TCRAP_Public/111013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, October 13, 2011, Vol. 14, No. 203

                            Headlines



A U S T R A L I A

CENTRO SHOPPING: Fitch Puts 'BB+sf' Rating on AUD14-Mil. Notes
EQUITITRUST CAPITAL: ILP Agrees to Fund Potential Class Suit
HOLIDAY INN: Outrigger Acquires Surfers Hotel
SATCH CLOTHING: Placed in Liquidation; Founder Buys 9 Stores
* AUSTRALIA: Small, Medium Enterprise Insolvencies Up in 2Q


C H I N A

SHENGDATECH INC: Committee Taps Hogan Lovells as Counsel
SHENGDATECH INC: Still No Access to Data on China Subsidiaries
SHENGDATECH INC: Files Schedules of Assets and Liabilities
SHENGDATECH INC: Seeks to Subpoena Chinese Banks Amid Probe
ZHEJIANG CENTER: Owner Returns to Wenzhou to Restructure Firm


H O N G  K O N G

ABAXS LIMITED: Court Enters Wind-Up Order
AUCKLAND INDUSTRIAL: Sutton and Fok Appointed as Liquidators
BLUE SKY: Creditors' Proofs of Debt Due Oct. 21
CAM INTERNATIONAL: Court Enters Wind-Up Order
CHAK GREEN: Court Enters Wind-Up Order

CHINA NONFERROUS: Creditors and Contributories to Meet on Oct. 21
HK SOCIETY: Members' Final Meeting Set for Nov. 7
KEE HING: Members' and Creditors' Final Meetings Set for Nov. 7
MONARCH SERVICE: Members' Final Meeting Set for Nov. 8
NAN SONG: Members' Final Meeting Set for Nov. 14

NANYANG FINANCE: Members' Final Meeting Set for Nov. 14
PACNET LIMITED: Moody's Revises Outlook on B1 CFR to Negative
PRATTISON GARMENT: Creditors' Proofs of Debt Due Nov. 21
ST. FRANCIS: Members' Final Meeting Set for Nov. 7
TESSILFORM ASIA: Members' Final Meeting Set for Nov. 7

WING HANG: Creditors' Proofs of Debt Due Nov. 7


I N D I A

AEP COMPANY: CARE Assigns 'CARE BB' Rating to INR6.10cr LT Loan
ALANG METAL: CRISIL Assigns CRISIL B+ Rating to INR200MM LT Loan
AMBEY CONSTRUCTION: CRISIL Puts CRISIL B- Rating on INR90MM Limit
BHARAT CONSTRUCTION: Fitch Rates INR230 Mil. Non-Fund at 'BB'
BHARAT HYDEL: Fitch Assigns 'BB(ind)' National Long-Term Rating

GOODWILL AUTO: CRISIL Raises Rating on INR10MM Loan to CRISIL B-
HOLLIS VITRIFIED: CARE Places 'CARE B' Rating on INR22cr LT Loan
INDO GLOBAL: CRISIL Reafffirms 'CRISIL BB+' Term Loan Rating
INNOVATIVE CLAD: CRISIL Places CRISIL B+ Rating on INR95MM Credit
JAI BALAJI: CARE Downgrades Rating on INR63cr ST Loan to 'CARE D'

KARAN DEVELOPMENT: Delay Servicing Debt Cues CRISIL Junk Ratings
K.R.R. ENG'G.: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
MENTOR INDIA: CARE Assigns CARE BB Rating to INR15cr Facilities
MOHAMMED ENTERPRISES: CRISIL Cuts Rating on INR20MM Loan to 'B-'
PRESCON HOSPITALITY: CARE Rates INR10cr Term Loan at 'CARE B'

PURE MILK: CRISIL Assigns 'CRISIL BB-' Rating to INR41.2MM Loan
ROHAN RAJDEEP: CARE Assigns 'CARE BB' Rating to INR28.8cr LT Loan
UTTARANCHAL IRON: CARE Puts CARE BB Rating on INR15.88cr LT Loan
WALLED CITY: CARE Assigns 'CARE C' Rating to INR13.75cr LT Loan
WOCKHARDT LTD: Agrees to Pay Back Bondholders by August 2012


I N D O N E S I A

SBSN INDONESIA: Fitch Puts Rating on Global Certs. at 'BB+'


J A P A N

JLOC XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf'


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Director Gets Legal Aid; Trial Delayed Again
ETERNAL NZ: Collapses Despite NZ$30 Million Bailout
YARROWS BAKERS: Owner's Brother Buys Yarrows Bakery


                            - - - - -


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


CENTRO SHOPPING: Fitch Puts 'BB+sf' Rating on AUD14-Mil. Notes
--------------------------------------------------------------
Fitch Ratings has placed six classes of notes of Centro Shopping
Centre Securities Limited - CMBS Series 2006-1 (Centro CMBS 2006-
1) on Rating Watch Negative (RWN).  The transaction is a
securitisation of Australian commercial mortgages securitized by
Centro Properties Group (CNP).  The rating actions are listed
below:

  -- AUD191.2MM Class A2: 'AA+sf'; placed on RWN
  -- EUR63.7MM Class A3: 'AA+sf'; placed on RWN
  -- AUD18.5MM Class B: 'AAsf'; placed on RWN
  -- AUD31MM Class C: 'A-sf'; placed on RWN
  -- AUD26.4MM Class D: 'BBB-sf'; placed on RWN
  -- AUD14MM Class E: 'BB+sf'; placed on RWN

The RWN reflects risks surrounding the capacity of the underlying
obligors to refinance the securitized loans within their loan
maturity (December 20, 2011) as well as the uncertainty with
regard to the capabilities of Centro CMBS 2006-1 to sell specific
key properties with characteristics different from the overall
portfolio before the legal final maturity, June 20, 2013.  Fitch
notes that the current restructure of CNP as announced on Oct. 7,
2011, may indirectly impact the refinancing negotiation ability
of the underlying loans within Centro CMBS 2006-1.

Moreover, if the CNP restructuring does not take place, there is
the potential for a large number of the group's properties to
come to market at the same time as the Centro CMBS 2006-1
properties, potentially leading to greater value diminution and
an adverse effect on the property sale period.  These potential
adverse effects may impact the ratings of the Centro CMBS 2006-1
notes.

"As the transaction approaches the legal final maturity,
refinancing risk and the time to sell specific commercial
properties becomes a key aspect of the Centro CMBS 2006-1
analysis and ratings assessment," said James Zanesi, Associate
Director in Fitch's Structured Finance team.  "A mitigating
factor is that the underlying properties of Centro CMBS 2006-1
are experiencing, high occupancy rates, growing income and stable
property values.  With the exception of the Roseland and Albury
commercial malls, the Centro CMBS 2006-1 portfolio remains
granular with similar commercial properties being successfully
sold at market value over the last 12 months" added Mr. Zanesi.

In the last two years, Australian commercial property values have
stabilized; the values of the current transaction's portfolio
have increased 4.4% since June 2010.  The current net operating
income (NOI) for the portfolio remains strong and stable -- as of
June 2011, the NOI had increased 18.2% since June 2006, and 2%
since June 2010.  The weighted average occupancy rate for the
property portfolio was 99.6% in June 2011.

The RWN will be resolved within six months.  Fitch will continue
to monitor the developments of CNP restructuring and the
marketing of the securitized properties.


EQUITITRUST CAPITAL: ILP Agrees to Fund Potential Class Suit
------------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that
Singapore's International Litigation Partners has agreed to fund
a potential class action against Equititrust amid growing signs
of turmoil at the Gold Coast mortgage fund operator, which faces
another winding up action by the Sydney businessman Ian Lazar.

In a letter to unitholders with more than $250 million tied up in
Equititrust's Income Fund and Premium Fund, the law firm Piper
Alderman confirmed it has signed up ILP as litigation funder.

SMH says the law firm, which is spearheading efforts to recover
investor losses, detailed potential claims against Equititrust.

This includes likely claims of "misleading and deceptive conduct,
breach of trust, breach of fiduciary duties as trustee and
breaches of the Corporations Act in relation to the managed
investment schemes provisions," according to a letter Piper
Alderman sent to unitholders obtained by SMH.

The report notes that adding to the turmoil at Equititrust is
news that a newly appointed director, David JS Jackson, QC, has
resigned as director two months after joining the company's
board. No explanation for the resignation was offered in a brief
statement from the company, the report notes.

According to the report, a further company update on October 10
confirmed that founder Mark McIvor is no longer involved in the
company at any level.

The company said in a statement that while Mr. McIvor remained
the sole shareholder of Equititrust, as well as a creditor and a
unitholder in the Equititrust Income Fund, "Mr. McIvor is not
involved in managing fund assets, recovering outstanding loans or
otherwise involved in the management of the company or the
funds."

Mr. McIvor's actions while managing the company are likely to be
central to any class action, SMH relays.

According to SMH, Piper Alderman told unitholders it expects to
make an application for preliminary discovery in the Federal
Court in order to gain access to documents and help determine
whether legal action should proceed against Equititrust or its
directors.

