,
according to Sail-World.com News.

The decision came just 12 days before the family were to mark the
second anniversary of the death of founder Andrew, a renowned
yachtsman, who was washed overboard when his yacht smashed into a
reef on Oct. 10, 2009, during the overnight Sydney to Flinders
Islet race.

Andrew Short Marine has operated from its Taren Point headquarters
since the early 1980s and also owns Ferguson's Boatshed Marina
at The Spit and other properties.


FP TURBO TRUST: Moody's Affirms Class E Notes Rating at 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has affirmed these ratings assigned to
the Notes issued by FP Turbo Trust 2007-1 (Australia):

  Class A Notes, Affirmed at Aaa (sf); previously on Oct 5, 2010
  Assigned Aaa (sf)

  Class B Notes, Affirmed at Aa2 (sf); previously on Oct 5, 2010
  Assigned Aa2 (sf)

  Class C Notes, Affirmed at A2 (sf); previously on Oct 5, 2010
  Assigned A2 (sf)

  Class D Notes, Affirmed at Baa2 (sf); previously on Oct 5, 2010
  Assigned Baa2 (sf)

  Class E Notes, Affirmed at Ba1 (sf); previously on Oct 5, 2010
  Assigned Ba1 (sf)

Ratings Rationale

Moody's has reviewed the transaction following various amendments
to the transaction documents effected on or about Sept. 30, 2011,
and which will have the effect, among other things, of increasing
the total programme size from AUD850 million to AUD1,000 million.
At this time, none of the amendments to the transaction documents,
in and of itself, will result in a reduction or withdrawal of the
current ratings of the notes.

The transaction is a securitization of Australian operating
leases, novated leases and finance leases originated by Fleet
Partners Pty Limited.  Due to the obligation of the lessees to
return the vehicle at contract maturity in order to cover the
final lease balance outstanding under an operating lease, the
notes are exposed to both default and market or residual value
risk of the related vehicles.  The receivables were originated to
provide financing of motor vehicles and commercial equipment in
respect of Australian corporates, small and medium-sized
businesses and their employees.

Rating Methodologies

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in
July 2009.

There are two sources of risk in operating lease transactions: (1)
defaults on the lease payments during the terms of the lease, i.e.
credit risk relating to obligors, and (2) losses on the residual
value of the leased vehicles at the termination of the leases,
i.e. the market value risk. Moody's mean residual value loss
assumption on the collateral portfolio is approximately 5%. The
volatility of the mean residual value loss assumed is 140%.

Due to the concentration of large obligor exposures, Monte Carlo
simulation technology was used to generate the default probability
distribution of the underlying receivable pool. The nominal amount
of each obligor exposure, the obligor's industry as well as its
default probability (as implied from Moody's senior unsecured
rating) formed the key inputs for the simulation.


VNR TRANSPORT: Liquidator Seek to Claw Back Money from MyChemist
----------------------------------------------------------------
Ben Butler at The Sydney Morning Herald, citing court documents,
reports that pharmacy group MyChemist is alleged to have pushed
VNR Transport and Logistics into insolvency by demanding a AUD1
million refund for a non-existent overpayment.

Citing a statement of claim filed with the Victorian Supreme
Court, SMH relates that the liquidator of VNR Transport alleges
that the company was crippled by the demand made by MyChemist
executives Damian Gance and Mario Verrocchi.

The broader MyChemist-Chemist Warehouse group is Victoria's
biggest pharmacy chain, accounting for an estimated 20% of sales
made by medicines wholesaler Sigma, the report discloses.

According to SMH, VNR's liquidator, Stephen Michell, has launched
legal action to claw the money back from Mr. Verrocchi personally
and the company that runs much of the MyChemist group, East Yarra
Friendly Society.

MyChemist and Mr. Verrocchi, who could not be reached for comment,
have yet to file a defence, SMH reports.

SMH says that Mr. Michell, in his statement of claim, filed with
the Victorian Supreme Court, alleges that Messrs. Gance and
Verrocchi demanded the refund during a meeting with VNR operators
Barry Evans and Rudi Greiser in January 2008.  "The
representations were false in that, as at the time of their
making, VNR had not overcharged the defendants, or either of them,
for any services by an amount of AUD1 million or any amount
whatsoever," Mr. Michell alleged.

Mr. Michell alleges VNR made two cash payments to MyChemist, of
AUD250,000 and AUD114,000, and gave it discounts off trucking
bills worth AUD598,000 -- a total value of AUD960,000.  He is
seeking the return of the money, interest, costs and a declaration
MyChemist and Mr. Verrocchi engaged in misleading and deceptive
conduct, SMH states.

VNR Transport was wound up in August 2009, the report notes.
VNR Transport and Logistics Pty Ltd is an Australian-based
trucking company.


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CHAODA MODERN: Moody's Monitors Tribunal Proceedings, Trade Halt
----------------------------------------------------------------
Moody's Investors Service is monitoring the situation surrounding
Chaoda Modern Agriculture (Holdings) Ltd with respect to (1) the
Hong Kong Market Misconduct Tribunal's proceedings, (2) its share
trading suspension, and (3) allegations against it in a report
published by Anonymous Analytics.

Chaoda has a corporate family rating of Ba2 with a stable outlook.

MMT had issued a notice on Chaoda on Sept. 28, 2011, referring to
potential misconduct in the nature of insider trading by a fund
manager with regard to its share placement exercise in June 2009.
Its chairman and the CFO are among the three persons specified in
the notice.

"While the final ruling from MMT remains to be seen, we do not see
such an event in itself as likely to materially impact the
company's operations or credit quality in the near term," says Ken
Chan, a Moody's Vice President/Senior Analyst.

Of more immediate concern is the suspension in the trading of its
shares on Sep 26, 2011, as well as the potential impact of various
allegations from a report published by Anonymous Analytics.

"While the company maintained a liquid balance sheet position at
end-2010, based on its interim results announcement, the share
trading suspension and allegations will materially limit access to
external funding from capital market, and ultimately its expansion
strategy, if they are not resolved in the near term," says Mr.
Chan. "This is particularly so since the company historically does
not typically borrow funds onshore, and is therefore dependent on
offshore equity and lending to fund its expansion plans. "

Moody's expects Chaoda to announce its audited annual results on
Sept. 30, 2011, and which will provide an update on its operating
performance and liquidity position as well as possibly provide
some responses to the recent developments.

Moody's will continue to monitor the developments, including (a)
the company's audited annual results announcement; (b) when the
trading of its stock resumes; (c) Chaoda's response in relation to
external allegations; (d) the findings and conclusion to the
proceedings by MMT; and (e) the operational and financial impacts
of these events.

Any adverse developments stemming from the above will pressure the
rating.

Chaoda Modern Agriculture (Holdings) Ltd's ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Chaoda Modern Agriculture (Holdings) Ltd 's core industry and
believes Chaoda Modern Agriculture (Holdings) Ltd 's ratings are
comparable to those of other issuers with similar credit risk.

Chaoda Modern Agriculture (Holdings) Limited, headquartered in
Hong Kong and listed on the Hong Kong Stock Exchange, is
principally engaged in the cultivation and sale of agricultural
produce in China, mainly vegetables. The company is ultimately 20%
owned by the Chairman and CEO              Mr. Kwok Ho.


ROAD KING: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Road King Infrastructure Ltd. to negative from stable. "At the
same time, we affirmed the 'BB-' long-term corporate credit rating
on the China-based property developer and toll-road operator. We
also affirmed the 'BB-' issue rating on the company's senior
unsecured notes. As a result of our outlook revision, we have
lowered our Greater China credit scale ratings on Road King and on
its senior notes to 'cnBB' from 'cnBB+'. At the same time, we
removed all the ratings from CreditWatch, where they had been
placed with negative implications on Aug. 18, 2011," S&P stated.

"We revised our rating outlook to reflect our expectation that
Road King's sales are likely to remain weak for next six to 12
months, given the deepening correction in China's property market
-- partly due to the government's policy-tightening -- and the
company's weak execution track record," said Standard & Poor's
credit analyst Frank Lu. "Road King's leverage is likely to remain
high in 2011 and could increase in 2012, in our view, due to the
weak sales. As a result, the company's cash flow protection and
capital structure measures may weaken to the point that they
breach our downgrade triggers."

The impact of weakening sales highlights the risks associated with
the limited scale of Road King's property portfolio and its sales
execution, which is below the average of similarly rated peers.
Most of the company's projects for sale in the second half of this
year are concentrated in cities where the government has imposed
purchase restrictions. "We expect Road King to have limited
pricing flexibility to boost sales in the second half of 2011
because the majority of its properties for sale are from the later
phases of existing projects. The company's contract sales of about
Chinese renminbi (RMB) 3.4 billion from January-August 2011, at
45% of its original budget, were below our expectation," S&P
stated.

"In our view, the volatility of Road King's profit margins
reflects the limited scale of its property portfolio and uneven
performance. The company's EBITDA margin dropped to 11.5% in the
first half of 2011 from 20.4% for full-year 2010. We expect its
full-year EBITDA margin in 2011 to improve to 18%-20% due to the
recognition of higher-margin projects in the second half of the
year. This margin range is still below average compared with
similarly rated peers'," S&P stated.

"We view Road King's financial risk profile as aggressive. In our
base case, we expect the company's EBIT interest coverage to hover
around our downgrade threshold of 2.0x in 2011 and 2012," S&P
said.

"The company's adequate liquidity is a rating support. Its $150
million senior unsecured notes will come due in May 2012. We
expect refinancing pressure on the notes to be limited, however,
given that Road King has arranged offshore loans to pre-refinance
the notes. An additional rating strength is the stable cash flow
from toll-road operations, which equate to about half of the
EBITDA from the property development business," S&P said.

"We may lower the rating if: (1) we believe Road King's liquidity
deteriorates to less than adequate; (2) the company's EBIT
interest coverage is lower than 2x for a sustained period; or (3)
its growth and debt-funded expansion are more aggressive than we
expected," said Mr. Lu.

"We may revise the outlook back to stable if Road King materially
improves its property sales, maintains stable profit margin, and
remains disciplined toward debt-funded expansion, such that its
EBIT interest coverage stays well above 2x and the gross margin is
more than 25% for the next 12 months," Mr. Lu added.


SHENGDATECH INC: Taps PricewaterhouseCoopers as Accountant
----------------------------------------------------------
ShengdaTech, Inc. asks the court for authority to employ
PricewaterhouseCoopers LLP and PricewaterhouseCoopers Consultants
(Shenzhen) Ltd. as forensic accountant acting through the Special
Committee of the Board of Directors of the Debtor nunc pro tunc to
August 19, 2011.

