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                      A S I A   P A C I F I C

           Monday, October 24, 2011, Vol. 14, No. 210

                            Headlines



A U S T R A L I A

CEC GROUP: Receivers to Sell 13 Property Parcels for AUD70-Mil.
EQUITITRUST: ASIC Raids Offices, Cancels Finc'l. Service License
EQUITITRUST: CEO, Other Board Members Step Down
EXTRASTAFF RECRUITMENT: Goes Into Administration
SUPERFINE PRINTING: Faces Liquidation as Focus Press Buys Assets

* Asbestos Error May Put Firm Into Administration


H O N G  K O N G

ALLIED INDUSTRIAL: Creditors' and Members' Meetings Set Nov. 8
AP ALPHA: Creditors' Proofs of Debt Due Nov. 21
ELECTRO THERMAL: Creditors' Proofs of Debt Due Nov. 22
FU MING: Creditors' First Meeting Set for Nov. 4
INFINITE EYEWEAR: Creditors' and Members' Meetings Set Nov. 8

KEY COMPANY: Members' Final General Meeting Set for Nov. 22
LEE SHING: Members' and Creditors' Meetings Set Nov. 9
OAKTREE INVESTMENTS: Creditors' and Members' Meetings Set Nov. 8
PRIME AUTHOR: Members' Final General Meeting Set for Nov. 28
ROTHSCHILD NOMINEES: Creditors' Proofs of Debt Due Nov. 21

SAGE WORLD: Placed Under Voluntary Wind-Up Proceedings
STRONG DAY: Creditors' Proofs of Debt Due Nov. 21
TANCROWN LIMITED: Creditors' Meeting Set for Nov. 11
VIDEOTEL MARINE: Members' Final Meeting Set for Nov. 22
YORKSHIRE BIHK: Members' Final Meeting Set for Nov. 22


I N D I A

ARTI SILK: ICRA Assigns '[ICRA]B+' Rating to INR12.12cr LT Loan
CAUVERY MEDICAL: ICRA Cuts Rating on INR74cr Loan to '[ICRA] D'
CHROMO LABORATORIES: ICRA Rates INR9.8cr Loan at '[ICRA]BB'
DIAM STAR: ICRA Reaffirms [ICRA]BB+ Rating on INR44cr Bank Loans
GENSYNTH FINE: ICRA Puts [ICRA]BB on INR12.27cr Fund Based Loans

GOLD STAR: ICRA Reaffirms '[ICRA]BB+' Rating on INR56.48cr Loan
GURUKRUPA AGRO: ICRA Assigns '[ICRA]B+' Rating to INR3.12cr Loan
HYDRIL PRESSURE: ICRA Cuts Rating on INR6.3cr Loan to '[ICRA]D'
INDHUMATHI REFINERIES: ICRA Reassigns Loan Rating to '[ICRA]B+'
KRISHNA ALEX: ICRA Assigns [ICRA]BB Rating to INR15cr Term Loans

LEXUS MOTORS: ICRA Assigns '[ICRA]BB-' Rating to INR30cr Loan
MOTIA DEVELOPERS: ICRA Puts '[ICRA]BB' Rating on INR37.71cr Loan
RAUNAK EXPORTS: ICRA Assigns [ICRA]BB- Rating to INR.0455cr Loan
SERWEL ELECTRONICS: ICRA Assigns [ICRA]BB Rating to INR18cr Loan
S.M. SUGARS: ICRA Assigns [ICRA]BB Rating to INR19cr Bank Limits

SUNALCO ALLOYS: ICRA Reaffirms '[ICRA]BB' Rating on INR38cr Loan
SUNRISE METALLIC: ICRA Assigns '[ICRA]B' Rating to INR20cr Loans
SURBHI TEXTILE: ICRA Assigns '[ICRA]BB+' Rating to INR8cr Loan
VEDANTA RESOURCES: S&P Gives 'BB' Rating on $500-Mil. Bank Loan


I N D O N E S I A

BAKRIE SUMATERA: Wins Shareholders OK to Use Assets as Collateral


J A P A N

CAFES 3: Moody's Reviews 'Ba2' Rating of Class C Notes
MF2 ALPHA: S&P Lowers Rating on JPY7-Bil. Unsecured Bonds to CCC
MF2 SENIOR: S&P Lowers Rating on Class A4 ABL to 'B-'
JLOC 39: S&P Lowers Rating on Class D Certificates to 'CCC'
JLOC XXXI: S&P Affirms Rating on Class D Certificates at 'CCC'


K O R E A

* SOUTH KOREA: Brokerages Compete to Buy Insolvent Savings Banks


N E W  Z E A L A N D

WINDFLOW TECHNOLOGY: Gets Lifeline from Undisclosed Shareholder


S I N G A P O R E

EVANSON INTERNATIONAL: Creditors Get 18.95% Recovery on Claims
IUT SINGAPORE: Creditors' Proofs of Debt Due Oct. 31
SPA CONCEPTS: Court Enters Wind-Up Order
WMC TRADING: Creditors Get 100% Recovery on Claims


                            - - - - -


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


CEC GROUP: Receivers to Sell 13 Property Parcels for AUD70-Mil.
---------------------------------------------------------------
Bridget Carter at The Australian reports that nearly five months
after the collapse of the Cairns-based CEC Group, receivers will
place almost 900 hectares of undeveloped land it once owned on
the market.

The Australian says Colliers International's Cairns managing
director, Stacey Quaid, will this month begin marketing the 13
property parcels from Cooktown to Townsville, which will be sold
either individually or in one line.  The land is believed to be
worth about AUD70 million, the report discloses.  Major parcels
include Jashers Farm in Cairns's southern suburb of Edmonton, a
46ha industrial land holding with approval for a 128-lot business
park.

According to The Australian, receiver Keith Crawford of
McGrathNicol said most of the land was in the southern Cairns
corridor, but there were some Townsville assets as well.

"What CEC had was land in different stages of its life cycle and
what we find ourselves marketing is everything from titled lots
in established developments, all the way through to rural land
that is suitable for development," the report quotes Mr. Crawford
as saying.

A deed of company arrangement was put forward and had been voted
on, but attempts to meet certain conditions with time limits of
this month were unsuccessful, The Australian discloses.

The report states that it is understood that the options for the
company are for a new deed of company arrangement or liquidation.

Mr. Crawford was also the receiver to CEC's subsidiary CEC
Constructions, which would be placed into liquidation, the report
notes.

