TCRAP_Public/111020.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 20, 2011, Vol. 14, No. 208

                            Headlines



A U S T R A L I A

D'ARCY SURFBOARDS: Shuts Down Factory Due to Slump in Sales
KARI ACCESSORIES: In Administration as Consumers Refuse to Spend
LAKE HUME: Creditors to Decide Park's Future Next Week
REFUND HOME: Business Model "Unviable," Investor Strategist Says
RELIANCE RAIL: Auditors Raise "Material Uncertainty" Over Future

SPORTS ALIVE: Meeting Reveals Firm Traded While Insolvent


C H I N A

SHANGHAI INDUSTRIAL: Moody's Continues to Review 'B2' Ratings


H O N G  K O N G

BELLAGIO M.R.: Court to Hear Wind-Up Petition on Nov. 30
CHERISON ENGINEERING: Court to Hear Wind-Up Petition on Nov. 16
ECM REAL: Court to Hear Wind-Up Petition on Oct. 26
ENVIRO PROCESS: Court to Hear Wind-Up Petition on Nov. 16
FREEWAY CHINA: Creditors' Proofs of Debt Due Oct. 28

FTE LOGISTICS: Creditors' Proofs of Debt Due Oct. 28
GENWELL TRADING: Court to Hear Wind-Up Petition on Nov. 9
GRAND PALACE: Stephen Liu Yiu Keung Steps Down as Liquidator
GT SPORT: Hok and Blaauw Step Down as Liquidators
INCORP. OWNERS: Creditors and Contributories to Meet on Oct. 25

TOP FANCY: Court to Hear Wind-Up Petition on Oct. 26


I N D I A

ADIE BROSWON: ICRA Assigns '[ICRA]B' Rating to INR51.65cr Loan
BHARAT COTTAGE: ICRA Cuts Rating on INR7.89cr Loan to '[ICRA]B+'
CHOKSEY CHEMICALS: CRISIL Assigns 'BB-' Rating on INR72.5MM Loan
CMS EDUCATIONAL: ICRA Cuts Rating on INR21cr Loan to '[ICRA]D'
DSR STEEL: ICRA Assigns '[ICRA]B+' Rating to INR15cr Bank Lines

HES INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Limits
HI-RISE INFRA: ICRA Assigns [ICRA]B Rating to INR6cr Bank Limits
LILLIPUT KIDSWEAR: ICRA Cuts Rating on INR101cr Loan to '[ICRA]C'
N. K. PROTEINS: ICRA Reaffirms [ICRA]BB+ Rating on INR100cr Loan
PEEKAY MEDIEQUIP: CRISIL Assigns CRISIL D Rating to INR70MM Loan

PHOENIIX: ICRA Reassigns [ICRA]B- Rating to INR18.86cr Term Loan
SREE ASTALAXMI: Fitch Migrates Rating on 2 Fund Classes to Low-B
SRI GANESH: ICRA Assigns '[ICRA]B+' Rating to INR25cr Bank Loans
SRI SALASAR: Fitch Migrates Rating on INR200MM Capital to Low-B
SSK TRADING: CRISIL Assigns CRISIL B+ Rating to INR150MM LT Loan

SURBHI INDUSTRIES: ICRA Places '[ICRA]BB' Rating to INR4cr Loan


J A P A N

TOKYO ELECTRIC: Submits Plan to Keep Plant Stable for Three Years


N E W  Z E A L A N D

PIKE RIVER: Pays New Zealand Oil & Gas Limited NZ$38.3 Million


S I N G A P O R E

3 DEGREES: Singapore Central Bank Asks Firm to Wind Down Assets


T A I W A N

E. SUN BANK: Fitch Affirms Rating on NTD0.87-Bil. Bond at 'Dsf'


                            - - - - -


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A U S T R A L I A
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D'ARCY SURFBOARDS: Shuts Down Factory Due to Slump in Sales
-----------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that D'Arcy Surfboards
has shut down its factory on the Gold Coast because of reduced
margins and sales.

Stuart D'Arcy and his partner Michelle Blauw opened the D'Arcy
Surfboards state-of-the-art factory at Currumbin seven years ago
but have been struggling to keep afloat in the past year,
according to the report.

goldcoast.com.au relates that Mr. D'Arcy said the high Australian
dollar has been the main issue.

According to goldcoast.com.au, Mr. D'Arcy counts a string of
surfing stars among his regular customers, including Layne
Beachley and Mick Fanning, and while he will continue to make
boards for them, the company will lay off seven staff and scale
things back to a two-person operation.

The closure follows news last week that AUD3 million in debts had
sunk Burleigh board manufacturer BASE and 30 jobs would be lost,
the report relays.

goldcoast.com.au adds that Gold Coast Surf Industry Taskforce
chairman John Nielsen said he was planning a crisis meeting on
the Coast to discuss the closures.

D'Arcy Surfboards is a surfboards manufacturer based on the Gold
Coast, Queensland, Australia.


KARI ACCESSORIES: In Administration as Consumers Refuse to Spend
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Kari Accessories
has been placed in administration resulting from the reluctance
of consumers to spend.

The first creditors' meeting is scheduled for October 24.

Domenic Calabretta and David Ross of Hall Chadwick were appointed
as administrators.

A week before it entered administration, the company posted on
its blog advertising a liquidation sale, saying "retail sales are
tough and we need your help," according to SmartCompany.  The
report relates that stock was discounted by as much as 80%, with
the company saying it was instructed that "all stock has to go".

Headquartered in Melbourne, Kari Accessories business operates
two stores in New South Wales, three in Queensland and six in
Victoria, but distributes its accessories and jewelers through a
number of different retail partners across the country.  The
business is primarily aimed at women, with fashion a main focus,
although there is a large emphasis on handmade jewelry.


LAKE HUME: Creditors to Decide Park's Future Next Week
------------------------------------------------------
Howard Jones at The Border Mail reports that Lake Hume Tourist
Park is fighting for its life with creditors due to decide next
week whether to place the business in liquidation or keep it
going until a buyer is found.

The Australian Taxation Office has been pressing to have the
Downie family-operated business wound up, the report says.

But insolvency practitioner Tony Cant, who is administering the
operation for creditors, is suggesting a "deed of company
arrangement" to allow it to continue, according to the report.

Under this arrangement, The Border Mail relates, Mr. Cant
believes unsecured creditors could expect to get back 22 cents
and 54 cents in the dollar depending on the price the business
could fetch, which is expected to be between AUD1.4 million and
AUD1.6 million.

Mr. Cant said liquidation would probably give a worse result, the
report relays.

The Border Mail says Mr. Cant lists creditors as being owed
AUD1,696,307, including AUD922,286 to the secured creditor
National Australia Bank, AUD165,644 to the tax office, and
AUD104,972 to Albury Council for unpaid rent and water charges,
and trade creditors AU399,000.

Almost 40 trade businesses and suppliers, many in Albury-Wod-
onga, are owed various amounts, the report discloses.

According to The Border Mail, Mr. Cant estimated the realizable
assets of the business to be worth AUD1,556,000 and the
deficiency at AUD140,000, though the costs of an administration
and/or liquidation could amount to AUD100,000.

