TCRAP_Public/111011.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

           Tuesday, October 11, 2011, Vol. 14, No. 201

                            Headlines



A U S T R A L I A

BARBERA FARMS: Managers Speak on Trials Faced During Receivership
NATIONAL LEISURE: Goes Into Receivership, Blames Onerous Leases
* AUSTRALIA: Corp. Insolvencies Hit Second-Highest Level in Aug.


C H I N A

KEYUAN PETROCHEMICALS: Receives NASDAQ Delisting Notice
NINE DRAGONS: Fitch Affirms Issuer Default Rating at 'BB-'


H O N G  K O N G

CANTRONIC INDUSTRIES: Creditors' Meeting Set for Oct. 19
CHAODA MODERN: Moody's Downgrades CFR to 'Ba3' From 'Ba2'
GREAT PARAMOUNT: Creditors' Proofs of Debt Due Oct. 21
LCL CONTRACTORS: Creditors' Proofs of Debt Due Nov. 7
LEVIATHAN LIMITED: Commences Wind-Up Proceedings

MARINE ATSOURCE: Creditors' Proofs of Debt Due Nov. 11
MARITIME OPERATING: Creditors' Proofs of Debt Due Nov. 11
MYOB HK: Commences Wind-Up Proceedings
NASACO ELECTRONICS: Creditors' Proofs of Debt Due Nov. 8
SIU LUNG: Creditors' Proofs of Debt Due Nov. 8

THYSSENKRUPP STAINLESS: Creditors' Proofs of Debt Due Oct. 28
UGAIN INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
WATFORD INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
WELLAST INVESTMENT: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ANIL SPECIAL: ICRA Assigns '[ICRA]BB+' Rating to INR55.65cr Loan
ASHAPURA MINECHEM: Seeks Chapter 15 Protection in U.S.
ASHAPURA MINECHEM: Chapter 15 Case Summary
BALLAL DEVELOPERS: ICRA Rates INR12cr Term Loan at '[ICRA] B+'
CHANDU AGENCIES: CRISIL Rates INR85 Million Loan at 'CRISIL BB+'

ESQUIRE ESTATES: CRISIL Rates INR49.3MM Loan at 'CRISIL BB'
GOVIND AGRO: CRISIL Assigns 'CRISIL B' Rating to INR25.9MM Loan
GULBARGA AIRPORT: ICRA Puts [ICRA]BB- Rating on INR139.75cr Loan
HINDUSTHAN HEALTH: CRISIL Rates INR120MM Term Loan at 'CRISIL D'
JAGRAON CYCLE: CRISIL Rates INR22.5MM Loan at 'CRISIL B+'

JAISU SHIPPING: CRISIL Cuts Rating on INR250MM Loan to 'BB+'
KONARK FOUNDATIONS: ICRA Rates INR7.5cr LT Loan at '[ICRA]BB-'
KOX MED: ICRA Reaffirms '[ICRA]BB+' Rating on INR6cr Facilities
LAXMI CONSTRUCTION: ICRA Rates INR2.5cr Cash Credit at '[ICRA]BB'
PANCHSHEEL BUILDTECH: CRISIL Rates INR450MM Loan at 'CRISIL B+'

SABOO ENGINEERS: ICRA Rates INR2cr Cash Credit at '[ICRA]BB+'
SAMRAT PLYWOOD: ICRA Reaffirms '[ICRA]BB-' INR19.9cr Loan Rating
SHREE REALTORS: CRISIL Cuts Rating on INR165.5MM Loan to 'BB'
SOKTAS INDIA: ICRA Reaffirms [ICRA]BB+ LT Rating; Outlook Stable
SRAVANTHI ENERGY: ICRA Rates INR633.75cr Loan at '[ICRA]BB-'

STRANDS TEXTILE: Defaults on Repayment Cue Fitch to Lower Rating
VENUS GARMENTS: CRISIL Reaffirms 'CRISIL C' Term Loan Rating
WAH RESTAURANTS: Delays in Debt Services Cue ICRA's Junk Rating


J A P A N

ASAHI MUTUAL: JCR Affirms 'BB/Negative' Rating on Senior Notes
JLOC 37 LLC: Fitch Junks Rating on Two Note Classes
L-JAC3 TRUSTE: Fitch Withdraws Rating on 6 Trust Classes at 'Dsf'
L-JAC7 TRUST: Moody's Lowers Rating of Class B Notes to 'Ba2'
MLOX4 TRUST: Moody's Reviews 'Ba1' Rating of Class B Notes

TOKYO ELECTRIC: Needs Nuclear Restart to Restructure, Panel Says


M A L A Y S I A

MAA HOLDINGS: Disposal of Major Shares Cues PN 17 Listing


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Boss Escapes Jail Sentence
CENTURY CITY: Two More Serepisos Firms Placed in Liquidation
LOMBARD FINANCE: Criminal Trial Delayed Until October 17
PIKE RIVER: Contractors Accept Repayment Plan
ST LAURENCE: Investors May Get Cash From Hilton Auckland Sale


S I N G A P O R E

ATIM CONSULTANTS: Creditors' Proofs of Debt Due Oct. 31
DAI-ICHI PTE: Creditors' Proofs of Debt Due Oct. 17
HQO DESIGN: Creditors' Proofs of Debt Due Oct. 21
SIN WAI: Creditors' Proofs of Debt Due Oct. 21
SOLVATORS HOLDING: Court Enters Wind-Up Order

THONG SOON: Creditors Get 4.73325% Recovery on Claims
WAVETREND TECHNOLOGIES: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week Oct. 3 to Oct. 7, 2011


                            - - - - -


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


BARBERA FARMS: Managers Speak on Trials Faced During Receivership
-----------------------------------------------------------------
NewsMail reports that Barbera Farms Managers have spoken about
the challenges they faced during receivership, and their
determination to keep the huge small crops operation going.

Manager Guy Barbera said the farm was now operating about 100
more acres than it was before the receivers Ernst & Young came
in, and had taken back hundreds of workers who had been forced
out of a job when the farm was forced into caretaker mode,
according to NewsMail.

The report notes that Mr. Barbera said between 400 and 500 acres
were sold by the receivers, but the farm was now leasing back 500
to 600 acres.  NewsMail relays that Mr. Barbera said while the
entire farm's equipment had been kept, they did lose some
produce.

But despite that, Mr. Barbera is confident the business will
bounce back, NewsMail discloses.

Mr. Barbera said it was hard to explain what the business had
been through since they convinced the receivers to let the farm
operate after they were appointed in April by financiers Suncorp,
the report adds.


NATIONAL LEISURE: Goes Into Receivership, Blames Onerous Leases
---------------------------------------------------------------
James Thomson at SmartCompany reports that Pub owner National
Leisure & Gaming has blamed "onerous leases" for its collapse and
handed receivers the daunting prospect of trying to recover more
than AU$150 million in debt.

NLG has been teetering on the brink of collapse for the best part
of 12 months, and called Ian England and Guy Edwards of
PricewaterhouseCoopers as administrators, according to
SmartCompany.  The report relates that NLG's banking syndicate
then appointed Stephen Longley, Jack Bournelis, and Marcus Ayres
of PPB Advisory as receivers and managers.

Hotel broker Nick Tinning, of Chris Tinning & Company, said there
is no doubt that NLG were operating on unsustainable leases and
the collapse of the company may actually be welcomed by some in
the sector, SmartCompany discloses.

Mr. Tinning, the report notes, said that the fact NLG was locked
into these high leases goes back to 2005 and 2006, when pub
owners and operators borrowed heavily to buy into the sector
during the pre-GFC boom.  SmartCompany relates that these
landlords still have to service large debts and so must charge
tenants what are seen as exorbitant rents given economic
conditions.

The report notes that one pub owner that has been battling to
stay out of the hands of receivers for some time is Redcape
Group, which owns the freeholds to several hotels operated by NLG
and is laboring under almost AU$600 million of debt.

SmartCompany relays that Mr. Tinning said it will be interesting
to see whether PPB can actually sell those leasehold pub
operations owned by NLG that were being hit with unsustainable
rents.

The report relates that if PPB decides these hotels are
unsalable, the valuations on the freeholds pubs owned by Redcape
Group could decrease sharply, as many of these pubs have been
valued based on high rents.  Such a drop would inevitably put
further pressure on Redcape Group, Mr. Tinning said, SmartCompany
adds.

Pub owner National Leisure & Gaming operates 35 hotels in New
South Wales and Queensland.


* AUSTRALIA: Corp. Insolvencies Hit Second-Highest Level in Aug.
----------------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that the Australian
Securities and Investments Commission said the number of
corporate insolvencies reached their second-highest level in
August since records started in the late 1980s.

The new figures show that 1,049 companies entered external
administration in August 2011, up 14% from 921 in July, and 20%
higher from 870 in August 2010, SmartCompany discloses.

The numbers, released last week, also show there were 1,531
insolvency appointments in August - an increase from 1,248 in
July, and 1,289 in August 2010, according to SmartCompany.

According to SmartCompany, Cliff Sanderson of company liquidator
Dissolve said the August monthly figures mean there have been six
monthly highs so far in 2011 -- and the Australian Taxation
Office is largely behind the increase.

"While the petitions they lodge in court are up a bit but not a
lot, the ATO's actions cause a lot of directors to move. And as
they would -- they're often the last to get paid," SmartCompany
quotes Mr. Sanderson as saying.

SmartCompany relates that Mr. Sanderson said while ASIC doesn't
break the numbers down into sectors, Dissolve is seeing lots of
activity from small retailers and tradies such as builders and
plumbers who have about five to 10 employees.

State-by-state, Mr. Sanderson said Tasmania and Western Australia
are "looking bad," collapses in New South Wales have reached a
plateau, Victoria is up a bit, and calls from Queensland are on
the up, SmartCompany adds.


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


KEYUAN PETROCHEMICALS: Receives NASDAQ Delisting Notice
-------------------------------------------------------
Keyuan Petrochemicals, Inc. disclosed that on Oct. 5, 2011, the
Company received a letter from the NASDAQ Hearings Panel
regarding the Company's appeal to remain listed.  NASDAQ notified
the Company that its common stock will be suspended from the
Nasdaq Stock Market effective October 6.

Management, the board of directors, and the independent
committees all worked diligently to provide the Nasdaq with all
requested information in a timely manner and meet the deadlines
previously imposed. Despite the Company's best efforts to become
compliant on all of NASDAQ's requirements, the Panel suspended
Keyuan's listing from the Nasdaq Stock Market.  As a result, the
Company's shares will resume trading in the pink sheets under the
ticker symbol KEYP beginning Friday, October 7.

The final audit and Form 10K for 2010, in addition to the 10-Q
for both the first and second quarter of 2011, is expected to be
filed as soon as possible in the middle of October with the
Securities and Exchange Commission.  The 10-K will contain
details surrounding the operations, financials, and a
comprehensive list of actions the Company has taken and is
committed to taking in order to remediate accounting and internal
control issues.

Given the significant capital allocation from the Company's U.S.
dollar account for this investigation, review and report, the
dividend payment was not declared in September as anticipated.
The Company and the board are evaluating its current dividend
policy for shareholders.