"We were hopeful to sell the business, but there simply wasn't
the appetite," Mr. Crawford said.

According to the news agency, Mr. Quaid said land previously
owned by Capital Globe was also being sold by receivers in north
Queensland.  The 18-hectare development site on Captain Cook
Highway at Cairns's northern beaches was also being marketed by
Colliers, with expressions of interest closing on November 17,
the report adds.

                          About CEC Group

The CEC Group has been operating in Australia for over 30 years.
Publicly floated in 2004, the company has grown to become a
significant entity in the construction and property development
markets, specifically in regional Australia.

In May 2011, secured lender Commonwealth Bank appointed Chris
Honey and Keith Crawford of McGrathNicol as joint administrators
over CEC Group.  The Group owed approximately AUD70 million to
CBA.  On May 6, 2011, Chief Executive Officer Roy Lavis appointed
voluntary administrators to CEC Constructions.


EQUITITRUST: ASIC Raids Offices, Cancels Finc'l. Service License
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that the Australian
Securities and Investments Commission has reportedly raided the
offices of fund management group Equititrust, also removing the
company's financial services license.

SmartCompany relates that the reported raid comes after years of
trouble for the firm, which has frozen investors' funds after it
suffered significant damage during the financial crisis.
Creditors have reportedly demanded a restructure of the entire
company, which is suffering under millions of debt, while the
board was completely restructured in June, according to the
SmartCompany.

Founder Mark McIvor stepped down as chief executive in June, the
report notes.

SmartCompany reports that the company said in a statement
released on Oct. 20 that statutory accounts and compliance audits
were in arrears for the financial year ending June 2011.  The
company also said there was "an absence of a consolidated
integrated database across the property assets".

According to the news agency, the company confirmed the board has
appointed a review of its statutory accounts, and has planned to
undertake a full forensic audit and review of the company's files
"to ensure a responsible and efficient management of the wind up
of the fund's property assets", with a qualified forensic
investigator to be applied.

SmartCompany relates that the board also "affirmed its absolute
commitment to working with regulators and creditors to ensure
fairness and transparency . . . and affirmed its commitment to a
program of asset realisation to pay out Equititrust's debts to
the banks as a matter of priority".

But this statement comes as a new report from the Courier Mail
indicates that former board member David Tucker has filed an
application in the Queensland Supreme Court to have an insolvency
expert oversee Equititrust's liquidation, SmartCompany reports.

SmartCompany relates that Mr. Tucker has reported as saying in
the report that Mr. McIvor is not fit or able to be in control of
the winding up of Equititrust's Income Fund.

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

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

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

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


EQUITITRUST: CEO, Other Board Members Step Down
-----------------------------------------------
Anthony Marx at The Courier-Mail reports that troubled Gold Coast
fund manager Equititrust has suffered another shake-up at the
top, with the chief executive and a majority of board members
stepping down.

According to the report, former chief executive David Kennedy
said he had "ceased to act as CEO by mutual agreement" with the
company's founder and sole shareholder, Mark McIvor.

The Courier-Mail says non-executive chairman John Goddard and
director Craig Treasure, both of whom were appointed only last
October, have also resigned.  Board member Warwick Powell has
decided to stay after taking up the post earlier this month.

The board departures, effective on Oct. 20, follow removal of
director David Tucker and the resignation of newly-appointed
director Harvey Parker earlier this month, according to the
report.

The exodus is understood to have stemmed from anger over
Mr. McIvor's changes to the company constitution to oust
Mr. Tucker, who came aboard only last September, The Courier-Mail
relays.

The Courier-Mail notes that the two men are believed to have
clashed over the direction of the company's floundering
AUD159 million Income Fund, which has been frozen for three years
and will be wound up.

"They chose to step down after Mark sought to remove David
Tucker," The Courier-Mail quotes a source close to the company as
saying.

Mr. McIvor refused to comment but it is believed that he has
appointed Troy Bingham as new chief executive and brought in two
new board replacements, the report relays.

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

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

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

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


EXTRASTAFF RECRUITMENT: Goes Into Administration
-------------------------------------------------
SmartCompany reports that Extrastaff Recruitment has been placed
into administration with Rob Kirman and Sam Davies of
McGrathNichol in Adelaide appointed administrators on Oct. 17.

A creditors' meeting will be held on October 27.

The company has offices in Adelaide, Mawson Lakes, Marion,
Brisbane, North Sydney, Albury and Melbourne.  Its New Zealand
business was sold in August, according to SmartCompany.

Two years ago, Managing Director Declan Rowan told SmartCompany
in an interview that although the recruitment industry had been
hammered during the GFC, with talk 30% of the industry had been
wiped out, Extrastaff Recruitment had managed to trade profitably
through the downturn.  Mr. Rowan said Extrastaff Recruitment was
focused on growing a national network, with an office planned for
Perth, the report relates.

Mr. Rowan and his brother Piers bought out the company from his
parents about six years ago, SmartCompany recalls.

A report into the recruitment industry by IBISWorld 12 months ago
tipped growth in the employment placement services industry would
strengthen in 2011-12, due to Australia's strong economy and
relatively low unemployment, but said high levels of industry
competition would pressure margins, SmartCompany discloses.

IBISWorld said although outsourcing recruitment by business and
government would continue, overall "this remains a relatively
low-margin industry due to its highly competitive nature,"
SmartCompany notes.

Headquartered in Adelaide, Extrastaff Recruitment is a family-
owned recruitment company.  It specializes in office support
staff, industrial staff, senior executive staff, finance and
accounting staff, engineering and technical staff, IT staff and
health staff.


SUPERFINE PRINTING: Faces Liquidation as Focus Press Buys Assets
----------------------------------------------------------------
ProPrint reports that Focus Press has picked up the business
assets and 20 former workers from failed printer Superfine
Printing, six months after a 'Superfine in Focus' joint venture
was scrapped.

ProPrint relates that the move comes after a scheduled auction of
the Superfine's assets late last month was shelved by the
administrators Dean Wilcocks Shephard.

Auction house Dominion Group posted a last-minute cancellation
notice on its Web site under "order of the administrators of
Superfine Printing," according to ProPrint.

Administrator Adam Shepard told ProPrint that the auction was
cancelled because secured creditor NAB had managed to sell
Superfine's assets to Focus Press.

According to the report, Focus Press managing director David
Fuller confirmed that he had taken on the company's assets,
including a 10-colour Heidelberg perfector.  He added that he had
employed 20 of Superfine's workers, including some executive
staff, the report relays.