The park, says Border Mail, has been operated by Border Resorts
for eight years, the directors and shareholders being Kevin, Matt
and Suzanne Downie, who placed the business in voluntary
administration with accountants Romanis Cant on September 19.

Mr. Cant has told creditors he has kept the business going
pending an anticipated sale as a going concern, the report notes.
Creditors will meet on Monday, four days after expressions of
interesting in buying the business close with brokers CRE
Australia, The Border Mail adds.

                    About Lake Hume Tourist Park

Lake Hume Tourist Park, a four-star resort on 134 hectares, lies
next to the All Seasons Lake Hume Resort, which is a completely
separate operation.  The tourist park includes 187 sites, 38
modern cabins, several other cabins, two managers' residences, a
new dormitory that sleeps 108 and a cafe.


REFUND HOME: Business Model "Unviable," Investor Strategist Says
----------------------------------------------------------------
Adam Smith at Australian BrokerNews reports that Investors Edge
Finance founder Andrew Gardner claimed franchisees looking to bid
for Refund Home Loans after it entered voluntary administration
may be buying into an "unviable" business model.

The franchise brokerage entered voluntary administration last
week, and the company's communications consultant, Peter Sawyer,
told Australian BrokerNews franchisees may try to buy the
business. But Mr. Gardner has warned franchisees to be wary of
buying into the model.

"I'd be thinking the franchisees need to be extremely cautious in
putting more good money after bad into such a model that's proven
to be unviable," Mr. Gardner told Australian BrokerNews.

According to the report, Mr. Gardner called into question whether
franchisees could see sustainable returns under Refund's model of
partially rebating commissions to clients.

"The way the industry is now with commissions declining by 37%,
it's very difficult to run a profitable business on anything but
the simplest of loans without charging fees, let alone without
charging fees and giving half the commission back," Australian
BrokerNews quotes Mr. Gardner as saying.

Mr. Gardner argued that not only would such a model make margins
unviable for franchisees but it would also make business
difficult for the franchisor in the midst of lower loan volumes
and credit demand, Australian BrokerNews relates.

"There's no way you can make money out of this industry without
all that commission, and to split that commission between the
franchisor, the franchisee and the client, there's nothing left
to run the business with. Even aggregators are struggling, and
they don't have to provide anywhere near the level of support
that franchisors are required to," Mr. Gardner told Australian
BrokerNews.

As reported in the Troubled Company Reporter-Asia Pacific on
Tuesday, SmartCompany said Refund Home Loans has been placed in
administration, but several buyers are considering acquiring the
business.  The announcement comes just 18 months after the
Australian Competition and Consumer Commission slammed the
company and its founder Wayne Ormond, after he admitted making
false and misleading statements to franchisees about an agreement
with the ACCC itself. The report notes that the administration
does not affect either the real estate or financial planning
divisions of the business.  A sale process is currently underway,
led by administrators SV Partners.  Two other businesses operated
by Mr. Ormond, Refund Real Estate or Refund Financial Planning,
are not in administration and are unaffected, SmartCompany added.

                        About Refund Home

Refund Home Loans -- http://www.refundhomeloans.com.au/-- is an
Australian mortgage broking service.  Founder and Executive
Chairman Wayne Ormond launched Refund Home Loans in April 2004.
The company has over 350 franchisees in Australia.


RELIANCE RAIL: Auditors Raise "Material Uncertainty" Over Future
----------------------------------------------------------------
The Sydney Morning Herald reports that the fate of Reliance Rail
remains squarely in the balance, with its auditors BDO declaring
the "existence of material uncertainty" over the firm's ability
to stay financially viable.

According to the news agency, the accounting firm stopped short
of qualifying its audit opinion, but emphasized it had relied on
assumptions made by Reliance directors that it would receive
support from the state government to help refinance its
AUD2 billion debt.

SMH relates that Reliance is also fighting claims made by its
monoline insurers, Syncora and FGIC UK, that it is already in
default, with drastic consequences if it loses. That case will be
heard next month, the report notes.

Reliance confirmed in its accounts, lodged this month and made
available this week, that the government had provided a "letter
of intent to engage with [Reliance] and stakeholders to consider
restructuring options, which includes providing financial support
. . . to enable [Reliance] to establish a sustainable capital
structure," SMH says.

The news agency says that it was this letter, dated September 28,
which gave Reliance's directors sufficient comfort it was not
trading while insolvent and to sign off the company's accounts in
a last-minute board meeting on September 30.

But discussions of a potential restructure are expected to drag
out until next year.  And any government support will be
conditional on train builder Downer EDI, which owns 49% of the
equity in Reliance, meeting contractual requirements, SMH states.

According to the report, Downer, which has suffered AUD440
million in writedowns on the project, delivered its first train
more than a year late.   SMH notes that Austock analyst Heath
Andrews said the second and third train took 55 and 50 days
respectively.  The contractual requirement is understood to be 15
days a train.

SMH relates that BDO said Reliance's ability to continue
operating as a going concern also depended on all trains being
delivered by the first refinancing event in 2015.

                        About Reliance Rail

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private (PPP) project.  Reliance Rail is in
the process of manufacturing 78 eight-car "Waratah" trains for
the Sydney suburban rail network and has completed an associated
maintenance facility.  Reliance Rail will also maintain the
trains and the maintenance facility from completion until 2043.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 23, 2011, Moody's Investors Service placed Reliance Rail
Finance Pty Ltd's B3 senior debt rating and Caa2 subordinated
debt rating on review for possible downgrade.  The rating action
followed announcements from Reliance Rail Group in relation to a
reservation of rights notice received by Reliance Rail from its
financial guarantors in respect of alleged events of default
under its debt financing documents.

"The rating action reflects Moody's concern that the reservation
letter introduces additional uncertainty to Reliance Rail's
ability to secure the required funding in February 2012 to
complete the Waratah train project", said Spencer Ng, a Moody's
analyst/AVP.  "The review will focus on the impact of the
'reservation of rights' notice on the ability of Reliance Rail to
reach a solution for its potential funding gap for the Waratah
project," Mr. Ng added.

In June, Standard & Poor's Ratings Services also lowered its
ratings on the AU$2.06 billion senior-secured debt issued by
Reliance Rail Finance Pty Ltd. to 'CCC+' from 'B'.  At the same
time, the rating on RRF's AU$100 million junior-secured debt was
lowered to 'CCC-' from 'CCC'.  The outlook on the ratings is
developing.


SPORTS ALIVE: Meeting Reveals Firm Traded While Insolvent
---------------------------------------------------------
Henrietta Cook at The Canberra Times reports that the ACT
Gambling and Racing Commission is facing more trouble after
revelations that collapsed betting agency Sports Alive traded for
three years while insolvent.

The Canberra Times says liquidator Hamish MacKinnon, from Bent
and Cougle, told a creditor's meeting in Melbourne he was
"bemused" the ACT Government regulators were unaware of the
company's financial situation.

