TCRAP_Public/111017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, October 17, 2011, Vol. 14, No. 205

                            Headlines



A U S T R A L I A

BOARDS AND SURF: In Liquidation; 30 Workers Lose Jobs
MOTHERCARE AUSTRALIA: CFO Robert de Lorenzo Steps Down
REDCAPE PROPERTY: NLG Receivership Spurs Defaults on Debt
SONRAY CAPITAL: Former CEO Gets 5 Years Jail Sentence


H O N G  K O N G

ARTISTE PERFORMANCE: Annual Meetings Set for Oct. 25
DAP GROUP: Members' and Creditors' Final Meetings Set for Nov. 18
SUPREMO LIMITED: Court Enters Wind-Up Order
TOP CREATIVE: Fenn and Tse Appointed as Liquidators
WAH YICK: Creditors' Proofs of Debt Due Oct. 27

WEICHENG INTERNATIONAL: Lo and Leung Appointed as Liquidators
WIN TREASURE: Court to Hear Wind-Up Petition on Nov. 23
WING WAI: Court Enters Wind-Up Order
XIMAX ENTERPRISE: Sutton and Fok Appointed as Liquidators
YICK BO: Creditors' Meeting Set for Oct. 26


I N D I A

ASWIN TEXTILES: CRISIL Assigns 'CRISIL D' Rating to INR40MM Loan
BAJRANG COTGIN: CRISIL Puts 'CRISIL B' Rating on INR5MM Bank Loan
G.K. POWER: CRISIL Assigns 'CRISIL B+' Rating to INR0.5MM Loan
GTN INDUSTRIES: ICRA Reaffirms '[ICRA]B-' Term Loan Rating
INDERMANI MINERAL: CRISIL Rates INR100MM Credit at 'CRISIL B+'

JANTA RICE: ICRA Puts '[ICRA]B' Rating on INR6cr Bank Facilities
KHYATI ISPAT: CRISIL Raises Rating on INR62.7MM Loan to CRISIL BB
KHYATI STEELS: CRISIL Raises Rating on INR40MM Loan to CRISIL BB
KINGFISHER AIRLINES: HPCL Stops Fuel Supply; Flights Delayed
KUBER TIEUP: CRISIL Reaffirms 'CRISIL B' Rating on INR150MM Loan

NV RESORTS: CRISIL Cuts Rating on INR320MM Loan to 'CRISIL D'
RAMDEV SUGARS: ICRA Upgrades Rating on INR14.5cr Loan to 'LC'
SHREEWAALI FERRO: CRISIL Places 'CRISIL B' Rating on INR40MM Loan
SHRI ASHUTOSH: CRISIL Ups Rating on INR20MM Loan to 'CRISIL BB'
SRI KARUNAMBIKAI: CRISIL Puts 'CRISIL B' Rating on INR270MM Loan

STYLEONE RETAIL: ICRA Reassigns [ICRA]C Rating on INR16.6cr Loan
YAMUNA ROLLER: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB-'


I N D O N E S I A

* INDONESIA: Moody's Assigns '(P)Ba1' to Upcoming Sovereign Sukuk


J A P A N

JLOC XXVIII: Moody's Lowers Rating of Class C Notes to 'B2'


N E W  Z E A L A N D

DESIGNLINE INT'L: Liquidator Gets NZ$4.6-Mil. Creditors' Claims
NZF GROUP: Nears Deal to Sell Major Stake in Home Loan Business


T A I W A N

KING'S TOWN: Improved Credit Profile Cues Fitch to Upgrade IDR
TAICHUNG COMMERCIAL: Fitch Holds Rating on IDR at Low-B


V I E T N A M

DOT VN: Pres. Lee Johnson Receives Award of Merit from Vietnam PM




                            - - - - -


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


BOARDS AND SURF: In Liquidation; 30 Workers Lose Jobs
-----------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that a last-ditch effort
to save popular Gold Coast surfboard manufacturer Boards and Surf
Equipment Pty Ltd (BASE) has failed, with AUD3 million in debts
sinking the iconic company.

About 30 jobs will go down with the Burleigh-based company, which
is owned by long-time board makers Simon Anderson, Darren Handley
and Murray Bourton, the report says.

According to goldcoast.com.au, Worrells was appointed as voluntary
liquidator for the company last month when the Australian Taxation
Office started putting BASE under pressure to pay off a tax debt
of almost AUD1 million.

Goldcoast.com.au notes that there were hopes the company would be
pulled out of financial trouble if new investors could be found,
but negotiations broke down recently with interested parties and
now the company will be shut down and the assets sold off.

Boards and Surf Equipment Pty Ltd is a surfboards manufacturer in
Australia.


MOTHERCARE AUSTRALIA: CFO Robert de Lorenzo Steps Down
-------------------------------------------------------
Richard Hemming at The Sydney Morning Herald reports that
Mothercare Australia Limited said that CFO and company secretary
Robert de Lorenzo has resigned "with effect of close of business
today (October 11)" after four months on the job.

In the past 12 months, the company's shares have fallen 65%.  At
14 cents, it has a market cap of AUD36 million, SMH says.

Earlier this month, the report relates, the company announced a
convertible note issue to raise AUD7.7 million paying 11.45% a
year of unfranked dividends.  The report says the note will be
taken up principally by major shareholders -- the Myer Family and
Mothercare UK.

In the year to June 30, SMH discloses, the company reported
operating cash flow of minus AUD16.5 million (the prior year it
was minus-AUD4 million) which translated to a loss of AUD21.2
million, compared with a loss of AUD4.1 million in fiscal 2010.

At the balance date, it had debt of AUD4.5 million due to be paid
within 12 months.  Of this, AUD3.5 million was owed to Mothercare
UK.  This means that much of the AUD7.7 million will be used to
refinance debt, says SMH.

According to the report, compounding the company's problems is
that Mothercare UK announced on October 11 that its chief
Ben Gordon was leaving "by mutual consent".  Media reports make it
clear that with the UK economy faltering, Mr. Gordon's drive for
offshore expansion has been a disaster.

Based in Australia, Mothercare Australia Limited (ASX:MLC)--
http://www.mothercare.com.au/--  formerly Headline Group Limited,
is engaged in the sale of educational toys, parenting and
children's products, as well as mother and child fashion. The
Company is focused on marketing and retailing exclusive brands to
the Australian parenting and children's market segment.  As of
June 30, 2011, the Company had seven wholly owned subsidiaries,
including Skansen Pty Limited, Baby on a Budget Pty Limited, BK
World Online Pty Limited and Skansen (UK) Limited.


REDCAPE PROPERTY: NLG Receivership Spurs Defaults on Debt
---------------------------------------------------------
Clyde Mooney at The Shout reports that Redcape Property Fund on
October 12 released notification that the appointment of receivers
and administrators at National Leisure & Gaming has triggered
defaults under its Senior and Junior debt agreements.  NLG is the
lessee of 20 pubs owned by Redcape.

Under these defaults, provided that two thirds of the banking
syndicates agree, the amounts outstanding may be declared
immediately due and payable, forcing RPF into receivership, the
report discloses.

According to The Shout, the Goldman Sachs-led conglomerate of New
York hedge funds that includes fast-running investors York Capital
and Varde Partners Inc, own 39% of RPF's senior debt, meaning the
decision is largely in their hands.

Earlier, the investment bankers called an end to the procession of
debt extensions clouding NLG, and called in the receivers.

As the holders of NLG debt, the report relates, Goldman Sachs is
in a strong position to acquire NLG assets, which include the
freeholds to 30 RPF hotels.

However the receivers are legally bound to seek the highest price
possible for these assets, which is likely to attract other
suitable suitors, such as the Laundy Hotel Group (LHG) who were in
negotiations to purchase them only a few months ago, according to
the report.

If RPF are similarly forced into receivership, their distressed
assets -- including four-dozen Coles-run venues -- will flood the
market, The Shout notes.

                       About Redcape Property

Queensland, Australia-based Redcape Property Fund --
http://www.redcape.com.au/-- is a property fund which invests in
the Australian Pub freehold market and leases its Pubs to leading
tenants on a long term basis.  RPF's property portfolio is
comprised of 93 properties including 78 pubs, 12 bottle shops and
3 other retail tenancies based mainly in Queensland and NSW, with
a small number of properties in Victoria and SA.  RPF was
originally listed on the Australian Stock Exchange on August 1,
2007 under the code HLG.