"I have bought the assets of Superfine Printing. The company is
still in administration. I'm not privy to the legal aspects of
this," ProPrint quotes Mr. Shepard as saying.

"We will be calling a meeting for creditors to hopefully resolve
to liquidate the company in the next few weeks."

Mr. Shepard said Superfine's unsecured creditors would not secure
a dividend and that insolvent trading investigations would be
made against its previous directors, ProPrint adds.

                     About Superfine Printing

Based in Sydney, Australia, Superfine Printing Co. Pty. Ltd. --
http://www.superfine.com.au/-- is a wholly owned private
company, which specialises in quality Graphic Reproduction and
Lithographic Printing.

Insolvency specialists Dean Willcocks Shepard were appointed as
the company's voluntary administrators on May 14, 2011.


* Asbestos Error May Put Firm Into Administration
-------------------------------------------------
Kieran Campbell at Sunshine Coast Daily reports that an asbestos
blunder that forced a home to be evacuated could send a
commercial cleaning company into administration.

The owner of the Sunshine Coast-based cleaner has committed to
compensating the residents of two homes which were covered in
asbestos dust at Moffat Beach, according Sunshine Coast Daily.

The owner of the cleaning company, who asked not to be named,
told Sunshine Coast Daily in an interview that the error would be
costly to his business.

"It was an honest mistake and it will probably send the company
into administration," the report quoted the unnamed owner as
saying.

The commercial cleaning company had agreed to pay specialists to
clean the contamination and replace furniture, air conditioners
and anything else damaged, Sunshine Coast Daily notes.

The damage is predicted to cost up to $40,000, with every fabric
surface and all organic matter, including gardens and pavers,
needing to be replaced, the report adds.

Workplace Health and Safety is investigating the contamination.


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


ALLIED INDUSTRIAL: Creditors' and Members' Meetings Set Nov. 8
--------------------------------------------------------------
Creditors and members of Allied Industrial Limited will hold
their annual meeting on Nov. 8, 2011, at 2:30 p.m., at the office
of FTI Consulting (Hong Kong) Limited, Level 22, The Center, at
99 Queen's Road Central, Central, in Hong Kong.

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


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

The company commenced wind-up proceedings on Oct. 12, 2011.

The company's liquidator is:

         Chan Mei Bo Mabel
         Suites 2208-11, 22nd Floor
         Tower One, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


ELECTRO THERMAL: Creditors' Proofs of Debt Due Nov. 22
------------------------------------------------------
Creditors of Electro-Thermal-Technologies & Components Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Nov. 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2011.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


FU MING: Creditors' First Meeting Set for Nov. 4
------------------------------------------------
Creditors of Fu Ming Transport Company Limited will hold their
meeting on Nov. 4, 2011, at 10:30 a.m., for the purposes provided
for in Sections 241 (as modified by Section 228A), 242, 243, 244
and 251 of the Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, at No. 15, Hennessy Road, Wanchai, in Hong
Kong.


INFINITE EYEWEAR: Creditors' and Members' Meetings Set Nov. 8
-------------------------------------------------------------
Creditors and members of Infinite Eyewear Limited will hold their
annual meeting on Nov. 8, 2011, at 3:30 p.m., at the office of
FTI Consulting (Hong Kong) Limited, Level 22, The Center, at 99
Queen's Road Central, Central, in Hong Kong.

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


KEY COMPANY: Members' Final General Meeting Set for Nov. 22
-----------------------------------------------------------
Members of The Key Company Limited will hold their final general
meeting on Nov. 22, 2011, at 10:00 a.m., at 23rd Floor, Tung Hip
Commercial Building, at 244 Des Voeux Road Central, in Hong Kong.

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


LEE SHING: Members' and Creditors' Meetings Set Nov. 9
------------------------------------------------------
Members and creditors of Lee Shing Yue Construction Company
Limited will hold their meetings on Nov. 9, 2011, at 3:00 p.m.,
and 3:15 p.m., respectively at Room 32B1, 32nd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


OAKTREE INVESTMENTS: Creditors' and Members' Meetings Set Nov. 8
----------------------------------------------------------------
Creditors and members of Oaktree Investments Limited will hold
their annual meeting on Nov. 8, 2011, at 3:00 p.m., at the office
of FTI Consulting (Hong Kong) Limited, Level 22, The Center, at
99 Queen's Road Central, Central, in Hong Kong.

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


PRIME AUTHOR: Members' Final General Meeting Set for Nov. 28
------------------------------------------------------------
Members of Prime Author Limited will hold their final general
meeting on Nov. 28, 2011, at 3:00 p.m., at Unit 2605, Island
Place Tower, at 510 King's Road, North Point, in Hong Kong.

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


ROTHSCHILD NOMINEES: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------------
Creditors of Rothschild Nominees (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 11, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


SAGE WORLD: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Oct. 15, 2011,
creditors of Sage World Kids' Land Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Charles Kong Cheung On
         Room 1613, 16/F
         Miramar Tower, 132 Nathan Road
         Tsimshatsui, Kowloon
         Hong Kong


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

The company commenced wind-up proceedings on Oct. 11, 2011.

The company's liquidators are:

         Cheng Kwok Wai David
         Lee Yuen Han Hope
         20/F, Fung House
         No. 19-20 Connaught Road
         Central, Hong Kong


TANCROWN LIMITED: Creditors' Meeting Set for Nov. 11
----------------------------------------------------
Creditors of Tancrown Limited will hold their meeting on Nov. 4,
2011, at 11:00 a.m., for the purposes provided for in Sections
241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Units 2205-07, 22/F, China Merchants
Building, at 303-307 Des Voeux Road Central, in Hong Kong.


VIDEOTEL MARINE: Members' Final Meeting Set for Nov. 22
-------------------------------------------------------
Members of Videotel Marine International (Asia) Limited will hold
their final meeting on Nov. 22, 2011, at 3:00 p.m., at Room 401,
4/F, Yu Sung Boon Building, at 107-111 Des Voeux Road Central, in
Hong Kong.

At the meeting, Li Kwok On and Kam Ka Woo Annie, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


YORKSHIRE BIHK: Members' Final Meeting Set for Nov. 22
------------------------------------------------------
Members of Yorkshire BIHK Limited will hold their final general
meeting on Nov. 22, 2011, at 10:00 a.m., at Level 28 Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


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I N D I A
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ARTI SILK: ICRA Assigns '[ICRA]B+' Rating to INR12.12cr LT Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.12 crore
long-term, fund based facilities of Arti Silk Mills Private
Limited. ICRA has also assigned an '[ICRA]A4' rating to ASMPL's
INR0.05 crore short-term, non-fund based facility.