Mention was made of Mr. Lazar's latest attempt to wind up
Equititrust which may also play a role, the report discloses.

SMH notes that Piper Alderman said a successful application to
wind up Equititrust means the company cannot continue as the
manager and responsible entity (RE) of the two funds.

A new responsible entity would be appointed by the Australian
Securities and Investments Commission, SMH says.

SMH relates that the law firm said this will allow further
investigations to be made by any new RE into Equititrust's
conduct "which is likely to assist claims of other unitholders
including those who join the action proposed by Piper Alderman."

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2011, The Sydney Morning Herald said that a court
application has been made to wind up Equititrust Capital, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.
Equititrust confirmed on May 3 that the application was filed by
Rural Security Holdings, a company associated with Ian Lazar.

The company has frozen investor redemptions and income
distributions at its AUD260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well
as a restructure, according to SMH.  Equititrust was forced to
suspend payments and renegotiate terms with NAB on the loan
earlier this year when EIF was almost out of cash, SMH disclosed.
NAB agreed to defer repayments for last December until February
while it considered a new proposal that would match bank
repayments with loan repayments by Equititrust clients.

Equititrust earlier this year blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AUD12.3 million loss for
the half-year ending Dec. 31, 2010.

Equititrust Capital -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.


HOLIDAY INN: Outrigger Acquires Surfers Hotel
---------------------------------------------
Lucy Ardern at goldcoast.com.au reports that Outrigger Hotels and
Resorts has purchased the Holiday Inn Surfers Paradise, which has
been in receivership since 2009.

According to the report, Outrigger Hotels regional general
manager Grant James said the investment in Gold Coast was a
"major show of confidence" in its tourism industry.

The sale contract, which includes the management rights, is
expected to settle late this year or early 2012, when the
property will be renamed Outrigger Surfers Paradise,
goldcoast.com.au says.

The management rights were purchased from receiver managers
Colryan Pty Ltd, according to the report.

The Holiday Inn Surfers Paradise is located on Gold Coast Highway
and was originally an ANA Hotel built in 1986.


SATCH CLOTHING: Placed in Liquidation; Founder Buys 9 Stores
------------------------------------------------------------
Teresa Ooi at The Australian reports that Satch Clothing Pty Ltd,
the company behind the boutique chain, has been placed in
liquidation.

The Australian relates that administrators for the Satch boutique
chain, BDO Partners, said they had sold the remaining nine stores
to founder and director Jim Sachinidis for an undisclosed sum.
The sale attracted 20 parties, the report relays.

According to the report, Mr. Sachinidis bought the nine stores in
Melbourne, Perth and Sydney including inventory, store fittings,
lease obligations and employee entitlements from BDO Partners.

The stores will now operate under a new corporate structure, the
report notes.

The Australian says proceeds from the sale were used to pay the
secured bank creditors but unsecured creditors did not receive
any payments.

Satch reportedly owed money to the tax office and about
AUD1 million to National Australia Bank, says The Australian.
Mr. Sachinidis was also a main creditor.

According to The Australian, Stephen Dixon of BDO Partners said
Satch went into administration because of falling sales, high
costs, wrong inventory and poor book-keeping in a tough retail
environment.

"The administrators believe the company's internal reporting was
inadequate and also identified directors' drawings were at
excessive levels given the poor trading performance and position
of the company," The Australian quotes Mr. Dixon as saying.

Satch Clothing Pty Ltd owned a chain of high-end clothing store.
The company had 14 boutique-style shops in Melbourne, Sydney and
Perth, and employed around 60 people.

BDO Partners Stephen Robert Dixon and Laurence Andrew Fitzgerald
were appointed Joint and Several Administrators of Satch Clothing
on Sept. 1, 2011.  The company owed about AUD7.4 million to
creditors, including lenders and employee entitlements.


* AUSTRALIA: Small, Medium Enterprise Insolvencies Up in 2Q
-----------------------------------------------------------
Geoffrey Rogow at Dow Jones Newswires reports that despite an
ongoing mining boom and firm trade ties with rising China, more
Australian small-and-medium-sized businesses were insolvent at
the end of the second quarter than during the global financial
crisis in 2008, an industry survey released Tuesday showed.

Dow Jones relates that Australian business intelligence services
provider Veda said that for the quarter ended in June, 6.3% more
companies went into external administration than in the year-ago
quarter.  When compared against the same period in 2008, the
latest figures translate into a heftier 19.6% jump.

Dow Jones says companies with 10 to 99 employees were
"significantly" over represented against the broader population
so far this year, accounting for 23.3% of all administrations.
Businesses between their second and fourth year of operation were
also highly represented at 29%.

"Concerns over a possible global credit crisis, reduced consumer
sentiment and delays in customer payments are no doubt adding
strain to business cash flow. Tighter financial and credit
management practices will now prove vital for (small and medium
enterprises) to avoid the risk of insolvency over the coming 12
months," the news agency quotes Moses Samaha, head of commercial
risk at Veda, as saying.

Of the businesses entering external administration, the
construction industry accounted for the largest proportion, at
19.8%, Dow Jones adds.


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C H I N A
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SHENGDATECH INC: Committee Taps Hogan Lovells as Counsel
--------------------------------------------------------
BankruptcyData.com reports that ShengdaTec's official committee
of unsecured creditors filed with the U.S. Bankruptcy Court a
motion to retain Hogan Lovells US (Contact: Christopher R. Donoho
III) as counsel at these hourly rates:

    Partner                        $600 to $975
    Of counsel                     $630 to $650
    Associate & senior attorney    $600 to $975
    Legal assistant                $160 to $350

The creditors' committee also wants to retain Snell & Wilmer
(Contact: Robert S. Kinas) as Nevada counsel for hourly rates
ranging from $195 to $695.

                        About ShengdaTech

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

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

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

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

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

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


SHENGDATECH INC: Still No Access to Data on China Subsidiaries
--------------------------------------------------------------
Chapter11Cases.com notes that ShengdaTech, Inc. filed a series of
pleadings with the bankruptcy court in Reno, Nevada, disclosing
the continuing difficulties that the company is having in gaining
access to information regarding the operations and assets of the
company's subsidiaries located in China.  ShengdaTech filed for
chapter 11 protection in August after a special committee of the
company's board of directors also removed from office each
officer of ShengdaTech and its wholly-owned subsidiary Faith
Bloom Limited as a result of an on-going investigation "of issues
identified by KPMG arising out of its audit for the year ended
Dec. 31, 2010."

According to the Chapter11Cases.com, shortly after the bankruptcy
filing, the company filed a declaration by Sheldon B. Saidman, an
independent member of ShengdaTech's board of directors and a
member of its audit committee and the above-referenced special
committee, which detailed the findings to date of the
investigation and the allegations that led the special committee
to remove the company's officers and authorize the bankruptcy
filing.  Among the disclosures in that declaration, Mr. Saidman
reported that the special committee's investigation has "been
thwarted by former management of the Debtor and obstructed by
former management including the Debtor's former President and
Chief Executive Officer and largest shareholder, Xiangzhi Chen,
making the Special Committee's work incomplete."

On Friday, according to Chapter11Cases.com, ShengdaTech filed a
declaration by Michael Kang, who is a managing director of
Alvarez & Marsal and the chief restructuring officer of
ShengdaTech.  In his declaration, Mr. Kang reports that he
"recently visited China, with other officers of the Debtor and
certain of the Debtor's professionals, in an attempt to gather
more information about the Non-Debtor Affiliates."  During that
trip, they visited ShengdaTech's operating subsidiaries in China
and "among other things, requested financial information and
asked questions regarding the value, operations and profitability
of the PRC Companies."  Those requests were denied, according to
Mr.Kang.  He states that the "plant managers at these locations
refused to provide financial information and refused to answer
any questions relating to the financial condition of the PRC
Operating Subsidiaries" and, further, that ShengdaTech's
subsidiaries in China are "currently acting outside of the
control of the Debtor," according to Chapter11Cases.com.
Finally, Mr. Kang disclosed that the company still has "limited
access to its books and records, limited access to Faith Bloom's
books and records and no access to the PRC Subsidiaries' current
books and records.

The continuing issues in gathering information regarding the
company's subsidiaries, including $180 million in cash which the
companies held at the end of 2010 (ShengdaTech currently has only
$13 million of the cash under its control), resulted in two
motions filed by ShengdaTech on Friday.  According to
Chapter11Cases.com, in the first motion, ShengdaTech asked the
bankruptcy court to modify the reporting requirements of
Bankruptcy Rule 2015.3 to exempt it from filing periodic reports
on the value, operations, and profitability of its subsidiaries.
In the second motion, the company requested authority to serve
subpoenas upon certain banks and to examine a representative from
each of the banks.  The motion also asked the bankruptcy court to
direct the banks to produce "any and all documents, records,
account statements, communications and other information, as set
forth in the subpoena, relating to" certain bank accounts.  The
banks covered by the discovery motion are banks at which
ShengdaTech's PRC subsidiaries and Faith Bloom had accounts as of
the bankruptcy filing and include the Bank of China, the
Industrial and Commercial Bank of China, the Bank of
Communications, China Merchants Bank, and the Agricultural Bank
of China.  The motion states that ShengdaTech "does not intend to
take the cash to the detriment of the operations of the PRC
Subsidiaries," but "is concerned that the legal representatives
and/or prior management of the Debtor may have already improperly
transferred the cash or may be using the cash in the Bank
Accounts for improper purposes."