The company reported a net loss of AU$178.67 million for the year
ended June 30, 2009, compared with a net loss of AU$88.17 million
in the prior year.


SONRAY CAPITAL: Former CEO Gets 5 Years Jail Sentence
-----------------------------------------------------
Sonray Capital Markets Pty Ltd former Chief Executive Officer
Scott Kenneth Murray has been sentenced to 5 years in jail on
10 charges brought by the Australian Securities and Investments
Commission.

Mr. Murray, 33 of Werribee, Victoria, had earlier pleaded guilty
in the Victorian Supreme Court to:

   -- six charges of false accounting involving fictitious
      deposits totalling AUD36,439,588 and USD9,779,395.25 and
      false withdrawals totalling AUD7,800,923;

   -- two charges of theft totalling AUD2,256,500;

   -- one charge of obtaining a financial advantage by
      deception; and

   -- one charge of misleading an auditor concerning a capital
      injection of AUD5,200,000.

Mr. Murray will serve a minimum of 2 years and 6 months before he
is eligible for parole.  The sentence takes into account his early
guilty plea and the cooperation given in this matter.

ASIC Chairman Greg Medcraft said Mr. Murray's actions had
compromised the investments of Sonray's clients and impacted on
confidence in the market more broadly. He noted that company
officers were required to act with integrity and in the interests
of the company and that the consequences for failing to do so were
significant.

"The jail sentence handed down today acknowledges the seriousness
of Mr Murray's conduct, even taking into account his cooperation.

"Investors participating in the financial markets are entitled to
expect that their money will be handled responsibly and honestly.
ASIC will act to ensure that anyone who acts in a way that causes
a market participant to breach this trust, causing financial
losses to investors, is brought to account," Mr. Medcraft said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

                     About Sonray Capital

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

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

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

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


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


ARTISTE PERFORMANCE: Annual Meetings Set for Oct. 25
----------------------------------------------------
Members and creditors of Artiste Performance Platform Limited will
hold their annual meetings on Oct. 25, 2011, at 10:00 a.m., and
11:00 a.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, at 28 Yun Ping Road, in Hong Kong.

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


DAP GROUP: Members' and Creditors' Final Meetings Set for Nov. 18
-----------------------------------------------------------------
Members and creditors of Dap Group Company Limited will hold their
final meetings on Nov. 18, 2011, at 3:00 p.m., and 4:00 p.m.,
respectively at Unit A, 10/F, TAL Building, at 49 Austin Road,
Jordan, Kowloon, in Hong Kong.

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


SUPREMO LIMITED: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 19, 2011, to
wind up the operations of Supremo Limited.

The company's liquidators are:

         Lily K. B. Fenn
         Tse To Chuen
         Room D, 32nd Floor
         Lippo Centre, Tower 1
         No. 89 Queensway
         Hong Kong


TOP CREATIVE: Fenn and Tse Appointed as Liquidators
---------------------------------------------------
Lily K. B. Fenn and Tse To Chuen said in a notice dated Oct. 8,
2011, that it had been appointed by the High Court of Hong Kong as
joint and several liquidators of Top Creative Enterprises Limited.
The High Court entered an order on Nov. 23, 2006, to wind up the
operations of Top Creative Enterprises Limited.

The liquidators may be reached at:

         Lily K. B. Fenn
         Tse To Chuen
         Room D, 32nd Floor
         Lippo Centre, Tower 1
         No. 89 Queensway
         Hong Kong


WAH YICK: Creditors' Proofs of Debt Due Oct. 27
-----------------------------------------------
Creditors of Wah Yick Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 27, 2011, to be included in the company's dividend
distribution.

The company's liquidator is Kong Chi How Johnson.


WEICHENG INTERNATIONAL: Lo and Leung Appointed as Liquidators
-------------------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in a notice dated Oct. 8, 2011,
that they have been appointed by the High Court of Hong Kong as
liquidators of Weicheng International Incorporation Limited on
Oct. 8, 2010.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


WIN TREASURE: Court to Hear Wind-Up Petition on Nov. 23
-------------------------------------------------------
A petition to wind up the operations of Win Treasure International
Company Limited will be heard before the High Court of Hong Kong
on Nov. 23, 2011, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Sept. 16, 2011.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor, The Chinese General Chamber of Commerce
          Building
          No. 24-25 Connaught Road
          Central, Hong Kong


WING WAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2011, to
wind up the operations of Wing Wai Garment Factory Limited.

The company's liquidator is Pui Chiu Wing.


XIMAX ENTERPRISE: Sutton and Fok Appointed as Liquidators
---------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on May 5, 2011, were appointed
as liquidators of Ximax Enterprise 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


YICK BO: Creditors' Meeting Set for Oct. 26
-------------------------------------------
Creditors of Yick Bo Trading Limited will hold their meeting on
Oct. 26, 2011, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at Room 202, Duke of Windson Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.


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I N D I A
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ASWIN TEXTILES: CRISIL Assigns 'CRISIL D' Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aswin Textiles Pvt Ltd
continue to reflect ATPL's continuously overdrawn cash credit
limit, because of the company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR40.00 Million Working Capital     CRISIL D (Assigned)
   Demand Loan

   INR29.50 Million Working Capital     CRISIL D (Reaffirmed)
   Term Loan

   INR60.00 Million Cash Credit         CRISIL D (Reaffirmed)

   INR0.50 Million Bank Guarantee       CRISIL D (Reaffirmed)

   INR24.5 Million Proposed Long-Term   CRISIL D (Reaffirmed)
   Bank Loan Facility

ATPL's financial risk profile is below-average, marked by weak
capital structure, debt protection metrics, and liquidity.
Moreover, the company has a relatively small scale of operations
and its margins are susceptible to volatility in raw material
prices and to power shortages. ATPL, nevertheless, benefits from
its established position in textile industry.

                       About Aswin Textiles

Incorporated in 1993 and promoted by Mr. S Selvaraj, ATPL
manufactures cotton yarn and fabrics. The company has a capacity
of 12,000 spindles with a fabrics manufacturing capacity of around
4000 kilograms per month at its plant in Tirupur (Tamil Nadu). It
manufactures yarn with count size ranging from 24s to 34s.

For 2010-11 (refers to financial year, April 1 to March 31), ATPL
reported, on provisional basis, a net profit of INR1.05 million on
net sales of INR219.7 million; the company reported a net profit
of INR1.26 million on net sales of INR169.5 million for 2009-10.


BAJRANG COTGIN: CRISIL Puts 'CRISIL B' Rating on INR5MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bajrang Cotgin Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR125 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR5 Million Proposed LT       CRISIL B/Stable (Assigned)
         Bank Loan Facility

The rating reflects BCPL's modest financial risk profile, marked
by a high gearing, small net worth, and weak debt protection
metrics, and susceptibility of its business risk profile and
profitability to government policy. These rating weaknesses are
partially offset by the extensive experience of BCPL's promoters
in the cotton industry.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit from the
extensive industry experience of its promoters in cotton industry,
over the medium term. The outlook may be revised to 'Positive' in
case BCPL achieves higher-than-expected profitability while
maintaining its revenue growth and in case of significant capital
infusion by the promoters resulting in better than expected
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BCPL's financial risk profile weakens, most likely
because of deterioration in its profitability, or if the firm
undertakes any large debt- funded capital expenditure programme.

                        About Bajrang Cotgin

BCPL is promoted by the first-generation Sejpal family based out
in Rajkot (Gujarat) and is engaged in cotton ginning and exports
of cotton bales, sesame, and cumin seeds. The company started with
ginning operations in 2005 by setting up a factory with a capacity
of around 300 bales or 50 tonnes per day.

BCPL reported a profit after tax (PAT) of INR 0.6 million on net
sales of INR 820 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 0.2 million on net
sales of INR 685 million for 2009-10.