The ratings are constrained by ASMPL's modest scale of operations
and weak financial position characterized by highly leveraged
capital structure with gearing levels of 5.41 times as on
March 31, 2011, poor profitability margins and weak coverage
indicators. Further, the company operates in a highly fragmented
polyester yarn manufacturing industry where it is exposed to
intense competition from small unorganized as well as large
organized players. The ratings are further constrained on account
of vulnerability of profitability to adverse fluctuations in POY
prices which are linked to crude oil prices; however the company
has been able to partially pass on these price rises onto its
customers in the past through price revisions of its products.

The ratings, however, favorably factor in the long experience of
the promoters in textile industry; the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units and the diversified
clientele base of the company. The ratings also factor in the
positive demand outlook expected for man-made fibres.

                           About Arti Silk

Arti Silk Mills Pvt. Ltd. was incorporated in the year 2007 and
is engaged in the manufacturing of polyester texturised yarns.
The company is promoted by Mr. Sanjay Kejriwal and Mr. Rajendra
Agarwal and has its manufacturing unit located at Surat with an
annual installed capacity of 4125 MTPA.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR40.19 crore and profit after tax of
INR0.18 crore as against INR11.98 crore of operating income and
INR0.06 crore of profit after tax for the financial year 2009-
10*. (*6 months of manufacturing operations).


CAUVERY MEDICAL: ICRA Cuts Rating on INR74cr Loan to '[ICRA] D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR74.00
crore term loan of Cauvery Medical Center Limited from 'LB' to
'[ICRA] D'.

The rating action reflects the weak financial profile of the
company resulting in the inability to honor its interest
obligations and term loan repayment and delays in project
implementation. Further, the rating is constrained by the fact
that CMCL is yet to demonstrate its ability to achieve targeted
occupancies and adequate cashflows.  The rating also reflects
exposure to high competitive intensity in the Bangalore market
and geographical concentration risk owing to its single location
presence. Nevertheless, we draw comfort from the commercial
viability of the project in terms of location attractiveness and
state of the art infrastructure developed so far, the strong
promoter group consisting of renowned NRI doctors in the US and
adequate land bank adjacent to the medical center that could be
used to meet the debt obligations and fund the expansion.

Going forward, CMCL's and its promoters' ability to generate
funds for timely debt servicing and planned expansion and ability
to attract and retain medical talent would be the key sensitive
factors for the rating.

                       About Cauvery Medical

Cauvery Medical Center Limited was incorporated in 1987 by a
group of US based doctors who came together to form a company
Cauvery Medical International. CMI is the majority shareholder in
CMCL, which is now headed by Dr G R Ravi Kumar. CMCL planned to
set up a 350 bed multi specialty hospital in Bangalore; due to
shortage of funds the expansion plans have been deferred and only
65 in-patient beds are operational as of date. CMCL entered into
an alliance with Sankara Netralaya to offer services in
ophthalmology in CMCL premises and discussion is underway for
similar alliances in the near future.

Recent results:

For FY2010-11, the company has reported an operating income of
INR6.56 crore and negative PAT of INR15.79 crore.


CHROMO LABORATORIES: ICRA Rates INR9.8cr Loan at '[ICRA]BB'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR9.80
crore fund based limits and short term rating of '[ICRA]A4' for
INR0.60 crore non-fund based limits of Chromo Laboratories India
Private Ltd.  The long term rating carries a stable outlook.

The assigned ratings factor in the long experience of promoters
in the pharmaceutical industry; diversified product portfolio
with manufacturing capabilities for producing various active
pharmaceutical ingredients (APIs) & intermediates and healthy
capacity utilization for the past few years coupled with increase
in capacity year on year. The ratings also factor in strong
growth in operating income with a CAGR of 121% during 2007 to
2011 coupled with improving operating margins and reputed client
list with players like Dr Reddy Labs Limited, Aurobindo Pharma
Limited, Hetero Drugs Limited, Matrix Laboratories Limited and
Cadila Pharmaceuticals Limited as customers. However, the ratings
are constrained by high client concentration risk with more than
49% sales being to DRL followed by 36% of sales to a group
company though the risk is mitigated to an extent by long
standing relationship with DRL; moderate operating margins on
account of more than 42% sales contribution from intermediate
sales wherein the margins are lower than API sales and modest
scale of operations limiting economies of scale benefits. The
ratings are further constrained by moderate financial risk
profile characterized by gearing of 1.40 times as on 31 Mar 2011,
interest coverage ratio of 4.9 times and NCA/debt of 32% for
FY2011 and vulnerability of operating margins to raw material
price escalations as the company has limited pricing power in
passing price increases to customers.

                     About Chromo Laboratories

Chromo Laboratories India Pvt. Ltd is a Hyderabad based
manufacturer of drug intermediates and active pharmaceutical
ingredients (API). The company's manufacturing facility is
located at Pashamylaram, near Patancheru, which is 27 KM from
Hyderabad. The facilities are ISO 14000 certified and comply with
CGMP guidelines. The company was managed by Mr. B. Ananda Reddy
and Mr. B. Sri Ram Reddy, who had earlier worked at DRL for more
than 15 years. Gensynth Fine Chemicals (P) Ltd acquired CLIPL in
the year 2006.

Recent Results:

For FY2011 (provisional), the company reported a turnover of
INR37.3 crore and a PAT of INR0.76 crore.


DIAM STAR: ICRA Reaffirms [ICRA]BB+ Rating on INR44cr Bank Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' and '[ICRA]A4+' ratings to
the INR44.00 Crore fund and non fund based bank facilities of
Diam Star Jewellery (India) Pvt. Ltd.  The long-term rating has
been assigned a 'Stable' outlook. The fund and non fund based
limits are rated on both the scales though the total utilization
should not exceed INR44.00 Crore at any point of usage.

The ratings continue to factor in DJPL's thin profitability,
modest coverage indicators and high receivables position, which
affect its liquidity position. The ratings also take into account
the susceptibility of DJPL's margins to foreign exchange
fluctuations and volatility in gold prices and DJPL's
concentrated client base with significant portion of sales made
to group concerns. The ratings, however, favorably factors in the
experience of the promoters in the gems & jewellery business and
DJPL's comfortable capital structure at present.