Finally, on Friday, the Official Committee of Unsecured Creditors
appointed in the bankruptcy case filed its own motion with the
bankruptcy court, Chapter11Cases.com reports.  Noting that the
bankruptcy will "be about taking control of the stock of the
Debtor's subsidiaries, and then forging a recovery from the
Chinese operations," the Committee asserts that "it is very
important that those in China understand that the Committee does
in fact speak for the creditors of the estate."  In order to
further that goal, the Committee argues that its membership
should consist "of as many of the Debtor's engaged creditors as
reasonably possible" and "of many well-known investors in the
Asian markets with significant stake-holdings in claims against
the estate."  To achieve these goals, the motion asks the
bankruptcy court to appoint three additional creditors to the
Committee:

    * Advent Capital Management LLC
    * CQS Asia Master Fund Limited
    * Daiwa Capital Markets America, Inc.

Collectively, the three proposed new members hold approximately
$20 million in face amount of ShengdaTech's unsecured 6% notes
due June 2018 and 6.5% notes due December 2015.

                        About ShengdaTech

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

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

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

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

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

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

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.


SHENGDATECH INC: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Shengdatech, Inc., filed with the U.S. Bankruptcy Court for the
District of Nevada its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $13,852,482+    Undetermined
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $164,184,811+
                                                 Undetermined
                                 -----------     ------------
        TOTAL                    $13,852,482     $164,184,811+

                        About ShengdaTech

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

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

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

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

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

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


SHENGDATECH INC: Seeks to Subpoena Chinese Banks Amid Probe
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that worried that its foreign
bank accounts have been improperly drained by former executives,
ShengdaTech Inc. attorneys are seeking legal power to probe some
of China's biggest banks that hold money for the Nevada-based
manufacturer and its subsidiaries.

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

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

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

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

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

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


ZHEJIANG CENTER: Owner Returns to Wenzhou to Restructure Firm
-------------------------------------------------------------
China Daily reports that Zhejiang Center Group Co Ltd founder
Hu Fulin returned to his hometown Monday to assist the local
government in the restructuring of his business.

The news agency says Mr. Hu's return is widely seen as an
indication that the Wenzhou city authorities are stepping up
their involvement in containing the credit crisis that has
already driven many manufacturers out of business and led their
owners to flee abroad, or, in some extreme cases, commit suicide.

Mr. Hu fled on Sept. 20, 2011, after the collapse of his
underground money lending operation, China Daily recalls.

Zhejiang Center apparently has remained a growing concern while
Mr. Hu's other ventures in real estate speculation and loan shark
operations failed, according to China Daily.

China Daily relates that media reports have said Mr. Hu owes up
to CNY2 billion (US$313 million), including CNY1.2 billion in
high-interest debt from underground banks, and that he originally
fled to the United States.  It is not clear what convinced him to
come back to help in the government-initiated restructuring of
Zhejiang Center, China Daily relays.

According to China Daily, media reports have also said that Mr.
Hu was the third such fugitive from debt to return to China.

Citing a latest local government statistics, China Daily
discloses that more than 90 business owners have fled the city
because they were unable to repay their debts.  A shoe producer,
Shen Kuizheng, committed suicide by leaping from the window of
his 22nd floor apartment, the report says.

"The return of Hu is a good sign that the financial problems
among medium-sized enterprises could be solved sooner if more
enterprise owners were willing to cooperate with the local
government instead of running away," China Daily quotes Zhou
Dewen, the chairman of the Wenzhou Small and Medium-sized
Enterprise Development Association, as saying.

China Daily states that a special joint task force was set up on
Sept 29 by 14 local government departments to regulate private
lending, help small firms cope with serious cash flow problems
and rebuild their companies.

Zhejiang Center Group Co Ltd is one of China's biggest eyeglasses
makers.  The company, with 3,000 workers, produces more than 20
million pairs of glasses a year.


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H O N G  K O N G
================


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

The official receiver is Teresa S W Wong.


AUCKLAND INDUSTRIAL: Sutton and Fok Appointed as Liquidators
------------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on May 5, 2011, were
appointed as liquidators of Auckland Industrial Company Limited.

The liquidators may be reached at:

          Roderick John Sutton
          Fok Hei Yu
          14th Floor, The Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


BLUE SKY: Creditors' Proofs of Debt Due Oct. 21
-----------------------------------------------
Creditors of Blue Sky Industries Limited, which is in
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:

          Chong Man Leung
          21/F, Skyline Commercial Centre
          71-77 Wing Lok Street
          Sheung Wan
          Hong Kong


CAM INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Sept. 28, 2011,
to wind up the operations of Cam International Limited.

The official receiver is Teresa S W Wong.


CHAK GREEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Sept. 26, 2011,
to wind up the operations of Chak Green Environment Technology
Limited.

The official receiver is Teresa S W Wong.


CHINA NONFERROUS: Creditors and Contributories to Meet on Oct. 21
-----------------------------------------------------------------
Creditors and contributories of China Nonferrous Metals Group
(Hong Kong) Limited will hold meetings on Oct. 21, 2011, at
10:00 a.m., concurrently, at the office of FTI Consulting
(Hong Kong) Limited, Level 22, The Center, and at 99 Queen's Road
Central, Central, in Hong Kong.

At the meeting, Desmond Chung Seng Chiong, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


HK SOCIETY: Members' Final Meeting Set for Nov. 7
-------------------------------------------------
Members of The Hong Kong Society for Promotion of Cultural Travel
Limited will hold their final meeting on Nov. 7, 2011, at
10:00 a.m., at Units C & D, 9/F., Neich Tower, at 128 Gloucester
Road, Wanchai, in Hong Kong.

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


KEE HING: Members' and Creditors' Final Meetings Set for Nov. 7
---------------------------------------------------------------
Members and creditors of Kee Hing Cheung Kee Company Limited will
hold their final meetings on Nov. 7, 2011, at 2:30 p.m., at Room
2302, 23/F, Tung Wai Commercial Building, at 109-111 Gloucester
Road, Wanchai, in Hong Kong.

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


MONARCH SERVICE: Members' Final Meeting Set for Nov. 8
------------------------------------------------------
Members of Monarch Service Bureau Limited will hold their final
general meeting on Nov. 8, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


NAN SONG: Members' Final Meeting Set for Nov. 14
------------------------------------------------
Members of Nan Song Company Limited will hold their final meeting
on Nov. 14, 2011, at 10:00 a.m., at 5th Floor, Jardine House, at
1 Connaught Place, Central, in Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NANYANG FINANCE: Members' Final Meeting Set for Nov. 14
-------------------------------------------------------
Members of Nanyang Finance Company Limited will hold their final
meeting on Nov. 14, 2011, at 10:15 a.m., at 5th Floor, Jardine
House, at 1 Connaught Place, Central, in Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PACNET LIMITED: Moody's Revises Outlook on B1 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook for Pacnet Limited's B1 corporate family and senior
secured debt ratings.

Ratings Rationale

"The change in outlook reflects Pacnet's worse-than-expected
operating performance for 2Q2011, and Moody's expectation that it
will operate at a higher-than- expected level of leverage over
the intermediate term, reflecting the chronic decline in pricing
and intense competition across its IP-based business, and
resultant lower cash flow generation," says Annalisa DiChiara, a
Vice President and Senior Analyst at Moody's.

Moody's notes that the growth in the company's revenue from its
core IP-based business has slowed materially from expectations,
demonstrating the challenges it faces from larger and more
established competitors, as well as more aggressive price
declines and the tempered rate of growth of a weaker global
economy.

Furthermore, Pacnet's margins are exposed to increased volatility
because of the mismatch between its revenue base and cost base,
particularly as related to SGD and AUD, which was evident in its
1H2011 performance.

"We expect these challenging fundamentals to persist over the
next 6-12 months," says DiChiara, adding, "This situation is
likely to impede the degree of deleveraging which we had
previously incorporated into the rating. Furthermore, we are
somewhat concerned about the company's ability to consistently
generate the level of growth in Mbps needed to offset continued
price declines."

Moody's further notes that Pacnet has also pushed out its capital
expenditure plan, cutting capex in FY2011 and 2012 by 37% (or
US$90M). And while the decline in capex will help preserve cash
in the near term, it will also significantly limit revenue and
sales growth over the longer term.

In this context, Moody's considers that management's moderation
of its plan for aggressive expansion into a network of self-owned
data landing stations -- given its higher margins and higher
growth opportunities compared with other segments -- represents a
shift in its strategy and view on business opportunities.