"The entire management team is extremely disappointed in this
decision given that we did everything which was asked," stated
Chungfeng Tao, Chairman and Chief Executive Officer.  "We have
done everything within our power to address the independent
review, to complete our 2010 audit and the financial filings for
the first two quarters of 2011, which we are in the process of
finalizing to submit to the SEC.  We will submit an appeal to the
NAsdaq with the hope that once all filings are up to date, we can
be reinstated, however there is no assurance that the appeal will
be granted.  The Company spent approximately $5 million, 5
months, and significant corporate resources to complete the
investigation and become compliant with the Nasdaq requirements.
It is extremely important that our shareholders understand that
the Company is continuing to operate and has not ceased
operations of the business.  If we are unsuccessful in achieving
a main board listing, the Company will actively pursue strategic
alternatives including but not limited to taking the company
private, a merger or other transaction which will maximize
shareholder value, and ensure we can meet our growth objectives."

                    About Keyuan Petrochemicals

Keyuan Petrochemicals, Inc., established in 2007 and operating
through its wholly-owned subsidiary, Keyuan Plastics Co., Ltd.,
is located in Ningbo, China and is a leading independent
manufacturer and supplier of various petrochemical products.
Having commenced production in October 2009, Keyuan's operations
include an annual petrochemical manufacturing design capacity of
720,000 MT for a variety of petrochemical products, with
facilities for the storage and loading of raw materials and
finished goods, and a technology that supports the manufacturing
process with low raw material costs and high utilization and
yields.  In order to meet increasing market demand, Keyuan plans
to expand its manufacturing capacity to include a SBS production
facility, additional storage capacity, a raw material pre-
treatment facility, and an asphalt production facility.


NINE DRAGONS: Fitch Affirms Issuer Default Rating at 'BB-'
----------------------------------------------------------
Fitch Rating has affirmed Nine Dragons Paper Holdings Limited's
Long-Term Foreign Currency Issuer Default Rating at 'BB-' with
Stable Outlook.  The rating has been simultaneously withdrawn.

The affirmation reflects the continued strong growth of Nine
Dragons' operating cash flows underpinned by the favorable
environment for industrial paper in China.  While the company
continues to generate negative free cash flows as a result of a
large capex program, it also continues to secure sufficient
onshore and offshore funding.

The rating has been withdrawn as it is no longer considered by
Fitch to be relevant to the agency's coverage.  Nine Dragons
completed the early redemption of all of its outstanding 7.875%
senior notes due 2013 notes on Aug. 16, 2011.  Fitch will no
longer provide ratings or analytical coverage of this issuer.


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


CANTRONIC INDUSTRIES: Creditors' Meeting Set for Oct. 19
--------------------------------------------------------
Creditors of Cantronic Industries Limited will hold their meeting
on Oct. 19, 2011, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.


CHAODA MODERN: Moody's Downgrades CFR to 'Ba3' From 'Ba2'
---------------------------------------------------------
Moody's Investors Service has downgraded Chaoda Modern
Agriculture (Holdings) Ltd's corporate family rating to Ba3 from
Ba2.

At the same time, Moody's has placed the ratings on review for
further possible downgrade.

Ratings Rationale

The rating action follows ongoing delays in the release of the
company's annual results announcement --- which was due on
September 30, 2011 -- and its audited accounts.

"The delays breach the Hong Kong Stock Exchange's listing rules,
and introduces further uncertainty in respect of Chaoda's
financial reporting and financial position," says Ken Chan, a
Moody's Vice President and Senior Analyst.

"Such negative developments, on top of the ongoing share
suspension, the proceedings of the Hong Kong Market Misconduct
Tribunal ("MMT") in respect of the company's CEO and CFO, and the
allegations from Anonymous Analytics, have raised the company's
overall risk profile to a level which is no longer commensurate
with the previous Ba2 rating level," says Mr. Chan.

Furthermore, as Moody's previously commented, all these negative
events will materially limit the company's access to external
capital market funding and ultimately its expansion strategy if
they are not resolved in the near term. "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," says Mr. Chan.

Moody's further notes that the holders of Chaoda's outstanding
US$200 million convertible bonds can accelerate repayment if
stock trading is suspended for more than 60 consecutive days, or
if the company fails to file its full-year results within 180
days from its fiscal year-end.

While Chaoda reported cash holding of RMB3.9 billion as of
December, 2010 in its interim results, its current available
liquidity is still subject to the pending announcement of its
audited final results and further confirmation from the company.

In its review, Moody's will focus on the following: (a) the
audited FY2011 annual results; (b) the liquidity available to
meet the potential early repayment of the convertible bonds; (c)
the resumption of share trading on the Hong Kong Stock Exchange;
(d) how Chaoda addresses the allegations over its business
operations and financial accounts; (e) the findings and
conclusion of the proceedings of Hong Kong MMT, and (f) the
operational and financial impact on the company from these
various events.

Any adverse developments for the above will further 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.


GREAT PARAMOUNT: Creditors' Proofs of Debt Due Oct. 21
------------------------------------------------------
Creditors of Great Paramount International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 21, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

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


LCL CONTRACTORS: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------
Creditors of LCL Contractors Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 29, 2011.

The company's liquidator is:

         Leong Hing Loong Rudolf
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


LEVIATHAN LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Members of Leviathan Limited, on Sept. 23, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Meng Jie
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MARINE ATSOURCE: Creditors' Proofs of Debt Due Nov. 11
------------------------------------------------------
Creditors of Marine Atsource (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 28, 2011.

The company's liquidator is:

         Chan Sek Kwna Rays
         Unit F, 12/F
         Seabright Plaza, 9-23 Shell Street
         North Point, Hong Kong


MARITIME OPERATING: Creditors' Proofs of Debt Due Nov. 11
---------------------------------------------------------
Creditors of Maritime Operating Systems (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 11, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 28, 2011.

The company's liquidator is:

         Chan Sek Kwna Rays
         Unit F, 12/F
         Seabright Plaza, 9-23 Shell Street
         North Point, Hong Kong


MYOB HK: Commences Wind-Up Proceedings
--------------------------------------
Members of MYOB Hong Kong Limited, on Sept. 23, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Bruno Arboit
         Simon Richard Blade
         FTI Consulting, Level 22
         The Center, 99 Queen's Road
         Central, Hong Kong


NASACO ELECTRONICS: Creditors' Proofs of Debt Due Nov. 8
--------------------------------------------------------
Creditors of Nasaco Electronics (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 8, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsang Kam Chuen
         12th Floor, Grand Building
         15-18 Connaught Road
         Central, Hong Kong


SIU LUNG: Creditors' Proofs of Debt Due Nov. 8
----------------------------------------------
Creditors of Siu Lung International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 8, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 26, 2011.

The company's liquidators are:

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


THYSSENKRUPP STAINLESS: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------------------
Creditors of Thyssenkrupp Stainless International (Hong Kong)
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Oct. 28, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2011.

The company's liquidators are:

         Chan Mi Har
         Betty Yeung Yuen
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


UGAIN INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2011,
creditors of Ugain Industrial Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


WATFORD INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2011,
creditors of Watford Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


WELLAST INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2011,
creditors of Wellast Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


=========
I N D I A
=========


ANIL SPECIAL: ICRA Assigns '[ICRA]BB+' Rating to INR55.65cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+'
outstanding on INR55.65 crore fund based facilities of Anil
Special Steels Industries Limited.  The outlook for the long term
rating is stable.  ICRA has also reaffirmed the short-term rating
of '[ICRA]A4+' for INR29.35 crore non-fund based facilities of
ASSIL.

The rating action takes into account the long experience of the
promoters in the steel industry; ASSIL's long standing
relationship with its clients; and the company's moderate gearing
level.  The ratings also factor in ASSIL's presence in the export
market and its planned venture in manufacturing of thermo
mechanically treated (TMT) bars, which is likely to help in
diversification of the company's revenue stream.

The ratings however continue to remain constrained by the highly
competitive and fragmented nature of the industry; high working
capital intensity of the business; and vulnerability of ASSIL's
profitability to raw material price volatility and adverse
movements in foreign exchange rate. ICRA has also taken note of
the time and cost overrun risks related to the sizeable debt
funded capex (for setting up a billet and TMT bars manufacturing
facility) being presently undertaken by ASSIL; which can have an
adverse impact on the debt protection indicators of the company
in the medium term.

                         About Anil Special

Anil Special Steel Industries Limited is a public listed company
engaged in the manufacturing and sale of cold rolled closed
annealed coils (CRCAC) and hardened and tempered (H&T) steel
strips. In addition to this, ASSIL also sells circular saw discs
which are manufactured by its group company.  The company was
promoted by Mr. Satya Narain Khaitan in 1968 and currently the
business is being managed by his son, Mr. Sudhir Khaitan.  The
manufacturing facility of the company is located in Jaipur
(Rajasthan) and has an installed annual capacity of 40000 MT.
ASSIL is presently also in the process of setting up a billet and
TMT bars manufacturing facility in Jaipur with an have a capacity
of around 80000 MT per annum.

Recent Results

For FY 2011, the company has achieved an operating income of
INR132.76 crore and a Profit After Tax of INR3.05 crore.


ASHAPURA MINECHEM: Seeks Chapter 15 Protection in U.S.
------------------------------------------------------
Dow Jones' DBR Small Cap reports that India mining giant Ashapura
Minechem Ltd. filed for Chapter 15 bankruptcy protection Tuesday
in U.S. Bankruptcy Court in Manhattan in a move to block foreign
shipping companies that won a US$125 million legal judgment
against it from raiding the company's U.S. bank accounts.

Based in Mumbai, India, Ashapura Minechem Ltd. engages in mining,
processing, producing, and exporting primarily bentonite and
bauxite.


ASHAPURA MINECHEM: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Petitioner: Chetah Shah

Chapter 15 Debtor: Ashapura Minechem Ltd.
                   c/o Baker & McKenzie LLP
                   1114 Avenue of the Americas
                   New York, NY 10036
                   Tel: (212) 626-4100

Chapter 15 Case No.: 11-14668

Type of Business: The debtor is a mine owner and exporter of
                  bentonite. It is based in India and has
                  activation, milling and processing plants
                  all over the country.

Chapter 15 Petition Date: October 4, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15
Petitioner's
Counsel:         Ira A. Reid, Esq.
                 BAKER & MCKENZIE
                 1114 Avenue of the Americas
                 New York, NY 10036
                 Tel: (212) 891-3976
                 Fax: (212) 310-1600
                 E-mail: ira.a.reid@bakernet.com

Estimated Assets: $100,000,001 to $500,000,000

Estimated Debts:  $100,000,001 to $500,000,000

The Company did not file a list of creditors together with its
petition.


BALLAL DEVELOPERS: ICRA Rates INR12cr Term Loan at '[ICRA] B+'
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA] B+' to INR12.00
crore Term Loan programme of Ballal Developers Private Limited.

The rating reflects strong reputation and long track record of
the promoters with close to three decades experience in the civil
construction industry. The company aims to capitalize its
reputation in the Udupi region to branch out into the residential
cum commercial real estate market.

The rating also factors in the competitiveness of the project
Janardana Heights on account of its location and pricing points.
The rating is however constrained by the company's modest scale
of operations and single project risk.  The company is yet to
launch its other residential projects hence revenue visibility on
account of the same is low.  However, the projects are expected
to be launched in prime locations of Udupi.