                          About Diam Star

Established in 2002, Diam Star Jewellery Pvt. Ltd. is engaged in
export of gold jewellery and diamond studded gold jewellery. The
company's sales are primarily export driven. The manufacturing
unit & export office are situated at SEEPZ, Mumbai. DJPL is a
part of Gold Star group which has companies engaged in processing
of diamonds, manufacturing gold jewellery and diamond studded
gold jewellery.

Recent Results:

DJPL recorded a net profit of INR1.42 Crore on an operating
income of INR95.66 Crore for the year ended March 31, 2011 and
net profit of INR0.51 Crore on an operating income of INR101.34
Crore for the year ending March 31, 2010.


GENSYNTH FINE: ICRA Puts [ICRA]BB on INR12.27cr Fund Based Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR12.27
crore fund based limits and short term rating of '[ICRA]A4' for
INR1.00 crore non-fund based limits of Gensynth Fine Chemicals
(P) Ltd.  Further, ICRA has assigned [ICRA]BB/[ICRA]A4 ratings to
the INR0.73 crore unallocated limits of GFCPL. The long term
rating carries a stable outlook.

The assigned ratings factor in the long experience of promoters
in the pharmaceutical industry; diversified product portfolio
with manufacturing capabilities for producing various API
intermediates and healthy capacity utilization for the past few
years coupled with increase in capacity year on year. The ratings
also factor in strong growth in operating income with a CAGR of
103% during 2007 to 2011 coupled with improving operating margins
and reputed client list with players like Dr Reddy Labs Limited,
Jubilant Organosys Limited, Actavis Pharmaceuticals as customers.
However, the ratings are constrained by high client concentration
risk with more than 51% sales to DRL followed by 24% of sales to
a group company though the risk is mitigated to an extent by long
standing relationship with DRL; moderate operating margins on
account of presence only in API manufacturing and modest scale of
operations limiting economies of scale benefits. The ratings are
further constrained by moderate financial risk profile
characterized by gearing of 1.40 times as on March 31, 2011,
interest coverage ratio of 5.16 times and NCA/debt of 31% for
FY2011 and vulnerability of operating margins to raw material
price escalations as the company has limited pricing power in
passing price increases to customers.

                        About Gensynth Fine

Gensynth Fine Chemicals (P) Ltd was incorporated in the year 2004
and it produces more than 20 different drug intermediates. The
company was promoted by Mr. B. Ananda Reddy and Mr. B. Sri Ram
Reddy, who had earlier worked at DRL for more than 15 years. The
manufacturing facility is located at Pashamylaram, near
Patancheru, which is around 27 KM from Hyderabad. The facilities
are ISO 14000 certified and comply with CGMP guidelines. GFCPL
acquired Chromo Laboratories India Private Ltd. (CLIPL) in the
year 2006. CLIPL is into manufacturing of drug intermediates and
active pharmaceutical ingredients (API).

Recent Results:

For FY2011 (provisional), the company reported a turnover of
INR53.9 crore and a PAT of INR0.99 crore.


GOLD STAR: ICRA Reaffirms '[ICRA]BB+' Rating on INR56.48cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB+' and '[ICRA]A4+' to
the INR56.48 Crore fund-based bank facilities of Gold Star
Diamond Pvt. Ltd.  The long-term rating has been assigned a
'Stable' outlook. The fund based limits are rated on both the
scales though the total utilization should not exceed INR56.48
Crore at any point of usage.

The ratings re-affirmation takes into account GSDL's adverse
capital structure and the stretched liquidity profile
characterized by working capital borrowings on account of high
inventory pile-up and slow debtor realizations. The ratings are
also constrained by the company's weak financial risk profile.
The ratings however favorably factors in the experience of the
promoters in the gems & jewellery business, the operational
backing from the group concerns engaged in similar line of
business and the sourcing benefits enjoyed by the company, being
a DTC sight holder since last two decades.

                          About Gold Star

Promoted by Mr. Satish Shah and his sons, Gold Star Diamond Pvt
Ltd commenced business in 1967. GSDL is engaged in processing and
export of cut and polished diamonds. The company entered the
windmill business in 2006-07.

GSDL has a diamond processing facility at Surat and an office in
Mumbai. GSDL is part of the Gold Star Group, which has companies
involved in diamond studded gold jewellery business with a
presence in India and International markets. GSDL deals in
diamonds of size up to 2 carats.

Recent Results:

GSDL recorded a net profit of INR3.04 Crore on an operating
income of INR150.88 Crore for the year ended March 31, 2011
(unaudited figures) and net profit of INR1.55 Crore on an
operating income of INR146.34 Crore for the year ending March 31,
2010.


GURUKRUPA AGRO: ICRA Assigns '[ICRA]B+' Rating to INR3.12cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR3.12 crore term
loan, INR5.00 crore cash credit facility and INR3.38 crore
proposed unallocated limit of Gurukrupa Agro Proteins Private
Limited.

The rating are constrained by the limited track record of the
company's operations, weak financial profile of the company as
reflected by thin operating and net margins due to inherently low
value addition in the business and highly stretched capital
structure on account of high working capital borrowings The
rating also incorporates lack of diversification in the product
profile which heightens the threat of substitution from other
cheaper substitutes and susceptibility of the cotton seed oil
prices to seasonality and crop harvest. The rating, however,
consider the long experience of the promoters in the cotton
industry and the advantage the company enjoys by virtue of its
location in cotton producing region giving it easy access to raw
cotton seed oil. The rating further lakes note of positive demand
outlook for edible oil in India.

                        About Gurukrupa Agro

Gurukrupa Agro Proteins Pvt Ltd. was incorporated in the year
2008 by Mr. Harishbhai M Rughani and is engaged in cotton seed
oil refining. The company started commercial production from
August 2009. The manufacturing unit is located at Rajkot-
Jamnagar Highway, Gujarat with a refining capacity of 100 MTPD.

Recent Results

During FY 2011, the company reported net profit of INR0.06 Cr on
an operating income of INR67.42 crore as against net loss of
INR0.53 crore on an operating income of INR18.15 crore for FY
2010.


HYDRIL PRESSURE: ICRA Cuts Rating on INR6.3cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has downgraded the long-term rating from 'LB+' to '[ICRA]D'
to the INR6.3 crore term loans and INR2.0 crore cash credit
facilities of Hydril Pressure Control Private Limited.  ICRA has
also downgraded the short-term rating from 'A4' to '[ICRA]D' to
the INR3.0 crore bank guarantee facilities of Hydril.