Moreover, Moody's sees little room for Pacnet -- under its bank
loan covenants -- to absorb any further shortfalls in EBITDA. At
the same time, the company has no debt outstanding under its bank
facilities. While a breach of its bank covenants would not
trigger a default under the existing US$300M senior secured
notes, it would result in a tighter liquidity situation, if those
bank facilities were cancelled. Such a development would be a
credit negative.

The B1 rating also continues to reflect the company's extensive
intra-Asian and trans-Pacific cable submarine infrastructure and
the fact that its shareholders have invested significant capital
in the business in the past.

The ratings could come under further downward pressure if
operating performance fails to improve over the next few months
-- as management projects -- and results in EBITDA falling below
US$80MM at FYE2011.

This development could be due to larger-than-expected price
declines, an elevated cost structure, or an inability to generate
volume growth. Furthermore, if performance leads to tighter
liquidity or non-compliance with any of its bank covenants, the
ratings would be lowered.

Conversely, the outlook could return to stable, if operating
performance shows sustained improvements on a quarterly basis,
such that gross adjusted debt/EBITDA stays below 3.5x and Pacnet
maintains a reasonable amount of cushion under its bank loan
covenants to ensure adequate back-up liquidity.

The principal methodology used in rating Pacnet Limited was the
Global Communications Infrastructure Rating Methodology published
in June 2011.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network which spans 9,620km from Japan to the U.S.  The cables
land at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.


PRATTISON GARMENT: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------------
Creditors of Prattison Garment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 21, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Liao Zimei
         Flat E, 52/F, Block 2
         The Arch, No. 1 Austin Road
         West Kowloon, Hong Kong


ST. FRANCIS: Members' Final Meeting Set for Nov. 7
--------------------------------------------------
Members of St. Francis of Assisi's Caritas School Alumni
Association Limited will hold their final meeting on Nov. 7,
2011, at 3:00 p.m., at No. 221 Nam Cheong Street, Sham Shui Po,
Kowloon, in Hong Kong.

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


TESSILFORM ASIA: Members' Final Meeting Set for Nov. 7
------------------------------------------------------
Members of Tessilform Asia Limited will hold their final general
meeting on Nov. 7, 2011, at 11:00 a.m., at Room 1005, Allied
Kajima Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


WING HANG: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------
Creditors of Wing Hang Zurich Insurance Company 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. 28, 2011.

The company's liquidator is:

         Padraig Liam Walsh
         19th Floor, Cheung Kong Center
         2 Queen's Road
         Central, Hong Kong


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


AEP COMPANY: CARE Assigns 'CARE BB' Rating to INR6.10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of AEP Company.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      6.10      'CARE BB' Assigned
   Short-term Bank Facilities     1.75      'CARE A4'Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

The ratings of M/s AEP Company are mainly constrained due to the
modest scale of its operations, customer concentration risk and
below average financial risk profile characterized by high
leverage and long operating cycle. The ratings are further
constrained due to the susceptibility of its margins to the
volatility associated with raw material prices, its presence in a
highly competitive fastener industry and its constitution as a
partnership firm.  The above constraints far offset the benefits
derived from the wide experience of partners, established
clientele and support from group companies.

Increase in scale of operations while managing volatility
associated with raw material prices and improvement in its
overall financial risk profile coupled with rationalization of
debt levels would be the key rating sensitivities.

                        About AEP Company

M/s. AEP Company, constituted as a proprietorship firm in 1975,
is engaged in manufacturing of high tensile fasteners of larger
or equal to 3/8 inch diameter in addition to customized fasteners
as per specific design and requirements. After conversion in to a
partnership firm, the operations are managed by Mr. Bharat Patel
and Mr. Vrajlal Sherasiya. AEP's products find application for
industrial use in oil refineries, power companies and engineering
companies. The current partners also manage the operations of AEP
Industries Private Limited, sister concern of AEP, which is
present in the foundry business.


ALANG METAL: CRISIL Assigns CRISIL B+ Rating to INR200MM LT Loan
----------------------------------------------------------------
CRISIL assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Alang Metal Exim Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B+/Stable (Assigned)

   INR200 Million Proposed LT       CRISIL B+/Stable (Assigned)
           Bank Loan Facility

   INR50 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect AMEPL's weak financial risk profile marked by
low net worth and high total outside liabilities to total net
worth (TOL/TNW) ratio due to large working capital requirements,
small scale of operations, and susceptibility to intense
competition in steel trading business. These rating weaknesses
are partially offset by extensive experience of AMEPL's promoters
in steel trading business and low geographical concentration.

Outlook: Stable

CRISIL believes that AMEPL will maintain its business risk
profile over the medium term, supported by promoters' experience
in steel trading business and established relationships with
customers. However, the company's financial risk profile is
expected to remain weak, because of its small net worth and large
working capital requirements. The outlook may be revised to
'Positive' if AMEPL reports higher-than-expected operating
margin, leading to improvement in debt protection metrics, or if
its capital structure improves because of infusion of substantial
capital. Conversely, the outlook may be revised to 'Negative' if
the company's operating margin declines substantially, or if
there is a stretch in its working capital cycle leading to
further deterioration of capital structure.

                         About Alang Metal

AMEPL was incorporated in 2003 and promoted by Mr. Billal
Lakhadia. The company is into trading in scraps including metal
sheets, pipes, rounds, structures, angles and channels. During
the initial years of operations, the company was engaged in ship-
breaking activity and supplying steel plates to rolling mills;
gradually, it shifted its focus to trading in iron and steel.
AMEPL mainly sells its goods to manufacturers or steel-processing
firms based in Gujarat, Maharashtra, Rajasthan, and Himachal
Pradesh. AMEPL procures the majority of its goods from auctions
conducted by Hindustan Petroleum Corporation Limited, Indian
Railways, Bharat Petroleum Corporation Limited and Oil and
Natural Gas Corporation Limited.

AMEPL is estimated to report PAT of INR6.00 million on net sales
of INR393.71 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.71 million on net
sales of INR16.23 million for 2009-10.


AMBEY CONSTRUCTION: CRISIL Puts CRISIL B- Rating on INR90MM Limit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ambey Construction Co.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Cash Credit      CRISIL B-/Stable (Assigned)
   INR90 Million Proposed Cash     CRISIL B-/Stable (Assigned)
                  Credit Limit
   INR40 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect Ambey's weak financial risk profile, marked
by high gearing and moderate debt protection metrics, and small
scale of operations in the intensely competitive construction
industry. These rating weaknesses are partially offset by the
established track record of Ambey's promoters in the construction
industry.

Outlook: Stable

CRISIL believes that Ambey Construction Co will maintain its
business risk profile over the medium term, backed by its
promoters' extensive experience and healthy order book of INR700
million. The firm's liquidity is, however, expected to be
constrained over the medium term by its large working capital
requirements. The outlook may be revised to 'Positive' in case of
significant improvement in Ambey's scale of operations and
profitability coupled with improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
registers less-than-expected revenues, its profitability
declines, if it undertakes any additional large, debt-funded
capital expenditure programme, leading to deterioration in the
its financial risk profile, or if its liquidity weakens due to
substantial capital withdrawal by partners.

                       About Ambey Construction

Ambey was established as a partnership firm in 2008, promoted by
Mr. Puneet Garg and the Singla family of Bhatinda (Punjab).
Singla Engineers and Contractors Pvt Ltd (rated 'CRISIL
BB+/Stable/CRISIL A4+') is the flagship company of the Singla
group. Ambey is engaged in road and bridge construction, mainly
on sub-contractor basis, in Punjab and Haryana.

Ambey reported a book profit of INR8.3 million on net sales of
INR150.8 million for 2009-10 (refers to financial year, April 1
to March 31), against a book profit of INR1.8 million on net
sales of INR37.7 million for 2008-09.


BHARAT CONSTRUCTION: Fitch Rates INR230 Mil. Non-Fund at 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned India's Bharat Construction (BC) a
National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.

The ratings are based on a consolidated view of Bharat Hydel
Projects Pvt. Ltd. (BHPPL, 'Fitch BB(ind)'/Stable) and BC as they
are under common ownership and have strong operational linkages
and fungible funds.  Consolidated revenue increased by 34% yoy to
INR1,878.6 million as per the provisional results for the
financial year March 2011 (FY11).  However, its EBITDA margins
declined to 9.9% from 11.5% due to a more than proportional
increase in operating and other expenses.  In FY11, the working
capital cycle was 20.84 days compared to 9.69 days in FY08.

The ratings reflect over a decade-long presence of both the
companies in the civil construction industry, coupled with their
established relationships with diverse corporate and governmental
bodies and technical expertise in executing hydro-power related
construction works.  The ratings also reflect the strong order
book position of INR8,023 million that provides revenue
visibility, comfortable financial leverage of 0.81x (net
debt/EBITDA) in FY11 and the double digit growth in revenue over
FY07-FY11 at the consolidated level.  The input price risk is
mitigated by escalation clauses in most of its contracts.