The rating also reflects weak credit metrics as reflected by high
gearing of 1.83 times as on March 31, 2011.  Moreover, new term
loan of INR12 crore with short tenure is likely to put strain on
the debt servicing capacity; 85% of the repayment is due in
FY2014 and debt servicing is dependent on the expected cash flows
from the new projects that are yet to be launched.  However, ICRA
draws some comfort from the financial support demonstrated by the
promoters through infusion of interest free unsecured loans into
the company.

                     About Ballal Developers

Ballal Developers Private Limited earlier known as Ballal
Construction Company Private Limited was founded in the year 1991
by Shri N Nagaraj Ballal.  The company along with its sister
concerns N Nagaraj Ballal and Harinath Builders & Developers has
executed several projects in civil construction for private
sector and government and semi government entities.

In 2008, the company executed a commercial cum residential
complex Janardana Towers in Udupi for INR12.50 crore for its
sister concern Harinath Builders. In Oct 2010 it launched its
first commercial cum residential project Janardana Heights as a
developer at a total project cost of INR24 crore.

Recent results

For FY2010-11, the company has reported an operating income of
INR1.49 crore and PAT of INR0.08 crore


CHANDU AGENCIES: CRISIL Rates INR85 Million Loan at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Chandu Agencies.

   Facilities                       Ratings
   ----------                       -------
   INR85 Million Cash Credit        CRISIL BB+/Stable (Assigned)

The rating reflects CA's exclusive distribution business for
Hindustan Unilever Ltd (HUL, rated 'CRISIL AAA/Stable/CRISIL
A1+') in Nagpur, its stable operating margin and long standing
experience of CA's promoters in the marketing and distribution
business.  These rating strengths are partially offset by CA's
working capital intensive nature of operations primarily due to
stretched debtors.

Outlook: Stable

CRISIL believes that CA will continue to benefit over the medium
term from its established position as the exclusive distributor
for HUL's fast moving consumer goods (FMCG) business in Nagpur.
The outlook may be revised to 'Positive' in case of improvement
in profit margins leading to better-than-expected debt protection
metrics, or in case of significant tightening of CA's receivables
cycle.  Conversely, the outlook may be revised to 'Negative' in
case CA's gearing and the debt protection metrics deteriorate
materially primarily due to higher-than-expected debt to fund
incremental working capital requirement or in case there is a
decline in the firm's profitability.

                     About Chandu Agencies

CA was set up in 1978 as a partnership firm and since then, it
has been the primary distributor of HUL for all its fast-moving
consumer goods in Nagpur (Maharashtra) and caters to 2800
outlets. CA also caters to a few large retailers, such as Big
Bazaar in Amravati, Latur, Gondia and Chandrapur (all in
Maharashtra). The firm is estimated to achieve sales of about Rs
1.14 billion in 2010-11 (refers to financial year, April 1 to
March 31).

CA reported a profit after tax (PAT) of INR4 million on net sales
of INR1007 million for 2009-10, as against a PAT of INR2 million
on net sales of INR843 million for 2008-09.


ESQUIRE ESTATES: CRISIL Rates INR49.3MM Loan at 'CRISIL BB'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Esquire
Estates Developers Pvt Ltd, part of the Shree Realtors Pvt Ltd
(SRPL)-EEDPL combine), to 'CRISIL B/Negative' from 'CRISIL
BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR49.3 Million Lease Rental      CRISIL B/Negative
(Downgraded
               Discounting Loan           from 'CRISIL
BB/Stable')

The downgrade reflects deterioration in the combine's liquidity
on account of operational delays in receiving the rental payment
from Pantaloon Retail India Ltd (Pantaloon).  CRISIL believes
that these operational issues, if not corrected, may lead to
further deterioration in the SRPL-EEDPL combine's liquidity.

The rating reflects the SRPL-EEDPL combine's weak financial risk
profile, marked by a small net worth and weak liquidity, and
dependence on a single customer, Pantaloon, for generating
rentals. These rating weaknesses are partially offset by the
combine's long-term lease contract with Pantaloon.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of EEDPL and its group company SRPL,
together referred to herein as the SRPL-EEDPL combine. This is
because both these companies operate under the same management
and have strong business linkages with each other. Besides, both
SRPL and EEDPL are exposed to the risks and rewards of leasing-
related assets to the same lessee (currently, Pantaloon);
moreover, both these entities have fungible cash flows to meet
any shortfall in rental receipts.

Outlook: Negative

CRISIL believes that the SRPL-EEDPL combine's liquidity will
remain constrained by delays in receiving rentals from Pantaloon.
The rating may be downgraded in case of further deterioration in
the SRPL-EEDPL combine's liquidity. The outlook may be revised to
'Stable' in case of an improvement in the combine's liquidity
because of liquidation of some of the investments in the group
companies, or improvement in rental receivables.

                       About Esquire Estates

SRPL and EEDPL are Bengaluru (Karnataka)-based companies. SRPL
has entered into a long-term lease agreement with Pantaloon for a
commercial complex, Cosmos Mall, in Bengaluru, which covers an
area of about 0.14 million square feet. SRPL owns 67% share (in
land and building) in the complex. The lease rentals received
constitute the sole revenues of the company. EEDPL has entered
into a long-term lease agreement with Pantaloon for equipment
such as generators and escalators, installed at the Cosmos Mall.

The SRPL-EEDPL combine reported a net loss of INR2.97 million on
an operating income of INR44.56 million for 2010-11 (refers to
financial year, April 1 to March 31), against a net loss of
INR1.23 million on an operating income of INR44.04 million for
the previous year.


GOVIND AGRO: CRISIL Assigns 'CRISIL B' Rating to INR25.9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Govind Agro Foods.

   Facilities                       Ratings
   ----------                       -------
   INR25.9 Million Term Loan        CRISIL B/Stable (Assigned)
   INR60 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR39 Mil. Proposed Term Loan    CRISIL B/Stable (Assigned)
   INR15.1 Mil. Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect GAF's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, small scale of
operations, exposure to unfavorable government policies and
vagaries of monsoon. These rating weaknesses are partially offset
by the extensive experience of GAF's partners in, and the healthy
growth prospects for, the basmati rice industry.

For arriving at the rating, CRISIL has treated the unsecured
loans of INR50.8 million extended by the partners as neither debt
nor equity as these are interest-free and have been subordinated
to the bank debt.

Outlook: Stable

CRISIL believes that GAF will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's scale of operations and
profitability improve significantly, leading to better cash
accruals, or if its capital structure improves significantly
because of capital infusion by the partners. Conversely, the
outlook may be revised to 'Negative' if there is lower than
expected ramp-up in sales or in case of any pressure on
profitability.

                         About Govind Agro

GAF was set up in July 2009 as a partnership firm by Mr. Subhash
Chand and his son, Mr. Neeraj Kumar. The firm processes basmati
rice. Its unit located in Karnal (Haryana) was started with a
milling and sorting capacity of 1 tonne per hour (tph) which has
been enhanced in December, 2010 to milling capacity of 6 tph and
sorting capacity of 4 tph. GAF derives its entire revenues from
sale of basmati rice in bulk to domestic companies, most of which
export the rice to Iran, Iraq, Saudi Arabia and Dubai.

GAF reported an estimated profit after tax (PAT) of INR0.6
million on net sales of INR226.8 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.3
million on net sales of INR110.8 million for 2009-10.


GULBARGA AIRPORT: ICRA Puts [ICRA]BB- Rating on INR139.75cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR139.75 crore
term loan programme of Gulbarga Airport Developers Private
Limited.  The outlook on the rating is stable.

The '[ICRA]BB-' rating factors in the progress made towards the
implementation of the Gulbarga Airport project in terms of major
approvals/clearances, land acquisition, construction progress and
the tying up of the full amount of debt funding. The rating also
favorably factors in the participation of ITNL (IL&FS
Transportation Networks Limited) as one of the principal sponsors
and the partial infusion of equity funding into the project.

The rating is however constrained by the execution risks arising
from the early stage of implementation of the airport and the
limited past track record of the project sponsors in the
development of greenfield airports, which could potentially
result in delayed commissioning of the airport against the
targeted commissioning of May 2012. While approx 36% of financial
progress has been achieved, ICRA notes that a substantial portion
of the project cost is yet to be frozen and a cost overrun on
this account cannot be ruled out.  Although equity has been
partially infused into the project (INR15.18 crore of INR46.58
crore) and the principal sponsor, Regional Airport-Holdings
International Limited (RAHI), has the necessary equity funding in
place (to the extent of INR50 crore), there are other ventures
being pursued by RAHI, which could compete with GADPL for equity
funding; as such, timely equity infusion into the project would
be a critical rating driver. Given the expected low passenger
traffic levels at the airport in the initial years, GADPL's
viability is expected to be dependent on non-airport activities
which are in initial stages at present.  Besides, the airport
would also require arrangements for scheduled/non-scheduled
airline operations to be in place before commissioning. While
these arrangements are in a very preliminary stage as of now,
ICRA notes that viability of these operations would be critical
to the successful commencement and operation of the airport and
this would thus be another critical rating driver.

                      About Gulbarga Airport

GADPL is currently developing a greenfield airport of an annual
passenger handling capacity of 0.5 million passengers at
Gulbarga, Karnataka (663 kms from Bangalore). The sponsors to the
project are RAHI, IL&FS Engineering and Construction Company
Limited, NCC Infrastructure Holdings Limited and VIE Indien
Projektwicklung & Beteiligung Gmbh -- RAHI is the principal
sponsor responsible for the funding and execution of the project.
RAHI, is in turn, a 60:40 JV between COMET Infra Developments
Private Limited, a Singapore-based entity and ITNL. Apart from
the construction of the airport infrastructure, GADPL is also
expected to develop approx 322 acres of land for non-airport
activities (aerospace industry cluster, as per the master plan)
and make arrangements for airline operations.

The total project cost of INR186.3 crore is being funded through
debt of INR139.75 crore and equity of INR46.58 crore. As on date,
approx INR67 crore has been spent on the project against which an
equity of INR15 crore has been infused. Debt repayments are
scheduled to commence in September 2014, while the target CoD as
per the lenders is September 2012 -- the PDA however, requires the
airport to be commissioned by May 2012. At present runway works
are in progress while the airport is yet to finalize arrangements
for the passenger terminal buildings and balance infrastructure,
purchase of aircraft and development of aerospace industry
cluster.


HINDUSTHAN HEALTH: CRISIL Rates INR120MM Term Loan at 'CRISIL D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Hindusthan Health Point Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Term Loan        CRISIL D (Assigned)

The rating reflects instances of delay by HHPPL in servicing its
debt; the delays have been caused by the hospital's weak
liquidity because of non-commensurate receipts against large
debt-funded capital expenditure.

HHPPL also has a weak financial risk profile, marked by a small
net worth, a high gearing, and inadequate debt protection
metrics, a modest scale of operations, geographical concentration
of revenues, and exposure to project-related risks. HHPPL,
however, benefits from its promoters' experience in the
healthcare industry and the advantageous location of its
hospital.

                      About Hindusthan Health

HHPPL was incorporated in 2002 by Mr. Basant Sethia and Dr. A K
Binayika (general surgeon). At present, the company is entirely
owned and managed by Mr. Basant Sethia and his family, including
his daughter Dr. Chanda Sethia (Bachelor of Medicine, Bachelor of
Surgery). HHPPL is a multi-speciality hospital, based in South
Kolkata (West Bengal) with capability to offer a host of medical
services, except open heart surgeries. Currently, HHPPL has bed
capacity of 150 beds with an occupancy level of about 70%; it
plans to expand its capacity to 200 beds by the end of 2011-12
(refers to financial year, April 1 to March 31).