According to the report, Mr. MacKinnon said the ACT-registered
Sports Alive had been insolvent since at least 2008, with records
showing the company clocked losses of more than AUD7 million in
its last five years of operation.

Auditor reports in 2009 and 2010 revealed continuing concerns
about the solvency and financial position of Sports Alive, The
Canberra Times relays.

The report relates that Mr. MacKinnon is still trying to
determine whether the ACT regulator received these dire warnings,
but said they should have.

Creditors at the meeting were also surprised to discover the
embattled company still has a license with the ACT Government,
despite being placed into liquidation on August 25, according to
The Canberra Times.

The report notes that one creditor told punters their only
prospect of recovery was through a claim against the regulator.

Punters are owed about AUD3.7 million and creditors stand to lose
a further AUD8.8 million, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, SmartCompany said investors including a Tasmanian
government agency, a prominent sports industry investor and a
well-known bookmaker are facing large losses after online betting
agency Sports Alive was placed into voluntary liquidation.

The company, which was licensed in the ACT but based in
Melbourne, called in liquidators on Aug. 25, 2011, leaving
investors in the dark and punters -- who are believed to have
hundreds of thousands of dollars locked up in Sports Alive
accounts -- scrambling to get their money, according to
SmartCompany.

Sports Alive Pty Ltd is an Australian-based online betting
agency.


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C H I N A
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SHANGHAI INDUSTRIAL: Moody's Continues to Review 'B2' Ratings
-------------------------------------------------------------
Moody's Investors Service says that it will continue to review
for possible upgrade Shanghai Industrial Urban Development Group
Ltd's ("SIUD", formerly Neo-China Land Group (Holdings) Ltd) 'B2'
corporate family and senior unsecured ratings.

Ratings Rationale

The review, first extended on July 18, was initiated on April 19
after the company's announcement that it will acquire from
Shanghai Industrial Holdings Limited (unrated) (1) its entire 59%
stake in Shanghai Urban Development, (2) its interest in dividend
receivables, and (3) a shareholder's loan due to Shanghai
Industrial Holdings Limited.

The transaction is valued at a total consideration of HK$6.1
billion.

Shanghai Industrial Holdings, the seller, is SIUD's controlling
shareholder, and has a 45% stake in SIUD.

The extension of the review is driven by the longer time required
by the Hong Kong Stock Exchange to review the proposed
acquisition which is analogous to a reverse takeover as the
assets to be injected into SIUD are material relative to its
existing size. The proposed transaction awaits the exchange's
approval.

"Moody's does not foresee any change in the interest of Shanghai
Industrial Holdings to proceed with the proposed transaction.
Also, Moody's is not aware of any negative developments in SIUD
that could prevent the completion of the transaction," says
Tsang, a Moody's AVP/Analyst.

"The proposed transaction has been announced and submitted to the
Hong Kong Stock Exchange since April 2011, and Moody's does not
expect any further delay in the decision over the proposed
transaction," says Tsang.

"If the proposed acquisition proceeds, there is a strong
likelihood that SIUD's credit profile would improved due to its
consequent stronger asset base and stronger capacity for cash
generation," says Tsang.

"The resultant increase in Shanghai Industrial Holdings' level of
ownership will also benefit SIUD in its ability to access funding
in both the onshore and offshore markets," adds Tsang.

The review will continue to focus on SIUD's future business and
funding strategies. It will also assess the strategic importance
of SIUD to Shanghai Industrial Holdings, as well as the benefits
of the latter's ownership and support for SIUD's operating and
financial positions.

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

Shanghai Industrial Urban Development Group Ltd is a Chinese
property developer engaged in residential and mixed-use
developments. It had 15 major projects under development in 11
cities in China and a land bank of around 12.5 million square
meters in gross floor area as of June 2011.

Shanghai Industrial Holdings Ltd is a Chinese conglomerate
majority-owned by the Shanghai municipal government. Listed on
the Stock Exchange of Hong Kong in 1996, its main business
interests are in real estate, infrastructure facilities, and
consumer products.


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H O N G  K O N G
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BELLAGIO M.R.: Court to Hear Wind-Up Petition on Nov. 30
--------------------------------------------------------
A petition to wind up the operations of Bellagio M.R. Limited
will be heard before the High Court of Hong Kong on Nov. 30,
2011, at 9:30 a.m.

Yue Feng Knitting Factory Limited filed the petition against the
company on Sept. 27, 2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


CHERISON ENGINEERING: Court to Hear Wind-Up Petition on Nov. 16
---------------------------------------------------------------
A petition to wind up the operations of Cherison Engineering
Limited will be heard before the High Court of Hong Kong on
Nov. 16, 2011, at 9:30 a.m.

Sinoland Technologies Limited filed the petition against the
company on Sept. 9, 2011.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor, 9 Des Voeux Road West
          Hong Kong


ECM REAL: Court to Hear Wind-Up Petition on Oct. 26
---------------------------------------------------
A petition to wind up the operations of ECM Real Estate
Investment A.G. will be heard before the High Court of Hong Kong
on Oct. 26, 2011, at 9:30 a.m.

Astin Capital Management Limited filed the petition against the
company on Aug. 18, 2011.

The Petitioner's solicitors are:

          Tanner De Witt
          1806, Tower Two
          Lippo Centre
          89 Queensway
          Hong Kong


ENVIRO PROCESS: Court to Hear Wind-Up Petition on Nov. 16
---------------------------------------------------------
A petition to wind up the operations of Enviro Process
Engineering (HK) Company Limited will be heard before the High
Court of Hong Kong on Nov. 16, 2011, at 9:30 a.m.


FREEWAY CHINA: Creditors' Proofs of Debt Due Oct. 28
----------------------------------------------------
Creditors of Freeway China Limited, which is in liquidation, are
required to file their proofs of debt by Oct. 28, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

         Yat Kit Jong
         Donald Edward Osborn
         22/F, Prince's Building
         10 Chater Road
         Central, Hong Kong


FTE LOGISTICS: Creditors' Proofs of Debt Due Oct. 28
----------------------------------------------------
Creditors of FTE Logistics International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 28, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Messrs. Bruno Arboit
         Simon Blade
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


GENWELL TRADING: Court to Hear Wind-Up Petition on Nov. 9
---------------------------------------------------------
A petition to wind up the operations of Genwell Trading Limited
will be heard before the High Court of Hong Kong on Nov. 9, 2011,
at 9:30 a.m.

The Petitioner's solicitors are:

          Fung and Fung
          17th Floor, Righteous Centre
          585 Nathan Road
          Kowloon, Hong Kong


GRAND PALACE: Stephen Liu Yiu Keung Steps Down as Liquidator
------------------------------------------------------------
Stephen Liu Yiu Keung stepped down as liquidator of Grand Palace
Limited on Sept. 28, 2011.


GT SPORT: Hok and Blaauw Step Down as Liquidators
-------------------------------------------------
Rainier Hok Chung Lam and Jan Blaauw stepped down as liquidators
of GT Sport Limited on Sept. 12, 2011.