The ratings are moderated by the company's inability to bid for
large-value contracts due to its relatively small size and its
stressed liquidity position.

Positive rating guidelines would include higher-than-expected
margins, lower-than-expected working capital cycle and lower-
than-expected debt-led capex which would lead to consolidated net
debt/EBITDA falling below 1.25x on a sustained basis.  Negative
rating guidelines include a decline in margins, deterioration of
the working captal cycle and higher-than-expected debt-led capex
which would lead to consolidated net debt/EBITDA exceeding 2.5x
on a sustained basis.

BC is a partnership firm established in 1999.  It is involved in
the execution of various infrastructure contracts, like road
construction, hydro power plant construction etc.  It reported
gross revenue of INR1,080.37 million in FY11 with an EBIDTA of
INR102.66 million.

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

  -- INR120 million fund-based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR230 million non-fund based limit: 'Fitch BB(ind)'/'Fitch
      A4+ (ind)'


BHARAT HYDEL: Fitch Assigns 'BB(ind)' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Bharat Hydel Projects Private
Limited a National Long-Term rating of 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings are based on a consolidated view of Bharat
Construction (BC, 'Fitch BB(ind)'/ Stable) and BHPPL as the two
entities are under common ownership and have strong operational
linkages and fungible funds.  Consolidated revenue increased by
34% yoy to INR1,878.6 million as per the provisional results of
the financial year ended March 2011 (FY11).  However, EBITDA
margins declined to 9.9% from 11.5% due to a more than
proportional increase in operating and other expenses.  In FY11,
the working capital cycle was 20.84 days compared to 9.69 days in
FY08.

The ratings reflect over a decade-long presence of both the
companies in the civil construction industry, coupled with their
established relationships with diverse corporate and government
bodies and technical expertise in executing hydro-power related
construction works.  The ratings also reflect the strong order
book position of INR8,023 million that provides revenue
visibility, comfortable financial leverage of 0.81x (net
debt/EBITDA) in FY11 and the double-digit revenue growth over
FY07-FY11 at the consolidated level.  The input price risk is
mitigated by escalation clauses in most of its contracts.

The ratings are moderated by the company's inability to bid for
large-value contracts due to its relatively small size and its
stressed liquidity position.

Positive rating guidelines include higher-than-expected margins
and lower-than-expected working capital cycle and debt-led capex
which would lead to consolidated net debt/EBITDA falling below
1.25x on a sustained basis.  Negative rating guidelines include a
decline in margins, deterioration of the working capital cycle
and higher-than-expected debt-led capex which would lead to
consolidated net debt/EBITDA exceeding 2.5x on a sustained basis.

Incorporated in 2006, BHPPL is involved in civil construction
works. It reported gross revenue of INR798.22m for FY11 with an
EBIDTA of INR78.19 million.

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

  -- INR100 million fund-based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR200 million non-fund based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'


GOODWILL AUTO: CRISIL Raises Rating on INR10MM Loan to CRISIL B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Goodwill Auto Agencies to 'CRISIL B-/Stable' from 'CRISIL D'.

   Facilities                      Ratings
   ----------                      -------
   INR10 Million Working Capital   CRISIL B-/Stable
   Term Loan                   (Upgraded from 'CRISIL D')

   INR55 Million Cash Credit       CRISIL B-/Stable
                                   (Upgraded from 'CRISIL D')

The upgrade reflects GAA's track record of timely servicing of
debt in the past 12 months.

The rating reflects GAA's working-capital-intensive operations
and weak financial risk profile, marked by high total outside
liabilities to tangible net worth ratio, low capital, and weak
interest coverage ratio. These rating weaknesses are partially
offset by the extensive experience of GAA's partners in the
distribution of spare parts and accessories for two-wheelers.

Outlook: Stable

CRISIL believes that GAA will benefit over the medium term from
its association with Hero Motocorp Ltd (HML; formerly known as
Hero Honda Motors Limited, rated 'CRISIL AAA/ FAAA/ Stable/CRISIL
A1+') and its partner's extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates more-
than-expected cash accruals or if its partners infuse funds,
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case GAA registers
higher-than-expected increase in its working capital
requirements, leading to weakening in its financial risk profile.

                         About Goodwill Auto

Set in 1991 by Mr. Sushil Kumar Agarwal, GAA is a distributor of
spare parts and accessories for two-wheelers manufactured by HML.
The firm's warehouse in Jaipur (Rajasthan) is spread across an
area of 15,000 square feet and caters to service centres and
retailers all over Rajasthan.

GAA is estimated to report net profit of INR3.8 million on net
sales of INR326 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net profit of INR3.8 million
on net sales of INR332 million for 2009-10.


HOLLIS VITRIFIED: CARE Places 'CARE B' Rating on INR22cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Hollis Vitrified Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
    Long-term Bank Facilities    22.00      CARE B Assigned
    Short-term Bank Facilities    2.25      CARE A4 Assigned

Rating Rationale

The ratings of Hollis Vitrified Pvt Ltd are primarily constrained
on account of the project risk associated with the implementation
of a predominantly debt-funded greenfield project for
manufacturing ceramic vitrified tiles in a highly competitive
tile industry with significant capacity additions underway in the
region. The ratings are further constrained on account of the
vulnerability of its operating margin to volatility associated
with the raw material and feed stock (natural gas) prices as well
as its linkages with the cyclical real estate industry.

These constraints far offset the benefits derived from the
promoters' experience in the tile industry and its presence in
the ceramic tile hub of Morbi in Gujarat.  HVPL's ability to
complete the project within the envisaged cost and time
parameters and subsequent stabilization of operations coupled
with achieving envisaged sales and profitability in a highly
competitive market would remain the key rating sensitivities.


INDO GLOBAL: CRISIL Reafffirms 'CRISIL BB+' Term Loan Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indo Global
Commercials Pvt Ltd continue to reflect Indo Global's established
market position in paper trading business. These rating strengths
are partially offset by the company's average financial risk
profile and moderately high debtor risk.

   Facilities                       Ratings
   ----------                       -------
   INR27.5 Million Term Loan        CRISIL BB+/Stable
                                    (Reaffirmed)

   INR100.0 Million Cash Credit     CRISIL BB+/Stable
                                    (Enhanced from INR70-Mil.)

   INR22.5 Million Proposed LT      CRISIL BB+/Stable
            Bank Loan Facility      (Reaffirmed)

   INR200.0 Mil. Letter of Credit   CRISIL A4+
                                    (Enhanced from INR20-Mil)

Outlook: Stable

CRISIL believes that Indo Global will continue to benefit over
the medium term from its strong relationships with its suppliers
and customers. The outlook may be revised to 'Positive' if there
is a substantial improvement in Indo Global's revenues and
operating margin from the current levels or if the company's
receivables management improves substantially. Conversely, the
outlook may be revised to 'Negative' if Indo Global reports a
steep decline in its profitability margins, or its financial risk
profile deteriorates because of larger-than-expected working
capital requirements.

                         About Indo Global

Incorporated in 1997 and promoted by Mr. Sajjan Jain, Indo Global
trades in newsprint and other varieties of papers and also in
coal. Indo Global procures paper of various types from a large
base of suppliers as well as from the international market. The
company's key customers include India's leading newspaper
agencies. Indo Global also exports to the Middle East and East
Africa. The company has also set up a 0.6-megawatt windmill in
Maharashtra.

Indo Global reported a provisional profit after tax (PAT) at
INR129.69 million on net sales of INR390.19 million for 2010-11,
against a PAT of INR9.35 million on net sales of INR235.73
million for 2009-10.


INNOVATIVE CLAD: CRISIL Places CRISIL B+ Rating on INR95MM Credit
-----------------------------------------------------------------
CRISIL assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
Innovative Clad Solutions Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR95 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR260.8 Mil. Rupee Term Loan    CRISIL B+/Stable (Assigned)
   INR14.2 Million Proposed Long    CRISIL B+/Stable (Assigned)
         Term Bank Loan Facility
   INR40 Million Inland/Import      CRISIL A4 (Assigned)
              Letter of Credit

The ratings reflect ICSPL's limited track record of operations,
and long market development cycle leading to operating and cash
losses, which in turn constrain the company's debt protection
metrics. These rating weaknesses are partially offset by the
marketing, operational and financial support from ICSPL's
promoters.

Outlook: Stable

CRISIL believes that ICSPL will incur losses over the near term,
but maintain its financial risk profile over the medium term,
supported by timely funding support from its promoters. The
outlook may be revised to 'Positive' if ICSPL achieves higher-
than-expected growth in revenues and operating margin, while
maintaining its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company's operations break
even later-than-expected or in case of delays in funding support
from promoters during this period.