G.K. POWER: CRISIL Assigns 'CRISIL B+' Rating to INR0.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of G.K. Power Transmission Company Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR0.5 Million Term Loan         CRISIL B+/Stable (Assigned)

   INR10.0 Million Cash Credit      CRISIL B+/Stable (Assigned)

   INR70.0 Mil. Bill Discounting    CRISIL B+/Stable (Assigned)

   INR150.0 Million Proposed Cash   CRISIL B+/Stable (Assigned)
   Credit Limit

   INR10.0 Million Bank Guarantee   CRISIL A4 (Assigned)

   INR109.5 Million Proposed ST     CRISIL A4 (Assigned)
   Bank Facility

The ratings reflect GK Power's, working-capital-intensive
operations marked by significant debtor period leading to
stretched liquidity and the susceptibility of operating margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of GK Power's
promoters in the electrical installation industry and moderate
order-book position.

Outlook: Stable

CRISIL believes that GK Power will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
working capital management significantly. Conversely, the outlook
may be revised to 'Negative' if GK Power's financial risk profile
deteriorates, most likely because of decline in its profitability
or large, debt-funded capital expenditure.

                       About G.K. Power

Set up as a proprietorship concern in 1993, GK Power was
reconstituted as a private limited company in 2007. GK Power
constructs switchyards of up to 400 kilovolts, maintains
switchyards and lines, and is a dealer for ABB Ltd and Easun
Reyrolle Ltd. GK Power is promoted by the Kochuraman family and is
currently being managed by Mr. Gopalkrishnan Kochuraman. GK
Power's largest customer is Maharashtra State Transmission Company
Ltd.  GK Power's scope of work is mainly in Pune, Bhandup, and
Vidarbha (all in Maharashtra).

GK reported an estimated profit after tax (PAT) of INR3.8 million
on estimated net sales of INR136.6 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR1.7
million on net sales of INR82.4 million for 2009-10.


GTN INDUSTRIES: ICRA Reaffirms '[ICRA]B-' Term Loan Rating
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B-'
outstanding on the INR115.98 crore term loan facilities and the
INR1.00 crore non-fund based (sub-limit) facilities (previously
INR1.50 crore non-fund based facilities) of GTN Industries
Limited.  ICRA has also re-affirmed the short-term rating of
'[ICRA]A4'  outstanding on the  INR68.54 crore fund-based
facilities (enhanced from  INR66.44 crore) and the  INR25.30 crore
non-fund based facilities (reduced from  INR25.90 crore) of GIL.

The re-affirmation of ratings reflect GIL's stretched capital
structure/coverage indicators, the intense competition in the
highly fragmented spinning industry which restricts pricing
flexibility and the subdued demand conditions for yarn in the
current fiscal which is expected to have an adverse impact on
accruals in the near term. The ratings also consider the
experience of promoters in the industry and GIL's production of
value-added yarn which entails relatively higher margins.

GTN Industries Limited, the flagship company of the Hyderabad-
based GTN Industries Group, is primarily engaged in producing
cotton yarn. GIL, which was founded by Late M L Patodia, is
presently managed by Mr. M K Patodia.  The Company's shares are
listed on the Indian bourses and the promoters hold 74.6 per cent
stake in the entity (as on June 30, 2011). The Group has presence
in the spinning, processing (mercerizing / dyeing of yarn and
fabric) and garmenting operations of the textile value chain. The
Group is also engaged in the manufacture of oil field valves and
allied components.

GIL has an installed capacity of 109,354 spindles across its two
spinning units at Medak (Andhra Pradesh) and Nagpur (Maharashtra).
GIL is also engaged in trading and processing of yarn, apart from
carrying out knitting operations on a small scale. The Company
derived 32.3 per cent of net sales from trading in yarn during
2010-11. The Company's yarn processing (mercerising-cum-dyeing)
unit, with a capacity of 10 MT/day, is located at Mahaboobnagar
(Andhra Pradesh). GIL's knitting facility is located in Medak
(Andhra Pradesh) with a capacity of 5.8 MT/day, mainly to cater
for the captive needs of garment manufacturing by the group
companies.

Recent Results

GIL reported net profit of INR1.5 crore on operating income of
INR93.2 crore during the quarter ended June 30, 2011 against net
profit of INR0.3 crore on operating income of INR83.0 crore during
the corresponding quarter of the previous fiscal.


INDERMANI MINERAL: CRISIL Rates INR100MM Credit at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISL B+/Stable' rating to the cash
credit facility of Indermani Mineral (I) Pvt Ltd, part of the
Indermani group.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects the Indermani group's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and low debt protection metrics, and large working
capital requirements. These rating strengths are partially offset
by the extensive industry experience of the Indermani group's
promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Indermani Mineral and Indermani Coal
Company, a proprietorship concern.  This is because the entire
business of Indermani Coal is being transferred to Indermani
Minerals.

Outlook: Stable

CRISIL believes that the Indermani group will continue to benefit
over the medium term from its promoters' experience in the coal
trading business. The outlook may be revised to 'Positive' if the
group improves its capital structure along with an improvement in
its margins. Conversely, the outlook may be revised to 'Negative'
if the Indermani group's profitability deteriorates and the
group's capital structure and debt protection metrics weaken
further.

                          About the Group

Incorporated in 2009, Indermani Mineral is a part of the Raipur
(Chhattisgarh)-based Indermani group. The group's flagship entity,
Indermani Coal, was set up by Mr. Sunil K Agarwal in 1998;
Indermani Minerals has been incorporated to take over the coal
trading business of Indermani Coal.

For 2010-11 (refers to financial year, April 1 to March 31), the
Indermani group's profit after tax is estimated at INR7.0million
(INR8.3 million for the previous year) on net sales of INR2.8
billion (INR2.6 billion for the previous year).


JANTA RICE: ICRA Puts '[ICRA]B' Rating on INR6cr Bank Facilities
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the
INR6.00 crore Fund Based Facilities, INR0.27 crore Term Loan and
INR0.23 crore Proposed Bank Facilities of M/s. Janta Rice Mill.

The ratings of JRM take into consideration its moderate scale of
operations, its low profitability metrics, its high gearing levels
and its weak debt protection indicators. The ratings also factor
in the company's high working capital intensity and the intensely
competitive nature of industry which exerts pressure on operating
margins. However, the ratings favorably take into account JRM's
experienced management and long presence in the industry, along
with its concentration on export of basmati rice. Further, ICRA
also takes into account the favorable demand prospects of the rice
industry with India being the second largest producer and consumer
of rice in the world.

Janta Rice Mill is a partnership firm established in 1978. The
company is primarily engaged in milling of basmati and non-basmati
rice. JPSPL's milling unit is based out of Nissing, District
Karnal, Haryana, in close proximity to the local grain market. The
firm has a milling capacity of 2 tons/hour.

In FY 2011, the company reported an operating income of INR15.17
crore and a net profit before tax of INR0.01 crore.


KHYATI ISPAT: CRISIL Raises Rating on INR62.7MM Loan to CRISIL BB
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Khyati Ispat Pvt Ltd (KIPL; part of the Khyati group) to 'CRISIL
BB/Stable' from 'CRISIL BB-/Stable', while reaffirming its rating
on KIPL's short-term bank facility at 'CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR500.00 Million Cash Credit   CRISIL BB/Stable (Upgraded from
   (Enhanced from INR270 Million)             'CRISIL BB-/Stable')

   INR62.70 Million Term Loan      CRISIL BB/Stable (Upgraded from
   (Reduced from INR98 Million)               'CRISIL BB-/Stable')

   INR50.00 Million Bank Guarantee CRISIL A4+
   (Enhanced from INR30 Million)

The rating upgrade reflects the fact that the Khyati group has
maintained its above-average financial risk profile, supported by
increasing cash accruals and fresh infusion of capital by
promoters in 2010-11 (refers to financial year, April 1 to
March 31). The upgrade also reflects the group's improving
business risk profile, reflected in its 39% revenue growth in
2010-11, and CRISIL's belief that the group will maintain its
above-average financial risk profile over the medium term,
supported by its healthy cash accruals and absence of any major
debt-funded capital expenditure (capex) programmes.