INCORP. OWNERS: Creditors and Contributories to Meet on Oct. 25
---------------------------------------------------------------
Creditors and contributories of The Incorporated Owners of Nan
Fung Industrial Building will hold a meeting on Oct. 25, 2011, at
2:30 p.m., and 3:30 p.m., respectively at the Official Receiver's
Office, 10th Floor, Queensway Government Offices, at 66
Queensway, in Hong Kong.


TOP FANCY: Court to Hear Wind-Up Petition on Oct. 26
----------------------------------------------------
A petition to wind up the operations of Top Fancy Enterprise
Limited will be heard before the High Court of Hong Kong on
Oct. 26, 2011, at 9:30 a.m.

Tang Chung Fan filed the petition against the company on July 13,
2011.

The Petitioner's solicitors are:

          Cham & Co
          Suite 504, Greenfield Tower
          Concordia Plaza
          No. 1 Science Museum Road
          Tsim Sha Tsui East
          Kowloon, Hong Kong


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ADIE BROSWON: ICRA Assigns '[ICRA]B' Rating to INR51.65cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR51.65 crores fund
based limits of Adie Broswon Distillers and Bottlers Private
Limited.  ICRA has also assigned an '[ICRA]A4' rating to the
INR1 crore non fund based limits of ABDBL.

The assigned rating is constrained by the delay in commissioning
of the new unit, project implementation risks typical of a
greenfield project as well as regulatory risks arising from
changes in state government liquor policies once the project is
operational. The rating however derives some comfort from ABDBL's
experienced management and it being part of Chadha group of
companies which enjoy a strong position in the liquor industry in
Northern India.

Going forward, the company's ability to commission the project as
per schedule and within the budgeted costs will be the key rating
drivers.

                        About Adie Broswon

Adie Broswon Distillers & Bottlers Pvt. Ltd. is a company
promoted by Chadha Group of Companies. The company was
incorporated in December 2007 to set up distillery for
manufacturing grain based alcohol comprising Rectified Spirit,
Extra Neutral Alcohol, Country Liquor (CL) and Indian Made
Foreign Liquor IMFL in Ambala, Haryana. The plant is expected to
be operational by January 2012 and will supply majority of the
ENA to the other distilleries and will utilize the remaining ENA
for manufacturing CL and IMFL.


BHARAT COTTAGE: ICRA Cuts Rating on INR7.89cr Loan to '[ICRA]B+'
----------------------------------------------------------------
The long term rating for the INR7.89 crores fund based facility
of Bharat Cottage Industries has been revised to '[ICRA]B+' from
'LBB-'.  The short term rating for the INR0.10 crores non fund
based facility of BCI has been reaffirmed at '[ICRA]A4'.

The rating downgrade reflects the firm's weakening financial
profile characterized by a dip in margins over the last two
fiscals along with a highly leveraged capital structure and weak
debt protection metrics. The ratings further incorporates the
firm's exposure to raw material price fluctuations, high
inventory levels resulting in a stretched liquidity position and
the intense competition in the industry resulting in pressure on
margins. The rating however considers the experience of the
promoters in the business of plastic products and also the well
diversified clientele of the firm.

                        About Bharat Cottage

Bharat Cottage Industries was established in the year 1961 by
late Shri Mangilalji Danrajji Badamia who was also the brother of
Mr. Gishulalji Danrajji Badamia, the owner of Cello. BCI is a
partnership firm with the board panel consisting of Mr. Mahendra
Mangilalji Jain, Mrs. Madhubala Mahendra Jain and Mr. Priyank
Mahendra Jain. BCI is engaged in manufacturing of plastic
household and thermo-ware products. Along with domestic sales,
the company also exports its products to various countries such
as Dubai, Iraq, South Africa and Srilanka.

Recent Results:

As per provisional financials of 2010-11, the company reported a
net profit of INR0.25 crores on an operating income of INR25.14
crores. During 2009-10, BCI registered a profit after tax of
INR0.22 crore on an operating income of INR19.86 crores.


CHOKSEY CHEMICALS: CRISIL Assigns 'BB-' Rating on INR72.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Choksey Chemicals Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR72.5 Million Cash Credit *     CRISIL BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee    CRISIL A4+ (Assigned)
   INR35.0 Million Letter of Credit  CRISIL A4+ (Assigned)

   * Including Working Capital Demand Loan of Rs 30.0 million

The ratings reflect CCPL's diverse customer profile and
promoters' extensive experience.  These rating strengths are
partially offset by CCPL's small scale of operations in the
construction chemicals industry dominated by a few large players,
working-capital-intensive operations, and limited financial
flexibility because of a small net worth.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from its promoters' experience and will sustain its
market position in an industry dominated by few large players.
The outlook may be revised to 'Positive' in case of more-than-
expected improvement in operating income and profitability
leading to improvement in the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if CCPL
generates a lower-than-expected operating margin or undertakes
significantly debt-funded capital expenditure programmes over the
medium term leading to further deterioration in its financial
risk profile.

                       About Choksey Chemicals

CCPL, established in 1985 was promoted by Mr. Girish C Choksey
and is in the business of manufacturing construction chemicals
and concrete admixtures. The company provides range of pre and
post construction chemicals. It covers waterproofing chemical,
floor coatings, wall coatings, sterile coatings, membranes,
neoprene pavement seals and expansion joints for roads and
bridges. It also undertakes application of its products and
extends its services to complete water proofing solutions and
exterior coating. CCPL manufactures construction chemicals at its
unit in Taloja (Maharashtra), and concrete admixtures at its
facility in Silvassa (Dadra and Nagar Haveli). CCPL revenue
profile can be further divided into five business segments viz.,
infrastructure projects, distribution, concrete admixtures,
contract based business and defence sector.

CCPL reported a Net Profit of INR11.5 million on net sales of
INR281.1 million for 2010-11(refers to financial year, April 1 to
March 31) as Provisional Financials, against a Net Loss of INR2.3
million on net sales of INR247.4 million for 2009-10


CMS EDUCATIONAL: ICRA Cuts Rating on INR21cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR21.0
crore term loan facilities of CMS Educational Trust from 'LC+' to
'[ICRA]D'.

The ratings reflect current delays in debt servicing by CMS
Educational Trust due to tight liquidity situation (arising from
routing of a significant portion of internal accruals for capital
expenditure). CMS Trust's capital structure is characterized by
high gearing and stretched coverage indicators. The trust has
aggressive debt funded capital expenditure plans which are likely
to further constrain capital structure in the medium term. High
competition in the industry is likely to exert pressure to
attract and retain experienced faculty.

CMS Educational Trust was founded in 2004 by Mr. C. Muthusamy, a
real estate promoter based out of Namakkal (Tamil Nadu). The
trust was set up to establish educational institutes in and
around the town of Namakkal. In 2007-08, the flagship institute
of the trust, CMS College of Engineering, commenced operations on
the outskirts of Namakkal town. At present, there are five
operational institutes run by the trust and they are planning to
setup three new institutes which will include a polytechnic,
engineering institute and business school.

Recent Results

CMS Trust reported net profit of INR1.4 crore on operating income
of INR11.2 crore during 2009-10, against net profit of INR1.2
crore on operating income of INR8.2 crore for the corresponding
previous fiscal.