                        About Innovative Clad

ICSPL was incorporated in 2008 as an equal joint venture by
ArcelorMittal (now represented through 'Aperam'; based in
Luxemburg), DNick Holdings PLC (DHP; Germany), and Shivalik
Bimetal Controls Ltd (SBCL; India). ICSPL manufactures clad metal
strips and coils. It became fully operational in November 2009
with an installed capacity of 10,000 tonnes per annum. Its unit
is located at Pithampura SEZ in Dhar (Madhya Pradesh). The
company is focused on catering to the export markets.

ICSPL's net loss and net sales are estimated at INR134.49 million
and INR11.32 million respectively for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a net
loss of INR18.42 million on net sales of INR0.69 million for
2009-10.


JAI BALAJI: CARE Downgrades Rating on INR63cr ST Loan to 'CARE D'
-----------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Jai
Balaji Industries Ltd.

                                 Amount
   Facilities                 (INR crore) Ratings
   -----------                ----------- -------
    Long-term bank facilities   1,614.13  CARE D
    (reduced from 1,780.84)               (Revised from CARE BBB)

    Short-term bank facilities     63.00  CARE D
    (reduced from 105.00)                 (Revised from CARE A2)

    Long/Short term Bank           136.75 CARE D/CARE D
    facilities                            (Revised from
    (increased from 84.75)                 CARE BBB/CARE A2)

Rating Rationale

The aforesaid revision in ratings takes into account delays in
debt servicing by Jai Balaji Industries Ltd.

Jai Balaji Industries Ltd. is the flagship company of the Jai
Balaji group, a decade old business house belonging to Jajodia
family of Kolkata. The company is an integrated steel player with
four manufacturing facilities. It is engaged in manufacturing of
sponge iron, pig iron, ferro alloys, billets/MS ingots and steel
bars/rods (TMT bars), besides having backward integration for
sinter and power. Of late, it has also started manufacturing
D.I.Pipes. Apart from manufacturing activities, the company is
also engaged in trading of steel products.

On a net sales of INR2,189.2 crore (P.Y. INR1,920.7 crore), JBIL
earned a PAT of INR76.6 crore (P.Y. INR32.5 crore) in FY11
(Apr.01, 2010 to Mar.31, 2011).  During the quarter ended June
30, 2011 (Q1FY12), JBIL achieved a PAT of INR7.1 crore on net
sales of INR581.8 crore as against respective figures of INR10.4
crore & INR410.4 crore in Q1FY11.


KARAN DEVELOPMENT: Delay Servicing Debt Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Karan Development Services Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR110.0 Million Cash Credit Limit        CRISIL D (Assigned)
   INR1010.9 Million Bank Guarantee Limit    CRISIL D (Assigned)

The ratings reflect instances of delay by KDSPL in servicing its
debt and frequently overdrawn working capital bank facilities, on
account of its weak liquidity.

KDSPL's scale of operations is small and is exposed to risks
related to client concentration in its revenue profile. The
company, however, benefits from the extensive experience of its
promoters in the construction business and healthy operating
efficiencies.

                      About Karan Development

Set up as Uttam Singh and Co in 1967 by Mr. Uttam Singh, father
of Mr. Karan Singh (the current promoter), the company got its
current name in 1980. Till 1998, KDSPL executed projects
involving laying of railway tracks in Madhya Pradesh. In 1999,
KDSPL got into execution of projects for construction of canal
systems awarded by Narmada Valley Development Authority (NVDA)
and Water Resource Department (WRD) of Madhya Pradesh. The
company has successfully executed more than 15 canal work
projects for NVDA and WRD since 1999.

KDSPL reported, on provisional basis, a profit after tax (PAT) of
INR22.1 million on net sales of INR581.1 million for 2010-11
(refers to financial year, April 1 to March 31); it reported a
PAT of INR10.6 million on net sales of INR481.6 million for 2009-
10, against a PAT of INR29.5 million on net sales of INR840.0
million for 2008-09.


K.R.R. ENG'G.: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of K.R.R. Engineering Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR13 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR20 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR1.6 Million Proposed LT       CRISIL BB-/Stable (Assigned)
           Bank Loan Facility
   INR30 Million Bank Guarantee     CRISIL A4+ (Assigned)
   INR2.5 Million Working Capital   CRISIL A4+ (Assigned)
   Loan
   INR10 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of KRR's promoters
in the steel fabrication industry. This rating strength is
partially offset by KRR's below-average financial risk profile,
marked by a small net worth and moderate debt protection metrics,
its small scale of operations and susceptibility to intense
competition in the steel fabrication industry.

Outlook: Stable

CRISIL believes that KRR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if KRR improves its
financial risk profile, supported by increasing scale of
operations, higher profitability, and significant improvement in
its working capital management, leading to an improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if KRR contracts more-than-expected debt to fund its
capital expenditure or if its working capital management
deteriorates resulting in deterioration in its financial risk
profile.

                      About K.R.R. Engineering

Set up as a proprietorship concern named KRR Engineering
Enterprises by Mr. K R Ramaswamy in 1976, KRR was later
reconstituted as a private limited company. It is based in
Chennai (Tamil Nadu) and manufactures machining moulds and
equipment for cement and chemicals industries. The company's two
units in Chennai have a combined capacity of 2000 tonnes per
annum. KRR's clientele includes Sterlite Industries (India) Ltd
(rated 'CRISIL AA/Stable/ CRISIL A1+') and Zuari Cement Ltd
(rated 'CRISIL AA/Stable/ CRISIL A1+'), among others. As on
August 31, 2011, KRR had an order book of around INR60 million,
which is expected to be completed by January 2012. KRR's day-to-
day operations are managed by Mr. K R Ramaswamy; the other
shareholders in the company are his wife, Mrs. R Deivanai, and
their sons, Mr. K R Anandaraj and Mr. K R Pushparaj. KRR has
another associate entity, Adi Sakthi Fabricators (P) Ltd, which
is currently non-operational.

KRR reported, on a provisional basis, a profit after tax (PAT) of
INR4.5 million on net sales of INR100 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR3.6
million on net sales of INR141 million for 2009-10.


MENTOR INDIA: CARE Assigns CARE BB Rating to INR15cr Facilities
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the loan facilities of
Mentor India Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Loan Facilities                15        CARE BB

Rating Rationale

The rating is constrained by the relatively small size of the
business operations, lack of the regional diversification and
moderate asset quality. The rating is also constrained by high
cost of operation and nascent MIS and risk management systems.
The rating factors in MIL's focus on secured lending, promoter's
experience, moderate product diversification, adequate capital
adequacy and moderate liquidity profile.

Scale of operations, improvement in risk management systems,
asset quality, capital adequacy and geographical diversification
are the key rating sensitivities.

MIL is a Jaipur-based RBI-registered NBFC, engaged in the secured
nature of lending. MIL primarily operates into vehicle loan,
mortgage loan and two-wheeler loan. The company started its
operations in the year 1995 into financing vehicles and consumer
durables. The head office of MIL is situated in Jaipur and the
entire business is concentrated in Rajasthan.

MIL reported a PAT of INR0.40 crore on a total income of INR3.61
crore during FY11 as compared to a PAT of INR0.31 crore on a
total income of INR2.50 crore during FY10. The total
disbursements increased from INR9.64 crore during FY10 to
INR14.12 crore during FY11. The total portfolio of MIL has
increased from INR12.76 crore in FY10 to INR18.21 crore in FY11.


MOHAMMED ENTERPRISES: CRISIL Cuts Rating on INR20MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mohammed Enterprises Pvt Ltd to 'CRISIL B-/Negative' from
'CRISIL B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR20 Million Term Loan         CRISIL B-/Negative (Downgraded
                                         from 'CRISIL B+/Stable')

   INR30 Million Standby Line      CRISIL B-/Negative (Downgraded
   of Credit                             from 'CRISIL B+/Stable')

   INR200 Million Cash Credit      CRISIL B-/Negative (Downgraded
                                         from 'CRISIL B+/Stable')

The downgrade reflects deterioration in MEPL's liquidity. The
company's bank lines were highly utilized, at around 95 per cent,
over the six months ended Sept. 30, 2011, with instances of
overutilization during the month-ends due to application of
interest. This has been caused by delays in payments by the
company's overseas customers, leading to its short-term cash flow
mismatches.

The rating reflects MEPL's weak financial risk profile, marked by
weak liquidity, high gearing, and weak debt protection metrics,
and vulnerability to volatility in foreign exchange rates. These
rating weaknesses are partially offset by MEPL's geographical and
customer diversity and its promoter's extensive experience in the
tobacco export business.

Outlook: Negative

CRISIL believes MEL's liquidity may deteriorate further, given
the company's increasing working capital requirements; the
company has overdrawn its bank lines on several occasions in the
recent past. The rating may be downgraded in case of steep
deterioration in MEL's liquidity. Conversely, the outlook may be
revised to 'Stable' if there is improvement in its liquidity.

                     About Mohammed Enterprises

Set up in 1985 as a proprietorship firm by the father of Mr.
Mohammed Mustafa, the company's existing managing director, MEPL
was reconstituted as a private limited company in 2000.  The
company, based in Guntur (Andhra Pradesh), processes raw tobacco.
It has a tobacco processing capacity of 5 million tonnes per
annum. MEPL derives about 50 per cent of its revenues from
exports to the European countries and Nepal, and the rest from
sales to Indian companies, such as ITC Ltd, Godfrey Philips Ltd,
and VST Industries Ltd.