The ratings reflect the Khyati group's above-average financial
risk profile marked by moderate gearing and healthy debt
protection metrics, established market position, and promoters'
experience in the steel rolling and galvanising business. These
rating strengths are partially offset by the group's working-
capital-intensive operations, and susceptibility to volatility in
raw material prices and to intense competition in the galvanised
product segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIPL, Shri Ashutosh Structures Pvt Ltd,
and Khyati Steels.  These entities are together referred to as the
Khyati group herein. This is because the entities have strong
operational and financial linkages among them, and are under a
common management. SASPL sources the bulk of its raw materials
from KS and KIPL. KS also supplies traded goods to KIPL. Cash
flows are fungible within the group, with the entities providing
support to each other through extended credit or advances.
Furthermore, KIPL has extended corporate guarantees to the bank
loan facilities of SASPL, while KS has provided corporate
guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khyati group will maintain its above-
average financial risk profile, supported by its healthy cash
accruals, and continue to benefit from its established market
position in the rolled steel products segment, over the medium
term. The outlook may be revised to 'Positive' in case of further
improvement in the group's cash accruals and liquidity or if the
group's scale of operations increase and profitability improves
significantly. Conversely, the outlook may be revised to
'Negative' if the group's liquidity deteriorates due to working
capital pressures, or if it undertakes a larger-than-expected
debt-funded capex programme, leading to deterioration in its
capital structure.

                          About the Group

The Khyati group, promoted by the Agrawal family of Raipur
(Chhattisgarh), manufactures and trades in rolled steel products.
It also manufactures galvanized towers used by railways,
electricity boards, and windmill manufactures. The group comprises
of three companies: KIPL, KS, and SASPL.

KIPL, set up in 1996, manufactures hot-rolled steel products, such
as channels, joists, beams, and angles, which find application
primarily in structural constructions such as transmission and
railway towers, and factory sheds. The company has two
manufacturing units in Raipur, with a combined installed rolling
capacity of 114,000 tonnes per annum (tpa). It also has
fabrication capacity of 18,000 tpa.

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures. The company supplies to SASPL and
procures some items from KIPL.

SASPL, set up in 2002, manufactures galvanized structural
components used in construction of railway and electricity towers
and other structural constructions. It has two manufacturing units
in Raipur, which have combined fabrication and galvanizing
capacities of 40,000 tpa and 48,000 tpa, respectively.

The Khyati group reported a profit after tax (PAT) of INR85.3
million on net sales of INR3284 million for 2010-11, against a PAT
of INR71.8 million on net sales of INR2390 million for 2009-10.


KHYATI STEELS: CRISIL Raises Rating on INR40MM Loan to CRISIL BB
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Khyati Steels (KS; part of the Khyati group) to 'CRISIL BB/Stable'
from 'CRISIL BB-/Stable', while reaffirming its rating on KIPL's
short-term bank facility at 'CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR40.00 Million Cash Credit    CRISIL BB/Stable (Upgraded
                                    from 'CRISIL BB-/Stable')

   INR30.00 Mil. Bank Guarantee    CRISIL A4+ (Reaffirmed)

The rating upgrade reflects the fact that the Khyati group has
maintained its above-average financial risk profile, supported by
increasing cash accruals and fresh infusion of capital by
promoters in 2010-11 (refers to financial year, April 1 to
March 31). The upgrade also reflects the group's improving
business risk profile, reflected in its 39% revenue growth in
2010-11, and CRISIL's belief that the group will maintain its
above-average financial risk profile over the medium term,
supported by its healthy cash accruals and absence of any major
debt-funded capital expenditure (capex) programmes.

The ratings reflect the Khyati group's above-average financial
risk profile marked by moderate gearing and healthy debt
protection metrics, established market position, and promoters'
experience in the steel rolling and galvanizing business. These
rating strengths are partially offset by the group's working-
capital-intensive operations, and susceptibility to volatility in
raw material prices and to intense competition in the galvanized
product segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIPL, Shri Ashutosh Structures Pvt Ltd,
and Khyati Steels. These entities are together referred to as the
Khyati group herein. This is because the entities have strong
operational and financial linkages among them, and are under a
common management. SASPL sources the bulk of its raw materials
from KS and KIPL. KS also supplies traded goods to KIPL. Cash
flows are fungible within the group, with the entities providing
support to each other through extended credit or advances.
Furthermore, KIPL has extended corporate guarantees to the bank
loan facilities of SASPL, while KS has provided corporate
guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khyati group will maintain its above-
average financial risk profile, supported by its healthy cash
accruals, and continue to benefit from its established market
position in the rolled steel products segment, over the medium
term. The outlook may be revised to 'Positive' in case of further
improvement in the group's cash accruals and liquidity or if the
group's scale of operations increase and profitability improves
significantly. Conversely, the outlook may be revised to
'Negative' if the group's liquidity deteriorates due to working
capital pressures, or if it undertakes a larger-than-expected
debt-funded capex programme, leading to deterioration in its
capital structure.

                          About the Group

The Khyati group, promoted by the Agrawal family of Raipur
(Chhattisgarh), manufactures and trades in rolled steel products.
It also manufactures galvanized towers used by railways,
electricity boards, and windmill manufactures. The group comprises
of three companies: KIPL, KS, and SASPL.

KIPL, set up in 1996, manufactures hot-rolled steel products, such
as channels, joists, beams, and angles, which find application
primarily in structural constructions such as transmission and
railway towers, and factory sheds. The company has two
manufacturing units in Raipur, with a combined installed rolling
capacity of 114,000 tonnes per annum (tpa). It also has
fabrication capacity of 18,000 tpa.

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures. The company supplies to SASPL and
procures some items from KIPL.

SASPL, set up in 2002, manufactures galvanized structural
components used in construction of railway and electricity towers
and other structural constructions. It has two manufacturing units
in Raipur, which have combined fabrication and galvanizing
capacities of 40,000 tpa and 48,000 tpa, respectively.

The Khyati group reported a profit after tax (PAT) of INR85.3
million on net sales of INR3284 million for 2010-11, against a PAT
of INR71.8 million on net sales of INR2390 million for 2009-10.


KINGFISHER AIRLINES: HPCL Stops Fuel Supply; Flights Delayed
------------------------------------------------------------
The Times of India reports that at least six flights of Kingfisher
Airlines were disrupted on Thursday as state-run refiner-marketer
Hindustan Petroleum stopped fuel supplies after the carrier failed
to clear a pending bill of about INR130 crore.

According to the report, industry sources said the oil company
stopped supplies to Kingfisher around 5-5.30 pm, a peak time for
air carriers.  Talks were going on between the two sides late into
the evening to resolve the crisis.

The Times of India relates that this is the second time in four
months that fuel supply to the airline has been stopped for
failing to pay up.  On July 18, the report recalls, Hindustan
Petroleum had stopped refuelling the carrier's planes.  Supply was
restored after the airline paid INR10 crore, the report relays.

Kingfisher has an unpaid bill of INR634 crore for fuel bought from
Hindustan Petroleum.  This is covered by a bank guarantee of
INR554 crore, and the carrier is reducing the outstanding by 35%
every month.  Now, the oil company is selling fuel only on cash
payment.  The other two oil marketers, Indian Oil Corporation and
Bharat Petroleum, too have put Kingfisher on cash-and-carry deal.

Sources said the carrier requires about 45,000 kilolitres of fuel
a month, the Times of India reports.  Hindustan Petroleum is the
major supplier to Kingfisher, with a daily billing of INR7 crore.
IndianOil supplies fuel worth INR20-22 lakh per day and Bharat
Petroleum about INR5 lakh, the report discloses.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees as
tax deducted at source and provident fund contribution, painting a
dire picture of the airline's finances, The Economic Times
reported.


KUBER TIEUP: CRISIL Reaffirms 'CRISIL B' Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities Kuber Tieup Pvt Ltd
continues to reflect Kuber's large working capital requirements,
leading to constrained liquidity, and geographically concentrated
revenue profile.  These rating weaknesses are partially offset by
Kuber's promoters' experience in the tea trading industry.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kuber will continue to benefit from its
established relationships with business associates and its
promoters' experience in the tea trading industry. The company's
financial risk profile will, however, remain constrained because
of its large working capital requirements, leading to constrained
liquidity. The outlook may be revised to 'Positive' in case of a
sustained and significant improvement in Kuber's revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the company contracts more-than-expected debt, or if
the company extends funding support to its group companies,
thereby significantly constraining its financial risk profile.