The nature and extent of the consulting services that the Debtor
propose to have PwC render include, but are not limited to:

A. PwC Consultants

   -- assist with internal investigation by providing forensic
      accounting and investigative support

   -- provide additional services as may be mutually agreed to
      which are within the expertise of PwC

B. PwC LLP

   -- serve as liaison with PwC Consultants in conjunction with
      U.S. bankruptcy proceedings, including attending hearings as
      necessary and assistance with preparation of fee
      applications and other U.S. bankruptcy reporting
      requirements; and

   -- provide additional services as may be mutually agreed to
      which are within the expertise of PwC.

As of the Petition Date, PwC was owed $392,077 (RMB2,509,295) for
services it rendered to the Company before the Petition Date.  As
part of this Application, therefore, PwC is waiving its claim to
the $392,077 for services rendered before the Petition Date.

The Debtor will pay for the services according to
PricewaterhouseCoopers' hourly rates:

A. PwC Consultants

         Partner                          US$4,485
         Director                         US$4,095
         Associate Director               US$3,705
         Senior Manager                   US$3,315
         Manager                          US$2,600
         Assistant Manager                US$1,950
         Senior Associate                 US$1,625
         Associate                          US$878

B. PwC LLP

         Partner/Principal                  US$750
         Director/Senior Manager            US$550 to $590
         Manager                            US$420
         Senior Associate                   US$350
         Associate                          US$295
         Secretarial                        US$100

The Debtor will also reimburse PricewaterhouseCoopers' necessary
out-of-pocket expenses.

Daniel Williams, a member of PricewaterhouseCoopers, assures the
Court that his firm is a "disinterested person" as the term is
defined under Section 101(14) of the Bankruptcy Code.

                        About ShengdaTech

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

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

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

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

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

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


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H O N G  K O N G
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DEEPWATER ORIENT: Creditors' Meeting Set for Oct. 26
----------------------------------------------------
Creditors of Deepwater Orient Limited will hold their meeting on
Oct. 26, 2011, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Level 17, Tower 1, Admiralty Centre,
at 18 Harcourt Road, in Hong Kong.


DULWICH COLLEGE: Members' Final Meeting Set for Nov. 3
------------------------------------------------------
Members of Dulwich College Hong Kong Limited will hold their final
meeting on Nov. 3, 2011, at 11:00 a.m., at Room 1902, 19/F, Henan
Building, at 90-92 Jaffe Road, Wanchai, in Hong Kong.

At the meeting, Tsang Kwok Fai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EVERGREEN RESTAURANT: Kong Steps Down as Liquidator
---------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Evergreen
Restaurant Limited on Sept. 21, 2011.


GREAT PARAMOUNT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Sept. 22, 2011,
creditors of Great Paramount International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Che Wai
         17/F., Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


HAPPY CITY: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------
Creditors of Happy City Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 31,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Lui Chi Kit
         Unit A, 14th Floor
         JCG Building
         16 Mongkok Road
         Mongkok Kowloon
         Hong Kong


HAPPY RICH: Members' Final Meeting Set for Oct. 31
--------------------------------------------------
Members of Happy Rich Investment Limited will hold their final
general meeting on Oct. 31, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


JADESAILS INVESTMENTS: Chan and Chow Step Down as Liquidators
-------------------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of
Jadesails Investments Limited on Sept. 30, 2011.


KADEFU DEVELOPMENT: Members' and creditors' to Meet on Oct. 25
--------------------------------------------------------------
Members and creditors of Kadefu Development Limited will hold a
meetings on Oct. 25, 2011, at 3:00 p.m., and 3:15 p.m.,
respectively at Room 501, 5/F, Wanchai Commercial Centre, at 194-
204 Johnston Road, in Hong Kong.

At the meeting, Pang Yuen Fat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


KENFAIR TRAVEL: Final Meetings Set for Nov. 1
---------------------------------------------
Creditors and members of Kenfair Travel Limited will hold their
final meetings on Nov. 1, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively at 23/F, Exchange Tower, at 33 Wang Chiu Road,
Kowloon Bay, in Kowloon.

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


MACWING LIMITED: Creditors' Proofs of Debt Due Nov. 4
-----------------------------------------------------
Creditors of Macwing Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 4,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 23, 2011.

The company's liquidator is:

         Tse Wan Chung
         Flat B, 5th Floor
         Johnston Court
         30 Johnston Road
         Wanchai, Hong Kong


MUSHK LIMITED: Fok and Sutton Step Down as Liquidators
------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators of
Mushk Limited on Sept. 30, 2011.


NEW PARAGON: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------
Creditors of New Paragon Investment Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

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


NEWPRO TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Sept. 19, 2011,
creditors of Newpro Technology Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Tang Piu Hung
         3rd Floor, Rammon House
         101 Sai Yeung Choi Street South
         Mongkok, Kowloon


ORIENT TRUCKING: Sole Member' Final Meeting Set for Nov. 4
----------------------------------------------------------
Sole Member of Orient Trucking Hong Kong Limited will hold their
final general meeting on Nov. 4, 2011, at 10:00 a.m., at 500 Water
Street, 2nd Floor, Jacksonville, at FL 32202, in U.S.A.

At the meeting, Louis Gromofsky Recher, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PCI EXPRESS: Tjon Yose Manuel Sie Fo Steps Down as Liquidator
-------------------------------------------------------------
Tjon Yose Manuel Sie Fo stepped down as liquidator of PCI Express
Padala (HK) Limited on Sept. 20, 2011.


PROFIT STAR: Creditors' Meeting Set for Oct. 7
----------------------------------------------
Creditors of Profit Star International Holdings Limited will hold
their meeting on Oct. 7, 2011, at 3:30 p.m., for the purposes
provided for in Sections 241, 242, 243 and 244 of the Companies
Ordinance.

The meeting will be held at Suite 2302, 23/F, Seaview Commercial
Building, at 21 Connaught Road West, Sheung Wan, in Hong Kong.


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ALLIED INDIA: CRISIL Assigns 'CRISIL B' Rating to INR6.8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Allied India Iron & Steels (P) Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR6.8 Million Term Loan       CRISIL B/Stable (Assigned)
   INR55 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR8.2 Million Proposed LT     CRISIL B/Stable (Assigned)
           Bank Loan Facility

The rating reflect AI's weak financial risk profile, marginal
market share, short track record of operations, and vulnerability
to economic downtrends in the steel industry. These rating
weaknesses are partially offset by AI's promoter's extensive
industry experience.

Outlook: Stable

CRISIL believes that AI's financial risk profile will remain
constrained over the medium term on account of its small net worth
and below-average debt protection measures. The outlook may be
revised to 'Positive' if there is considerable improvement in the
company's financial risk profile driven by significant increase in
revenues and profitability. Conversely, the outlook maybe revised
to 'Negative' if the company undertakes more-than-expected debt-
funded capital expenditure programme or if the revenues and
profitability decline significantly, thereby weakening its
financial risk profile and liquidity.

                         About Allied India

AI was set up in 2004 by Mr. Mahboob Alam and the commercial
production started from January 2009. The company manufactures
thermo-mechanically treated bars with installed capacity of 20,400
tonnes per annum. AI's manufacturing facility is based in Giridih
(Jharkhand).

AI reported a provisional profit after tax (PAT) of INR2.4 million
on provisional net sales of INR127.4 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.8 million on net sales of INR117.4 million for 2009-10.


ANVIL CABLES: CRISIL Assigns 'CRISIL C' Rating to INR150MM Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Anvil Cables Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL C (Assigned)
   INR40 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR10 Million Letter of Credit    CRISIL A4 (Assigned)
   INR25 Mil. Proposed Short-Term    CRISIL A4 (Assigned)
               Bank Loan Facility

The ratings reflect ACPL's weak liquidity owing to its working-
capital-intensive operations and constrained financial risk
profile owing to weak debt protection metrics. These rating
weaknesses are partially offset by ACPL's comfortable order book
and diversified clientele.

                        About Anvil Cables

Incorporated in 2001, ACPL manufactures all aluminium alloy
conductors (AAAC), aluminium conductor steel reinforced (ACSR),
all aluminium conductor (AAC), aerial bundled cables, and other
allied products. AAAC and AAC constituted around 70% of the
company's turnover in 2010-11 (refers to financial year, April 1
to March 31) while ACSR and other products constituted around 25%
and 5%, respectively. The company's manufacturing facility is
located in Jamshedpur (Jharkhand). ACPL has around seven customers
in the domestic market, including state electricity boards and
engineering, procurement and construction (EPC) contractors, and
around 35 overseas customers, including EPC contractors, traders,
and distributors. The company exports primarily to Africa. Export
constituted around 70% of ACPL's total turnover in 2009-10, which
is expected to increase to around 90% in 2010-11.


ARINITS SALES: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Arinits Sales Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR150 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the benefits that Arinits derives from its
promoters' industry experience, the steady growth in its revenues,
and its average operating efficiency. These rating strengths are
partially offset by Arinits' small scale of operations, below-
average financial risk profile, and exposure to economic downturns
in the end-user industry.

Outlook: Stable

CRISIL believes that Arinits will continue to benefit over the
medium term from its established relations with its customers and
suppliers, and the steady cash flows from its operations. The
outlook may be revised to 'Positive' in case Arinits reports
higher-than-expected increase in its revenues and profitability,
while it maintains its current capital structure. Conversely, the
outlook may be revised to 'Negative' in case of any stretch in
Arinits's working capital cycle, or in case of decline in the
company's profitability levels, adversely impacting its financial
risk profile.

                        About Arinits Sales

Arinits was set up in 1997 as a partnership concern named Arinits
Sales Corporation by Mr. Ashish Chopra and his wife, Mrs. Nisha
Chopra. It was reconstituted as Arinits Sales Pvt Ltd on October
31, 2003. The company trades in commodity chemicals such as
phenol, polyvinyl chloride (PVC) resins, melamine, linear low
density polyethylene, and ethylene vinyl acetate. Phenol and PVC
resins constitute about 75% of its revenues. Arinits has also
recently forayed into trading of medium density fibre boards and
particle boards.

For 2010-11 (refers to financial year, April 1 to March 31),
Arinits reported, on a provisional basis, a net profit of INR4.7
million on net revenues of INR685.2 million, against a net profit
of INR3.3 million on net revenues of INR509.8 million in the
preceding year.


BENTEC ELECTRICALS: CRISIL Rates INR60MM Loan at 'CRISIL D'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Bentec Electricals and Electronics Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit         CRISIL D (Assigned)
   INR40 Million Letter of Credit    CRISIL D (Assigned)
   INR260 Million Bank Guarantee     CRISIL D (Assigned)

The ratings reflect instances of over-utilisation of cash credit
limit by Bentec; the over-utilisation has been caused by the
company's weak liquidity.

Bentec also has large working capital requirements. However, the
company has competitive advantage over its peers because of its
diverse business profile.

CRISIL has treated the advance provided by Energymate System Pvt
Ltd (ESPL; a group company of Bentec in the past) as equity. This
is because, ESPL will be merged with Bentec in near future and
these advances will be converted into equity. Bentec has shared an
undertaking with CRISIL in this regard.