The ratings' revision factors in the delays in servicing of term
loan. The ratings are also constrained by the high dependence of
Hydril on the Exploration & Production cycle, limited track
record, and, adverse financial profile with accumulated losses
and high debt.

Hydril Pressure Control Private Limited was incorporated on
Oct. 5, 2005, by Mr. Reji Abraham, Chairman and Managing Director
of Aban Offshore Limited and Mr. P. Venkateswaran, Deputy
Managing Director of Aban in collaboration with Hydril Pressure
Control, USA.  GE Oil & Gas business acquired Hydril Pressure
Control, USA from Tenaris, USA in April 2008. The company is
primarily into manufacturing and refurbishing of blow-out
preventers (BOP). Its plant was completed in September 2008 and
began to generate revenues since November 2008. The company is
closely held by the Aban Group, which holds a significant stake.

The company achieved operating income and made net loss of
INR4.3 crore and INR3.1 crore, respectively, during 2010-11.


INDHUMATHI REFINERIES: ICRA Reassigns Loan Rating to '[ICRA]B+'
---------------------------------------------------------------
ICRA has reassigned the long term rating of 'LB+' to '[ICRA]B+'
on the INR11.0 crore term loans and INR15.0 crore cash credit
limits of Indhumathi Refineries Private Limited.  ICRA has also
re-assigned the short term rating of 'A5' to '[ICRA]A4' on the
INR70.0 crore letter of credit facilities of Indhumathi.

Indhumathi Refineries Private Limited, incorporated in 2008, is
an edible oil trading company in New Washermanpet, Chennai,
promoted by the first-generation entrepreneurs Mr. Shenbegan and
Mr. Rajan. Prior to the incorporation of Indhumathi, the
promoters had similar business interests through a partnership
entity which has since ceased operations. The company imports
refined, bleached and deodorized (RBD) palm olein predominantly
from Malaysia and sells in wholesale and retail markets. The
company currently has four storage tanks of 4400 kilo litres and
a packaging unit located in Chennai and one storage tank of 1600
kilo litres in Virudhunagar district. The entire shareholding of
the company is by the promoters and their relatives.


KRISHNA ALEX: ICRA Assigns [ICRA]BB Rating to INR15cr Term Loans
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR16 crore fund-
based limits and INR15 crore term loans of Krishna Alex Private
Limited.  The outlook on the long term rating is 'Stable'. ICRA
has also assigned an '[ICRA]A4' rating to the INR15 crore non-
fund based limits of KAPL.

The ratings factor in the experience of the promoter's of KAPL,
who have around three decades of experience in the aluminium
industry by virtue of their being the authorized dealer of Jindal
Aluminium Limited, the presence of a foundry unit and in-house
die-making facilities which results in partially backward
integrated nature of operations, the established distribution
network which helps in marketing of the products and the expected
increase in the scale of KAPL's operations post the ongoing
capital expenditure (capex).  The ratings take into account the
weak financial profile characterized by an adverse capital
structure and depressed levels of coverage indicators. The rating
also factors in the low bargaining power of the company against
its raw-material suppliers, which include primary aluminium
producers, advance payments to whom leads to high working capital
intensive nature of operations and the exposure to the volatility
in the raw-material prices i.e aluminium. KAPL's requirement to
import raw-material i.e. aluminium scrap, exposes the company to
foreign exchange fluctuations; however, partial hedging mitigates
the risk to some extent. ICRA notes that without additional
equity infusion from the promoters, the capital structure of KAPL
is expected to remain aggressive over the medium term.

                       About Krishna Alex

Krishna Alex Private Limited was incorporated in 2002. It is
primarily engaged in the manufacturing of aluminum extrusions
with a current installed extrusion capacity of 11,090 metric tons
per annum (mtpa) and a foundry capacity of 11,000 mtpa at its
manufacturing facility located in Sankrail, West Bengal.

Recent Results:

In FY11, the company reported a profit after tax (PAT) of
INR1.27 crores on the back of an operating income of INR53.36
crore. In FY10, the company reported a profit after tax (PAT) of
INR0.75 crore on the back of an operating income of INR57.70
crore.


LEXUS MOTORS: ICRA Assigns '[ICRA]BB-' Rating to INR30cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR30.00 crore
cash credit facility of Lexus Motors Limited.  The outlook on the
long term rating is stable.

The rating factors in the promoter's experience in the auto
dealership business with a track record of over two decades and
the established market position of LML in Kolkata as an
authorized dealer of Tata Motors Limited for commercial vehicles
and passenger cars. The rating is, however, constrained by the
intense competition and inherently low margins that characterize
the auto dealership business, the high interest rate and fuel
prices prevailing in the country, which may impact business
growth in the near term, and the weak financial profile of the
company as reflected by an aggressive capital structure and
depressed level of coverage indicators. ICRA also notes that the
company's planned debt funded capital expenditure may further
impact its capital structure and liquidity position going
forward.

                         About Lexus Motors

LML, incorporated in 1991, is TML's authorized dealer for the
sale of its entire range of commercial vehicles and passenger
cars, as well as for services of passenger cars and sale of
spares in and around Kolkata, West Bengal. LML has five
showrooms, four workshops and six customers connect points spread
across Kolkata. The company also trades in pre owned cars. The
day to day operations of the company are managed by its promoter-
director Mr. Binod Kumar Agarwal.

Recent Results:

The company has reported a net profit of INR1.27 crore on an
operating income of INR715.35 crore during 2010-11; as compared
to a net profit of INR1.05 crore on an operating income of
INR515.48 crore during 2009-10.


MOTIA DEVELOPERS: ICRA Puts '[ICRA]BB' Rating on INR37.71cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR37.71 crore long term
fund-based facilities and INR0.31 crore long term non-fund based
facilities of Motia Developers Private Limited.  The outlook on
the long term rating is stable.

The rating takes into account execution risk arising out of
significantly large scale project, currently being executed by
the company in relation to its past projects; this project, i.e.
Royal City is currently in nascent stage of development, which
further heightens the execution risks. Further the company is
highly dependent on the promoter funding and timely collection of
advances from its customers to make the balance land payments
towards this project. Notwithstanding the above concerns, the
rating takes comfort from the attractive location of the Royal
Citi project, which has resulted in encouraging response for the
project as reflected by high level of booking and customer
advances. Further the company has also planned to launch the
Royal Citi project in three phases, which will partially mitigate
the funding and execution risks.  The rating also draws comfort
from the low approval risks for the Royal Citi project and
established track record of promoters in the local real estate
market with their completed projects fully sold and occupied by
residents.