DSR STEEL: ICRA Assigns '[ICRA]B+' Rating to INR15cr Bank Lines
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR15.00 crore fund
based bank lines of DSR Steel Private Limited.

The ratings takes into account modest scale of operations, which
results in limited economies of scale, relatively value additive
nature of the business and high competitive pressures in the
steel rolling business. These factors have resulted in modest
operating margins and this is unlikely to change significantly in
the medium term. Further, in spite of moderate working capital
(WC) intensity of operations substantial growth in the turnover
has resulted in limited cash generation from operations (as
measured by net cash accruals adjusted for working capital
changes). However the ratings draw comfort from the long
experience of promoters and strong relationship with its client
base. The assigned ratings also positively factors in the
company's partially integrated nature of operations through its
in-house ingot manufacturing facility which tends to give
economies of scale in business operations.

                          About DSR Steel

DSR Steel Private Ltd is engaged in the rolling of mild ingots
into TMT bars. DSR was founded by Mr. Ramesh Chand Rana in 1998.
The company's rolling mill is located in Bhiwadi (Rajasthan) and
has an installed annual capacity of 45000 MT for TMT bar and
45000 MT for Mild Steel(MS) Ingots. The ingots capacity provides
backward integration benefits to the company. The company also
started trading in fabric from FY 2008-09 and it contributed
around 20% of the total revenue in FY 2010-11 (Provisional).

Recent Results

In 2010-11, the company has reported an operating income (OI) of
INR135.56 crore with a profit after tax of INR0.58 crore as per
the provisional results as compared to an OI of INR132.62 crore
and profit after tax INR0.46 crore in 2009-10.


HES INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Limits
-----------------------------------------------------------
ICRA has revised the rating assigned to INR5 crore fund based
limits and INR150 crore non-fund based limits of HES Infra
Private Ltd. from 'LC+' to '[ICRA]BB+'.  The outlook on the long
term rating is stable.

The rating upgrade reflects timely debt servicing by HES since
April 2011 and the improvement in its liquidity position on
account of dues realized from Government of Andhra Pradesh (GoAP)
during the past six months. While revising the rating ICRA has
also taken note of the company's strengthened order book position
and moderation in its geographical and sectoral concentration on
account of the large orders won outside Andhra Pradesh.  Further,
the rating continues to draw comfort from the company low gearing
level (0.49 times as on March 31, 2011) which provides it
financial flexibility in case of contingency.  The rating however
continues to remain constrained by the company's high debtor
days, its exposure to Andhra Pradesh based irrigation projects
which has track record of delays in payments and approvals, and
the intensely competitive nature of the construction industry.

Going forward, smooth execution and timely receipt of payments
for the projects won in the new geographies and realization of
pending debtors for the AP based irrigation projects would be
critical for the future liquidity position and debt servicing
capability of the company.

HES was incorporated in 1997 as a partnership firm in the name of
Hindustan Engineers Syndicate, with Mr. M.Kesava Raju and
Mr. I.V.R. Krishnam Raju being equal partners. The firm was
subsequently converted into a private limited company in June
2007 and renamed as HES Infra Pvt. Ltd. HES is mainly involved in
water & irrigation projects and construction of road & bridges.

For the year ended March 31, 2011, HES posted a Profit after Tax
(PAT) of INR19.6 crore on an Operating Income of INR507 crore.


HI-RISE INFRA: ICRA Assigns [ICRA]B Rating to INR6cr Bank Limits
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and short term
rating of '[ICRA]A4' for INR6.00 crore bank limits of Hi-Rise
Infrastructures.

The assigned ratings are constrained by small scale of operations
and highly competitive nature of the civil construction industry
restricting the operating margins; high geographic concentration
risk with 64% of orders from Andhra Pradesh and high project
concentration risks with the top three projects by value
accounting for 56% of its current order book. The ratings are
further constrained by high sectoral concentration risk arising
with building works accounting for 78% of order book and the
vulnerability of operating margins to raw material price
fluctuation risks as most of the work orders are fixed price in
nature. However, the ratings factor in the experienced
management, key management personnel have strong technical
background and experience and strong visibility for the revenue
growth in the near term as reflected by the healthy order book
position of 1.39 times of FY2011 Operating Income.

                   About Hi-Rise Infrastructures

Incorporated in 2007 as a partnership firm, the firm commenced
operations with the execution of building construction works for
various private sector clients. The firm executed building
construction works for Vibha Agrotech, Tirumala Dairy Ltd and
Navbharath Ventures Ltd in the past and is currently undertaking
building construction works for various clients located in Andhra
Pradesh, Karnataka and Orissa.

Recent Results

For FY2011, the company reported a turnover of INR14.0 crore and
a PAT of INR0.8 crore.


LILLIPUT KIDSWEAR: ICRA Cuts Rating on INR101cr Loan to '[ICRA]C'
-----------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR101.0 crore
long term fund based bank facilities of Lilliput Kidswear Limited
to '[ICRA] C' from 'LA-'.  ICRA has also downgraded the rating
assigned to the INR125.55 crore short term fund based and non-
fund based bank facilities of LKL to '[ICRA] D' from 'A1'.  The
A1 rating assigned to INR60.0 crore Commercial Paper programme of
LKL has also been downgraded to [ICRA] D. Further, ICRA has
suspended the ratings assigned to all the above borrowing
programme of LKL.

The rating downgrade takes into account the default on the
commercial paper by LKL on account of deterioration in the fund
raising ability of the company following disputes among the
shareholders in the company, which apart from deferment of the
proposed IPO has also weakened the avenues for debt funding in
near term. This is evident from the suspension of disbursement
against sanctioned credit limits of the company, which has
adversely impacted its financial flexibility and liquidity,
leading to default. The rating downgrade also factors in the
significant inventory built up being witnessed by the company in
the backdrop of its aggressive expansion plans and the ongoing
funding issues is likely to exert further pressure on the cash
flows and liquidity of the company.

In addition, ICRA has also suspended the ratings, given that ICRA
is unable to properly assess the credit quality of LKL due to the
lack of clarity on the accuracy of the financial statements of
the company, following the resignation of its auditors.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


N. K. PROTEINS: ICRA Reaffirms [ICRA]BB+ Rating on INR100cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the proposed
INR100.0 crores fund based facility of N. K. Proteins Limited.
The outlook for the long term rating is Stable. ICRA has also
reaffirmed the '[ICRA]A4+' rating to the INR40.0 crore EPC limits
(sublimit of fund based cash credit limits) of NKPL.

The ratings continue to reflect the highly competitive nature of
the edible oil industry with increasing presence of large players
and multinationals in the branded segment; the vulnerability of
the company's profitability to the raw material price
fluctuations and the significant sales de-growth that NKPL would
witness in FY 12 as the castor sales would be routed through the
JV with Adani Wilmar Limited.