HHPPL reported, on a provisional basis, a net profit of
INR3.4 million on receipts of INR68.7 million for 2010-11,
against a net profit of INR2.4 million on receipts of INR52.9
million for
2009-10.


JAGRAON CYCLE: CRISIL Rates INR22.5MM Loan at 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Jagraon Cycle Industries.

   Facilities                        Ratings
   ----------                        -------
   INR59 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR22.5 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR20 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect JCI's moderate financial risk profile, marked
by a moderate gearing, small net worth, and average debt
protection metrics, small scale of operations in the fragmented
steel and bicycle parts industry, and susceptibility to risk
related to high customer concentration. These rating weaknesses
are partially offset by the extensive experience of JCI's
partners in manufacturing bicycle parts.

Outlook: Stable

CRISIL believes that JCI will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's topline growth and
profitability exceed current expectations, leading to significant
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JCI's financial risk
profile weakens because of lower-than-expected cash accruals or
increased working capital requirements or if the firm undertakes
a large debt-funded capital expenditure programme.

                        About Jagraon Cycle

JCI, a partnership firm, is set up by Mr. Suresh Jain and his
family members in 1975. Till 2004, the firm manufactured and
exported various bicycle parts, including fly wheels, axels,
brake parts, fork fittings, handle bars, saddles, rims, spokes,
and other bicycle accessories. Later, it focused on the
production of a single product, fly wheels, and started supplying
it to domestic traders who, in turn, supply it in the overseas
market. A bicycle fly wheel is a mechanical device over which the
chain of the cycle rotates. JCI's unit in Ludhiana (Punjab) has
an installed capacity to manufacture around 15000 fly wheels per
day.

In 2008, Mr. Suresh Jain promoted Jagraon Multimetals for
production of steel ingots. The firm started commercial
production in March 2010.  In 2011-12 (refers to financial year,
April 1 to March 31), other partners retired from Jagraon
Multimetals and the firm was merged with JCI. Jagraon Multimetals
has capacity to produce 45 tonnes per day of ingots at its
facility in Ludhiana (Punjab).

JCI reported a book profit of INR1.0 million on net sales of
INR72.8 million for 2010-11, as against a book profit of
INR1.5 million on net sales of INR73.6 million for 2009-10.  JM
reported a book profit of INR0.8 million on net sales of
INR204.2 million for 2010-11.


JAISU SHIPPING: CRISIL Cuts Rating on INR250MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jaisu
Shipping Company Pvt Ltd, part of the Jaisu group, to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB/Stable/CRISIL A3'.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL BB+/Negative
(Downgraded
                                         from 'CRISIL
BBB/Stable')

   INR250 Mil. Working Capital
                   Demand Loan     CRISIL BB+/Negative
(Downgraded
                                         from 'CRISIL
BBB/Stable')

   INR3.05 Bil. Bank Guarantee     CRISIL A4+ (Downgraded from
                                                  'CRISIL A3')

The rating downgrade reflects deterioration in the Jaisu group's
liquidity, caused by increase in receivables level as a result of
delay in payment from two of the group's three major customers. A
substantial portion of the Jaisu group's substantial payments
have been withheld by Cochin Port Trust (CPT) upon expiry of its
dredging contract on March 31, 2011. The group had completed
about 96% of the work as on the date of expiry of the contract,
as the remaining work could not be completed due to non-
availability of project site.  The group's receivables from
Mumbai Port Trust, the other major customer with whom the group
had signed a dredging contract, are also being stretched because
of delays in clearance of its bills; the group had only recently
managed to receive part of its bills due. This has resulted in
the group frequently overdrawing its bank limits over the past
six months and restructuring of some of its debt obligations.
CRISIL believes that the Jaisu group's liquidity may further
deteriorate in the near term because of concentration of the
group's revenues on only two projects - one of them being the
Mumbai Port project, where there still is uncertainty regarding
clearance of bills.

The ratings continue to reflect the Jaisu group's established
market position in the dredging segment, and healthy capital
structure and moderate net worth. These rating strengths are
partially offset by the group's susceptibility to concentration
of revenues from a few projects and intense competition from
larger players in the dredging industry, and exposure to counter-
party risks.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSCPL and Jaisu Dredging and Shipping
Ltd, together referred to as the Jaisu group; this is because
both the companies are in the same line of business, have strong
operational linkages with each other, inter-company transactions,
and common promoters.

Outlook: Negative

CRISIL believes that the Jaisu group's liquidity will remain weak
over the medium term because of slow realization of debtors from
MPT and ongoing dispute with CPT. Although the group has
recovered part of its dues from MPT and has received a favorable
judgment on issues with CPT, the timing of recovery of these
debtors are not clear.  The ratings maybe downgraded if the
group's liquidity does not improve in the near term, because of
continued delays in clearing bills from MPT, or if its business
visibility is not strengthened with additional work contracts.
Conversely, the outlook may be revised to 'Stable' if the Jaisu
group diversifies its order book, helping it to generate stable
and adequate cash flows to support its operations.

                          About the Group

JSCPL was set up in 1987 by Mr. K G Kewalramani and his family.
The company is primarily in the dredging business.
Mr. Kewalramani, a first-generation entrepreneur, has been
engaged in various shipping-related activities since 1951. These
included transport of water and fuel to ships, barge hire and
maintenance, and launch hire service at Kandla and other ports in
Gujarat. In the mid-1990s, JSCPL ventured into the dredging
business. The main activities of the company include capital
dredging and maintenance dredging at various ports in India.

JDSL was incorporated to primarily provide support services to
JSCPL in areas such as bunker supply and tug supply.

For 2010-11 (refers to financial year, April 1 to March 31), the
Jaisu group's profit after tax (PAT) is estimated at INR457.9
million on net sales of INR4.2 billion, against a PAT of INR379.1
million on net sales of INR3.3 billion for the previous year.


KONARK FOUNDATIONS: ICRA Rates INR7.5cr LT Loan at '[ICRA]BB-'
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR7.50 crores long
term fund based and INR5.00 crores long term non-fund based
facilities of Konark Foundations Private Limited. The outlook on
the long term rating is stable.

The rating reflects the long experience of the promoters in
construction business and technical capabilities of the company
in construction activities especially in marine works such as
shipping berths and Jetties and adequate order book, which
provides growth visibility for current financial year. The rating
is however constrained by small scale of operations of the
company, resulting in modest economies of scale and modest
bargaining power vis-a-vis customers and suppliers of key inputs.

The rating is also constrained by high customer concentration
risks arising out of the fact that the top two customers account
for over 68% of the revenues in FY2010-11 and execution risks
arising out of delays in completion of some of the projects. High
working capital intensive nature of the operations as reflected
by NWC/OI of 34.23% as on March 31, 2011 coupled with high
turnover growth has resulted in cash flow from operations
(adjusted for working capital changes) remaining consistently
negative.  This has resulted in increased funding requirements,
which are largely being met through borrowings, giving rise to
relatively high gearing and modest coverage indicators for the
company. Going forward, the company's ability to orderly and
timely execute the order book and manage working capital
requirements to remain as key rating sensitivities.

                      About Konark Foundations

Konark Foundations Private Limited, formerly known as Konark
Foundations and Constructions was incorporated in 2007 as a
partnership firm and subsequently converted into Private Limited
Company in 2009. The company is involved in construction of
buildings, bridges, marine works such as Shipping berths and
Jetties for customers such as Military Engineering Service (MES)
and Visakhapatnam Port trust.

Recent Results

During the financial year ending March 2011, the company recorded
net profit of INR1.15 crores on a turnover of INR29.26 crores
(provisional, unaudited financial numbers) as against net profit
of INR0.10 crores on a turnover of INR3.97 crores during
FY2009-10.


KOX MED: ICRA Reaffirms '[ICRA]BB+' Rating on INR6cr Facilities
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the INR6.0
crore fund based and non fund based facilities of Kox Med & Lab
Private Limited.  The outlook on the rating is stable.  ICRA has
also reaffirmed the '[ICRA]A4+' rating to the INR0.5 crore letter
of credit limits of KMPL.

The ratings factor in KMPL's long associations with global
medical equipment players, the promoter's established and healthy
relationships with the cardiologists of the leading cardiac
hospitals largely in the National Capital Region (NCR). KMPL has
a long track record with principals like Abbott Vascular and St.
Jude and has been able to add Boston Scientific as one of its
principals recently.

The ratings, however, remain constrained by KMPL's weak financial
risk profile categorized by decline in operating margins in
2010-11, stretched liquidity position and high concentration on
single principal (Abbott Vascular).  KMPL's operating margins in
2010-11 were impacted by a substantial increase in employee
overheads and liquidity was impacted with strong growth in
revenues and resultant high working capital requirements. KMPL's
ability to sustain a healthy balance of principals as well as
hospital coverage while maintaining profitability and credit
metrics will remain the key rating sensitivity.

KMPL is engaged in the distribution of non surgical cardiology
products in the NCR region. The products distributed include
stents, pace makers and angiography products besides other
devices for several medical equipment manufacturers including
Abbott Vascular, Boston Scientific, St. Jude and Surgi Pharma.
The company was set up in 2001 as a partnership concern and was
later converted into a Private Limited Company in 2004.

Recent Results:

In 2010-11, KMPL recorded an operating income of INR54.7 crore.
The company's operating profit before depreciation, interest and
tax stood at INR2.6 crore. The company recorded a profit after
tax of INR1.0 crore.


LAXMI CONSTRUCTION: ICRA Rates INR2.5cr Cash Credit at '[ICRA]BB'
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' to INR2.501 crore cash credit
fund based bank limits and an '[ICRA]A4' to INR2.50 crore bank
guarantee non-fund based bank limits of M/s Laxmi Construction
Company. The outlook on the long term rating is stable.

The assigned ratings are constrained by the company's small scale
of operations, its reliance primarily on Government tenders and
risks arising from high sectoral and regional concentration. A
majority of the projects executed in the past and orders in hand
pertain to road construction and are offered by PWD in the
Vidarbha region of Maharashtra.

The ratings are also constrained by the weak capital structure
and stretched liquidity profile as evidenced by high utilization
of working capital limits. ICRA also takes into account, the fact
that the net-worth of the firm, given its partnership status,
will remain contingent to any significant capital dealings by
partners.

The ratings however, favorably factor in the established track
record of the management in the construction business and
established client base primarily comprising of government
entities like Maharashtra Public Works Department (PWD) and
Western Coalfields Limited. While there could be delays in
realization of bills, incidences of bad debts have been minimal.

                     About Laxmi Construction

M/s Laxmi Construction Company is a partnership firm registered
in 2001. LCC is mainly engaged in the business of civil
construction works in the nature of road and bridge construction
and other allied activities. It also engages in running of hot
mix plant which is done only for captive requirements. The main
source of revenue is from civil works undertaken for the Public
Works Department (PWD). At present, the firm has kept its
operations confined to the Vidarbha region of Maharashtra. The
firm has Class 1(A) registration with Public Works Department,
Government of Maharashtra. LCC has setup 5 Hot Mix Concrete
plants of which two are in Gadchiroli, one in Chandrapur and the
rest two at the worksite. LCC has its administrative office in
Chandrapur, Maharashtra.