MEPL reported a profit after tax (PAT) of INR9.9 million on net
sales of INR943.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.6 million on net
sales of INR674.9 million for 2009-10.


PRESCON HOSPITALITY: CARE Rates INR10cr Term Loan at 'CARE B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Prescon
Hospitality Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Term Loan Facilities           10.0      CARE B Assigned

Rating Rationale

The rating is constrained by the promoter's lack of experience in
the hospitality business, geographical concentration on a single
property, construction stage of the resort coupled with delay in
the completion of the project, non-strategic location of the
resort and extreme seasonality witnessed in Jodhpur.
These weaknesses are partly offset by management-cum-marketing
contract with the Thailand-based hotel operator Absolute Hotel
Services.

Ability of the company to complete the project as per the revised
timelines and achieve the projected Average Room Rate (ARR) and
occupancy is the key rating sensitivity.

Prescon Hospitality Pvt. Ltd. is promoted by Mr. Surendra Kedia
of Prestige Construction, Mr. Ashok Deora of Santogen Textiles
and Mr. Dinesh Jalan.  The group had decided to foray into the
hospitality business by promoting PHPL in 2007. The company is
developing a holiday resort named DesertScape Resort in Jodhpur
adjacent to the Prescon City. The resort will be managed by the
Thailand-based Absolute Hotel Services under the brand U Hotels &
Resorts.  The Prescon group is also developing a township in
Jodhpur, Prescon City which comprises 600 villas of two and three
BHK.


PURE MILK: CRISIL Assigns 'CRISIL BB-' Rating to INR41.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Pure Milk Products Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR300.0 Million Cash Credit    CRISIL BB-/Stable (Assigned)
   INR41.2 Million Term Loan       CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of PMPPL's promoters
in processing milk and manufacturing milk products. This rating
strength is partially offset by PMPPL's weak financial risk
profile, marked by a high gearing, small net worth, and weak debt
protection metrics, exposure to geographical concentration and
limited presence in high-value-added products, and susceptibility
to government regulations and epidemic-related factors.

Outlook: Stable

CRISIL believes that PMPPL's financial risk profile will remain
constrained over the medium term on account of its large working
capital requirements and high debt-funded capital expenditure
(capex). The outlook may be revised to 'Positive' in case of
more-than-expected improvement in the company's scale of
operations and cash accruals along with improved working capital
management, leading to improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' in case of higher-than-expected debt-funded capex
or significant pressure on PMPPL's profitability, leading to
weakening in its overall capital structure.

                          About Pure Milk

PMPPL was incorporated in 1989 as a partnership firm and was
later reconstituted as a private limited company. It was acquired
by its current management, Mr. Charanjit Singh and his wife, in
1993. PMPPL processes milk at its plant in Ludhiana (Punjab),
which has capacity of 0.4 million litres per day. PMPPL primarily
processes and packages milk and its by-products, such as
pasteurised milk, skimmed milk powder, and desi ghee. The company
sells its products under the brands, Genis (launched in December
2009) and Malwa.

PMPPL reported a profit after tax (PAT) of INR18.4 million on net
sales of INR1658.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.3 million on net
sales of INR599.5 million for 2009-10.


ROHAN RAJDEEP: CARE Assigns 'CARE BB' Rating to INR28.8cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings bank facilities of
Rohan Rajdeep Infrastructure.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities    28.80       CARE BB Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale

The ratings are constrained by constitution of the entity being a
partnership firm, deteriorated financial performance of the firm
in FYMarch11 owing to the disruptions in the toll collection,
stressed liquidity position and withdrawal of the capital by
partners.

The ratings are also constrained by the inherent risk associated
with the toll-based projects such as interest rate risk,
Operations & Maintenance (O&M) risk and political risk.
The ratings however derive strength from the reasonable
experience of the sponsors, satisfactory track record in
executing Build Operate Transfer (BOT) projects and strategic
location of the projects.

Ability of the firm to collect the toll amidst adverse local and
political environment around the stretch shall remain the key
rating sensitivity.

                       About Rohan & Rajdeep

Rohan & Rajdeep Infrastructure is a partnership firm constituted
in the year 2000 with the three sponsors namely Rohan Builders
India Pvt Ltd (rated CARE BBB-) (50%), Rajdeep Buildcon Pvt Ltd
(40%) and Rajdeep Road Developers Pvt Ltd (10%).  The sponsors
have prior experience and have successfully executed BOT projects
awarded by the various government authorities across India. RRI
has completed six projects which includes toll-based road
projects in Rajasthan. The concession period of the three out of
six projects has been completed and has been handed over to the
Public Works Department (PWD). For remaining three projects
namely Ahmednagar-Ashti-Jamkhed (AAJ) Road, Railway over-Bridge
(RoB) near Dondaicha and (improvement and maintenance to)
Ahmednagar-Jamkhed-Bhoom (AJB) Road, RRI is collecting the toll
under a single entity as there is no stipulation by the PWD to
form Special Purpose Vehicles (SPV's) for every project


UTTARANCHAL IRON: CARE Puts CARE BB Rating on INR15.88cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the Bank
Facilities of Uttaranchal Iron and Ispat Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     15.88      CARE BB Assigned
   Short-term Bank Facilities     5.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by Uttaranchal Iron and Ispat Ltd's
relatively small scale of operations and weak financial profile
characterized by low profitability levels, low debt service
coverage indicators and long operating cycle leading to the
working-capital intensive nature of business operations. The
ratings also take into account the limited level of backward
integration of the company and the inherent cyclical trends
associated with the steel industry. However, the ratings derive
strength from the experience of the promoters, long track record
of operations and known brand name for its products and
established marketing channel of the company.  Going forward, the
ability of UIIL to scale up its operations, while keeping control
over the margins and reduction in the working-capital cycle,
shall remain the key rating sensitivities.

Uttaranchal Iron and Ispat Ltd, incorporated on Aug. 16, 2002, by
Mr. Ashok Kumar and Mr. Sanjeev Singhal, is engaged in the
manufacturing of MS Bars/ TMT and Ingot with an aggregate
installed capacity of 82,024 MTPA (22,000 MT for steel ingots and
60,024 MT for TMT bars) at its manufacturing facility in
Kotdwara, District Pauri in Uttarakhand. UIIL sells its products
under the brand name of "Rana Saria" through an established
dealers' network spread across Uttar Pradesh, Uttarakhand, Delhi
and Rajasthan.

During FY10 (FY refers to period from April 1 to March 31), UIIL
registered a PBILDT and PAT of 3.2 crore and INR2.4 crore
respectively on the net sales of INR76.88 crore. As per the
provisional results of FY11, UIIL has reported the net sales of
INR67.7 crore and a net profit of INR1.23 crore.


WALLED CITY: CARE Assigns 'CARE C' Rating to INR13.75cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Walled
City Hotels Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     13.75      'CARE C' Assigned

Rating Rationale

The rating assigned to the bank facilities of Walled City Hotels
Pvt. Ltd. (WCPL) is constrained by very short track record of its
hotel operations which are under stabilization resulting in
stressed liquidity position. The rating is further constrained by
revenue concentration risk arising out of single property and
inherent cyclicality associated with hotel industry. The rating,
however, draws strength from positioning of the hotel as a
heritage hotel and locational advantage on account of proximity
to the major tourist attractions in Jodhpur.

Achievement of the envisaged occupancy levels & average room
revenue and consequent improvement in liquidity position is the
key rating sensitivity.

WCPL was incorporated in 2007 by Mr. Nikhilendra Singh and
Mr. Dhananjay Singh to carry out the business of hotel at
Jodhpur, Rajasthan. WCPL operates a 39-room heritage hotel which
includes 28 luxury rooms, four garden rooms and seven suites. The
hotel comprises three restored 18th century buildings combined
with four new buildings designed by the Delhi-based architects.
The hotel has two restaurants which can accommodate 60 people.
Other amenities in the hotel include spa facility, swimming pool,
bar and transportation facilities.

The hotel property became fully operational since October 2010.
It reported an ARR of INR13,700 with 34% occupancy during the six
months period ended on March 2011. It reported an operating
income of INR5.80 crore with the net loss of INR0.25 crore during
that period.


WOCKHARDT LTD: Agrees to Pay Back Bondholders by August 2012
------------------------------------------------------------
The Economic Times reports that Wockhardt Ltd on Tuesday agreed
to pay back the money it owes to holders of its foreign currency
convertible bonds (FCCBs) in five installments ending Aug. 31,
2012, before a division bench of the Bombay High Court.

In doing so, the report notes, the company convinced the court to
continue an earlier stay order on a winding-up plea that had been
brought against it by the bondholders and admitted by a lower
court.  Wockhardt defaulted on its FCCBs in 2009, the report
says.