Going forward, timely collections from the already sold units and
promoter funding will be crucial factors towards meeting the
balance land payment in near term and subsequently for completion
of project within budgeted cost and time. Hence the extent of
promoter funding support and collection performance from existing
sales will remain key rating sensitivities.

                       About Motia Developers

Motia Developers Private Limited is a closely held company
engaged in residential and commercial real estate projects in
satellite towns of Chandigarh. The company has completed one
residential project in Zirakpur, Punjab (Group housing, 156
flats, 0.3 msf). Also, the company has also completed first phase
of its maiden commercial project at Baddi, Himachal Pradesh (0.15
msf), and recently launched its most ambitious project, 'Royal
Citi' (980 flats + 0.35 msf commercial space) in Zirakpur,
Punjab.


RAUNAK EXPORTS: ICRA Assigns [ICRA]BB- Rating to INR.0455cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR0.0455 crore
term loan and INR7.0 crore cash credit facilities of Raunak
Exports Private Limited.  The outlook on the long term rating is
stable.

The rating takes into consideration the company's moderate
gearing, the track record of REPL's promoters in the poultry feed
business and the company's integrated operations ranging from
poultry feed production to farming of broiler chicken, including
hatching and the breeder farming for producing hatching eggs,
which has come up recently. The rating is also impacted by the
inherent risks in the poultry and related businesses in terms of
seasonal demand fluctuations and sudden disease outbreaks, and
the highly fragmented nature of the industry with low entry
barriers giving rise to intense price based competition from
organized and unorganized players. The ratings also factor in the
vulnerability of profitability of the poultry feed business to
the risks of fluctuation in raw material prices, the company's
weak financial profile reflected by its low profit margins,
subdued coverage indicators and a high working capital intensity
of operations.

                      About Raunak Exports

Incorporated in 1998, Raunak Exports Private Limited is engaged
in the manufacturing of poultry feed, poultry farming of broiler
chickens and hatching. Recently, the company has also set up a
breeder farm for the production of hatching eggs. In 2006, a
group company Hare Krishna Fodders Mills Pvt. Ltd., engaged in
the manufacturing of poultry feed, was merged into REPL.
Currently REPL's manufacturing facility for the production of
poultry feed, mainly in the pellet form, and its hatchery are
located at Jangalpur of West Bengal. The company is engaged in
the poultry farming of broiler chickens in rented farms and also
through contract farming arrangements with the local farm owners
of the Bankura, Burdwan and Hooghly districts of West Bengal.

Recent Results:

During 2010-11, the company reported a net profit of INR0.19
crore on an operating income of INR42.16 crore, as compared to a
net profit of INR0.15 crore on an operating income of INR39.43
crore during 2009-10.


SERWEL ELECTRONICS: ICRA Assigns [ICRA]BB Rating to INR18cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR18.00 crore fund based
facilities of Serwel Electronics Limited.  ICRA has also assigned
'[ICRA]A4' to INR10.00 crore non fund based facilities of SEL.
The outlook on the long-term rating is Stable.

ICRA's ratings of SEL factor in the intensely competitive nature
of the transformer industry that the company operates in, which
coupled with the moderate scale of operations resulted in modest
economies of scale and low operating margins for the company and
this situation is unlikely to change in the medium term. The
ratings also factor in the high client concentration risks and
the vulnerability of margins to the fluctuations in raw material
prices. The financial risk profile of the company is also
tempered by relatively high working capital intensity of the
company, which coupled with the high turnover growth has resulted
in negative cash flow generation which in turn has resulted in
relatively high and increasing debt levels. However, ICRA draws
comfort from the long and established track record of the company
in manufacturing of transformers and PCBs which has in turn
resulted in a significant growth in the operating income over the
last three years.

                     About Serwel Electronics

Serwel Electronics Limited, incorporated in 1997, is an ISO: 2008
company and is engaged in design and manufacturing of auto
transformers, distribution transformers and PCBS. Auto
transformers and distribution transformers are manufactured up to
a capacity of 2500 KVA. The manufacturing facilities are located
at Hyderabad, Pashamylaram (Andhra Pradesh) and Bangalore. The
plant is equipped with machinery and test equipments to conduct
test as per IS: 5142 with an installed capacity of 50,000 units
per annum. Promoter, Mr. A. Venkateshwara Rao has experience of
over 30 years in the field of Power Electronics.

Recent Results:

In FY11, SEL reported operating income of INR70.00 crore and a
net profit margin of INR3.32 crore.


S.M. SUGARS: ICRA Assigns [ICRA]BB Rating to INR19cr Bank Limits
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR19.00 crore fund based limits of S.M. Sugars Private Limited.
ICRA has also assigned the short term rating of '[ICRA]A4' to the
INR5.00 crore non-fund based limits of SMPL. The long term rating
carries a Stable Outlook.

The ratings favorably factors in the track record of SPML in the
LPG cylinder manufacturing business (under the brand S.M.
Cylinders) as well as the steady growth in its scale of
operations; SMPL's healthy order book position as on Sept. 30,
2011 and buoyant industry prospects given the increasing focus of
the government on enhancing LPG penetration in the domestic
market. The ratings are however constrained on account of weak
financial risk profile as reflected by low net profit margin,
interest coverage and high gearing of 1.4%, 1.66 times and 2.75
times respectively in 2010-11. Further, the ratings take into
account the susceptibility to company's profitability on account
of rising interest rates. Improvement in its profitability and
company's capital structure while maintaining its working capital
intensity will be among the key rating sensitivity factors going
forward.

                        About S.M. Sugars

Incorporated in 1999 as a private limited company, SMPL is a
closely held company with promoters as well as their relatives
and friends. Currently, Mr. Vijay Kumar Agarwal and Mr. Kamal
Goel, both Directors in the company are managing the day to day
affairs of the company with a support of a team of professionals.
The company commissioned commercial production of LPG Cylinders
in September 2001 under the name and style of S.M. Cylinders. The
company has its single manufacturing facility located at Greater
Noida, Gautam Budh Nagar, Uttar Pradesh. It operated at around
51% capacity utilization in 2010-11.

The company reported a net profit of INR0.91 crore on a revenue
of INR65.67 crore in 2010-11 as compared to a net profit of
INR0.56 crore on a revenue of INR40.86 crore during the previous
year.