Update

Kuber's net sales is estimated to have declined by an year-on-year
rate of 29% in 2010-11 (refers to financial year, April 1 to
March 31). This is despite increase in tea prices by more than 10%
in 2010-11. Kuber's volumes declined by 30% year-on-year in
2010-11, because of its practice of trading only in premium
category tea, which has a relatively lower demand. The company's
liquidity is likely to remain weak over the medium term - its bank
limit utilization was around 100% for the period August 2010 to
August 2011.

Kuber's profit after tax (PAT) and operating income are estimated
at INR10.7 million and INR1.23 million respectively for 2010-11;
the company reported a PAT of INR24 million on net sales of
INR1.74 million for 2009-10.

                         About Kuber Tieup

Kuber, based in Kolkata (West Bengal), is a wholesale trader in
tea (primarily the premium varieties). The company was set up in
2005 by the Kolkata-based Mr. Ujjwal Kumar Das and his father, Mr.
Santosh Kumar Das; the Das family has diverse business interests.

Kuber has various group companies, which operate in diverse
industries such as rice processing, iron and steel, real estate,
cement, power, and trading in agricultural commodities. Most of
the group companies are currently in project stage; any unforeseen
support from Kuber to its group companies could constrain Kuber's
financial risk profile, especially its financial flexibility and
liquidity.


NV RESORTS: CRISIL Cuts Rating on INR320MM Loan to 'CRISIL D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of NV
Resorts Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR25 Million Cash Credit Limit   CRISIL D (Downgraded from
                                           'CRISIL BB/Stable')

   INR320 Million Rupee Term Loan    CRISIL D (Downgraded from
                                           'CRISIL BB/Stable')

   INR15 Million Bank Guarantee      CRISIL D (Downgraded from
                                               'CRISIL A4+')

The downgrade reflects instances of delay by NVR in servicing its
debt; the delays have been caused by the company's weak liquidity.
CRISIL believes that NVR's liquidity will remain weak over the
medium term on account pressure on its revenues because of over
capacities in the region, leading to insufficient cash accruals
against maturing debt obligations.

NVR also has a weak financial risk profile, marked by high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by NVR's healthy growth prospects due to its
association with Carlson Hotels.

                          About NV Resorts

NVR was incorporated in 2006 by Mr. Ashok Jain to set up a three-
star hotel in Gurgaon. The hotel is currently being managed by
Carlson Hotels under the brand, Park Inn. The hotel has 55 rooms
including swimming pool, banquet hall, and conference rooms apart
from other amenities. The hotel started operations from June 2009.

NVR estimated to report a loss of INR5.7 million on net sales of
INR104 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a loss of INR 3.6 million on net sales of
INR67 million for 2009-10.


RAMDEV SUGARS: ICRA Upgrades Rating on INR14.5cr Loan to 'LC'
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the enhanced
INR14.50 crore (enhanced from INR11.41 crores) fund based bank
facilities and term loans of Ramdev Sugars Private Limited from
'LC' to '[ICRA]BB-'.

The upgrade of rating takes into account the improvement in
liquidity position of the company following substantial
liquidation of sugar stocks since last quarter of FY 2011
resulting in reduced gearing (which stood at 1.20 times as on
March 31, 2011, against 2.90 times in FY 2010) and timely debt
servicing since March 2011. The rating also derives comfort from
the long standing presence of RSPL's promoters in the sugar
industry in Madhya Pradesh, linkage between sugar price and cane
cost by virtue of being located in an FRP state and satisfactory
profitability indicators over the last five years.

The rating is however constrained by the modest operating profile
of the company characterized by relatively small capacities and
short crushing periods because of limited cane availability
resulting in limited economies of scale and lack of forward
integration into distilleries and cogeneration which makes the
company's performance more vulnerable to vagaries of the sugar
cycle. The rating also factors in the vulnerability of the
company's sugar business to agro-climatic risks affecting
availability of sugarcane, inherent cyclicality in the sugar
business and government/regulatory policies governing cane
pricing, sugar release and pricing and offtake of by-products.

Going forward, the company's ability to scale up its operations
while maintain adequate operating margins given the inherent
cyclicality in the sugar business and service its debt obligations
in a timely manner would remain the key rating sensitivities.

                        About Ramdev Sugars

RSPL commenced operations as a small, 20 tcd Khandsari sugar
manufacturing unit in 1977 and over the years has increased to a
2,000 tcd sugar manufacturing unit. The company is one of the
three sugar mills belonging to the Maheshwari Group of companies
based in Madhya Pradesh. The group also engages in trading of
grains through its other set ups. The sugar mills namely Ramdev
Sugars Pvt. Ltd, Narmada Sugars Pvt. Ltd and Shakti Sugar Mill
Pvt. Ltd with a total crushing capacity of 5,750 tcd are all
located in the fertile areas of Narsinghpur and Hoshangabad
districts of central MP where the climatic conditions are fairly
viable and irrigation is primarily through tube wells. The group
is held by two brothers namely Mr. Navneet Lal Maheshwari and Mr.
Rajesh Maheshwari. The mill has a 3 MW captive power generation
capacity which it fuels using bagasse generated in the sugar
production.

Recent Results:

As per the provisional results, RSPL reported a net profit of
INR4.13 crore on an operating income of Rs.58.12 crore for the
year ended March 31, 2011 and a net profit of INR1.75 crore on an
operating income of INR31.58 crore for the year ended March 31,
2010 (audited results).


SHREEWAALI FERRO: CRISIL Places 'CRISIL B' Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shreewaali Ferro Tech Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR40 Million Term Loan       CRISIL B/Stable (Assigned)
   INR24 Million Cash Credit     CRISIL B/Stable (Assigned)

The rating reflects SFPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics,
short track record and small scale of operations, and
susceptibility to risks related to the fragmented nature of the
ferro alloys industry and to cyclicality in the steel industry.
These rating weaknesses are partially offset by the extensive
industry experience of SFPL's promoters.

Outlook: Stable

CRISIL believes that SFPL will benefit over the medium term from
the successful stabilisation of its operations and its promoters'
extensive experience in the ferro alloys industry. The outlook may
be revised to 'Positive' if SFPL's financial risk profile improves
significantly, most likely because of equity infusion by the
promoters and better-than-expected revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability or revenues decline, resulting in lower-
than-expected cash accruals, or if SFPL undertakes any large-than-
expected debt-funded capital expenditure programme over and above
expected, impacting the liquidity profile of the company.

                      About Shreewaali Ferro

Promoted in 2008 as a private limited company by Mr. Sidharth
Parakh and his friend, Mr. Manoj Agrawal, SFPL manufactures silico
manganese. The company's manufacturing unit is based in Bokaro
(Jharkhand), and has an installed capacity of 4200 tonnes per
annum (tpa). SFPL started commercial production in December 2010.
The company proposes to increase its installed capacity to 11,700
tpa in 2012-13 (refers to financial year, April 1 to March 31).The
company has reported a provisional net sales of INR22.5 million
for 2010-11.


SHRI ASHUTOSH: CRISIL Ups Rating on INR20MM Loan to 'CRISIL BB'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shri Ashutosh Structures Pvt Ltd (SASPL; part of the Khyati group)
to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable', while reaffirming
its rating on KIPL's short-term bank facility at 'CRISIL A4+'.

   Facilities                         Ratings
   ----------                         -------
   INR360.00 Million Cash Credit      CRISIL BB/Stable (Upgraded
   (Enhanced from INR210 Million)      from 'CRISIL BB-/Stable')

   INR20.00 Million Term Loan         CRISIL BB/Stable (Upgraded
   (Reduced from INR25 Million)        from 'CRISIL BB-/Stable')

   INR30 Million Standby Line of      CRISIL BB/Stable (Assigned)
   Credit

   INR160.00 Mil. Bank Guarantee      CRISIL A4+
   (Enhanced from INR100 Million)

The rating upgrade reflects the fact that the Khyati group has
maintained its above-average financial risk profile, supported by
increasing cash accruals and fresh infusion of capital by
promoters in 2010-11 (refers to financial year, April 1 to
March 31). The upgrade also reflects the group's improving
business risk profile, reflected in its 39% revenue growth in
2010-11, and CRISIL's belief that the group will maintain its
above-average financial risk profile over the medium term,
supported by its healthy cash accruals and absence of any major
debt-funded capital expenditure (capex) programmes.