ICRA also notes that the group company N. K. Industries Limited
is a sick company registered with Board for Industrial &
Financial Restructuring (BIFR) since 1999 which has restricted
the financial flexibility for NKPL in terms of availing working
capital facilities from banks. Further, the ratings are
constrained by the inherently low margins in this line of
business; concentration of product portfolio on cottonseed oil
within the edible oil segment and limited brand recognition at
the national level. The ratings however consider the long track
record of the promoters in this line of business, well
established retail presence with almost 93% of sales of the
edible oil segment being derived from branded products and strong
market position of NKPL in the cottonseed oil segment (~60%
market share in Gujarat under "Tirupati Brand") and castor oil
exports (-40% market share for exports).

The ratings also consider the favourable growth prospects for the
edible oil market in India; locational advantage arising from the
proximity to ports as well as oilseed growing belts and low
gearing leading to moderate coverage indicators.

                         About N. K. Proteins

N. K. Proteins Limited was incorporated in March, 1992 as Maruti
Proteins Ltd.  Later, it changed its name to N K Proteins Ltd in
February, 1993. The Company is promoted by Mr. Nimish Patel &
Mr. Nilesh Patel. It is engaged in the business of refining
edible oils viz, Cotton Seed Oil, Palmolein, Sunflower Oil,
Groundnut Oil and Vegetable Oils including trading in edible/non-
edible oils. However, its product portfolio is concentrated
towards cottonseed oil, which contributed 34% to the turnover in
FY 11 (53% in FY 10) and castor oil which contributed 50% of the
turnover in FY 11 (37% in FY 10). It has a refining capacity of
800 tpd and fractionation capacity of 250 tpd at its plant
located at Kadi, Gujarat. It also purchased a 100 tpd refinery
plant at Akola, Maharashtra recently. Apart from the above, NKPL
also utilizes additional capacities on jobwork basis. It markets
edible oils under the brand name of "TIRUPATI", "Malaya" and
"Sunpride" with Tirupati being the flagship brand and enjoying
the market share of -60% in the cottonseed oil segment in
Gujarat.


PEEKAY MEDIEQUIP: CRISIL Assigns CRISIL D Rating to INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Peekay Mediequip Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit       CRISIL D (Assigned)
   INR50.0 Million Letter of Credit   CRISIL D (Assigned)
   INR10.0 Million Bank Guarantee     CRISIL D (Assigned)
   INR70.0 Million Rupee Term Loan    CRISIL D (Assigned)

The ratings reflect instances of delay by PML in debt servicing;
the delays are on account of PML's weak liquidity.

PML has large working capital requirements, leading to weak
liquidity, its scale of operations is small, and its operating
margin is susceptible to fluctuations in raw material prices.
These weaknesses are partially offset by the established
marketing set-up and improving operating efficiencies.

                      About Peekay Mediequip

PML was established as a private limited company in 1995 by
Mr. Shankar G. In 2003, a partnership firm, Peekay Enterprises,
in the same line of business was merged with PML. PML
manufactures 3-millilitre (ml), 5-ml and 10-ml, disposable
syringes and plans to manufacture Intravenous(IV) cannula and IV
sets, face masks and caps in 2011-12 (refers to financial year,
April 1 to March 31). The company sells its product under the
Sepnil brand. Its manufacturing facilities in Thanjavur (Tamil
Nadu) have an installed capacity of 1.5 million syringes per day.
In 2007-08, its capacity was 0.3 million syringes per day. PML
has undertaken total capital expenditure of around INR332 million
over the past three years, funded through term loans of INR75
million and the rest through equity infusion and internal
accruals.

PML reported a net profit of INR18.1 million on net sales of
INR400 million for 2010-11, against a net profit of INR10.4
million on net sales of INR205 million for 2009-10.


PHOENIIX: ICRA Reassigns [ICRA]B- Rating to INR18.86cr Term Loan
----------------------------------------------------------------
ICRA has reassigned the rating outstanding on the INR18.86 crore
term loan facilities and the INR0.30 crore non-fund based
facility of Phoeniix at '[ICRA]B-'.  ICRA has reassigned the
'[ICRA]A4' rating outstanding on the INR10.0 crore fund based
facility of the Entity.

The ratings consider the small scale of operations, which
restrict scale economics and financial flexibility, and
susceptibility of revenues to volatility in orders from large
customers due to high customer concentration. The garment export
industry also faces high competition from other low-cost
countries, which limits the pricing flexibility of Indian
exporters. This is likely to have adverse impact on the margins
during periods of steep hike in input costs. The business is
however expected to benefit from the experience of promoter in
the business, the entity's relationship with renowned clients
which is likely to drive business growth and the favourable
product mix with around 60% of revenues from the high-margin kids
wear segment.

Phoeniix is a proprietorship concern, promoted by Mr. T.M.
Muthukumar in 1994. Based in the textile hub of Tirupur, it
manufactures knitted garments for men, women and children. It
exports largely to Europe. Phoeniix performs processes like
cutting, stitching, embroidery, printing, washing, checking and
packing in-house, while it outsources processes like knitting,
dyeing and compacting.

Recent Results

According to unaudited results, Phoeniix reported operating
income of INR15.7 crore during the six months ended September 30,
2010. It reported net profit of INR1.9 crore on operating income
of INR35.8 crore during 2009-10, against net profit of INR1.5
crore on operating income of INR31.6 crore for the corresponding
previous fiscal.


SREE ASTALAXMI: Fitch Migrates Rating on 2 Fund Classes to Low-B
----------------------------------------------------------------
Fitch Ratings has migrated India-based Sree Astalaxmi Spinning
Mills Pvt. Ltd.'s 'Fitch BB-(ind)' National Long-Term rating to
the "Non-Monitored" category.  This rating will now appear as
'Fitch BB-(ind)nm' on the agency's Web site.

The ratings have been migrated to the "Non-Monitored" category
due to lack of adequate information, and Fitch will no longer
provide ratings or analytical coverage of Astalaxmi.  The ratings
will remain in the "Non-Monitored" category for a period of six
months and be withdrawn at the end of that period.  However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".

Astalaxmi's ratings:

  -- INR155.6MM long-term bank loans: migrated to 'Fitch BB-
     (ind)nm' from 'Fitch BB-(ind)'

  -- INR50MM fund-based working capital limits: migrated to
     'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'

  -- INR7.5MM non-fund-based working capital limits: migrated to
     'Fitch A4+ind)nm' from 'Fitch A4+(ind)'


SRI GANESH: ICRA Assigns '[ICRA]B+' Rating to INR25cr Bank Loans
----------------------------------------------------------------
ICRA has assigned "[ICRA]B+/[ICRA]A4" ratings for the INR25 crore
bank facilities of Sri Ganesh Automotive Impex (P) Ltd.  The
ratings take into account the company's strong growth in
operating income within first three years of operations and
reputed clients being catered to.  The operating income is
expected to grow at a healthy rate supported by strong order book
with existing customers as well as expected addition of new
customers. The rating also considers SGAI's small scale of
operations, high client concentration risk due to high dependence
on three major customers and weak financial profile that may
further deteriorate with large capital expenditure planned during
the current year.