Recent results:

LCC recorded a net profit of INR0.93 Crore on an operating income
of INR14.88 Crore as per the provisional figures for the year
ending March 31, 2011 and net profit of INR1.48 Crore on an
operating income of INR25.55 Crore as per the audited figures for
the year ending March 31, 2010.


PANCHSHEEL BUILDTECH: CRISIL Rates INR450MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Panchsheel Buildtech Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR450 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR450 Million Proposed LT Bank   CRISIL B+/Stable (Assigned)
          Loan Facilities Facility

The rating reflects Panchsheel's susceptibility to risks related
to project completion, funding, and saleability, cyclicality
inherent in the Indian real estate industry, and geographic
concentration. These rating weaknesses are partially offset by
the moderate track record of Panchsheel's promoters in the real
estate industry, and the company's moderate financial risk
profile, marked by an adequate net worth, and moderate gearing
and debt protection metrics.

Outlook: Stable

CRISIL believes that Panchsheel will remain sensitive to the
timeliness of inflow of customer advances for its ongoing large
projects. The outlook may be revised to 'Positive' in case of
better-than-expected booking of units and receipt of customer
advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in Panchsheel's liquidity because of delays in
receipt of customer advances, or time or cost overrun in its
projects, or additional large projects.

                     About Panchsheel Buildtech

Panchsheel was set up as a private limited company in 2006 by
Mr. Ashok Kumar Choudhary and his son, Mr. Anuj Kumar Choudhary.
Panchsheel is part of the Ghaziabad (Uttar Pradesh)-based
Panchsheel group, and is engaged in residential real estate
development in Ghaziabad and the National Capital Region. The
group commenced operations in 1995 by undertaking construction of
residential houses and repairing residential and commercial
complexes under a joint venture named UTC Joint Ventures. Over
the years, the group has completed various residential and some
commercial projects, primarily in Ghaziabad. All the group's
projects were undertaken under joint ventures with various
players in the real estate industry.  Capitalising on its
experience in the real estate development industry, the group set
up Panchsheel Promoters Pvt Ltd in 2004, and completed its first
independent project, SPS Residency, a 438-flat residential
project, in Ghaziabad.  Following the success of this project,
the group decided to undertake future residential real estate
projects under its Panchsheel which was set up as flagship
company Panchsheel in 2006 Panchsheel has five ongoing projects,
of which, two are in Ghaziabad and three are in Greater Noida.


SABOO ENGINEERS: ICRA Rates INR2cr Cash Credit at '[ICRA]BB+'
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' to the
INR2.00 crore cash credit facilities of Saboo Engineers Private
Limited.  The outlook on the long term rating is stable.  ICRA
has also assigned a short-term rating of '[ICRA]A4+' to the
INR6.50 crore fund based facilities of SEPL.

The assigned ratings takes into account long track record of the
promoters as EPC contractor for cement plants and group support
derived out of other companies which are in the similar business.
The ratings also takes into account healthy operating margins in
the business and adequate liquidity as evidenced by strong cash
balance as on March 31, 2011.

The ratings are however constrained by the raw material price
risk since majority of its contracts are of fixed price nature
with long execution period. The rating is also constrained by
high concentration risk as majority of SEPL's contracts are of
export oriented nature which also results in foreign exchange
risk on export receivables.

Going forward the company's ability to execute the projects in a
timely manner and maintain its profitability will be key the
rating drivers.

                       About Saboo Engineers

Saboo Engineers Pvt. Ltd. was established in the year 1990 by
Mr. S.G. Saboo to act as an turnkey contractor for installing
cement plant The company's manufacturing facility for cement
plants, Lime hydration and calcinations plant, bauxite
calcinations and allied mineral processing machinery is located
in the Jodhpur Industrial area. The group consists of similar
business through a group company, Saboo Cemtech Engineers Private
Limited.

Recent Results

As per results for FY 2011, the company has achieved an operating
income of INR46.10 crore and a Profit after Tax of INR2.80 crore
as against the PAT of INR2.7 crores on operating income of
INR21.2 crores in FY10.


SAMRAT PLYWOOD: ICRA Reaffirms '[ICRA]BB-' INR19.9cr Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' for an
enhanced amount of INR19.90 crore fund based facilities of Samrat
Plywood Limited.  The outlook for the long term rating is stable.
ICRA has also reaffirmed the short term rating of '[ICRA]A4' for
an enhanced amount of INR8.10 crore non-fund based facilities of
SPL.

The rating action factors in SPL's high gearing levels on account
of high working capital intensity of the business; which further
coupled with low net profitability has resulted in average debt
protection metrics for the company.

The ratings continue to remain constrained by the high
competitive intensity of the plywood and laminates industry and
increasing competition from substitutes like particle/ medium
density fibre (MDF) board, which limits the pricing flexibility
of the players in the industry. The ratings however derive
comfort from the long experience of the promoters in the
industry; SPL's extensive distribution network and its relatively
well established brand 'Samrat' which has enabled the company to
achieve steady top line growth in the past few years.

                       About Samrat Plywood

Samrat Plywood Limited is a closely held public limited company
engaged in the manufacturing of plywood and laminates. The
business was originally carried out through a partnership firm
(promoted by Mr. Suresh Singhal, Mr. Sushil Singhal and Mr.
Sitaram Jhawar), which was dissolved in the year 1987 and SPL was
incorporated. The management of the company is currently vested
with Mr. Suresh Singhal and his three sons (Mr. Rajiv Singhal,
Mr. Anand Singhal and Mr. Puneet Singhal). The company produces
plywood at its Derabassi (Punjab) unit with an installed annual
capacity of 1200000 square metres and laminates at its Nalagarh
(Himachal Pradesh) unit, with an installed annual capacity of
991500 units.

Recent Results

For FY 2011, the company has achieved an operating income of
INR47.66 crore and a Profit After Tax of INR0.67 crore (as per
provisional financial results).


SHREE REALTORS: CRISIL Cuts Rating on INR165.5MM Loan to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Shree
Realtors Pvt Ltd, part of the SRPL-Esquire Estates Developers Pvt
Ltd [EEDPL] combine), to 'CRISIL B/Negative' from 'CRISIL
BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR165.5 Million Lease Rental     CRISIL B/Negative
(Downgraded
                Discounting Loan          from 'CRISIL
BB/Stable')

The downgrade reflects deterioration in the combine's liquidity
on account of operational delays in receiving the rental payment
from Pantaloon Retail India Ltd (Pantaloon). CRISIL believes that
these operational issues, if not corrected, may lead to further
deterioration in the SRPL-EEDPL combine's liquidity.

The rating reflects the SRPL-EEDPL combine's weak financial risk
profile, marked by a small net worth and weak liquidity, and
dependence on a single customer, Pantaloon, for generating
rentals. These rating weaknesses are partially offset by the
combine's long-term lease contract with Pantaloon.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of EEDPL and its group company, SRPL,
together referred to herein as the SRPL-EEDPL combine. This is
because both these companies operate under the same management
and have strong business linkages with each other. Besides, both
SRPL and EEDPL are exposed to the risks and rewards of leasing-
related assets to the same lessee (currently, Pantaloon);
moreover, both these entities have fungible cash flows to meet
any shortfall in rental receipts.

Outlook: Negative

CRISIL believes that the SRPL-EEDPL combine's liquidity will
remain constrained by delays in receiving rentals from Pantaloon.
The rating may be downgraded in case of further deterioration in
the SRPL-EEDPL combine's liquidity. The outlook may be revised to
'Stable' in case of an improvement in the combine's liquidity
because of liquidation of some of the investments in the group
companies, or improvement in rental receivables.

                        About Shree Realtors

SRPL and EEDPL are Bengaluru (Karnataka)-based companies. SRPL
has entered into a long-term lease agreement with Pantaloon for a
commercial complex, Cosmos Mall, in Bengaluru, which covers an
area of about 0.14 million square feet. SRPL owns 67% share (in
land and building) in the complex. The lease rentals received
constitute the sole revenues of the company. EEDPL has entered
into a long-term lease agreement with Pantaloon for equipment
such as generators and escalators, installed at the Cosmos Mall.

The SRPL-EEDPL combine reported a net loss of INR2.97 million on
an operating income of INR44.56 million for 2010-11 (refers to
financial year, April 1 to March 31), against a net loss of
INR1.23 million on an operating income of INR44.04 million for
the previous year.


SOKTAS INDIA: ICRA Reaffirms [ICRA]BB+ LT Rating; Outlook Stable
----------------------------------------------------------------
ICRA has reaffirmed the long term rating '[ICRA]BB+' with stable
outlook to the INR20.0 crore Cash Credit facilities and INR83.5
crore Term Loan facilities of Soktas India Private Limited.  ICRA
has also reaffirmed the rating '[ICRA]A4+' to the INR10.0 crore
short term fund based facilities and INR17.0 crore short term non
fund based facilities of SIPL.

The ratings continue to reflect the strong operational and
technological support that SIPL derives from its parent and the
internationally established brand name in the fabrics market
which has enabled SIPL to achieve high levels of capacity
utilization in the initial years of operations. The company is
able to build a healthy client base in domestic market supported
by established brand name.

The ratings are however constrained by lower than anticipated
margins of the Company which were primarily impacted by high raw
material prices. The company operates in fragmented and
competitive market restraining its pricing power which however is
offset to an extent by a premium product profile. Going forward,
scaling up of operations and expansion of margins would remain
key challenges for the company.

SIPL is a subsidiary of Soktas, Turkey. It was incorporated on
Feb. 15, 2007, and has set up a fabric manufacturing unit with a
capacity to manufacture 7 million meters of fabric per annum at
Kolhapur. The facility manufactures high quality yarn-processed
fabric to be used for shirting purposes, domestically as well as
for export. The parent company has contributed to 88.2% of the
capital and the rest has been contributed by International
Finance Corporation. The overall cost of the project is expected
to be INR250 Crore including all phases. The plant started
commercial production in April, 2009.

Recent Results

SIPL has reported an operating profit before depreciation,
interest, amortization and tax (OPBDITA) of INR18.1 crore in
FY 10-11 on an operating income of INR113.4 crore.  The company
reported net losses of INR7.7 crore during the same period.


SRAVANTHI ENERGY: ICRA Rates INR633.75cr Loan at '[ICRA]BB-'
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR633.75 crores
term loans and INR50.0 crores non-fund based limits of Sravanthi
Energy Private Limited.  The outlook on the long-term rating is
stable.

The rating is constrained by the project execution risks that are
typical of green-field power projects and relatively large size
of the project vis-a-vis the group's other existing capacities.
While assigning the rating, ICRA has also taken into
consideration the prevailing shortage in supply of gas in the
country against an increasing demand for gas from existing and
under construction gas based capacities which may expose SEPL to
either supply shortages or increase in fuel cost.  This risk is
further aggravated by the fact that the company is yet to enter
into a firm fuel supply agreement; although the project is in the
priority list for gas allocation from RIL's field in Krishna
Godavari basin. Further, the ability to adhere to normative level
of costs and operating parameters would be critical for SEPL
particularly since a significant portion of the power generated
is proposed to be sold on the basis of merchant tariffs, where
cost increases may not be pass-through.