The ratings reflect the Khyati group's above-average financial
risk profile marked by moderate gearing and healthy debt
protection metrics, established market position, and promoters'
experience in the steel rolling and galvanizing business. These
rating strengths are partially offset by the group's working-
capital-intensive operations, and susceptibility to volatility in
raw material prices and to intense competition in the galvanized
product segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIPL, Shri Ashutosh Structures Pvt Ltd,
and Khyati Steels.  These entities are together referred to as the
Khyati group herein. This is because the entities have strong
operational and financial linkages among them, and are under a
common management. SASPL sources the bulk of its raw materials
from KS and KIPL. KS also supplies traded goods to KIPL. Cash
flows are fungible within the group, with the entities providing
support to each other through extended credit or advances.
Furthermore, KIPL has extended corporate guarantees to the bank
loan facilities of SASPL, while KS has provided corporate
guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khyati group will maintain its above-
average financial risk profile, supported by its healthy cash
accruals, and continue to benefit from its established market
position in the rolled steel products segment, over the medium
term. The outlook may be revised to 'Positive' in case of further
improvement in the group's cash accruals and liquidity or if the
group's scale of operations increase and profitability improves
significantly. Conversely, the outlook may be revised to
'Negative' if the group's liquidity deteriorates due to working
capital pressures, or if it undertakes a larger-than-expected
debt-funded capex programme, leading to deterioration in its
capital structure.

                        About the Group

The Khyati group, promoted by the Agrawal family of Raipur
(Chhattisgarh), manufactures and trades in rolled steel products.
It also manufactures galvanized towers used by railways,
electricity boards, and windmill manufactures. The group comprises
of three companies: KIPL, KS, and SASPL.

KIPL, set up in 1996, manufactures hot-rolled steel products, such
as channels, joists, beams, and angles, which find application
primarily in structural constructions such as transmission and
railway towers, and factory sheds. The company has two
manufacturing units in Raipur, with a combined installed rolling
capacity of 114,000 tonnes per annum (tpa). It also has
fabrication capacity of 18,000 tpa.

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures. The company supplies to SASPL and
procures some items from KIPL.

SASPL, set up in 2002, manufactures galvanized structural
components used in construction of railway and electricity towers
and other structural constructions. It has two manufacturing units
in Raipur, which have combined fabrication and galvanizing
capacities of 40,000 tpa and 48,000 tpa, respectively.

The Khyati group reported a profit after tax (PAT) of INR85.3
million on net sales of INR3284 million for 2010-11, against a PAT
of INR71.8 million on net sales of INR2390 million for 2009-10.


SRI KARUNAMBIKAI: CRISIL Puts 'CRISIL B' Rating on INR270MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Karunambikai Mills
Pvt Ltd continue to reflect SKMPL's weak financial risk profile,
marked by high gearing and large working capital requirements, and
susceptibility to volatility in cotton prices and to intense
competition in the cotton yarn market.

   Facilities                       Ratings
   ----------                       -------
   INR270.0 Mil. Working Capital    CRISIL B/Negative (Assigned)
   Demand Loan

   INR385.3 Million Long-Term Loan  CRISIL B/Negative (Reaffirmed)

   INR90.0 Million Cash Credit      CRISIL B/Negative (Reaffirmed)

   INR78.9 Mil. Letter of Credit    CRISIL A4 (Reaffirmed)

   INR18.5 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by SKMPL's
established market position in the cotton yarn segment and healthy
operating efficiencies.

Outlook: Negative

CRISIL believes that SKMPL's liquidity will remain weak over the
medium term because of limited access to bank lines and large term
debt obligations. The ratings may be downgraded if SKMPL is unable
to raise adequate funds to meet its incremental working capital
requirements. Conversely, the outlook may be revised to 'Stable'
if SKMPL's liquidity improves because of increase in bank lines
and net cash accruals and significant improvement in its capital
structure.

Update

SKMPL's sales in 2010-11 (refers to financial year, April 1 to
March 31) increased by about 38% year-on-year, driven by improved
yarn realization because of increase in yarn prices and higher
production of finer yarn in 2010-11. However, sales volumes dipped
because of power shortage and restriction on yarn exports during
the last quarter of 2010-11. Consequently, SKMPL's operating
margin declined to 15.5% in 2010-11 from 21.1% in the previous
year. Margins are expected to remain constrained in 2011-12
because of the unfavorable textile industry scenario. SKMPL's
financial risk profile remains weak, marked by high gearing of
3.27 times as on March 31, 2011 due to large working capital
requirements. Bank line utilization was around 85.2% for the 12
months ended June 2011; the company availed ad hoc limits of
INR70.0 million till November 2011. Liquidity is expected to
remain weak, post removal of ad hoc limits and large term loan
obligations maturing in 2011-12.

For 2010-11, SKMPL reported, on provisional basis, a net profit of
INR35.8 million on net sales of INR965.2 million; the company
reported a net profit of INR22.5 million on net sales of INR707.8
million for the previous year.

                        About Sri Karunambikai

SKMPL was incorporated in 1956 and promoted by Mr. Chennimalai
Gounder. The company has two cotton yarn spinning units in Tamil
Nadu - the unit in Somanur has 27,360 spindles, and the one in
Vinnapalli has 6048 spindles and 1000 rotors.


STYLEONE RETAIL: ICRA Reassigns [ICRA]C Rating on INR16.6cr Loan
----------------------------------------------------------------
ICRA has re-assigned the long-term rating of '[ICRA]C' outstanding
on the INR16.60 crore term loan facilities of Styleone Retail
Concepts Private Limited.

The rating considers the criticality in timely commencement of
operations, since any delays in this regard are expected to
tighten the Company's cash flows significantly. The rating however
considers the promoters' experience of over a decade in the
apparel retail business.

Incorporated in March 2010, the management expects to launch the
retail showroom in February 2012. The showroom will be located in
Adyar, one of the prime residential hubs in Chennai, and is
expected to be an exclusive showroom for women (catering to
designer and ethnic wear). In addition to the showroom, the
promoters also intend to commence manufacturing readymade inner
garments for women on a small scale. The manufacturing unit, which
is expected to house an installed capacity of 3 lakh pieces per
annum, is estimated to cost INR0.3 crore.

The promoters are primarily engaged in operating an apparel retail
outlet Styleone, under Leela P Clothing Private Limited. This
showroom, which was opened in June 2008, is also located in Adyar
(Chennai) and caters to men, women and children.


YAMUNA ROLLER: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Yamuna Roller Flour
Mills (P) Ltd continues to reflect Yamuna's moderate financial
risk profile marked by moderate gearing and debt protection
metrics, and the benefits that Yamuna derives from its promoters'
industry experience and its established distribution network.

   Facilities                         Ratings
   ----------                         -------
   INR180.00 Million Cash Credit      CRISIL BB-/Stable
   (Enhanced from INR150.00 Million)

These rating weaknesses are partially offset by Yamuna's
relatively small scale of operations and susceptibility to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that Yamuna's financial risk profile will remain
moderate over the medium term, supported by moderate gearing in
the absence of any large debt-funded capital expenditure (capex)
plan for the medium term. The outlook may be revised to 'Positive'
in case of a substantial improvement in Yamuna's financial risk
profile, most likely driven by more-than-expected cash accruals or
equity infusion leading to improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case
Yamuna undertakes a larger-than-expected debt-funded capex
programme or increases its investments in unrelated business,
thereby weakening its financial risk profile.

                       About Yamuna Roller

Set up in 1990, Yamuna manufactures ground wheat products such as
atta, maida, and suji. The company has a manufacturing plant in
Thrissur (Kerala), with processing capacity of 84,000 tonnes per
annum. The company was earlier involved in trading in agricultural
commodities such as wheat and white oats; the business was
discontinued in 2009-10 (refers to financial year, April 1 to
March 31). The company has recently invested around INR232 million
in Rendezvous Sports World Ltd, which owns the Kochi team of the
Indian Premier League.

Yamuna reported a profit after tax (PAT) of INR13 million on net
sales of INR1.2 billion for 2010-11, against a PAT of INR11
million on net sales of INR1.13 billion for 2009-10, and a PAT of
INR10 million on net sales of INR1.13 billion for 2009-10.


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


* INDONESIA: Moody's Assigns '(P)Ba1' to Upcoming Sovereign Sukuk
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Ba1 to the securities under the Government of Indonesia's
proposed U.S. dollar-denominated sovereign sukuk.