                       About Sri Ganesh

Sri Ganesh Automotive Impex Pvt. Ltd. is a manufacturer of forged
and machined auto components. The company is situated at Bhiwadi
(Rajasthan) with available area of more than 4000 sq. ft. The
company was started as a proprietorship firm (Ganpati Auto Impex)
in Oct 2006 and was converted into private limited in January
2008. It started as a tier-III supplier in auto ancillary
industry, and has now become a tier-II supplier.

Recent Results:

The company reported PAT of INR0.7 crore on an operating income
of INR15.4 crore during FY11 as per provisional financials.


SRI SALASAR: Fitch Migrates Rating on INR200MM Capital to Low-B
---------------------------------------------------------------
Fitch Ratings has migrated India-based Sri Salasar Balaji Agro
Tech Pvt. Ltd.'s 'Fitch B+(ind)' National Long-Term rating to the
"Non-Monitored" category.  This rating will now appear as 'Fitch
B+(ind)nm' on the agency's Web site.

The ratings have been migrated to the "Non-Monitored" category
due to lack of adequate information, and Fitch will no longer
provide ratings or analytical coverage of Salasar Balaji.  The
ratings will remain in the "Non-Monitored" category for a period
of six months and be withdrawn at the end of that period.
However, in the event the issuer starts furnishing information
during this six-month period, the ratings could be re-activated
and will be communicated through a "Rating Action Commentary".

Salasar Balaji's ratings:

  -- INR200MM fund-based working capital limits: migrated to
     'Fitch B+(ind)nm' from 'Fitch B+(ind)'

  -- INR810MM non-fund-based working capital limits: migrated to
     'Fitch A4(ind)nm' from 'Fitch A4(ind)'


SSK TRADING: CRISIL Assigns CRISIL B+ Rating to INR150MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SSK Trading Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR500 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR150 Million Proposed LT      CRISIL B+/Stable (Assigned)
   Bank Loan Facility
   INR300 Mil. Letter of Credit    CRISIL A4 (Assigned)
   INR50 Mil. Proposed Short-Term  CRISIL A4 (Assigned)
   Bank Loan Facility  

The ratings reflect SSK's large working capital requirements and
low margins leading to high reliance on bank debt and below
average debt protection metrics and exposure to risks related to
revenue concentration with respect to suppliers, geography, and
customers. These rating weaknesses are partially offset by the
extensive experience of SSK's promoters in the jewellery
business.

Outlook: Stable

CRISIL expects SSK's business risk profile to benefit over the
medium term on the back of promoters' extensive experience in the
Jewellery Industry and its established relationship with the
suppliers. The outlook may be revised to 'Positive' in case there
is a significant improvement in the company's margins leading to
improvement in debt protection metrics or there is an infusion of
equity and thus the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if company's working capital
requirements increases significantly or its margins deteriorate
further leading to weakening of its debt protection metrics or
there is sudden deterioration in relationship with key suppliers.

                        About SSK Trading

SSK was incorporated on Dec. 12, 2008, by Mr. Surender Kumar
Bansal and his wife, Mrs. Shefali Bansal. The company is a group
concern of Bansal Diamonds Pvt Ltd. SSK is engaged in wholesaling
and retailing of 18-carat gold and diamond jewellery and operates
from its showroom in Delhi.

SSK is a sole distributor of gold and studded jewellery
manufactured by Emerald Jewel Industry India Ltd and Derawala
Jewellery Industries Ltd for Northern India. The company also has
agency of AU Finja, Shree Ganesh Jewellery House Ltd, Shringar
(House of Mangalsutra) and other small players, such as Kalinga
Jewellers (Mumbai).

In 2010-11 (refers to financial year, April 1 to March 31), SSK
set up a showroom at Kucha Mahajan, Chandni Chowk (Old Delhi),
with which its retail sales contributed around 10 per cent to its
total revenues. The company is expanding its retail operations in
Chandigarh and Dwarka (Delhi).

SSK is estimated to have reported sales of INR5248 million for
2010-11, it reported a PAT of INR12.7 million on net sales of
INR4418 million for 2009-10 as against as against a PAT of
INR1.5 million on net sales of INR530 million for 2008-09.


SURBHI INDUSTRIES: ICRA Places '[ICRA]BB' Rating to INR4cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR4.00 crore cash
credit facility and INR14.50 crore term loan facility of Surbhi
Industries Limited.  ICRA has also assigned an '[ICRA]A4+' rating
to the INR1.50 crore non-fund based facility of SIL.  The outlook
on long term rating is stable.

The ratings are constrained by the small scale of company's
operations; vulnerability of profitability and cash flows to the
raw material price fluctuation and the high competitive intensity
in the business on account of fragmented nature of yarn
processing industry. While assigning the ratings ICRA has also
noted the satisfactory profitability and capital structure,
although the company's aggressive debt funded capacity expansion
plans in the near term are likely to exert pressure on the
leveraging levels going forward.

The ratings positively consider the SIL's entry into knitted
fabric segment which is expected to yield high realizations as
compared to the current product offerings. The ratings further
favorably factor the extensive experience of promoters in the
textile industry and the positive outlook for the man-made fiber
industry mainly due to increasing substitution of cotton by
polyester.

Incorporated in 1991, SIL is engaged in manufacturing of
texturised, twisted, filament and crepe yarns and trading of grey
fabric. The company also processes yarn on job work basis for
other local players. The company is a part of 'Surbhi' group of
companies which is engaged in similar line of business. SIL has
recently ventured into manufacturing of knitted fabric segment
with an installed capacity of 432,000 kgs. per annum.


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


TOKYO ELECTRIC: Submits Plan to Keep Plant Stable for Three Years
-----------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. submitted a
blueprint to regulators laying out steps to keep the wrecked
Fukushima nuclear plant stable for three years, a condition for
declaring the immediate crisis is over.

Bloomberg relates that TEPCO said in a statement that the plan
was filed on October 17 to Japan's Nuclear and Industrial Safety
Agency.  According to the report, the Facility Management Plan
outlines how TEPCO will maintain stable cooling of the reactors
and spent-fuel pools of the Fukushima Dai-Ichi plant, which has
six units, four of which were damaged in the March 11 earthquake
and tsunami.

"We received the document today and will have a hearing with
experts on the plan in Fukushima on Oct. 22," Bloomberg quotes
Yoshinori Moriyama, deputy director-general at NISA, as saying.
"We don't know when the evaluation of the plan will be
completed."

According to Bloomberg, Tepco and NISA said they're on track to
bring the reactors at the Fukushima station north of Tokyo into a
state known as cold shutdown by the end of the year.  Once the
plant is stabilized, the government may allow the return of some
of the 160,000 people in the area who were forced to flee
radiation, the report relays.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones'
Daily Bankruptcy Review, reported on Oct. 11, 2011, that a panel
advising the government on restructuring Tokyo Electric Power
said that ensuring the financial stability of the troubled
utility will be difficult without restarting halted nuclear
reactors, raising electricity prices and gaining deeper
concessions from creditors.