                       About Bentec Electricals

Incorporated in 1987, Bentec manufactures electric meters, both
electro-mechanical and static, and wires and cables. The company
was set up by Mr. S B Palit as a meter-repairing shop. In 1995,
its present promoter-director Mr. Anup Bhartia took charge of the
company, and commenced manufacturing electric meters. The
company's Kolkata unit has manufacturing capacity of 1.8 million
meters per annum. The company also has a unit for manufacturing
copper and aluminum wires and cables at Silvassa (Union Territory
of Dadra and Nagar Haveli). Bentec's main customers are various
state electricity boards, companies such as Damodar Valley
Corporation, NHPC Ltd, and various housing cooperatives. West
Bengal State Electricity Board accounts for 40 to 50% of Bentec's
revenues.

In 2009-10, Bentec started undertaking contracts under the Rural
Electrification (RE) programme. The company is executing four RE
contracts, one in West Bengal, and the rest in Kerala. Bentec also
trades electric components used in manufacturing meters.


BHAVANI INDUSTRIES: CRISIL Rates INR50MM Loan at 'CRISIL BB+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Bhavani Industries (BI; part of the BI
group).

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR50 Million Long-Term Loan     CRISIL BB+/Stable (Assigned)

The rating reflects the BI group's established position in the
engineering industry, healthy operating efficiency, and above-
average financial risk profile marked by a low gearing and healthy
debt protection metrics. These rating strengths are partially
offset by the BI group's small scale of operations in the
intensely competitive engineering industry and vulnerability of
the group's margins to volatility in raw material prices.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BI, Chethan Precision Products (CPP),
and Jayson Industries (JI), together referred to as the BI group.
This is because the three entities are in the same line of
business and under a common management, and have significant
business synergies and fungible cash flows among them.

Outlook: Stable

CRISIL believes that the BI group will continue to benefit over
the medium term from its established relationships with its key
clients. The outlook may be revised to 'Positive' if the group
significantly increases its scale of operations, while it
maintains its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if the BI group's financial
risk profile weakens, most likely because of large, debt-funded
capital expenditure, or if its relationship with its key customers
deteriorate, leading to a decline in its sales or profitability,
or in case of significant capital withdrawal by the partners.

                          About the Group

Set up in 1987 in Bengaluru (Karnataka), BI is promoted by Mr. A J
Hegde and his family members. The firm manufactures a wide range
of precision machined components that are used in the automobile,
electronics, telecom, healthcare, and aerospace industries. The BI
group has five manufacturing facilities in Bengaluru with total
area of 37,500 square feet. The group derived an equal proportion
of revenues from the domestic and exports market in 2010-11
(refers to financial year, April 1 to March 31). The promoters
also own two sister concerns, CPP and JI, which are engaged in a
similar line of business and largely undertake jobwork for BI.

The BI group reported a profit after tax (PAT) of INR11.46 million
on net sales of INR161.99 million for 2010-11, against a PAT of
INR5.11 million on net sales of INR107.74 million for 2009-10.



BHUMIKA GEMS: CRISIL Raises Rating on INR2MM Loan to 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Bhumika
Gems to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable', and has
assigned its 'CRISIL BB-/Stable' to Bhumika's proposed long-term
facility.

   Facilities                        Ratings
   ----------                        -------
   INR48.0 Million Export Packing    CRISIL BB-/Stable Upgraded
           Packing Credit            from 'CRISIL B+/Stable')

   INR112.0 Million Post-Shipment    CRISIL BB-/Stable (Upgraded
                           Credit    from 'CRISIL B+/Stable')

   INR2.0 Mil. Proposed Long-Term    CRISIL BB-/Stable (Assigned)
               Bank Loan Facility

The rating action reflects better-than-anticipated improvement in
Bhumika's revenues and improvement in the firm's debt protection
metrics. CRISIL believes that the firm will maintain the growth
trajectory in its revenues on the back of the healthy outlook on
demand and will sustain the improvement in its debt protection
metrics. Bhumika's revenues grew by 37% in 2010-11 (refers to
financial year, April 1 to March 31) to INR625 million with the
revival in demand and, subsequently, the cash accruals increased
by 71% to INR11 million. There has also been an improvement in
Bhumika's debt protection metrics with the interest coverage rate
at 3.5 times for 2010-11 against 2.1 times for 2009-10. CRISIL
believes that the firm will maintain a healthy growth trajectory
in its revenues over the medium term with revival in demand and
higher levels of polished diamond prices; these along with
maintenance of profitability margins would enable the firm to
maintain its debt protection metrics at comfortable levels over
the medium term.

The ratings continue to reflect the benefits that Bhumika derives
from its partners' experience in the diamond business and its
healthy debt protection metrics. These rating strengths are
partially offset by Bhumika's modest net worth and small scale of
operations constraining Bhumika's financial flexibility, and large
working capital requirements resulting in a high total outside
liabilities to tangible net worth ratio.

Outlook: Stable

CRISIL believes that Bhumika will maintain its market position in
the gems and jewellery business on the back of its promoters'
extensive experience and its established relationships with
customers. The outlook may be revised to 'Positive' if the firm
significantly increases its profitability margins, while it
maintains its revenue growth, or reports substantial improvement
in its net worth most likely by equity infusion from the
promoters. Conversely, the outlook may be revised to 'Negative' in
case there is a steep decline in Bhumika's profitability margins
from the current levels or if the firm's financial risk profile
deteriorates because of larger-than-expected working capital
requirements.

                       About Bhumika Gems

Bhumika was set up in 1993 as a partnership firm by three
brothers, Mr. Ghanshyam Vaghani, Mr. Arvind Vaghani, and Mr.
Mahesh Vaghani. It manufactures, and trades in, polished diamonds.
The firm specialises in diamonds of sizes ranging from 0.02 to
0.20 carats. Mr. Ghanshyam Vaghani manages the procurement of
rough diamonds from Belgium, Mr. Arvind Vaghani manages the firm's
manufacturing facilities in Surat and Ahmedabad (both in Gujarat),
and Mr. Mahesh Vaghani manages the operations from Mumbai
(Maharashtra). The brothers have an equal share in Bhumika's
capital. The firm is headquartered in Mumbai and has a branch
office in Surat.

For 2010-11 (refers to financial year, April 1 to March 31),
Bhumika reported a provisional profit after tax (PAT) of INR8.91
million on net sales of INR624.55 million, against a PAT of
INR4.62 million on net sales of INR458.14 million for 2009-10.


CENTURY ALUMINUM: Fitch Places 'Fitch BB+(ind)' National LT Rating
------------------------------------------------------------------
Fitch Ratings has assigned India's Century Aluminium Manufacturing
Co. Limited a National Long-Term rating of 'Fitch BB+(ind)' with
Stable Outlook.

CAMCO's ratings reflect its moderate financial risk profile,
established track record of over three decades in aluminium
recycling industry and its long-standing relationship with reputed
clientele.  The ratings are further underpinned by CAMCO's
presence in the national capital region (NCR), providing proximity
to various original equipment manufacturers.

The ratings are however constrained by volatility in aluminium
prices, intensely competitive industry with low entry barriers and
high working capital intensity of CAMCO's business.  Though it has
a favorable demand outlook driven by increased usage of aluminium
in auto industry and upcoming auto plants in NCR, it is exposed to
the cyclicality of the auto industry. CAMCO also faces forex risk
as it imports its key raw material (aluminium scrap).  This is,
however, a general industry phenomenon.

The company is setting up a new INR473.20 million aluminium and
zinc alloys ingots facility at Palwal in Haryana, of which
INR246.5 million has been incurred till Aug. 31, 2011.  The capex
is being funded through a debt of INR315.5 million and the balance
by fresh equity and internal accruals (debt to equity of 2:1).
The financial closure for the project is complete. Fitch expects
CAMCO's financial leverage to remain moderate due to the ongoing
capex.

Negative rating action may result from a sustained low
profitability and/or new debt-led capex leading to sustained
deterioration in financial leverage (total adjusted net
debt/EBITDA) to above 5x.  Conversely, a significant improvement
in profitability leading to a sustained reduction in financial
leverage to below 3x would be positive for the ratings.

CAMCO's revenue grew by 25% yoy to INR3619.9m in the financial
year ended March 2011 (FY11) due to increased sales volume and
higher revenue per tonne.  However, its EBITDA margins declined to
4.2% from 4.9% due to rise in input cost. For Q1FY12, CAMCO's
revenue was INR893 million with an EBITDA of INR31.6m (EBITDA
margin of 3.5%).  At 31 March 2011, CAMCO had a cash and bank
balance of INR1.2 million (excluding restricted cash) and a total
debt of INR514.34 million (FY10: INR387 million).  The increase in
debt in FY11 was mainly due to increased working capital
requirements, financed by banks. This coupled with a decline in
EBITDA margins resulted in deterioration in the company's
financial leverage to 5.2x from 3.3x.

Incorporated in 1974, CAMCO is a closely held public limited
company engaged in the manufacturing of aluminium and zinc alloys
ingots.  The company manufactures aluminium ingots by recycling
aluminium scrap, whereas zinc alloys are manufactured from zinc
metal. CAMCO's manufacturing facilities are located at Khardah in
West Bengal and Faridabad in Haryana.

Fitch has also assigned ratings to CAMCO's bank facilities as
follows:

  -- INR339.6m long-term bank loan: 'Fitch BB+(ind)'

  -- INR352m fund-based working capital limits: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

  -- INR373.9m non-fund based working capital limits: 'Fitch A4+
     (ind)'


EMERALD MINERAL: Fitch Lowers National LongTerm Rating to 'D(ind)'
------------------------------------------------------------------
Fitch Ratings has downgraded India-based Emerald Mineral Exim
Limited's National Long-Term rating to 'Fitch D(ind)' from
'Fitch B(ind)'.

The downgrade reflects defaults by Emerald on debt repayments and
present irregularities in its working capital facilities.

Positive rating guidelines would be regularization of the
company's bank facilities, and timely debt servicing for at least
two consecutive quarters.

Incorporated as a private limited company in 2004, Emerald was
converted into a public limited company in 2011.  It is in the
business of trading and export of iron ore, mostly iron ore fines.
It had annual sales of INR1,313.5 million in the financial year
ended March 2011.

Emerald's ratings:

  -- INR154m fund-based working capital limits: downgraded
     to 'Fitch D(ind)' from 'Fitch B(ind)'/ 'Fitch A4(ind)'

  -- INR50.07m non-fund based working capital limits: downgraded
     to 'Fitch D(ind)' from 'Fitch A4(ind)'


GANSON LTD: Improved Financial Cues Fitch to Hold Low-B Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Gansons Limited's National
Long-Term rating at 'Fitch BB-(ind)'.  The Outlook is Stable.  A
list of additional rating actions is provided at the end of this
commentary.