The latest development also clears the decks for the sale of
Wockhardt's nutrition business to French consumer giant Danone
for INR1,280 crore, The Economic Times states.

The report notes that the division bench comprising Justice DK
Deshmukh and Justice Anup Mohta warned that a default in the
payment of any of the instalments would trigger the appointment
of an official liquidator.  Secured lenders to Wockhart objected
to the repayment proposal but were not entertained by the court,
the report says.

Of the INR473 crore (excluding default interest amount) that is
owed to bondholders, the report discloses, Wockhardt has already
deposited INR115 crore with the court and can be withdrawn by
bondholders.  According to the report, the company has also said
it will pay INR85 crore by Dec. 31, 2011, INR30 crore by Jan. 31,
2012, INR100 crore by March 31, INR50 crore by June 30 and the
balance by Aug. 31, 2012.

The Economic Times relates that secured lenders such as ICICI
Bank and State Bank of India argue that since most assets of
Wockhardt are charged to them, bondholders, who have unsecured
exposure to the company, have no right over the money deposited
by Wockhardt. Industry circles do not rule out the possibility of
local lenders move court against Tuesday's decision, according to
the report.

Law firms Juris Corp and DSK Legal advised bondholders while
Wockhardt is represented by Majmudar & Co.  The CDR lenders were
advised by Singhi & Co.

As reported in the TCR-Asia Pacific on March 25, 2011, Bloomberg
News said the Bombay High Court granted an interim stay on a
petition filed by bondholders to liquidate Wockhardt Ltd.
According to Bloomberg, a group of three bondholders, including
U.S. hedge fund QVT Financial LP, and an overseas unit of Sun
Pharmaceutical Industries Ltd. filed the petition after Wockhardt
defaulted on payments of its $110 million convertible bonds that
matured in October 2009.  The claimants are looking to retrieve a
total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for
the creditors, said on March 14.

                       About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and
Mazal Pharmaceutique S.A.R.L.  In August 2009, the Company
completed the divestment of its Animal Health Division to
Vetoquinol, France.


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


SBSN INDONESIA: Fitch Puts Rating on Global Certs. at 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Perusahaan Penerbit SBSN Indonesia
II's (PPSI-II) upcoming global certificates (sukuk) an expected
'BB+(exp)' rating.  The rating is in line with the Republic of
Indonesia's Long-Term Foreign Currency Issuer Default Rating of
'BB+', which has a Positive Outlook.

The final rating of the sukuk is conditional on receipt of
information conforming to materials already received.

The rating reflects Fitch's view that the cashflows guaranteeing
payment on the sukuk are considered direct, unconditional,
unsecured and general obligations of the Republic of Indonesia,
ranking equally with Indonesia's unsecured and unsubordinated
marketable external debt.  The sukuk follow an "ijara" (sale and
leaseback) structure functionally identical to the Republic's
PPSI-I 2014 sukuk issued in April 2009.


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


JLOC XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXXIII Trust's Class D trust
beneficiary interests (TBIs) due July 2013 and affirmed the rest.
The transaction is a Japanese multi-borrower type CMBS
securitisation.

  -- JPY0.25bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY6bn* Class C TBIs affirmed at 'CCCsf' Recovery Rating
     revised to 'RR2' from 'RR3'
  -- JPY1.7bn* Class D TBIs downgraded to 'Dsf' from 'Csf';
     Recovery Rating of 'RR6'.

*as of October 11, 2011

The downgrade reflects a principal write-down of the class D TBIs
after collection activity relating to a defaulted underlying
specified bond has been completed and losses of the bonds have
been realized.

The remaining underlying loan/bonds are all in default and
collection activity is being conducted.  Since the last rating
action in May 2011, the class B TBIs have been partially
redeemed.  This was due to sequential principal payment mainly
from disposal proceeds of three properties and collection funds
through selling a specified bond backed by four properties.  The
affirmation of the class B TBIs reflects that this class is
expected to be fully redeemed on the next payment date in January
2012, taking into account the recent property disposals.

This transaction was originally a securitization of five TMK
specified bonds, four non-recourse loans and the senior portion
of one TBI backed by a non-recourse loan, ultimately backed by
110 commercial properties located throughout Japan.  The
transaction is currently backed by two bonds and one loan,
secured by 11 properties (or their sale proceeds) in total.


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


BRIDGECORP LTD: Ex-Director Gets Legal Aid; Trial Delayed Again
---------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that failed
finance company Bridgecorp Ltd former director Gary Urwin has
been granted legal aid yesterday, in a twist which will delay the
trial for two weeks.

While the Financial Markets Authority's case against four former
Bridgecorp directors will start on time this month, it will be
adjourned after two days until mid-November, following the
prosecution's opening statements, the report states.

It was revealed in the Auckland High Court Wednesday that
Mr. Urwin has been granted legal aid and will now be represented
by lawyer David Reece, the Herald discloses.

The Herald relates that Mr. Reece made a bid to adjourn the trial
for six weeks, to give himself time to prepare for the case.
This was opposed by the Crown.

According to the report, the trial has been delayed four times
and all adjournments have related to issues of legal
representation or applications for legal aid.

The Herald says Justice Venning declined to delay the start of
the trial and instead agreed to adjourn the case for two weeks
following the Crown's opening statements.

The break is to ensure Mr. Reece has adequate time to prepare
Mr. Urwin's defence, the report notes.

The trial, according to the Herald, will begin again mid-November
and is set to continue until the court closes for the year.

Proceedings will re-open in late January and are expected to
stretch on into February or possibly March, the Herald adds.

Former Bridgecorp directors Rod Petricevic, Rob Roest, Gary Urwin
and Peter Steigrad are accused of misleading investors in offer
documents registered in December 2006, as well as in later
advertisements for Bridgecorp secured debentures and capital
notes issued by Bridgecorp Investments.

Messrs. Petricevic and Roest also face separate criminal charges
from the Serious Fraud Office, which are expected to go to trial
next year, BusinessDay.co.nz disclosed.

The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on Oct. 11, 2011, that former
Bridgecorp Chairman Bruce Nelson Davidson as 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.  Mr. Davidson admitted 10 Securities Act charges of
making untrue prospectus and investment statements linked to
Bridgecorp's 2007 collapse.

                      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).


ETERNAL NZ: Collapses Despite NZ$30 Million Bailout
---------------------------------------------------
Waikato Times reports that despite nearly NZ$30 million being
pumped into Paeroa bottling factory Eternal NZ Ltd, an American
billionaire's son has failed to make a profit from selling
Waikato spring water.

Eternal NZ was placed into receivership last month owing
NZ$13.4 million, leaving Paeroa businesses out of pocket.  About
25 workers lost their jobs at the plant and from the Auckland
head office, Waikato Times relates.

The Waikato Times says that money to fund the ailing venture was
provided from the trust of director Paul Mashouf's father, self-
made American billionaire Manny Mashouf.

But the strong New Zealand dollar and low sales crippled the
company, even though the plant was processing nearly 30 million
litres of spring water each year, mainly for United States shops,
the report notes.

According to the report, Auckland liquidator Peter Chatfield said
sales at the three-year-old company were a "complete disaster" in
July and, combined with US distribution issues, the shareholders
decided to wind up the business.

Waikato Times relates that the liquidator said he had sighted
security documents which showed the trust advanced NZ$19.6
million to Eternal NZ.  It was possible, however, that the total
funds advanced could exceed NZ$30.1 million, the report notes.


YARROWS BAKERS: Owner's Brother Buys Yarrows Bakery
---------------------------------------------------
The National Business Review reports that receivers for Yarrows
(The Bakers) Limited said they have entered into a conditional
agreement to sell the Taranaki bakery operations to an entity
owned by John Yarrow, brother of former owner Paul Yarrow.

The sale agreement includes the New Zealand operations at Manaia
and the business and assets of Giles Bakery, based in Rotorua
which is not in receivership, according to the news agency.

If conditions are met the operations will come under the
ownership and control of Yarrows (The Bakers) 2011 Limited (owned
by John and Rosaleen Yarrow) from November 1 this year, NBR
discloses.

"The sale will help to secure the future of the businesses in
both Manaia and Rotorua which is an excellent result for
customers, suppliers, staff and local communities alike," NBR
quotes receivers Andrew Bethell and Brian Mayo-Smith as saying in
a statement.

Yarrows the Bakers and two associated companies went into
receivership in May when the company's directors could not reach
agreement on a restructure proposal that involved selling its
Australian business.  At the time of receivership, Yarrows The
Bakers had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.

NBR discloses that the receivers' first report also noted that
related companies Yarrows Traditional Foods and Southern Cross
Investments owed a further NZ$77.5 million through intercompany
advances.  With a further NZ$13.8 million of accounts payable
total debt across the group stood at NZ$150.3 million.

NBR has reported that a charitable trust set up by the late Noel
Yarrow is owed a significant sum from the Yarrows group.

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.


                             *********

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

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

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


                            *********


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

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

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

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

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





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