The rating is also affected by the absence of a long term Power
Purchase Agreement (PPA) which increases the offtake risk for the
company, though this risk is partly mitigated by power deficit
scenario in Northern India. Moreover, the absence of a guaranteed
price or minimum guaranteed quantity in its existing short-term
PPA with NTPC Vidyut Vyapar Nigam Limited (NVVN) exposes SEPL to
demand risk and change in power sale realization. Further, the
rating also factors in the group risks arising out of being a
part of a group that has sizeable capital expenditure plans in
relation to their limited current experience.

                        About Sravanthi Energy

Sravanthi Energy Private Limited is a part of Sravanthi group
which has been promoted by Mr. D V Rao, ex-Joint Managing
Director of Lanco Infratech Ltd. The group's core team has wide
experience in implementing power projects across India. Sravanthi
is an emerging player in power sector which has diversified
interests in the fields of power generation, EPC business,
project consultancy, agri business and trading. The group is
currently implementing a 5MW hydro power project (in SPV- Door
Sanchar Hydro Power Private Limited) and 450 MW gas based plant
(in SEPL) and wind farm of 100 MW capacity and 480 MW gas based
project in Andhra Pradesh. However most of these plans are at a
nascent stage. The group is also involved in EPC business through
Sravanthi Infratech Private Limited. SEPL is developing a 2*225
MW gas based power project in at Udham Singh Nagar district In
Uttarakhand state. Land has been fully acquired and all
clearances are in place.  The total project cost is INRRs. 1743
crores (Rs. 3.87/MW) which is to be funded in a debt equity ratio
of 3:1. The combined cycle for Phase 1 of the project is expected
to be operational in December 2011 and Phase 2 in March 2012.


STRANDS TEXTILE: Defaults on Repayment Cue Fitch to Lower Rating
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Strands Textile Mills
Pvt. Ltd.'s (Strands) National Long-Term rating to 'Fitch D(ind)'
from 'Fitch B-(ind)'.

The downgrade reflects defaults by Strands on debt repayments due
to its tight liquidity position.  Interest payments on term loans
and export packing credit facility have been delayed on a regular
basis during the past 12 months.

A positive rating guideline would be timely debt servicing for at
least six months.

Incorporated in 2006, Strands is a privately managed company,
located at Kandla SEZ in Gujarat.  The company manufactures high-
quality home textile products for export, primarily to the US.
For the financial year ended March 2011 (FY11), Strands' reported
revenue of INR487.9 million (FY10: INR168.2 million), EBITDA of
INR37.7 million (INR35 million), debt/EBIDTA of 6.08x (6.7x) and
interest cover of 2.0x (2.3x).

Fitch has also downgraded Strand's bank facilities as follows:

  -- INR58m term loan outstanding: downgraded to 'Fitch D(ind)'
     from 'Fitch B-(ind)'

  -- INR95m cash credit limit: downgraded to 'Fitch D(ind)' from
     'Fitch B-(ind)'


VENUS GARMENTS: CRISIL Reaffirms 'CRISIL C' Term Loan Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Garments (India)
Ltd continue to be driven by the significant realized losses on
its existing derivative contracts entered during 2007-08 to hedge
the exports (refers to financial year, April 1 to March 31) to
2010-11; the company is expected to continue to incur losses on
these contracts over the next year also.

   Facilities                         Ratings
   ----------                         -------
   INR979.1 Million Term Loan         CRISIL C
   (Enhanced from INR283.8 Million)

   INR110.0 Million Bank Guarantee    CRISIL A4 (Reaffirmed)
              and Letter of Credit

   INR450.0 Million Export Packing    CRISIL A4 (Reaffirmed)
   Credit (EPC)/Packing Credit in
   Foreign Currency (PCFC)

The ratings also factor in Venus Garments' weak financial risk
profile, marked by a negative net worth and weak debt protection
metrics, customer concentration risk, and volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the industry experience of Venus Garments' promoters, their
stable business relationships with global retailers, and the
company's comfortable operating efficiencies.

Update

In 2010-11, the company has received the sanction of an interest-
free, 10-year term loan of INR700 million (or less if actual
losses are lower than INR700 million) for funding its derivative
losses. Therefore, these losses are not impacting the actual cash
flows of the company. The business risk profile, on the other
hand, remains stable with a 27% year-on-year growth in operating
income and comfortable operating margin of more than 9% in
2010-11.

For 2010-11, Venus Garments estimated a provisional net loss of
INR13.6 million (including derivative loss of INR140.8 million)
on net sales of INR2.89 billion against a net loss of INR129
million (including derivative losses of INR208.67 million) on net
sales of INR2.27 billion for the preceding year.

                       About Venus Garments

Set up in 1999 by Mr. Anil Jain, Venus Garments manufactures and
exports readymade garments. It has eight production units: six in
Ludhiana (Punjab) and two in Tirupur (Tamil Nadu).  The company's
products include polo shirts, T-shirts, jogging suits, sweat
shirts, thermal wear, and sweaters. More than 80% of its products
are exported, primarily to the US, Europe, Mexico, and Canada.
The company also owns around 50 factory outlets in North India,
where it sells export quality goods.


WAH RESTAURANTS: Delays in Debt Services Cue ICRA's Junk Rating
---------------------------------------------------------------
ICRA has assigned an '[ICRA]D' to the INR42.00 crore fund based
bank facilities of Wah Restaurants Private Limited.  ICRA has
also assigned an '[ICRA]D' rating to the INR5.00 crore short term
non fund- based bank facilities of the company.

The ratings reflect the ongoing delays by the company in
servicing its debt obligations owing to its tight liquidity
position.

WRPL's financial profile is characterized by sustained losses for
the past five years and stretched liquidity profile. The
company's scale of operations remains small with fairly stagnant
revenues in the past five years due to the adverse impact of
certain unsuccessful business ventures. The marginal presence of
the Gordon House Hotel brand within the hotel space in South
Mumbai and the presently high food inflation levels could impact
profitability in the future.

The above concerns are partially offset by the established and
growing presence of the Birdy's bakery & patisserie chain in
Mumbai; the favorable demand outlook for the restaurant business
in India driven by growing disposable income and favorable
demographics; and the relatively strong and stable performance of
the company's hotel business with the Gordon House Hotel in
Colaba demonstrating strong operational metrics. Going forward,
WRPL plans to continue employing the franchise model in scaling
up its existing brands (primarily Birdy's) thereby ensuring an
asset light balance sheet and minimizing the need for undertaking
sizeable capital expenditure.

                       About Wah Restaurants

WRPL was originally incorporated in 2000 by Mr. Sanjay Narang and
his management team with the objective of operating and managing
restaurants. Since its incorporation, WRPL has diversified into
bakery outlets and operating and managing food courts and hotels.
In 2007-08, WRPL was acquired by India Hospitality Corporation
(IHC), a Cayman Island Registered Company listed on Alternate
Investment Market of London Stock Exchange. WRPL presently owns
and operates a portfolio of restaurant brands and patisseries
through management contracts and franchise arrangements across
India.  The patisserie business of the company includes a chain
of 36 cake and patisserie shops operative across Mumbai and two
in Delhi under the brand Birdy's.  The company also owns and
operates one hotel in Colaba under the Gordon House Hotel brand
and operates another 30 room hotel in Pune under a management
contract.


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


ASAHI MUTUAL: JCR Affirms 'BB/Negative' Rating on Senior Notes
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., announces these credit rating:

Rationale

Focusing on the retail insurance business, Asahi Mutual Life
Insurance Company has been making active efforts to respond to
the needs for the third sector insurance mainly through its
flagship product, Hoken-Oh Plus. While the annualized new
business premium increased from a year before in the fiscal year
ended March 31, 2011 for both the sales channel by sales staff
and
over-the-counter sale, indicating that certain achievements have
been made, earnings from its core business are still on the
decline.  Therefore, there is still much room for increasing its
earnings power.  Having plunged significantly in the fiscal year
ended March 31, 2009, its core equity capital increased for the
two consecutive terms in the fiscal years ended March 31, 2010
and 2011, though by a relatively small degree.  The level of
equity capital relative to the risk amount remains low, and much
can be done to improve equity capital both qualitatively and
quantitatively.  The future of the global financial market is
also uncertain.  Given these factors, JCR has maintained the
Negative rating outlook for the Company.

Rating

Issuer: Asahi Mutual Life Insurance Company

Senior debts: BB Outlook: Negative
Ability to Pay Insurance Claims: BB Outlook: Negative


JLOC 37 LLC: Fitch Junks Rating on Two Note Classes
---------------------------------------------------
Fitch Ratings has upgraded JLOC 37, LLC's class A1 through B2
notes due January 2015, downgraded the class D1 and D2 notes and
affirmed the rest.  The transaction is a Japanese multi-borrower
type CMBS securitisation.  The rating actions are as follows:

JPY12,148MM Class A1 notes upgraded to 'AAAsf' from 'A-sf':
Outlook Stable

  -- EUR3MM* Class A2 notes upgraded to 'AAAsf' from 'A-sf';
     Outlook Stable

  -- JPY4,588MM* Class B1 notes upgraded to 'BBBsf' from 'BBsf';
     Outlook Stable

  -- EUR3MM* Class B2 notes upgraded to 'BBBsf' from 'BBsf';
     Outlook Stable

  -- JPY4,066MM* Class C1 notes affirmed at 'CCCsf'; Recovery
     Rating revised to 'RR1' from 'RR4'

  -- EUR5MM* Class C2 notes affirmed at 'CCCsf'; Recovery Rating
     revised to 'RR1' from 'RR4'

  -- JPY4,646MM* Class D1 notes downgraded to 'Csf' from 'CCsf';
     Recovery Rating revised to 'RR4' from 'RR5'

  -- EUR1MM* Class D2 notes downgraded to 'Csf' from 'CCsf';
     Recovery Rating revised to 'RR4' from 'RR5'


*as of 6 October 2011

The upgrade of the class A1 through B2 notes reflects the
substantial principal repayment of the notes.  Since the previous
rating action in October 2010, workout activity for defaulted
underlying loans in this transaction has progressed significantly
and property sales proceeds have been, or will be, applied to
repay the note principal on a sequential basis.  In addition, one
performing loan with the balance of more than JPY10bn was prepaid
in full in September 2011 and the repayment proceeds will be
applied to the note principal repayment on a pro rata basis at
the next payment date in October 2011.  Fitch expects the class
A1 and A2 notes are likely to be paid in full by end-H112.

The downgrade of the class D1 and D2 notes reflects Fitch's view
that principal loss on the notes is inevitable as the final phase
of workout activity for one defaulted loan approaches.  Six out
of seven properties backing one underlying loan that defaulted in
March 2009 were sold in September 2011.  Although the total sales
value of the six properties was much higher than Fitch's
expectation, the agency believes that the sales proceeds of one
remaining property are unlikely to be sufficient to repay the
defaulted underlying loan in full, taking into account the
property sales activity to date, based on the report from the
servicer.  This means the loan loss is likely to hit the class D1
and D2 notes.

At closing the notes were ultimately secured by 10 loans
collateralised by 61 properties.  The transaction is currently
secured by three defaulted loans backed by a total of six real
estate properties, in addition to property sales proceeds and
fully prepaid principal funds of one loan.


L-JAC3 TRUSTE: Fitch Withdraws Rating on 6 Trust Classes at 'Dsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the ratings on six
classes of L-JAC3 Trust's trust beneficiary interests (TBIs) due
April 2013 and affirmed the rest. The transaction is a Japanese
multi-borrower type CMBS securitisation, with one remaining loan.