The ratings reflect Gansons' improved financial and credit profile
in the financial year ended March 2011 (FY11).  Its revenue
increased 41.5% yoy to INR687.4 million, EBITDA margins to 7.7%
(FY10: 1.7%), fund flows from operations (FFO)/gross interest
coverage to 3.4x (2.1x), and financial leverage (net adjusted
debt/operating EBITDA) improved to 1.2x (2.9x).  The ratings are
further supported by an improvement in the operating environment
and order execution, and its proven track record of 64 years in
India's pharmaceutical-machine manufacturing market.

The ratings are, however, constrained by the order-driven and
cyclical nature of Gansons' business, which depends on the capex
cycle of pharmaceutical companies.  The ratings are further
constrained by the volatility of Gansons' EBITDA margin over the
past five years (1.7%-8.3%), due to its high operating leverage
i.e. a significant proportion of its costs is fixed.  Fitch notes
that fluctuation in steel and other raw material prices might put
further pressure on its margins.  Owing to revenue growth and a
simultaneous increase in working capital requirements, the
company's cash flow from operations turned negative to INR44.4m in
FY11 compared with positive INR52 million in FY10.  Fitch also
notes that as of end-July 2011, the company had an order book of
INR325.1 million (0.47x of FY11 revenue) compared with
INR457.8 million in July 2010.

Negative rating guidelines include large debt-led capex and sharp
deterioration in its EBITDA margins leading to a weakening of
credit profile and liquidity on a sustained basis.  Positive
rating guidelines include sustained revenue and margin growth
while maintaining a comfortable credit profile and liquidity.

Established in 1947, Gansons manufactures equipment and machinery
for pharmaceutical, fertilizers, chemical, petrochemicals and
other industries.  It operates through its three manufacturing
units located in Thane, Nasik, and Nagpur.

Fitch has also taken the following rating actions on Gansons'
instruments:

  -- INR95MM fund-based working capital limits: affirmed at 'Fitch
     BB-(ind)'

  -- INR217.5MM non-fund based working capital limits

  -- INR267.5MM: affirmed at 'Fitch BB-(ind)'/'Fitch A4+(ind)'

  -- INR30MM term loan: assigned 'Fitch BB-(ind)'


INDRAYANI SALES: CRISIL Assigns 'CRISIL B+' Rating to INR10MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Indrayani Sales Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR65 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10 Million Long-Term Loan     CRISIL B+/Stable (Assigned)
   INR24.9 Million Proposed LT      CRISIL B+/Stable (Assigned)
            Bank Loan Facility

The rating reflects ISPL's below-average financial risk profile,
marked by a modest net worth, high gearing, and weak debt
protection metrics. This rating weakness is partially offset by
the extensive experience of ISPL's promoters in printer cartridge
industry.

Outlook: Stable

CRISIL believes that ISPL will maintain its moderate business risk
profile, backed by end-user industry demand. The outlook may be
revised to 'Positive' in case ISPL substantially increases its
scale of operations while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case the company's financial risk profile
deteriorates, owing to decline in revenues, margins, or
deterioration in its working capital cycle, or in case it
undertakes any larger-than-expected debt-funded capex programme.

                      About Indrayani Sales

Set up in 2005 as a private limited company by Mr. Rahul Zine
Patil, ISPL is into manufacturing and re-manufacturing of printer
cartridges and supplying printer spares. The company operates
under the brand name 'Print it'. The company manufactures printer
cartridges that are used as substitutes for original printer
cartridges. The company imports most of its input requirements
from countries like Japan, Vietnam, Korea etc, and assembles at
its manufacturing facility located at Patalganga (Maharashtra).
ISPL's registered office is in Mumbai (Maharashtra).

ISPL reported a profit after tax (PAT) of INR5.7 million on net
sales of INR186.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.3 million on net
sales of INR 133.1 million for 2009-10.


KBJ BULLION: CRISIL Assigns 'CRISIL BB-' Rating to INR250MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of KBJ Bullion Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR250 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the benefits that KBJBL derives from its
promoters' established credentials in the gold jewellery industry
and its strong relationships with its customers and suppliers.
These rating strengths are partially offset by KBJBL's modest
financial risk profile as reflected in its high leverage and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that KBJBL will continue to benefit over the
medium term from its promoters' extensive experience in the gold
jewellery and bullion business. The outlook may be revised to
'Positive' if the company reports more-than-expected growth in its
revenues and margins, and improves its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if KBJBL's
debt protection metrics deteriorate because of lower-than-expected
growth in revenues and margins, or a significant stretch in
working capital cycle.

                         About KBJ Bullion

KBJBL was incorporated in 2009 and is promoted by Mumbai
(Maharashtra)-based Mr. Mohit Kamboj, a third-generation
entrepreneur. The company purchases gold from banks and from the
domestic wholesale market and gets it converted to gold coins from
contractors. It commenced operations in 2010-11 (refers to
financial year, April 1 to March 31). KBJBL is part of the larger
KBJ group, which was set up in 1956 by the late Mr. B L Kamboj who
started the wholesale of gold jewellery under the banner,
Banwarilal & Company, in Amritsar (Punjab). After expanding their
activities to include all aspects of the gold business, the group
gradually forayed into other businesses such as real estate and
hospitality. KBJ Gold Ornaments (rated 'CRISIL BB/Stable/CRISIL
A4+'), a sister company, is also part of the KBJ group.

KBJBL reported a profit after tax (PAT) of INR16.8 million on net
sales of INR59.5 billion for 2010-11 (refers to financial year,
April 1 to March 31).


KINGS DEHYDRATED: CRISIL Puts 'CRISIL BB' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the
bank facilities of Kings Dehydrated Foods Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20 Million Cash Credit           CRISIL BB/Stable (Assigned)
   INR40 Mil. Export Packing Credit    CRISIL A4+ (Assigned)

The ratings reflects KDFPL's established clientele, moderate
financial risk profile marked by satisfactory debt protection
metrics and promoter's longstanding experience in the dehydrated
onion industry. These rating strengths are partially offset by
KDFPL's working-capital-intensive leading to a leveraged capital
structure and small-scale operations.

Outlook: Stable

CRISIL believes that KDFPL will continue to benefit from its
established clientele and maintain its moderate financial risk
profile, supported by healthy debt protection metrics, over the
medium term. The outlook may be revised to 'Positive' if KDFPL
increases its scale of operations significantly, while maintaining
its operating margin, or improves its financial risk profile while
maintaining its steady business risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's operating
margin declines substantially, working capital requirements
increase significantly, or if the company undertakes a larger-
than-expected capital expenditure (capex) programme, leading to
deterioration in its financial risk profile.

                       About Kings Dehydrated

Incorporated in 2006, KDFPL is engaged in manufacturing dehydrated
white and red onion products, such as kibbled/flakes,
fines/granules, powder, cuts/pieces, crispy-fried onions, and
toasted onions. Around 40% of KDFPL's revenues are derived from
manufacturing onion powder, 30% from manufacturing onion flakes,
and the rest from manufacturing minced onions, sliced onions,
chopped onions, and others. KDFPL derives its entire sales from
exports to Latin American countries, Germany, and South Africa.
The company started operations with manufacturing capacity of 6
tonnes per day (tpd); its current capacity is 15 tpd. The company
operates at 90-100% capacity utilization during onion season.

KDFPL's net profit and net sales are estimated at INR8.67 million
and INR224.50 million respectively for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR5.02 million on net sales of INR165.95 million for 2009-10.


KOHIMA MUNICIPAL: Weak Financial Cues Fitch to Affirm Low-B Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Kohima Municipal Council's National
Long-Term Rating at 'Fitch B(ind)'.  The Outlook is Stable.

The rating continues to be constrained by KMC's weak financial and
institutional profiles along with poor civic service delivery and
slow implementation of Jawaharlal Nehru National Urban Renewal
Mission's (JNNURM) mandatory reforms.  The rating remains under
pressure due to fragile institutional setup, governance issues due
to the presence of multiple civic service agencies and shallow
industrial base.  The council's zero-debt status remains unchanged
as entire capital investment under JNNURM would be borne by the
federal and state governments in a 90:10 ratio.

Unlike other urban local bodies (ULBs), absence of property tax
(unaltered since Fitch's initial rating in June 2010) compels KMC
to depend on toll tax, trade tax, parking tax, cesspool and
sanitation taxes for revenue.  This may force the council to
depend on the state for future operating and capital expenditures,
should the need arise.  Tax revenue remained stagnant in the
financial year ended March 2011 (FY11), contributing 65.37% to
total income (INR22.20 million) of the council (average annual
growth rate of 0.65% during FY07-FY11).  Establishment
expenditure, the major component of expenditure, contributed on
average 63.40% to total expenditure and grew at a CAGR of 11.51%
over FY07-FY11.  After a meager surplus of INR2.15 million in
FY09, KMC incurred a deficit of INR2.05 million in FY10 and
INR0.40 million in FY11.

KMC lags considerably behind the rest of the north-eastern ULBs in
civic service delivery.  The government of Nagaland has purchased
10 mini pick-up trucks for the council, which would facilitate in
the solid waste management in various wards within the city.  KMC
has commenced clearing the solid waste in 10 wards of the city
since August 2011.  Nonetheless, its capacity to implement JNNURM
projects remains untested, and the current set of sanctioned
JNNURM projects are being executed by Urban Development Department
-- the state level nodal agency. As per the latter, buses --
purchased under JNNURM -- are utilized by schools and for city
transportation, which would fetch additional revenues in future.
However, incremental revenue details were not made available to
Fitch.

Under Basic Services for Urban Poor (part of JNNURM projects),
3,504 houses have been sanctioned for the urban poor.  Out of
these, 1,512 dwelling units have achieved 84% completion, with the
remaining 1,992 units been assigned for upgradation of existing
slums.  In Fitch's opinion, completion of projects envisaged under
the JNNURM within FY12 (end year for JNNURM) would be highly
unlikely.  At FYE11, total projects being implemented are 11% of
the total capital investments (INR18.69bn) envisaged under JNNURM.
In the absence of steadfast initiatives from the ULB, the urban
infrastructure will continue to be in an undependable stage for
the citizens.

Kohima district was established in 1881 as a sub-division of the
former Naga Hills district within Assam.  KMC is under a newly
created department called Municipal Affairs Cell, which manages
issues pertaining to ULBs in Nagaland.


NATIONAL MINING: CRISIL Places 'CRISIL B-' Rating on INR80MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of National Mining Company Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR5 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect NMCL's weak financial risk profile, marked by
high gearing, and average debt protection metrics and small scale
of operations. These rating weaknesses are partially offset by
NMCL's established position in the coal mining industry and the
extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that NMCL's will continue to benefit from its
promoters' industry experience and established relations with
clients, over the medium term. However, the company's credit risk
profile will remain constrained by its large maturing debt
obligations over the medium term. The outlook may be revised to
'Positive' if the company's revenues and profitability increase
significantly for it to meet its debt obligations, thus improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if NMCL's financial risk profile deteriorates
further due to larger-than-expected debt-funded capital
expenditure and if there is significant decline in revenues and
cash accruals.