Ratings Rationale

In Moody's opinion, the payment obligations represented by the
securities available on offer are ranked pari passu with other
senior, unsecured debt issuances of the Government of Indonesia
and thus justify a rating at an equal level. Moody's expects to
remove the provisional status of the rating upon the closing of
the proposed issuance and a review of its final terms.

Indonesia's sovereign rating has been supported by increasingly
robust domestic demand over the past few years, which has helped
to shield the economy from the global financial crisis. In the
ensuing recovery, the pickup in commodity prices has further
bolstered to the economic outlook. Overall, growth looks to be
sustainable and has not been accompanied by significant
overheating pressures.

In addition, government finances continue to be managed
conservatively with deficits averaging well below 2% of GDP since
2001. However, further improvement has been encumbered by the lack
of progress on subsidy reform, while structural issues impede the
effectiveness of government expenditure. Nonetheless, the
government's debt burden as a share of GDP has fallen even through
the global recession and is likely to remain on a gradually
improving trend.

Indonesia's foreign currency reserve adequacy has also benefited
since the crisis from strength in non-oil and gas commodities
exports and larger FDI and portfolio inflows, some of which may be
reversible. As a result, the stock of foreign currency reserves
have more than doubled from $51.6 billion at end-2008 to $114.5
billion in September 2011, around 2.5 times residual short-term
external debt.

Challenges to the rating include the relatively shallow depth of
Indonesia's capital markets, manifested in fairly large non-
resident ownership of government securities. As this poses a key
vulnerability in the event of substantial capital outflows, the
government has put together a crisis management protocol to
stabilize the bond market and mitigate any adverse effects on
deficit financing.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


JLOC XXVIII: Moody's Lowers Rating of Class C Notes to 'B2'
-----------------------------------------------------------
Moody's Japan K.K has downgraded the ratings on the Class B
through D Senior Trust Certificates issued by JLOC XXVIII Trust.
The final maturity of the Trust Certificates will take place in
October 2012.

Class B, downgraded to A2 (sf); previously on Sep 16, 2011 Aa2
(sf) placed under review for possible downgrade

Class C, downgraded to B2 (sf); previously on Sep 16, 2011 Ba3
(sf) placed under review for possible downgrade

Class D, downgraded to Caa3 (sf); previously on Sep 16, 2011 Caa2
(sf) placed under review for possible downgrade

Deal Name: JLOC XXVIII Senior Trust

Class: Class B through D Senior Trust Certificates

Issue Amount (initial): JPY 26.1 billion

Dividend: Floating

Issue Date (initial): October 20, 2005

Final Maturity Date: October, 2012

Underlying Asset (initial): Two senior specified bonds backed by
commercial real estates

Entrustor: Morgan Stanley Japan Limited (as of issue date)

Trustee: Mitsubishi UFJ Trust and Banking Corporation

Arranger: Morgan Stanley Japan Limited (as of issue date)

JLOC XXVIII Senior Trust, effected in October 2005, represents a
liquidating CMBS transaction.

The Entrustor entrusted the two senior specified bonds to the
Asset Trustee (originally backed by 567 properties) and received
in return the Class A through D Senior Trust Certificates. It then
sold these to investors.

The Senior Trust Certificates are rated by Moody's.

In this transaction, principal payments resulting from the sale of
the underlying properties of each bond will be used to make
sequential payments on the most senior class.

In the event of a breach of the transaction's fast-pay trigger,
dividend payments will cease, and principal payments will be made
from the proceeds of property sales as well as cash flow from the
underlying properties. The losses will be allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

The specified bond issued by Nakano Holding TMK was redeemed in
full in July 2006.

The remaining specified bond was issued by Harajuku Holding TMK,
and was originally backed by 329 properties or property trust
certificates; 251 of the properties had been sold as of end-
September, 2011.

Meanwhile, the Class A Senior Trust Certificates were redeemed in
full by sequential payments.

Ten properties (based on Moody's current value) comprise 62% of
the portfolio, while residential properties outside Tokyo comprise
43%.

Rating Rationale

Approximately 12 months are left before final maturity for so many
properties; 78 in total.

Thus, the current rating action reflects these factors:

(1) Moody's has decided to re-assess -- and add further stress to
-- its recovery assumptions for the property disposal prices
before the final maturity. The new estimate for disposal prices is
approximately 41% lower than Moody's initial value.

(2) Moody's has the growing uncertainty regarding the recovery of
the Class B and C Senior Trust Certificates by the final maturity.

(3) As a result of the disposition activities, losses on the
remaining bond are more highly likely and could negatively affect
the Class D Senior Trust Certificates.

Moody's will continue to monitor the properties' operating status
and the progress of the asset advisor's activities.

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

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


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


DESIGNLINE INT'L: Liquidator Gets NZ$4.6-Mil. Creditors' Claims
---------------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that the liquidator of
DesignLine International has so far received 21 creditors' claims
totalling NZ$4.6 million.

One of the creditors is the Ashburton District Council for
NZ$11,500 of a month's unpaid lease, the report discloses.

BusinessDay.co.nz says council finance manager Paul Brake said
DesignLine had had to continue paying for a lease of a building
the council built for it, after the firm's shift to Rolleston's
Izone industrial park, about 20 kilometres south of Christchurch.

Mr. Brake said the continuing lease was for about 12 months, the
report relates.

According to BusinessDay.co.nz, liquidator and the South Island's
official assignee Robin Cox said the receiver was still in control
of the process, and was selling DesignLine's residual stock, after
selling the business to Malaysian interests.

It could take a few more months to complete the sale of the
assets, after which the liquidator would take over and determine
what was owed to unsecured creditors and the shortfall for that,
according to BusinessDay.co.nz.

BusinessDay.co.nz notes that because DesignLine was not a limited
liability company, its shareholders could be pursued for the
debts, but how long that took depended on the American
shareholders and their willingness and ability to pay. That part
of the process was probably a few months away, the report relays.

BusinessDay.co.nz says the NZ$4.6 million figure could be a bit
misleading, because it did not take into account how much the
secured creditor BNZ was owed.

                    About DesignLine International

DesignLine International, founded in 1985 by Ashburton
entrepreneur John Turton, was a bus maker company.  The buses were
sold locally and also exported.  Mr. Turton sold a large part of
the company to U.S. investors Buster and Brad Glosson at the end
of 2006.  DesignLine has about 80 staff at its Rolleston
operations.

DesignLine was placed in liquidation earlier in June by the
High Court in Christchurch after two creditors, owed
NZ$1.8 million, petitioned for that.  The court was told that
DesignLine had an estimated NZ$10 million in liabilities.

The Bank of New Zealand, the only secured creditor, appointed
receivers to sell the business and get back what the bank is owed,
about NZ$2.5 million, Businessday.co.nz reported citing the latest
filed accounts for the year to Dec. 31, 2008.

BusinessDay.co.nz said in August the company was sold a joint
venture of Malaysian, United States, and New Zealand parties but
the purchase price was not being disclosed.  The price would be
revealed in the receivers' second report, receiver Keiran Horne of
HFK said.


NZF GROUP: Nears Deal to Sell Major Stake in Home Loan Business
---------------------------------------------------------------
Maria Slade at BusinessDay.co.nz reports that NZF Group said it is
close to finalising a deal with an Australian financier to sell a
majority stake in its home loan business.

At its annual general meeting in Auckland on Friday, the NZX-
listed corporate said it expected the conditions of its proposed
deal with Sydney-based non-bank lender Resimac to be satisfied by
the end of next month.

According to the report, Chief executive Mark Thornton said there
were good opportunities in the mortgage securitisation market but
it required a lot of capital investment, and Resimac was one of
the biggest providers in Australia.

It was better for NZF to be a minority shareholder in a bigger
business than the other way around, the report says.  "These guys
bring a lot of expertise. It gives us a really good go-forward for
that sector," the report quotes Mr. Thornton as saying.

Mr. Thornton said NZF' NZ$200 million mortgage securitisation
business was the company's only profitable division in the year to
March 31.

The sale would provide the company with a significant amount of
cash to invest in other businesses, and NZF was essentially an
investment group.