The rating actions are as follows:

  -- JPY3.1bn* Class A TBIs affirmed at 'AAAsf'; Outlook Stable

  -- JPY4bn* Class B TBIs affirmed at 'AAsf'; Outlook Stable

  -- JPY4bn* Class C TBIs affirmed at 'BB+sf'; Outlook Stable

  -- JPY4bn* Class D-1 TBIs downgraded to 'Dsf' from
     'CCCsf'/Recovery Rating 'RR4' and withdrawn

  -- JPY1.4bn* Class E-1 TBIs downgraded to 'Dsf' from
     'CCCsf'/Recovery Rating 'RR6' and withdrawn

  -- JPY1.4bn* Class F-1 TBIs downgraded to 'Dsf' from
     'CCCsf'/Recovery Rating 'RR6' and withdrawn

  -- JPY1.5bn* Class G-1 TBIs downgraded to 'Dsf' from
     'CCCsf'/Recovery Rating 'RR6' and withdrawn

  -- JPY1bn* Class H-1 TBIs downgraded to 'Dsf' from
     'CCsf'/Recovery Rating 'RR6' and withdrawn

  -- JPY0.583bn* Class I TBIs downgraded to 'Dsf' from
     'CCsf'/Recovery Rating 'RR6' and withdrawn

*as of 5 October 2011

The rating action is the result of the restructuring of this
transaction, recently concluded by related parties including the
trust beneficiaries.  The restructuring is designed to repay in
full the Class A, B and C notes and alter the coupon and extend
the terms of the remaining notes.

Fitch has determined that a distressed debt exchange (DDE) has
resulted on Class D-1 through Class I TBIs from the restructuring
and downgraded these classes to 'Dsf'.  The restructuring
comprises a maturity extension to August 2018 from the original
final maturity in April 2013 and reduction in coupons for the
five lower classes.  In determining whether a transaction should
be classified as a DDE, Fitch considered whether the
restructuring will cause a reduction in original economic terms
from the beneficiaries' perspective.  The ratings on the affected
classes have simultaneously been withdrawn due to a lack of
investor interest.

The affirmations of the ratings on Class A through C TBIs reflect
that the remaining principal for these classes are expected to be
fully repaid on the next payment date in late October 2011,
primarily by apportioning partial repayment of the underlying
loan made as part of the restructuring.

Fitch assigned ratings to this transaction in October 2006. At
closing, the TBIs were secured by seven loans collateralised by
17 properties.  Since then, six classes of TBIs have been paid in
full and the remaining TBIs are ultimately secured by one loan
collateralised by one property, a large-scale retail mall located
in suburban greater Tokyo.


L-JAC7 TRUST: Moody's Lowers Rating of Class B Notes to 'Ba2'
-------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the Class A, B
Trust Certificates and CMBL issued/borrowed by L-JAC 7 Trust.

The final maturity of all the Trust Certificates will take place
in October 2014.

Details follow:

Class A and CMBL, Downgraded to A2 (sf); previously on Sept. 9,
2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Class B, Downgraded to Ba2 (sf); previously on Sept. 9, 2011
Baa2
(sf) Placed Under Review for Downgrade

Deal Name: L-JAC 7 trust

Class: Class A, B trust certificates and CMBL

Issue Amount (initial): Approximately JPY31,900 million

Dividend: Floating

Transfer Date of Trust Certificates / CMBL: March 31, 2008

Final Maturity Date: October 2014

Underlying Asset (initial): four non-recourse loans and four TMK
bonds

Entrustor: Lehman Brothers Japan Inc., and Lehman Brothers
Commercial Mortgage K.K. (as of issue date)

Arranger: Lehman Brothers Japan Inc (as of issue date)

The L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds. The
transaction is currently secured by three non-recourse loans and
three specified bonds. The underlying loan portfolio is divided
into three loan pools -- A, B, and C.

The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee. The Trustee in turn issued the Trust
Certificates of Class A through K-1 and Class X.

Some of the Class A Trust Certificates were re-entrusted to the
Trustee, and the Lender launched CMBL backed by the re-entrusted
certificates. The Trust Certificates and CMBL are rated by
Moody's.

Dividend and principal distributions will be implemented
sequentially at the CMBS level. Interest and principal
collections from the Loan Assets will be allocated only within
the corresponding group of the Trust Certificates.

The limits on principal repayments are allocated to Classes A
through C, as corresponding to each group.

And the repayment amounts, which exceed these limits and are from
the Loan Assets, are paid sequentially to the other subordinated
classes.

At the CMBS level, the principal distribution for Classes A
through C in each Pool will be added up and allocated
sequentially.

The loss will then be allocated to the most subordinated Class,
corresponding to the defaulted Loan/Bond in reverse order of the
sequential pay priority.

The total amount of losses distributed to the Class A through C
Trust Certificates will be re-allocated among them in the reverse
order of the sequential pay priority, starting with Class C.

Rating Rationale

The current rating action reflects the following factors:

(1) Of the six underlying loans remaining, four loans are
    currently under the special servicing. Moody's lowered the
    recovery assumptions by approximately 44% from Moody's
    initial value, in light of proceedings to dispose of the
    properties backing these specially serviced loans.

(2) As a result of the above re-assessment, the credit supports
    on Class A, B and CMBL have decreased.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


MLOX4 TRUST: Moody's Reviews 'Ba1' Rating of Class B Notes
----------------------------------------------------------
Moody's Japan K.K has placed four classes of MLOX 4 Trust
Certificates on review for possible downgrade. The final maturity
of the Trust Certificates will take place in May 2014.

Details follow:

Deal Name: MLOX4 Trust

Class A, A2 (sf) Placed Under Review for Possible Downgrade;
previously on July 28, 2010 Downgraded to A2 (sf) from Aa2 (sf)

Class B, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on July 28, 2010 Downgraded to Ba1 (sf) from A2 (sf)

Class C, B2 (sf) Placed Under Review for Possible Downgrade;
previously on July 28, 2010 Downgraded to B2 (sf) from Baa3 (sf)

Class D, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on July 28, 2010 Downgraded to Caa3 (sf) from B3 (sf)

MLOX4, effected in December 2007, represents the securitization
of four non-recourse loans. The transaction is currently backed
by 22 properties (office, residential, hotel and retail
properties) located in the Tokyo area and in provincial cities
throughout the country.

The master lessee of some of the properties backing two of the
loans is in the process of negotiations to lower the rent.

In its review, Moody's needs to re-assess its stabilized cash
flows and values in light of the rental market conditions in sub-
markets around the properties as well as confirming the
performance of the underlying properties, such as occupancy rates
and actual rent prices.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.


TOKYO ELECTRIC: Needs Nuclear Restart to Restructure, Panel Says
----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that ensuring the
financial stability of Tokyo Electric Power Co. will be difficult
without restarting halted nuclear reactors, raising electricity
prices and gaining deeper concessions from creditors, a panel
advising the government on restructuring the troubled utility.

                        About Tokyo Electric

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

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

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


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


MAA HOLDINGS: Disposal of Major Shares Cues PN 17 Listing
---------------------------------------------------------
MAA Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia
Securities
Berhad.

The company announced on Sept. 30, 2011, the completion of the
disposal of the entire equity interest held in the capital of
Malaysian Assurance Alliance Berhad, Multioto Services Sdn Bhd,
Malaysian Alliance Property Services Sdn Bhd and MAAGNET Systems
Sdn Bhd (including MAAGNET-SSMS Sdn Bhd, a wholly owned
subsidiary of MAAGNET) to Zurich Insurance Company Ltd.

On completion of the disposal, MAA Holdings becomes an affected
listed issuer pursuant to Paragraph 2.0, Practice Note 17 of the
Listing Requirements whereby a listed issuer has suspended or
ceased its major business or operations as a result of the
disposal of the listed issuer's major business, i.e. disposal of
MAA.

"Nonetheless, MAAH has not triggered any of the other prescribed
criteria under PN17 of the Listing Requirements, such as
consolidated shareholders' equity of 25% or less of the issued
and paid up share capital, a default in payment by the MAAH
group, the auditors having expressed adverse or disclaimer
opinion on MAAH's latest audited accounts etc," MAA told the
Bourse.  "In fact, on completion of the disposal, the group's net
assets increased due to the gain from the Disposal and MAAH
becomes debt free at Company level," MAA stated.

Bursa Securities said October 3 that it would continue to monitor
the progress of MAA in respect of its compliance with the Listing
Requirements.

MAA Holdings Berhad is an investment holding company that engages
in general and life insurance businesses in Malaysia, Indonesia,
the Philippines, and Australia.


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


BRIDGECORP LTD: Ex-Boss Escapes Jail Sentence
---------------------------------------------
Jock Anderson at The National Business Review reports that former
Bridgecorp Chairman Bruce Nelson Davidson has escaped jail
sentence.

NBR relates that Mr. Davidson was sentenced in the Auckland High
Court to nine months home detention, ordered to do 200 hours
community work, and ordered to pay NZ$500,000 reparation.

He admitted ten Securities Act charges of making untrue
prospectus and investment statements linked to Bridgecorp's 2007
collapse, which left 14,000 investors NZ$490 million out of
pocket, the report relays.

According to the report, Mr. Davidson is a former senior partner
in law firm Minter Ellison Rudd Watts, a former president of the
Auckland district law society and a former vice-president of the
New Zealand Law Society.

The Crown, report NBR, wanted Mr. Davidson -- said to have an
impeccable character and a distinguished career with lifelong
service to the community -- jailed for up to four years and did
not support home detention.

His sentence gave him a discount for good character, his genuine
deep and sincere remorse, an offer of substantial reparation and
his co-operation with Bridgecorp receivers, the report notes.

After maintaining his innocence for some time, NBR says,
Mr. Davidson changed his plea to guilty.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).

The New Zealand Herald said PricewaterhouseCoopers recently
announced that secured debenture investors would be paid an
interim dividend of 3.5c in the dollar. Total recoveries would be
less than 10c in the dollar, the Herald discloses.


CENTURY CITY: Two More Serepisos Firms Placed in Liquidation
------------------------------------------------------------
Colin Williscroft at The National Business Review reports that
two more Terry Serepisos-owned companies have been placed in
liquidation.

At the Wellington High Court Monday, Associate Judge David
Gendall liquidated Century City Hunter Street and Century City
Management, NBR discloses.

The report says the sole shareholder in both companies is Century
City Trust, which was placed in receivership on September 30.
Mr. Serepisos is sole shareholder of Century City Trust.

Both liquidated companies owed money to the Inland Revenue
Department, the report notes. Century City Hunter Street's debt
was NZ$963,355.48, while Century City Management owed
NZ$455,578.77.

The court appointed John Fisk and Jeremy Morley of
PricewaterhouseCoopers liquidators, NBR notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

In August, BusinessDesk recalled, 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.

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

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


LOMBARD FINANCE: Criminal Trial Delayed Until October 17
--------------------------------------------------------
BusinessDay reports that the start of the criminal trial of
Lombard Finance directors, including two former cabinet
ministers, has been delayed till next week.

According to BusinessDay, former justice ministers Sir Douglas
Graham and Bill Jeffries, along with fellow directors Michael
Reeves and Lawrence Bryant, are accused of making false
statements in offer documents issued in 2007 and 2008, and that
investors were misled.

BusinessDay says the trial was due to start in the High Court at
Wellington on Wednesday, but will now start on Monday,
October 17. It is scheduled to run for at least six week, the
report notes.