                      About National Mining

NMCL, promoted by Mr. Sanjay Agarwal, Mr. Bajrang Lal Agarwal,
Mr. Ratan Sharma, Mr. Suresh Sharma, and Mr. Vijay Vyas, was
acquired by its current promoters in 2002. The company is engaged
in coal mining for government departments. The work includes
removal of overburden, drilling, hauling, blasting, dozing, and
excavation of coal and transportation.

NMCL reported a provisional profit after tax (PAT) of INR10.1
million on provisional net sales of INR207.0 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR9.7 million on net sales of INR182.3 million for 2009-10.


NIRANJAN METALLIC: CRISIL Cuts Rating on INR55MM Loan to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Niranjan Metallic Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Cash Credit         CRISIL BB/Stable (Downgraded
                                         from 'CRISIL BB+/Stable')

   INR55 Million Rupee Term Loan     CRISIL BB/Stable (Downgraded
                                        from 'CRISIL BB+/Stable')

The downgrade reflects CRISIL's expectations that tight supply of
iron ore in 2011-12 (refers to financial year, April 1 to
March 31) and consequent rise in iron ore prices will continue to
put pressure on NML's profitability. The resultant lower-than-
previously-expected cash accruals combined with stretching of
debtor cycle given slowdown in end-user industries will further
constrain the company's already stretched liquidity profile. The
downgrade also reflects CRISIL's belief that NML's increasing
working capital requirements will lead to significant increase in
its short-term debt level over the medium term, although gearing
is likely to remain below 1 time over this period.

NML reported moderate growth with marginal decline in operating
profitability in 2010-11 and first half of 2011-12. NML's
operating margin declined to 14.17% in 2010-11 from 17.4% in 2009-
10 because of its inability to fully pass on increase in raw
material prices to customers.

The rating continues to reflect NML's small net worth, modest
scale of operations, and limited track record in sponge iron
manufacturing. These rating weaknesses are partially offset by
NML's moderate financial risk profile, marked by moderate debt
protection metrics and low gearing.

Outlook: Stable

CRISIL believes that NML will maintain its financial risk profile
over the medium, supported by stable growth in revenues. The
outlook may be revised to 'Positive' if NML's financial risk
profile improves, most likely because of substantial equity
infusion or sustained improvement in profitability. Conversely,
the outlook may be revised to 'Negative' if NML's gearing and debt
protection metrics deteriorate more than expected, most likely
because of larger-than-expected debt-funded capital expenditure or
more-than-expected incremental working capital requirements.

                      About Niranjan Metallic

NML is a closely held public limited company, incorporated in
2005; it started commercial production in 2008. The company
manufactures sponge iron. It procures coal from Jharkhand and iron
ore from Orissa, and primarily sells its products to Dadiji Steels
Ltd (Dadiji; rated 'CRISIL BB+/Stable/CRISIL A4+'), which
manufactures thermo-mechanically treated (TMT) bars. NML has a
sponge iron manufacturing capacity of 100 tonnes per day and has a
plant in Giridih (Jharkhand).

NML reported a profit after tax (PAT) of INR4.1 million on net
sales of INR241.7 million for 2010-11, against a PAT of INR7.3
million on net sales of INR231.0 million for 2009-10.


N.S. ENGINEERING: Fitch Assigns 'C(ind)' Nat'l Long Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's N.S. Engineering Projects Pvt
Ltd a National Long-Term rating of 'Fitch C(ind)'.

The ratings reflect the delay in completion of NSEPPL's ongoing
project by three months to April 2012, and cost overruns of
INR92.5m over the initial cost of INR146.9 million.  Due to the
overruns, principal repayment and interest will have to be funded
through the infusion of additional equity in FY12, the source of
which is not established.

Positive rating guidelines include successful commencement of
commercial operations.

NSEPPL was incorporated in February 2007 to set up a manufacturing
facility with a capacity of 36000 MT p.a. in West Bengal for
producing different types of railway wagon components including
bolster, flap door, etc.

NSEPPL's bank facilities have been assigned ratings as follows:

-- INR110MM long-term loans: 'Fitch C(ind)'
-- INR 10MM non fund-based limits: 'Fitch A4(ind)'


OTIRA PHARMACEUTICALS: CRISIL Rates INR30MM Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Otira Pharmaceuticals Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR50 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect OPPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, large incremental working capital requirements, small
scale of operations, and low profitability. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoter's extensive experience in trading
pharmaceutical (pharma) chemicals and its established
relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that OPPL will benefit over the medium term from
its promoter's extensive experience in trading pharma chemicals.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile, driven by
larger-than-expected cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on OPPL's liquidity, driven by lower-
than-expected cash accruals or larger-than-expected working
capital requirements.

                     About Otira Pharmaceuticals

Incorporated in 1987, OPPL manufactured acetamide that is used as
an intermediate in the manufacture of various drugs. However,
since 2006, OPPL remained non-operational. OPPL was purchased in
2011 by Mr. Vamsi Krishna; it is expected to re-commence its
pharma manufacturing operations by April 2012.

Mr. Krishna earlier operated a pharma trading firm, Chemsol, which
was merged into OPPL in June 2011. OPPL trades about 17 pharma
chemicals and plans to increase the portfolio to about 30 products
over the next one year. Around 75% of the company's procurements
are from Dubai and Singapore, and the rest are from the domestic
market.

OPPL's profit after tax (PAT) is estimated at INR1.1 million on
net sales of INR182.7 million for 2010-11, against a PAT of 0.9
million on net sales of INR168.9 million for 2009-10.


PREGNA INT'L: CRISIL Ups Rating on INR2MM Loan to 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pregna
International Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR41.5 Million Cash Credit        CRISIL BB-/Stable (Upgraded
                                         from 'CRISIL B+/Stable')

   INR2 Million Term Loan             CRISIL BB-/Stable (Upgraded
                                         from 'CRISIL B+/Stable')

   INR64 Million Proposed Long-Term   CRISIL BB-/Stable (Upgraded
                 Bank Loan Facility      from 'CRISIL B+/Stable')

   INR20 Million Bank Guarantee       CRISIL A4+ (Upgraded from
                                                  'CRISIL A4')

   INR12.5 Million Letter of Credit   CRISIL A4+ (Upgraded from
                                                  'CRISIL A4')

The ratings upgrade reflects expected improvement in Pregna's
business risk profile over the medium term, driven by increased
profitability of its intra-uterine devices (IUD) division, backed
by healthy growth in revenues and decreased losses in its
laproscope division. The IUD division is expected to grow at a
healthy rate, backed by an order book of INR72 million (as on
Aug. 30, 2011) to be executed over the next four months. Moreover,
the company has significantly scaled down its operations in the
loss-making laproscope division, which is expected to boost
overall profitability and improve working capital cycle. The
ratings upgrade also factors in expected improvement in Pregna's
financial risk profile over the medium term, because of increased
cash accruals and reduced dependence on debt for funding
operations leading to lowering in gearing and comfortable debt
protection metrics.

The ratings reflect Pregna's leadership in the IUD segment and
expected improvement in its business and financial risk profiles.
These rating strengths are partially offset by Pregna's small-
scale and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that Pregna will continue to benefit from its
established position in the IUD segment over the medium term. The
outlook may be revised to 'Positive' if Pregna reports a healthy
increase in its revenues and profitability, driven most likely by
increase in demand, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company is unable to reduce losses in its laproscope division or
if it undertakes a larger-than-expected debt-funded capital
expenditure (capex) programme, thereby adversely impacting its
financial risk profile.

                     About Pregna International

Set up in 1996 by Mr. Rameshchandra Taparia, Pregna manufactures
IUDs, including copper-t and tubal rings. Exports contribute about
80% of sales. Its main export customers include United Nations
Population Fund (UNFPA), foreign government agencies and
international non-governmental organisations (NGOs) like DKT
International; Ministry of Health and Family Welfare, and domestic
NGOs form the major domestic customers. Pregna has a laproscope
manufacturing division, the operations of which have been scaled
down due to losses resulting from high competition.

For 2010-11 (refers to financial year, April 1 to March 31),
Pregna reported a profit after tax (PAT) of INR1.6 million on net
sales of INR142.1 million. It had reported a net loss of
INR12.5 million on net sales of INR96.5 million for 2009-10.


RISHABH SOFTWARE: CRISIL Rates INR7MM Term Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rishabh Software Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7 Million Term Loan           CRISIL B+/Stable (Assigned)
   INR45 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR2.5 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect RSPL's small scale of operations in software
services business, large working capital requirements, and high
customer concentration. These rating weaknesses are partially
offset by the long experience of RSPL's promotes in the software
services business, strong demand prospects for the software
services industry, and the company's moderate financial risk
profile marked by healthy debt protection measures.

Outlook: Stable

CRISIL believe that RSPL will maintain its business risk profile,
supported by its stable relationship with key clients, and its
satisfactory operating margin, over the medium term. The outlook
may be revised to 'Positive' if RSPL increases its revenue growth
rate and maintains its profitability, or if it receives fresh
equity infusion from promoters, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's profitability deteriorates, working
capital requirements increase, or if there is significant cost or
time overrun in its ongoing capital expenditure, thereby adversely
affecting its financial risk profile.

                      About Rishabh Software

RSPL was established in 1997 by Mr. Rajendra Shah. The company is
in the businesses of software development, software testing,
application development and various other technology-related
services for international customers in the field of finance,
telecommunication, healthcare, and education. In addition, the
company provides engineering designing services, wherein it
undertakes 2-D and 3-D modelling for applications related to
mechanical engineering and piping, civil and structural
engineering and electrical and instrumentation engineering. RSPL
is a CMMI Level 3 company. The company has offices in Vadodara
(Gujarat), Mumbai (Maharashtra), the US and the UK. It has around
250 employees. RSPL works primarily on Microsoft technologies such
as .Net and Java.

RSPL is currently building its own 100,000-squate-foot premises
for expansion purposes. The new premises is being built at a total
cost of INR150 million, funded through term loan of INR90 million,
internal accruals, and contribution from promoters. The premises
is expected to be ready for commercial use by the end of 2012-13
(refers to financial year, April 1 to March 31).

RSPL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR174.1 million for 2010-11, against a PAT of INR8.3
million on net sales of INR147.6 million for 2009-10.



SIPAI INDUSTRIES: CRISIL Puts 'CRISIL B' Rating on INR0.6MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sipai Industries.

   Facilities                      Ratings
   ----------                      -------
   INR65 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR0.6 Million Proposed LT
           Bank Loan Facility      CRISIL B/Stable (Assigned)

The rating reflect SI's weak financial risk profile, marked by
high gearing, and weak debt protection metrics, small scale of
operations in the intensely competitive cotton industry, and
vulnerability of the firm's business risk profile and
profitability to changes in government policy. These rating
weaknesses are partially offset by the extensive industry
experience of SI's promoters, and the firm's proximity to the
cotton-growing belt ensuring regular supply of raw cotton.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its partners' experience in the cotton industry. The
outlook may be revised to 'Positive' in case of infusion of
capital by the partners, leading to improvement in the firm's
capital structure, or in case of significant improvement in SI's
scale of operations and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of higher-than-
expected debt to fund SI's incremental working capital
requirements, or larger-than-expected debt-funded capital
expenditure, leading to weakening in the firm's financial risk
profile.