Mr. Thornton, as cited by BusinessDay.co.nz, said NZF Group made a
loss of NZ$4.8 million in the 2011 financial year, an "extremely
difficult" period for the company.  This followed a NZ$4.5 million
loss the previous year.

The removal of the Crown Retail Deposit Guarantee Scheme in
October 2010 saw NZF's debenture stock funding plummet from
NZ$63.7 million to NZ$20.8 million, the report notes.

In July, the report recalls, NZF was forced to call the receivers
into its finance company subsidiary NZF Money after a failed
transaction pushed its cash position to critical levels.

BusinessDay.co.nz relates that receivers KordaMentha said in their
first report last month that debenture holders owed NZ$16.4
million are likely to face a shortfall.

According to the report, NZF has written the carrying value of NZF
Money down to nothing, and this will result in a loss on
discontinued operations of NZ$10.7 million in the current year's
financial statements.

                         About NZF Group

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


===========
T A I W A N
===========


KING'S TOWN: Improved Credit Profile Cues Fitch to Upgrade IDR
--------------------------------------------------------------
Fitch Ratings has upgraded Taiwan-based King's Town Bank's Long-
Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+'.

The upgrade reflects KTB's improved credit profile following
structural changes in 2006-2009 and enhanced performance from its
new business model.  The bank cleaned up its asset portfolio,
implemented cost-saving measures, pursued more selective loan
acquisition and adopted a top-down approach to asset allocation,
resulting in increased profitability.  The ratings also reflect
robust capitalization, satisfactory liquidity and improved asset
quality.

On the other hand, the ratings are constrained by KTB's small
franchise, concentration risk and lack of operating scale.  The
Stable Outlook underlines Fitch's expectation that the bank will
maintain its credit profile.  KTB has strong profit-generating
capability, although the agency expects it to moderate as margins
normalize.  This is because Fitch believes that high-return
opportunities will attract competition.  Fitch also considers that
the bank is sufficiently capitalized to withstand increases in
credit and impairment costs arising from a global economic
slowdown.

Key credit risks are increased appetite for structured financing,
concentrated exposure to real estate and volatility from foreign
bond investments.  However, the risks are moderated by adequate
structuring of its structured finance transactions and sound
credit quality of its overseas bond portfolio.  Nevertheless,
Fitch considers it important for the bank to maintain current
level of capitalization and remains cautious of the bank's ability
in managing its structured lending and overseas bond investment.

Improved core earnings at KTB in 2010 and H111 were largely
attributed to increased net interest margin and reduced loan loss
provisioning.  Margin expansion is supported by reduced interest
expenses following a change in deposit mix, increased loan spread
and enhanced investment yields.  However, Fitch does not expect
the investment yields to be sustained given increasingly uncertain
global bond markets.

KTB's Tier 1 capital ratio was at 12.8% at end-H111, characterized
by disciplined earnings retention.  Despite its rather small
franchise, the bank is largely deposit-funded with customer
deposits accounting for over 86% of total funding.  Its liquidity
profile is adequate and stable, with a gross loan-to-customer
deposit ratio (LTD) between 71%-74% in 2009-H111.

Further upgrade is unlikely as the bank is structurally
constrained by its small franchise in a competitive market.
Negative rating trigger is aggressive pursuit of asset yields or
asset growth, including mergers and acquisitions, leading to an
elevated risk profile or erosion of capitalization.

KTB is a boutique regional bank with a network of 63 branches, of
which 17 are in metropolitan areas and the remaining 46 in rural
areas in Taiwan.  It had a 0.52% market share of deposits at end-
H111.

The rating actions are as follows:

KTB:

  -- Long-Term IDR: upgraded to 'BBB-' from 'BB+'; Outlook Stable

  -- Short-Term IDR: upgraded to 'F3'from 'B'

  -- National Long-Term rating: upgraded to 'A(twn)' from 'A-
     (twn)'; Outlook Stable,

  -- National Short-Term rating: affirmed at 'F1(twn)',

  -- Individual Rating: affirmed at 'C/D'

  -- Viability Rating: upgraded to 'bbb-' from 'bb+'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'


TAICHUNG COMMERCIAL: Fitch Holds Rating on IDR at Low-B
-------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Taichung Commercial Bank's
ratings, including its Long-Term Foreign Currency Issuer Default
Rating 'BB+' with Stable Outlook.

The ratings reflect TCB's overall steady financial profile, its
still small franchise, modest profitability and capitalization,
adequate asset quality and sound liquidity.  The Stable Outlook is
underpinned by adequate capital strength.  Increase in risk
appetite or asset quality deterioration resulting in losses and
reduced capital may put pressure on ratings.

TCB reported improved asset quality and increased loan loss
reserve coverage in H111. Meanwhile, moderate loan growth (5% in
H111) and low provision charges helped lift return on assets to
0.41% in H111 from 0.13% in 2010.  TCB has maintained a sound
liquidity profile, due to its well-established deposit-taking
franchise in its home region in central Taiwan. TCB's
capitalization is modest, with a Tier 1 capital ratio of 7.9%
(industry average: 9%).  The bank is planning to raise TWD4.5bn in
equity in Q411 to improve its core capital base.

The ratings on TCB's s debt instruments are in line with Fitch's
criteria for rating such instruments.  The convertible bond rating
is equivalent to the bank's National Long-Term rating, and
reflects its status as senior, unsecured obligations of the bank.
The subordinated bond rating is one notch below the bank's
National Long-Term rating, reflecting its subordinated status
within the capital structure.

TCB is a privately owned regional bank in Taiwan, with a deposit
market share of 1.2% (81.5% from its home region in central
Taiwan) at end-H111. China Man-Made Fiber Corp is its largest
shareholder and has nine out of 15 seats on the Board of
Directors.

TCB:

  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook
     Stable

  -- Short-Term Foreign Currency IDR affirmed at 'B'

  -- National Long-Term rating affirmed at 'A-(twn)'; Outlook
     Stable

  -- National Short-Term rating affirmed at 'F2(twn)'

  -- Viability Rating affirmed at 'bb+'

  -- Individual rating affirmed at 'C/D'

  -- Support rating affirmed at '5'

  -- Support Rating Floor affirmed at 'NF'

  -- Convertible bonds affirmed at 'A-(twn)'

  -- Subordinated bonds affirmed at 'BBB+(twn)'


=============
V I E T N A M
=============


DOT VN: Pres. Lee Johnson Receives Award of Merit from Vietnam PM
-----------------------------------------------------------------
Dot VN, Inc., announced that Dr. Lee Johnson, president and co-
founder of Dot VN will be recognized at an awards ceremony held in
Hanoi, Vietnam, where he is to receive an award of merit from the
Prime Minister's Office, decision number 1237/QD-TTg dated
July 07, 2011, for his achievements in the development of the
Internet in Vietnam, contributing to the cause of socio-economic
development of the country.  The event is scheduled to take place
on Oct. 28, 2011, and will include guests from various Vietnamese
Ministries, to include representatives from the Vietnam Internet
Network Information Center.  Dr. Johnson has previously received 2
awards from the Vietnamese Government.  The first was granted by
the Ministry of Posts and Telematics "Information Technology
Person of the Year 2007" award.  Additionally, March 20, 2008, Dr.
Johnson was again honored, this time by the Ministry of Foreign
Affairs of Vietnam for "Contributions in Development of IT in
Vietnam ".

"I am deeply honored by this award and I sincerely thank all of
the people whose hard work, dedication and faith powered
tremendous Internet growth that Vietnam enjoys today," said Dot VN
Co-Founder and President, Dr. Lee Johnson.  "I would like to offer
a special thanks to Dr. Mai Liem Truc, the Ministry of Information
and Communications and VNNIC and I am happy to have been able to
support them in their grand vision for Vietnam's online future.
It is with a full heart that I recommit myself and Dot VN to
driving even greater growth and development for Vietnam's Internet
in the years to come."

                            About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at July 31, 2011, showed $2.55 million
in total assets, $9.05 million in total liabilities, and a
$6.50 million shareholders' deficit.

The Company reported a net loss of $5 million on $1.01 million of
revenue for the year ended April 30, 2011, compared with a net
loss of $7.32 million on $1.12 million of revenue during the prior
year.

PLS CPA, in San Diego, Calif., noted that the Company's losses
from operations raise substantial doubt about its ability to
continue as a going concern.


                             *********

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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