The criminal charges were laid in April last year under section
58 of the Securities Act and carry a maximum penalty of five
years' imprisonment or fines of up to NZ$300,000, BusinessDay
recalls.

All have said they would deny the charges, the report adds.

                      About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


PIKE RIVER: Contractors Accept Repayment Plan
---------------------------------------------
APNZ reports that companies owed money by the Pike River Coal
Company have voted overwhelmingly to accept a payment plan, which
will pump NZ$3 million back into the ailing West Coast economy in
the next few weeks.

Voting on the early payment plan, put forward by receivers
PricewaterhouseCoopers, closed on Friday and 288 out of 468 votes
were returned every one of them accepting the deal, according to
the report.

About NZ$36 million is owed, with about NZ$8 million of that on
the West Coast, APNZ discloses.

According to the news agency, Greymouth businessman Peter
Haddock, who fronted a group representing many of the
contractors, said a business owed NZ$50,000 would get about
NZ$18,000 (36 per cent), and someone owed NZ$100,000 would get
NZ$28,000 (28 per cent).

However, when the mine was sold they may get more, Mr. Haddock
said.

APNZ relates that Mr. Haddock said businesses owed less than
NZ$10,000 -- a number of them on the West Coast -- would get paid
in full, and former Pike River employees owed wages would also
get paid now.

"Our solicitors think it is probably the first time in New
Zealand legal history that unsecured creditors are being made
payments in advance of secured creditors," APNZ quotes Mr.
Haddock as saying.

"It (came about) only because of the threat of liquidation,
support of the media, and the decision of New Zealand Oil and Gas
(to allow some insurance money to go unsecured creditors)."

Receiver John Fisk said the money should be paid within a
fortnight, APNZ reports.

Mr. Fisk, as cited by APNZ, said those who voted represented
NZ$30.4 million out of the NZ$36 million owed.

                        About Pike River

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

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


ST LAURENCE: Investors May Get Cash From Hilton Auckland Sale
-------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that the sale of five-star
hotel Hilton Auckland could see cash flow to investors in the
disastrous St Laurence business.

The St Laurence group of companies includes SL Five Star Hotel
Investments which owns a stake in the big waterfront property,
the report says.

According to the report, St Laurence's receiver Barry Jordan of
Deloitte expects an imminent sale.  But he warned against people
getting their hopes up on either the timing of the Hilton deal or
the amount of money heading for investors' pockets,
nzherald.co.nz says.

"It's in everybody's interests if we get a sale away and it's an
orderly sale and if there's a good outcome for St Laurence and we
get a good price -- all the investors get paid and there will be
some money coming back to St Laurence," nzherald.co.nz quotes
Mr. Jordan as saying.

"We didn't call for the hotel to be sold. It's a joint decision
to sell it between the secured creditor and shareholders," Mr.
Jordan said, referring to ASB Bank with a first-ranking
debenture, followed by second-ranking debenture holder Direct
Property Investments, then various shareholders in a group of
companies which owns the property.

"We are one shareholder via St Laurence and Brian Fitzgerald is
the other," Mr. Jordan said of Hilton Auckland's ownership,
reports nzherald.co.nz.

Mr. Fitzgerald is the Herne Bay businessman involved in bringing
Hilton to Taupo, the report relays.

nzherald.co.nz says sale documents show Hilton Auckland's vendors
are Direct Property (No 6) and Princes Wharf Hotel.

According to the report, Mr. Jordan and David Vance's latest six-
monthly St Laurence receivership update predicted the final
settlement towards the lower end of the 15c-22c total
distribution.

Mr. Jordan could not say if the money from the Hilton sale would
come before Christmas because that would depend on the sales
process which is being managed by Jones Lang LaSalle Hotels,
nzherald.co.nz reports.

Last April, the report recalls, Mr. Jordan and David Vance were
appointed receivers and managers for various St Laurence
companies including SL Five Star Hotel Investments which they
said in their latest report has "a 50 per cent ownership interest
in the Hilton Hotel, Auckland and a 50 per cent share in the
operating company managing the hotel".

The Deloitte receivers also had Direct Property Investments under
the St Laurence group.  Direct owns the other half of the hotel.

But the receivers said in their latest report they had retired as
Direct's receivers and that company was no longer part of the
charging group, nzherald.co.nz notes.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.


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


ATIM CONSULTANTS: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------------
Creditors of Atim Consultants Pte Ltd, which is in 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 commenced wind-up proceedings on Sept. 28, 2011.

The company's liquidator is:

          Chia Lay Beng
          1 Scotts Road
          #21-08 Shaw Centre
          Singapore 228208


DAI-ICHI PTE: Creditors' Proofs of Debt Due Oct. 17
---------------------------------------------------
Creditors of Dai-Ichi Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Oct. 17, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Ebenezer John Lazarus
          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


HQO DESIGN: Creditors' Proofs of Debt Due Oct. 21
-------------------------------------------------
Creditors of Hqo Design Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Oct. 21, 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


SIN WAI: Creditors' Proofs of Debt Due Oct. 21
----------------------------------------------
Creditors of Sin Wai Seng Electrical Enterprises Pte Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by Oct. 21, 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


SOLVATORS HOLDING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 23, 2011,
to wind up the operations of Solvators Holding Pte Ltd.

Solvators Inc Pte Ltd filed the petition against the company.

The company's liquidator is:

         Messrs Lai Seng Kwoon
         8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


THONG SOON: Creditors Get 4.73325% Recovery on Claims
------------------------------------------------------
Thong Soon Holding Pte Ltd declared the first and final dividend
on Sept. 20, 2011.

The company paid 4.73325% to the received claims.

The company's liquidator is:

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


WAVETREND TECHNOLOGIES: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on Sept. 30, 2011,
to wind up the operations of Wavetrend Technologies (Asia) Pte
Ltd.

Colin Ng & Partners LLP filed the petition against the company.

The company's liquidator is:

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


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


* BOND PRICING: For the Week Oct. 3 to Oct. 7, 2011
---------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       2.03
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.85
DIVERSA LTD             11.00    09/30/2014   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   NZD      70.00
EXPORT FIN & INS         0.50    06/15/2020   AUD      67.73
EXPORT FIN & INS         0.50    06/15/2020   NZD      67.36
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.65
NEW S WALES TREA         1.00    09/02/2019   AUD      73.61
NEW S WALES TREA         0.50    09/14/2022   AUD      61.43
NEW S WALES TREA         0.50    10/07/2022   AUD      60.93
NEW S WALES TREA         0.50    10/28/2022   AUD      60.69
NEW S WALES TREA         0.50    11/18/2022   AUD      60.53
NEW S WALES TREA         0.50    12/16/2022   AUD      59.98
NEW S WALES TREA         0.50    02/02/2023   AUD      59.63
NEW S WALES TREA         0.50    03/30/2023   AUD      59.07
PALADIN ENERGY           3.62    11/04/2015   AUD      67.43
RESOLUTE MINING         12.00    12/31/2012   AUD       1.60
TREAS CORP VICT          0.50    08/25/2022   AUD      62.01
TREAS CORP VICT          0.50    11/12/2030   AUD      60.16
TREAS CORP VICT          0.50    11/12/2030   AUD      43.39


  CHINA
  -----

AIR CHINA                4.50    09/07/2015   CNY      73.00
BEIJING CAPITAL          6.50    09/24/2014   CNY      75.00
CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.64
CHONGQING TRAFFIC        6.30    12/10/2015   CNY      70.06
HENAN INVEST             4.85    04/15/2019   CNY      69.70
NJ HITECH ECO            6.40    12/24/2017   CNY      70.18
SJZ URBAN CONS           6.55    03/09/2021   CNY      72.02
SOUTHERN POWER           5.60    09/17/2019   CNY      66.66
WUHAN URBAN CONS         4.72    05/25/2019   CNY      52.30
XINAO CHINA GAS          6.45    02/16/2018   CNY      70.13
YANGZHOU URBAN           5.94    07/23/2016   CNY      67.21
ZHENGJIANG CONS          6.76    12/17/2020   CNY      75.00
ZHUNGEER ASST IN         6.94    05/10/2018   CNY      75.00
ZJ HISUN PHARMAC         6.50    08/25/2016   CNY      70.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      57.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
FOSUN INTL               7.50    05/12/2016   USD      71.36
FOSUN INTL               7.50    05/12/2016   USD      71.12
RESPARCS FUNDING         8.00    12/29/2049   USD      23.27
SINO-OCEAN LAND         10.25    12/31/2049   USD      63.36
SINO-OCEAN LAND         10.25    12/31/2049   USD      57.50


  INDIA
  -----

JAIPRAKASH POWER         5.00    02/13/2015   USD      71.02
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.58
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.20
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.07
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.18
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.48
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.97
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.62
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.42
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.34
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.38
SHIV-VANI OIL            5.00    08/17/2015   USD      73.19
SUZLON ENERGY LT         5.00    04/13/2016   USD      72.36
VIDEOCON INDUS           6.75    12/16/2015   USD      63.23


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.93
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.17
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.12    03/24/2017   JPY      65.00
TOKYO ELEC POWER         1.22    07/29/2020   JPY      72.63
TOKYO ELEC POWER         1.15    09/08/2020   JPY      72.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      71.33
TOKYO ELEC POWER         2.40    11/28/2028   JPY      71.71
TOKYO ELEC POWER         2.20    02/27/2029   JPY      69.17
TOKYO ELEC POWER         2.11    12/10/2029   JPY      67.16
TOKYO ELEC POWER         1.95    07/29/2030   JPY      64.62
TOKYO ELEC POWER         2.36    05/28/2040   JPY      61.44


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.08
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.45
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.07
CRESENDO CORP B          3.75    01/11/2016   MYR       1.07
DUTALAND BHD             6.00    04/11/2013   MYR       0.77
DUTALAND BHD             6.00    04/11/2013   MYR       0.43
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.40
ENCORP BHD               6.00    02/17/2016   MYR       0.85
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.84
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.22
MALTON BHD               6.00    06/30/2018   MYR       0.78
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.34
PANTECH GROUP            7.00    12/21/2017   MYR       0.08
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.59
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.66
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.71
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.51
WAH SEONG CORP           3.00    05/21/2012   MYR       2.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.41
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.10


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      28.65
BLUE STAR GROUP          9.10    09/15/2015   NZD       7.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      57.90
INFRATIL LTD             8.50    09/15/2013   NZD       7.65
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      56.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.13
NZF GROUP                6.00    03/15/2016   NZD      32.64
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      61.00
BAKRIE TELECOM          11.50    05/07/2015   USD      54.00
BLUE OCEAN              11.00    06/28/2012   USD      36.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
DAVOMAS INTL FIN        11.00    12/08/2014   USD      54.50
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.01
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            4.00    11/20/2012   SGD       0.49
SENGKANG MALL            8.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.06
WBL CORPORATION          2.50    06/10/2014   SGD       1.20
YANLORD LAND GRP         9.50    05/04/2017   USD      70.50
YANLORD LAND GRP         9.50    05/04/2017   USD      62.00
YANLORD LAND GRP        10.62    03/29/2018   USD      69.05
YANLORD LAND GRP        10.62    03/29/2018   USD      69.36


SOUTH KOREA
-----------

HANJIN SHIPPING          4.00    07/20/2016   USD      71.57
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      70.13


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      67.98


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.39


                             *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***