                       About Sipai Industries

SI was set up as a partnership entity in 1995 by Mr. Mahmadhussain
Noormamad and family. The firm is engaged in the ginning and
pressing of raw cotton (kapas) to make cotton bales. The cotton
seeds separated from the ginning process are used to manufacture
cotton oil. The firm sells the cotton bales to various traders,
while the cotton oil is sold to various oil refineries and the de-
oiled cakes are sold to various dairies in Gujarat. The firm has a
manufacturing facility at Wankaner (Gujarat) with a capacity of
125 cotton candy per day.

SI reported a book profit of INR1.6 million on net sales of
INR374.7 million for 2010-11 (refers to financial year, April 1 to
March 31), against a book profit of INR0.9 million on net sales of
INR258.9 million for 2009-10.


SIZER METALS: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Sizer Metals Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR200 Million Cash Credit      CRISIL BB+/Stable (Assigned)
   INR60 Million Proposed LT       CRISIL BB+/Stable (Assigned)
          Bank Loan Facility

The rating reflects SMPL's above-average financial risk profile,
marked by moderate total outside liabilities to tangible net worth
and healthy debt protection metrics, and its established market
position in the domestic base metal trading business. These
strengths are partially offset by SMPL's exposure to base metal
price volatility, and fluctuations in foreign exchange rates.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of SMPL and its wholly owned
subsidiary, Sizer Metals Pte Ltd. This is primarily because both
the companies are in similar line of business, have common
management and promoters. Also, there are strong operational and
financial linkages between the two entities. SMPL has given
corporate guarantee to the bank facilities of Sizer Pte. Also, the
business operations of Sizer Metals Corporation, a proprietorship
firm, are considered for arriving at the rating of SMPL.

Outlook: Stable

CRISIL believes that SMPL will maintain its credit risk profile,
on back of its established market position, over the medium term.
The outlook may be revised to 'Positive' if SMPL improves its
hedging policy and continues to follow a satisfactory inventory
management policy despite the increase in its scale of operations
while maintaining profitability and gearing. Conversely, the
outlook may be revised to 'Negative' if the company contracts
more-than-expected debt or its working capital management
deteriorates, causing its business risk profile to weaken.

                       About Sizer Metals

SMPL was incorporated in 2009 and trades in base metals such as
tin, lead, zinc, and nickel. Prior to 2009-10 (refers to financial
year, April 1 to March 31), the business was carried out in SMC.

In 1975, SMC started as a manufacturer of solder and tin sheets,
which was discontinued in 1995. In 1995, after the ban on metals
such as lead in food containers, SMC began trading in base metals
such as tin and lead. The business volume increased gradually and
the company diversified into other base metals such as zinc and
nickel, and also into ferroalloys and other minor metals. Tin, in
2010-11, accounted for around 57% of total revenues, while zinc
accounted for around 12%. The company use to import the products
primarily through agents and traders.

SMPL initially procured from traders, which purchased the metals
from London Metal Exchange (LME) or manufacturers. The promoters,
therefore, set up Sizer Pte in 2009 in Singapore. It is a trading
company that trades in base metals listed on LME. It procures the
material from LME and also from manufacturers. Sizer Pte makes 50%
of its sales to SMPL and sells the remainder to traders in India.

SMPL reported a profit after tax (PAT) of INR22 million on sales
of INR811 million in 2010-11, against a PAT of INR10 million on
sales of INR390 million in 2009-10.


SREE SIDDARAMESHWARA: CRISIL Rates INR40MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sree Siddharameshwara Agro Industries.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR40 Million Rupee Term Loan    CRISIL B+/Stable (Assigned)
   INR2.6 Million Proposed Long-
         Term Bank Loan Facility  CRISIL B+/Stable (Assigned)

The rating reflects SSAI's below-average financial risk profile,
marked by high gearing and weak debt-protection metrics, large
working capital requirements, and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of SSAI's partners in the poultry feed
and edible oil business and the firm's easy access to raw
materials.

Outlook: Stable

CRISIL believes that SSAI will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case the firm significantly scales up its
operations and improves its profitability, leading to more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile, particularly
liquidity, weakens, most likely because of larger-than-expected
debt-funded capital expenditure (capex) or incremental working
capital requirements.

                     About Sree Siddharameshwara

SSAI is a partnership firm, owned by Mr. K. Shriniwas, Mr. K.
Shravankumar, Mr. Ramesh Kolawar, Mr. Ramchandra Kolawar, Mr.
Shivkumar Kolawar, and Mr. Sanjeev Kolawar. The firm manufactures
soya-based poultry feed, aqua feed, soya oil, soya flour and soya
grits. It has a plant in Nanded (Maharashtra) with capacity of
manufacturing 350 tonnes per day (tpd) of poultry feed and aqua
feed. The capacity of the plant was increased from 200 tpd to 350
tpd in 2010-11 (refers to financial year, April 1 to March 31) at
a total cost of INR23 million, which was funded with term loan of
INR18 million and internal accruals. The additional capacity was
installed to manufacture aqua feed, soya flour and soya grits.
SSAI sells the majority of its poultry feed directly to hatcheries
and poultry farms, including Suguna Poultry Farm Ltd (rated
'CRISIL BBB+/Positive/CRISIL A2') and Venkateshwara Hatcheries
Limited; it sells soya oil through traders in and around Nanded
and to large customers such as Cargil India Pvt Ltd.

SSAI's book profit and net sales are estimated at INR14.9 million
and INR1212 million for 2010-11; the firm reported a book profit
of INR13.9 million on net sales of INR1060 million for 2009-10.


SUNFAME CERAMIC: CRISIL Assigns 'CRISIL B' Rating to INR31MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sunfame Ceramic Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR31 Million Term Loan         CRISIL B/Stable (Assigned)
   INR15 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR6 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect SCPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and exposure to
high competition in ceramic tiles industry. These rating
weaknesses are partially offset by the industry experience of
SCPL's promoters and strategic location of the plant.

Outlook: Stable

CRISIL believes that SCPL will benefit from its promoters'
experience in the ceramic tile industry. However, its financial
risk profile is expected to be constrained due to weak debt
protection metrics and low networth. The outlook may be revised to
'Positive' if it successfully ramps up the operations and reports
better-than-expected top line and profitability. Conversely, the
outlook may be revised to 'Negative' in case of significant time
or cost overruns in implementation of the project leading to
deterioration in its financial risk profile and financial
flexibility.

                       About Sunfame Ceramic

Incorporated in March 2011, SCPL is setting-up non-vitrified
ceramic wall tile manufacturing unit. SCPL is promoted by Mr.
Kirtikumar J. Ughreja, Mr. Jayantilal Patel (father of Mr.
Kirtikumar Ughreja), Mr. Nilesh Koradia, Mr. Sureshkumar Jain and
Mr. Bharatkumar Ghodasara. The unit is being set-up at a project
cost of about INR70 million in Morbi, Gujarat with installed
capacity of 22,800 metric tones per annum (mtpa). The project is
being funded with term loan of INR31 million and promoters'
contribution in the form of equity of INR22.5 million and
unsecured loans of INR16.5 million. The unit is expected to begin
commercial production by November 2011.


SUNSHINE FASTENERS: CRISIL Rates INR90MM Loan at 'CRISIL BB'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sunshine Fasteners Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Mil. Cash Credit facility   CRISIL BB/Stable (Assigned)
   INR52.1 Mil. Term Loan facility     CRISIL BB/Stable (Assigned)
   INR25.9 Mil. Proposed Long-Term     CRISIL BB/Stable (Assigned)
                Bank Loan Facility
   INR5.0 Million Letter of Credit     CRISIL A4+ (Assigned)
                          Facility

The ratings reflects the extensive experience of SFPL's promoters
in the fasteners industry and the company's moderate financial
risk profile, marked by comfortable capital structure and moderate
debt protection metrics. These strengths are partially offset by
SFPL's working-capital-intensive leading to high bank limit
utilization and small-scale operations, and susceptibility to
intense market competition in the fastener industry.

Outlook: Stable

CRISIL believes that SFPL will maintain its business risk profile
over the medium term, supported by established relationships with
its customers and extensive experience of its promoters in the
fastener industry. The outlook may be revised to 'Positive' if
SFPL reports more-than-expected cash accruals and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if the company's operating margin declines or if its
capital structure weakens because of stretch in working capital
cycle or larger-than-expected, debt-funded capital expenditure.

                      About Sunshine Fasteners

Incorporated in 2006, SFPL is managed by the Patel family (led by
Mr. Parshotambhai Patel) of Wadhwan9Gujarat). SFPL started
operations by taking over the partnership firm, Sunshine
Fasteners. Sunshine Fasteners was engaged in the manufacture of
stainless steel fasteners, such as bolts, screws, nuts, washers,
screws since 1992. SFPL supplies the fasteners to diverse
industries, including engineering, construction, railway and
automobiles. The company's manufacturing units are located in
Wadhwan(Gujarat), with a combined manufacturing capacity of about
7,000 tonnes per annum.

SFPL reported a net profit of INR9.5 million on net sales of
INR330.3 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR8.7 million on net sales of
INR289.6 million for 2009-10.


SURANA MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR45MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Surana Motors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR45.0 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR6.8 Million Standby Line      CRISIL B+/Stable (Assigned)
                     of Credit

The rating reflects SMPL's below-average financial risk profile,
marked by a high gearing and a small net worth, low bargaining
power with its principal, and susceptibility of its margins to
intense industry competition. These rating weaknesses are
partially offset by SMPL's established position in the commercial
vehicles (CV) market in Silchar (Assam), moderate exposure to
inventory and debtor risk, and the vast experience of the
company's promoters in the automobile dealership market.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its stable, long-term relationship with its principal
Tata Motors Ltd (TML; rated 'CRISIL AA-/Stable/CRISIL A1+') and
its established market position in the CV dealership in Silchar.
The outlook may be revised to 'Positive' if there is sustained
improvement in SMPL's operating profitability, or in case of
significant capital infusion by the promoters resulting in
improvement in the company's financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SMPL undertakes a
large, debt-funded capital expenditure programme materially
impacting its debt protection metrics, or if competitive pressure
results in further decline in the company's profitability.

                        About Surana Motors

Set up in 1965 in Silchar (Assam), SMPL is an authorised dealer of
TML's CVs. SMPL is managed by its managing director, Mr. P C
Surana, and its director, his son Mr. Gaurav Surana. The company's
day-to-day operations at Silchar are managed by Mr. P S K Nair.