                        About Tokyo Electric

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

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

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


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


PIKE RIVER: Pays New Zealand Oil & Gas Limited NZ$38.3 Million
--------------------------------------------------------------
New Zealand Oil & Gas Limited advised that it has received
payments totaling NZ$38.3 million from the Receivers for Pike
River Coal Ltd, with a further NZ$3 million to be received
shortly.

The payments result from an agreement reached with PRCL's
insurers and a subsequent part-payment scheme for unsecured
creditors proposed by NZOG and the Receivers.

Earlier this month, the Receivers received a payment of NZ$80
million in full and final settlement in respect of material
damage and business interruption insurance claims associated with
the tragic events of Nov. 19, 2010.

Approximately NZ$6.3 million has been paid to the owners of
leased mining equipment arising from their priority rights,
leaving approximately NZ$73.7 million to put towards PRCL's
debts.

The Bank of New Zealand was a first ranking secured creditor owed
approximately NZ$23.7 million and has been paid in full.

As the other first ranking secured creditor, NZOG had legal
priority to all of the remaining monies.  However, NZOG
recognizes the huge and ongoing impact the tragic events have had
on the West Coast community.

It is a very complex situation that has gone well beyond a normal
receivership.  NZOG therefore supported the Receivers using some
of the insurance payout to make a voluntary early payment to all
unsecured creditors -- a decision which supports the sales
process and the prospects of the mine re-opening.

NZOG is pleased that unsecured creditors have voted unanimously
in favor of the proposal, under which they will receive a payment
of the first NZ$10,000 of their claim -- or their full claim if
less than NZ$10,000 -- and up to 20c in the dollar for any
balance above that amount, up to a capped aggregate amount of
NZ$10.5 million.

NZOG understands that over 240 creditors will be paid in full and
over 220 creditors will receive a part-payment.  Unsecured
creditors were not asked to reduce their total claim and will
still be entitled to claim for the full remaining balance, once
the Receivers complete the sales process.

NZOG has now received N$38.3 million from the Receivers in part
payment of the secured PRCL debt held by NZOG.  Under the early
payment plan, NZOG will in coming weeks receive NZ$3.0 million as
part payment of its unsecured debt.

In the past month, NZOG has advanced the Receivers further
funding under a short term loan facility to fund their ongoing
work, including stabilization and recovery of the access tunnel.

Since December 2010, the Receivership has been funded by the
balance of the NZ$12 million that NZOG advanced to PRCL following
the November 2010 explosion.

Last month, the Receivers advised NZOG that the available working
capital had nearly been exhausted.  Rather than the Receivers
retaining funds from the insurance settlement process for working
capital purposes, NZOG executed a NZ$5 million short term loan
agreement with the Receivers on terms similar to the previous
short term loan to PRCL.

As a loan direct to the Receivers, this loan has priority rights
over other secured and unsecured debt.  To date, the Receivers
have drawn down NZ$4.3 million from this facility.

NZOG is now owed a total of NZ$22.6 million in secured debt
(including the new advance) and NZ$15.3 million in unsecured debt
(which will be reduced by the NZ$3.0 million due from the early
payment plan).  NZOG also has a 29.4% shareholding in PRCL.

Chief Executive David Salisbury says NZOG, as a secured creditor,
has always sought to have a constructive influence.

"NZOG acknowledges the widespread impact this tragedy has had,
and that the support of the local community is crucial if the
sales process is to realise the full value of the assets and the
mine is to be safely reopened."

David Salisbury says NZOG is pleased that the Receivers are
working with PRCL staff and an Expert Panel to advance a plan to
reclaim the access tunnel, which is a necessary precursor to any
move to safely re-enter the mine or to attempt to recover the
men's remains.

                         About Pike River

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

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


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


3 DEGREES: Singapore Central Bank Asks Firm to Wind Down Assets
---------------------------------------------------------------
Bloomberg News reports that 3 Degrees Asset Management, a hedge
fund which helps manage $215 million, was asked by Singapore's
central bank to shutter its operations following allegations that
founder Moe Ibrahim diverted assets.

Bloomberg, citing a lawsuit filed with the Singapore High Court
this month, relates that 3 Degrees is trying to overturn a
decision by the Monetary Authority of Singapore and the finance
minister to withdraw its exempt fund manager status effective
Nov. 9 and ask it to wind down.  A closed hearing is scheduled
for Oct. 20, the report relays.

Bloomberg recalls that the MAS probed the Singapore-based manager
after one of its funds sued Indonesian-born Agus Anwar in 2008 to
recover at least $40 million in debt.  Bloomberg relates that
Mr. Anwar then claimed that Mr. Ibrahim diverted $6.7 million
from the fund to 3 Degrees, which is wholly owned by Mr. Ibrahim.
3 Degrees, which focuses on distressed debt, denied the
allegations in its lawsuit, the report notes.

3 Degrees said in its court filings that even if there was such a
transaction, it was neither "illegal or improper."  The hedge
fund manager said a fine would have been an appropriate
punishment, Bloomberg adds.

3 Degrees Asset Management Pte Ltd is a Singapore-based asset
management firm.


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


E. SUN BANK: Fitch Affirms Rating on NTD0.87-Bil. Bond at 'Dsf'
---------------------------------------------------------------
Fitch Ratings is maintaining E. Sun Bank 2007-2 CBO
Securitisation Special Purpose Trust's class A2 - rated
'AAAsf(twn)' -- on Rating Watch Negative (RWN).  The rest of the
classes have been affirmed.

The transaction is a static cash flow securitisation of a NTD-
denominated bond and USD-denominated principal protected notes
issued by Citigroup Funding Inc. (Citigroup, 'A+'/RWN).  The
rating actions are as follows:

  -- NTD5.64bn Class A2 zero coupon bond due February 2016:
     'AAAsf(twn)'; remains on RWN

  -- NTD1.72bn Class B interest deferrable coupon bond due
     February 2016: affirmed at 'BBB+sf(twn)'; Outlook Stable

  -- NTD0.87bn Class C interest deferrable coupon bond due
     February 2016: affirmed at 'Dsf(twn)'; Recovery Rating of
     'RR6'

The RWN on class A2 has been in place since 26 October 2010,
pending the resolution of the RWN on Citigroup.

"The principal repayment of the class A2 notes largely relies on
the proceeds from the redemption of the zero coupon bond issued
by Citigroup.  The resolution of the RWN on Citigroup is subject
to a decision on additional proposals to the Dodd-Frank rule,
which has not yet been finalised," says April Chen, Associate
Director in Fitch's Structured Finance team.

The credit quality of the current portfolio has remained stable
since the previous rating action in July 2011.  There are two
bonds in the current asset pool presenting high obligor
concentration risk, with Citigroup accounting for 97.4% of the
portfolio's notional balance as at the latest payment date in
August 2011. The other obligor in the portfolio is Taipei Fubon
Bank.

The rating of the class B notes reflects its first-to-default
risk of the portfolio; even if Citigroup's standalone rating is
stressed to 'A-', the first-to-default risk will still be
commensurate with 'BBB+sf(twn)'.  The class C notes are estimated
to suffer ultimate loss of over 90% of principal and capitalised
interest; this is reflected in the 'Dsf(twn)' rating.


                             *********

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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