SMPL has one showroom at Silchar of 1800 to 2000 square feet. It
also has a workshop of 10,000 square feet. The company has a 3s
dealership which consists of service, sales, and spare parts. It
has two small showrooms at Hailakandi and Karimganj (both in
Assam) which are likely to be upgraded to 3s showrooms like the
one it has in Silchar. SMPL is also opening a new centre at
Kalline (Assam) to target the commercial activity near the
limestone quarries. Thus, it caters to the entire Barak valley. It
also provides hire-purchase services and earns commission on them.

SMPL posted a provisional profit after tax (PAT) of INR5.4 million
on net sales of INR796 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR3 million on net
sales of INR497.2 million for 2009-10.


VISHESH ENGINEERING: CRISIL Reaffirms 'CRISIL BB' Credit Rating
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Vishesh Engineering
Company continue to reflect VEC's established market position in
seismic survey business, and good project execution skills. These
strengths are partially offset by VEC's large working capital
requirements, modest scale of operations, customer concentration,
and below-average financial risk profile, marked by small net
worth and high gearing.

   Facilities                        Ratings
   ----------                        -------
   INR75.00 Million Cash Credit      CRISIL BB/Stable (Reaffirmed)
   INR20.00 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VEC will maintain its financial and business
risk profiles over the medium term on the back of its good project
execution skills and established market position. The outlook may
be revised to 'Positive' if the firm scales up its operations
significantly, while maintaining its profitability, and reduces
its working capital intensity. Conversely, the outlook may be
revised to 'Negative' if VEC reports a sharp decline in revenues
or profitability, undertakes a larger-than-expected, debt-funded
capital expenditure programme, or faces significant capital
withdrawals by partners, leading to deterioration in its financial
risk profile.

                     About Vishesh Engineering

VEC was set up as a partnership firm in 1986 by first-generation
entrepreneurs, Mrs. B Jhansi Lakshmi, Mr. P Ashok Raju, and Mr. N
Ramchandra Raju, in Guntur (Andhra Pradesh). It performs seismic
surveys which involve providing onshore shot-hole drilling and
recording services to private and public sector exploration and
procurement companies. Around, 70 to 80% of the firm's revenues
are from Oil and Natural Gas Corporation Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+'); while the remaining are from other oil
exploration and procurement (E&P) companies like Reliance
Industries Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), Cairn
Energy Ltd, Compagnie Generale De Geophysique-Veritas (CGG Veritas
- a French company), and Geofizyka Torun ? Poland.

VEC reported, on provisional basis, a profit after tax (PAT) of
INR11.5 million on net sales of INR314 million for 2010-11(refers
to financial year, April 1 to March 31), against a PAT of INR14.5
million on net sales of INR262 million for 2009-10.


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


ADARO INDONESIA: Fitch Holds Rating on US$800MM Notes at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed PT Adaro Indonesia's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDR) at 'BB+'.  The
Outlook is Stable.  Fitch has also affirmed Adaro's USD800 million
senior unsecured notes due in 2019, guaranteed by its parent, PT
Adaro Energy Tbk (Adaro Energy, at senior unsecured 'BB+'.

The ratings of Adaro are based on the credit profile of Adaro
Energy given the strong rating linkages as per Fitch's parent-
subsidiary linkage methodology.  Adaro is wholly-owned by Adaro
Energy and its operating and financial policies are tightly
controlled by the parent and its shareholders.  There is a high
level of operational integration between the two companies while
there is limited ring-fencing of Adaro's cash flows.  Adaro is the
primary source of cash generation for Adaro Energy; accounting for
80% of Adaro Energy's consolidated EBITDA generation of about
USD900 million in 12 months to December 2010 (FY10).  Moreover,
Adaro Energy continues to raise debt at Adaro to fund its
investments outside of Adaro's operations.

The ratings reflect Adaro's position as one of the world's lowest-
cost producers of thermal coal, a track record of strong and
profitable production growth, established relationships with
creditworthy customers, solid liquidity and the robust credit
metrics of both Adaro Energy and Adaro.  The ratings also take
into consideration the possible weakening of credit metrics
relative to H111 due to Adaro Energy's partly debt-funded resource
acquisition and development activity in the short- to medium-term.
Fitch believes that Adaro Energy has entered a phase of rapid
expansion of its coal resources and development as evidenced by
its acquisitions and investments in new coal resources in 2010 and
to-date in 2011.

Increasing diversity of mining locations will help reduce Adaro
Energy's reliance on a single mining concession in South
Kalimantan in Indonesia.  Development of greenfield assets are
subject to numerous risks.  However, these are mitigated, to a
certain extent, by Adaro's experience and expertise in developing
and operating coal mines and related infrastructure.

Adaro is exposed to volatile coal prices. Fitch expects demand for
Indonesian thermal coal to remain robust given increasing demand
from Indonesia and rapidly developing markets like China and
India.  Adaro's low cash cost of production (USD44/mt in H111) and
resultant robust cash margins (USD/23mt) provide the company
substantial financial flexibility if coal prices decline.
Evolving mining regulations in Indonesia remain a risk although
Fitch notes that Adaro has not been affected by regulatory changes
to date.

Both Adaro and Adaro Energy continue to maintain strong credit
metrics.  As at end-June 2011, Adaro Energy's funds from
operations (FFO)-adjusted gross leverage was 1.6x and FFO interest
coverage 8.7x (1.4x and 8.7x for Adaro).  Liquidity is underscored
by cash reserves of USD607 million and undrawn committed credit
facilities of USD1,260 million as at H111. Adaro has demonstrated
strong access to both bank and capital markets.

Negative rating action may result if Adaro Energy's FFO gross
leverage is sustained above 2.75x or its FFO interest coverage
falls below 5x for two consecutive years.  Other negative rating
guidelines are material deviation from its policy of maintaining
strong liquidity; adverse regulatory developments that will
significantly impair Adaro Energy's financial profile; further
substantial investments that weaken Adaro's financial or operating
risk profile and a sustained weakening of coal prices.

A positive rating action may be taken if Adaro Energy successfully
increases production from its currently operational and newly
acquired greenfield assets, and significantly increases its scale
and diversification in terms of production sites, while
maintaining FFO gross leverage below 2.0x.


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


KOREA TECHNOLOGY: Amends Lists of Largest Unsecured Creditors
-------------------------------------------------------------
Korea Technology Industry America, Inc., has filed with the U.S.
Bankruptcy Court for the District of Utah an amended list of its
largest unsecured creditors.  The previous list totaled 18
creditors, while the new list consists of 20 creditors.  Western
Energy Partners, LLC, KTIP - Doc J Kim, Kim, Ju Hee, Kim, Seoung
Hyeon, and Oilsand Technology Industry, LLC, were added to the
list.  Kim, Seoung-hyun, Holme Roberts & Owen LLP, and Kim, Jung-
hee were taken out of the list.

Debtor's List of Its 20 Largest Unsecured Creditors:

  Entity                         Nature of Claim    Claim Amount
  ------                         ---------------    ------------
Western Energy Partners, LLC     Guarantee of
Attn: Joseph Sorenson            obligations of
6440 S Wasatch Boulevard         Uintah Basin
Suite 105                        Resources, LLC
Salt Lake City, UT 84121         and Crown Asphalt
                                 Ridge, LLC.  KTIA
                                 believes this
                                 claim will be paid
                                 in full by UBR and
                                 CAR                $19,827,375.79

Gavilan Petroleum, LLC
Attn: Robert J. Pinder
1245 E brickyard Road
Suite 110
Salt Lake City, UT 84106         Loan                  $219,127.51

Pyo, Jae Wook
308-3504 Parkrio Apartment
Shincheon-Dong Songpa-Gu
Seoul, 138-932 KOREA             Wages                  $79,673.12

Ernst & Young, LLP               Services               $73,966.00

Sung Shin                                               $48,563.33

CBIZ Accounting Tax &
Advisory Services                Services               $40,705.36

Kim, Ju Hee                      Loan                   $40,339.17

Seo, Bong Kook                   Wages                  $37,979.50

KTIP - Doc J Kim                 Loan                   $37,134.20

Kim, Jung Hee                    Wages                  $20,439.99

Haynie & Company                 Services               $20,168.88

Bankruptcy Estate of Daniel
Schwendiman                      Wages                  $18,557.20

Lee, Seong Weon                  Wages                  $17,682.84

Rock Law Office, P.C.            Services               $16,310.00

Park, Jeong Bin                  Wages                  $15,000.00

Kim, Seoung Hyeon                Wages                   $7,631.32

Jang Jin Woo                     Wages                   $6,115.90

Shin, Yong In                    Wages                   $4,000.00

Oilsand Technology
Industry, LLC                    Loan                    $1,178.74

The Debtor's affiliates, Crown Asphalt Ridge, LLC, and Uintah
Basin Resources, LLC, also filed list of unsecured creditors.

Crown Asphalt's List of Its 20 Largest Unsecured Creditors:

  Entity                          Nature of Claim    Claim Amount
  ------                          ---------------    ------------
Gavilan Petroleum LLC
Attn: Robert J. Pinder
1245 E Brickyard Road, Suite 110
Salt Lake City, UT 84106               Loan           $219,127.51

Kwak, Jae-Yong
262 Clinton Street
Paterson, NJ 07522                     Loan           $107,868.49

GEA Westfalia Separator, Inc.
Attn: Betty J. Mayancsik
100 Fairway Court, P.O. Box 178
Northvale, NJ 07647                    Goods           $87,532.00

A complete list of Crown Asphalt's largest unsecured creditors is
available for free at http://ResearchArchives.com/t/s?7716

Uintah Basin's List of Its Two Largest Unsecured Creditors:

  Entity                          Nature of Claim    Claim Amount
  ------                          ---------------    ------------
Gavilan Petroleum, LLC
Attn: Robert J. Pinder
1245 E Brickyard Road, Suite 110
Salt Lake City, UT 84106               Loan           $219,127.51

Lear & Lear Law Office
Attn: Jonathan Lear
808 East South Temple Street
Salt Lake City, UT 84102               Services         $2,166.48

                     About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of Seoul-
based Korea Technology Industry Co. that tried to squeeze crude
oil from Utah's sandy ridges.  Korea Technology Industry America,
Uintah Basin Resources LLC, and Crown Asphalt Ridge L.L.C., filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Utah Case Nos.
11-32259, 11-32261, and 11-32264) on Aug. 22, 2011.  The cases are
jointly administered under KTIA's case.  Steven J. McCardell,
Esq., and Kenneth L. Cannon II, Esq., at Durham Jones & Pinegar,
in Salt Lake City, serve as the Debtors' counsel.  The Debtors
listed US$35,246,360 in assets and US$38,751,528 in debts.

Proofs of claim are due by Oct. 15 and government proofs of claim
are due by Feb. 18, 2012.


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


ALLIED FARMERS: Fails to Submit Annual Report; Faces Suspension
---------------------------------------------------------------
Radio New Zealand reports that the NZX said it intends to suspend
trading in Allied Farmers shares unless the ailing rural services
company releases its annual report by Sept. 30, 2011.

The annual report was due to have been issued last Friday, but
Allied Farmers said it is waiting on its audited financial
statements to be finalized, according to Radio NZ.

Radio NZ relates that Allied Farmers said a number of matters have
occurred since it issued its unaudited results in late August, one
of which is expected to have a positive effect on the group.

According to the news agency, Allied Farmers said there's a good
chance the audit will be completed in the next few days, so the
board felt it was prudent to delay the report's release so it can
be included.

Allied Farmer's unaudited results showed it lost NZ$43 million in
the year to the end of June, compared with NZ$77.6 million a year
earlier.  The result included a writedown of almost NZ$30 million
of the Hanover and United Finance loans it bought for
NZ$500 million in late 2009.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has gained
a nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1.  Allied Farmers entered into two loan agreements
with Allied Nationwide last year, converting its existing debt
factoring, credit enhancement and related party loan arrangements.
All of Allied Farmers' assets are secured by a general deed
covering the loans.


CENTURY CITY: Goes Into Receivership, CB Richard Acts as Manager
----------------------------------------------------------------
BusinessDesk reports that Deloitte's Barry Jordan and David Vance
were appointed receivers and managers of Century City Investments.

Century City is another company in Wellington property developer
Terry Serepisos' empire, BusinessDesk notes.  Receivers have taken
over the management of Mr. Serepisos' own headquarters, according
to BusinessDesk.

CB Richard Ellis Ltd. has been appointed as building manager,
BusinessDesk relates.

Last week, Mr. Serepisos was declared bankrupt in the High Court
in Wellington after he failed to convince Associate Judge David
Gendall to give him a few more days to try to secure a US$20
million facility from a Hong Kong-based merchant bank,
BusinessDesk notes.  The report relates that the loan, if it came
through, would go to an entity that wasn't a party to Mr.
Serepisos' bankruptcy and liquidation proceedings, and left open
the possibility to annul the order.

In August, BusinessDesk recalls, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would sell
down his property portfolio in an orderly fashion, in a bid to
meet the entirety of the NZ$204 million owed to his lenders, which
was later scotched when the property developer sought new funding.

The portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk says.

Century City Investments owns the ASB Tower on Wellington's Hunter
St, which is home to the Century City offices.


FINANCE & INVESTMENTS: Perpetual Trust, PwC Added in Civil Suit
---------------------------------------------------------------
Sunday Star Times reports that Perpetual Trust and big-four
accounting firm PriceWaterhouseCoopers are now both defendants in
a civil lawsuit filed on behalf of aggrieved finance company
investors.

The trustee company, which was trustee for a number of high
profile finance companies which collapsed, including Nathans,
Lombard and Capital + Merchant, has been added as a defendant to a
legal tug-of-war over NZ$7.8 million plus accumulated interest
sitting in a trust account.

According to the report, Perpetual denies it has done anything to
merit its inclusion as a defendant in the civil action taken by
the representatives of investors in failed Nelson-based finance
firm Finance & Investments (F&I).

Sunday Star Times says PWC confirmed it had been added to the
case.  A spokeswoman said the firm regards the allegations as
"entirely without foundation and the proceedings will be
vigorously defended," according to Sunday Star Times.

She added that the choice by PWC not to comment on the allegations
is not an acceptance that they are correct or even properly made,
the report notes.

According to Sunday Star Times, the case relates to the failure of
Nelson finance company LDC, headed by directors David Miller and
American John Janetto, which collapsed in 2007 under the weight of
bad loans and which is now with receiver PWC.

That failure would probably have remained a footnote to the wider
finance sector implosion then occurring, even given LDC's poor
lending record, Sunday Star Times states.

But a series of deals LDC did with F&I in the months before its
collapse -- deals which transferred valuable good loans from F&I
to LDC in return for now worthless shares -- quickly led to bitter
accusations and a full-blown legal stoush, the report notes.

As receiver of LDC, Sunday Star Times says, PWC wants to
distribute the money collected from F&I's now transferred good
loans to LDC investors, but F&I representatives Stephen Eaton, a
former chief executive of Perpetual Trust, and Seddon Marshall are
seeking to prove PWC is legally barred from doing so.

Sunday Star Times notes that as F&I had no prospectus, Messrs.
Eaton and Marshall claim in a letter updating investors last
month, the money it raised from the public, and hence the loans
made with that money, are deemed to be held in trust to be
returned to F&I investors.  To do otherwise would be a breach of
trust, the report notes.

According to the report, Messrs. Eaton and Marshall said PWC as
receiver should repay the money to F&I investors and claim PWC was
aware since early 2007 that F&I had raised the money without a
prospectus.

PWC worked as an adviser to LDC before the deals that resulted in
the transfer of assets from F&I to LDC.

Messrs. Eaton and Marshall claim that LDC and its professional
advisers were aware "at all material times" there was no
prospectus.  As the receiver of LDC, PWC is defending the case.

Sunday Star Times says Messrs. Eaton and Marshall claim Perpetual
Trust assisted the alleged breach of trust by formally approving
the debt for share swaps.  As LDC trustee, it had to approve those
deals.

The report notes that the letter alleges that prior to giving its
consents and waivers, Perpetual knew that F&I operated in breach
of the Securities Act and it was required as LDC's trustee to
monitor that company's compliance with its trust deed and
prospectus.

"If Perpetual had not authorized those transactions, F&I's
depositors would not have suffered the loss of the funds taken by
PWC for LDC," the letter said.

The damages sought from Perpetual are NZ$7.8 million plus
interest. Perpetual said it intends to fight the allegations,
Sunday Star Times reports.

                          About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments. Perpetual
Trust Limited, trustee for the secured debenture stock and
deposits issued by LDC Finance appointed PricewaterhouseCoopers
partners Malcolm Hollis and John Fisk as Receivers.

                              About F&I

Based in Tahanui, Finance & Investments was founded in 1973 to
provide vehicle financing and subsequently expanded into other
areas of finance.   The principals of Finance & Investments,
Andrew Harding and Murray Scholfield, placed the finance company
into receivership in September 2007.  The company owed about
NZ$16 billion to 370 investors.


NLG INSURANCE: Fitch Affirms Financial Strength Rating  at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed NLG Insurance Limited's Insurer
Financial Strength (IFS) Rating at 'B'.  The Rating Outlook is
Stable.

The rating continues to reflect NLGI's weak financial position and
dependence on support from the retailing subsidiary of the group,
Noel Leeming Group Limited.  However, since NLGI was placed into
run-off from Oct. 31, 2008, the run-off has proceeded in line with
Fitch's expectations and NLGI continues to move rapidly off risk.

Moreover, NLGI's technical liabilities which include the unearned
premiums reserve, outstanding claims reserve and unexpired risk
reserve, had declined to NZD342,000 at March 31, 2011, from
NZD903,000 at March 31, 2010, and are now well covered by the
NZD0.5m held by the public trustee to support policyholder
liabilities.

As NLGI is in run-off, the rating is unlikely to be upgraded.  Key
rating triggers that could result in a downgrade include
deterioration in the financial position of NLGI or the failure of
NLG to provide support to NLGI during the run-off period.
However, Fitch considers these prospects as remote, as reflected
in the Stable Outlook.


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


PIERS RESOURCE: Court to Hear Wind-Up Petition on Oct. 14
---------------------------------------------------------
A petition to wind up the operations of Piers Resource & Services
Pte Ltd will be heard before the High Court of Singapore on
Oct. 14, 2011, at 10:00 a.m.

Maritime and Port Authority of Singapore filed the petition
against the company on Sept. 22, 2011.

The Petitioner's solicitors are:

         Messrs WongPartnership LLP
         63 Market Street, #02-01
         Singapore 048942


SAGAR SHIP: Court to Hear Wind-Up Petition on Oct. 7
----------------------------------------------------
A petition to wind up the operations of Sagar Ship Management Pte
Ltd will be heard before the High Court of Singapore on Oct. 7,
2011, at 10:00 a.m.

Bunkers Marine Pte Ltd filed the petition against the company on
Sept. 12, 2011.

The Petitioner's solicitors are:

         Incisive Law LLC
         16 Collyer Quay, #19-00
         Singapore 049318


SPURWAY COOKE: Creditors' Proofs of Debt Due Oct. 14
----------------------------------------------------
Creditors of Spurway Cooke Industries Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street
         #05-01 Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


STARS OF SAN FRANCISCO: Creditors' Proofs of Debt Due Oct. 14
-------------------------------------------------------------
Creditors of Stars of San Francisco Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


WMC TRADING: Creditors' Proofs of Debt Due Oct. 11
--------------------------------------------------
Creditors of WMC Trading Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 11,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street
         #05-01 Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


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


S.E.C. AUTO: Court Approves Two-Year Rehabilitation Plan
--------------------------------------------------------
Bangkok Post reports that the Central Bankruptcy Court has
approved a two-year rehabilitation plan for the ailing S.E.C. Auto
Sales and Services.

Bangkok Post recalls that SECC, once Thailand's largest luxury car
importer, was at the centre of a scandal in November 2008 after
president and founder Sompong Witthayaraksan allegedly embezzled
company funds and fled the country.

Financial damage was pegged at THB700 million, while Mr. Sompong's
personal debts reportedly totalled THB3.5 billion, the report
discloses.

Bangkok Post relates that Mr. Sompong, managing director Kornwiwat
Wattanathamwong and chief financial officer Nipaporn Komkla were
charged by the Securities and Exchange Commission in
December 2008.

According to the news agency, SECC recorded a huge net loss of
THB1.86 billion that year compared with a net profit of
THB61.96 million the year before.  The Stock Exchange of Thailand
suspended its shares, which last traded at 22 satang in late 2008,
the report notes.

The company, says Bangkok Post, has not been able to obtain
registered auditors since then and has not produced a financial
statement for three years.

According to Bangkok Post, Kittima Sudasna na Ayutthaya, an SECC
director and the assistant managing director for marketing, said
the company had appointed Sicco Securities as its financial
adviser for the rehabilitation plan.

"We hope to clear our debts and complete the plan in two years,"
Bangkok Post quotes Mr. Ayutthaya as saying.

Bangkok Post notes that the company will propose the
rehabilitation plan to creditors within the next three months. TMB
Bank, the major creditor, has unofficially approved it.

The company expects full support for the plan, which if approved
will be implemented next year, the report adds.

                      About S.E.C. Auto Sales

Based in Bangkok, Thailand, S.E.C. Auto Sales And Services Public
Company Limited imports, purchases, and sells vehicles in
Thailand. The company imports cars from Europe and Japan.  It
offers special cars, multi-purpose vehicles, brabus cars, sedans,
sports cars, sport utility vehicles, sport wagon cars, compact
multi-purpose vehicles, and hybrid cars, as well as provides
maintenance services.


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


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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


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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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