SUNALCO ALLOYS: ICRA Reaffirms '[ICRA]BB' Rating on INR38cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' to
INR38.00 Crore (enhanced from INR24.00 Crore) fund based
facilities of Sunalco Alloys Pvt. Ltd.  The outlook on the long
term rating is 'Stable'.

The rating continues to remain constrained by SAPL's weak
financial risk profile with marginal fund flow from operations.
The rating also takes into account its presence in fragmented and
competitive segment of business with low value addition
restricting pricing flexibility as reflected in thin profit
margins and company's exposure to the cyclicality inherent in the
non-ferrous metal industry which is likely to keep cash flows
volatile. The rating however, continues to factor in the
promoters' experience in the non-ferrous metal trading business
and of over a decade and its established relationships with
reputed automobile component manufacturers which strengthen its
marketing position.

Sunalco Alloys Pvt. Ltd., incorporated in 2005 is engaged in the
business of manufacture of aluminium alloy ingots, zinc ingots
and brass ingots and has an installed capacity of 28,800 MTPA.
The company is also engaged in trading of metal scrap (3% to 4%).
SAPL has a registered office in Mumbai and manufacturing unit at
Wada (Thane District) in Maharashtra.

Recent Results:

SAPL recorded a net profit of INR2.06 crore on an operating
income of INR263.97 crore for the year ending March 31, 2011.


SUNRISE METALLIC: ICRA Assigns '[ICRA]B' Rating to INR20cr Loans
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR20.00 crore fund-
based bank facilities of Sunrise Metallic (India) Private
Limited.  ICRA has also assigned an '[ICRA]A4' rating to the
INR3.00 crore non-fund based bank facilities of SMIPL.

The assigned ratings take into account the declining
profitability of SMIPL due to its aggressive pricing strategy and
high overheads, because of its under-utilized manufacturing
capacity; a leveraged capital structure and weak debt protection
metrics, besides the cyclicality inherent in the non-ferrous
metal industry, which is likely to keep SMIPL's profitability and
cash flows volatile. ICRA also notes that the working capital
intensity of SMIPL's operations is high on account of its
business requirement of maintaining high inventory levels and its
practice of offering lenient credit terms to the customers. The
ratings, nevertheless, favorably factor in the significant
experience of the promoters in the non-ferrous metal industry and
a strong growth in revenues in the last five years on the back of
a growing demand from its customers and commencement of its
manufacturing operations in 2009-10.

                        About Sunrise Metallic

Sunrise Metallic (India) Private Limited was established in 2005
as a trading house for non-ferrous metal products such as copper
rods and copper scrap. In 2009-10, SMIPL commenced production of
copper wires from copper wire rods. The manufacturing facility of
the company is located at Sarigam GIDC in the Valsad district of
Gujarat. The company's registered office is located at Bhandup,
Mumbai.

Recent Results:

In 2009-10, SMIPL reported a profit after tax (PAT) of INR0.55
crore on the back of net sales of INR72.6 crore. As per the
provisional results for the period 2010-11, SMIPL reported a PAT
of INR0.58 crore on the back of net sales of INR127.2 crore.


SURBHI TEXTILE: ICRA Assigns '[ICRA]BB+' Rating to INR8cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR8.00 crore cash
credit facility and INR27.20 crore term loan facility of Surbhi
Textile Mills Private Limited.  ICRA has also assigned an
'[ICRA]A4+' rating to the INR1.80 crore non-fund based facility
of STMPL.  The outlook on long term rating is stable.

The ratings positively consider the long standing experience of
the promoters in the textile industry and STMPL's entry into
knitted fabric segment which is expected to generate higher
realizations as compared to the current product offerings.
Further, the ratings favorably factor in the positive outlook for
the man-made fiber industry due to increasing substitution of
cotton by polyester. The ratings are however, constrained on
account of vulnerability of profitability to the fluctuations in
the raw material prices and the high competitive intensity in the
business on account of large number of players in the polyester
yarn segment. 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.

                       About Surbhi Textile

Incorporated in 1998, Surbhi Textile Mills Private Limited is
engaged in manufacturing of texturised, twisted, filament and
crepe yarns, grey fabric and embroidered sarees etc. The company
also processes yarn on job work basis for other local players.
The company is a part of 'Surbhi' group of companies which are
engaged in similar line of business. One of the group company
'Indo Fashions Pvt Ltd' was merged with STMPL in FY 2010 in order
to synchronise the operations.


VEDANTA RESOURCES: S&P Gives 'BB' Rating on $500-Mil. Bank Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to a $500 million bank loan that Vedanta Resources PLC (foreign
currency BB/Negative/--) unconditionally and irrevocably
guarantees. Monte Cello Corp. N.V. (not rated), a wholly owned
subsidiary of Vedanta, will take out the loan and advance the
proceeds to its parent. Vedanta will use the amount to refinance
debt of $353 million, and make interest and dividend payments of
$138 million.

"The rating on the bank loan, due in 2018, is the same as the
corporate credit rating on Vedanta because we do not notch down
issue ratings for subordination of debt in India. Further,
Vedanta's cash flow diversity reduces structural subordination
with the holding company organizational structure," S&P stated.

The rating on Vedanta reflects the company's aggressive debt-
funded growth strategy, increasing operational risks in some
businesses, exposure to volatile commodity prices, and limited
backward integration in aluminum and copper. The company's
increasing diversity in cash flows, favorable market
position, low-cost operations in India, and strong project
pipeline partly offset these weaknesses.

"In our view, the bank loan demonstrates Vedanta's continued
ability to access debt markets for refinancing. However, the
partial use of the loan proceeds to service debt and pay
dividends to shareholders emphasizes Vedanta's preference to
incur additional debt rather than service debt through cash sent
upstream from subsidiaries," S&P stated.

"Vedanta's willingness to send cash upstream is untested. The
company has not needed sizable cash receipts from its
subsidiaries due to a delay in the closure of the acquisition of
Cairn India Ltd. (not rated). The subsidiaries had a total cash
balance of $7.8 billion as of March 31, 2011. However, cash
receipts from the subsidiaries have lagged our expectations. We
estimate that Vedanta will require about $500 million of annual
interest payments due to its heavy reliance on holding company
debt to fund the Cairn acquisition," S&P stated.

"Vedanta's production volumes of zinc, alumina, and copper from
India in the six months ended September 2011 (first half of
fiscal 2012) match our expectations. While aluminum and power
production was below our expectations, production should increase
in the second half of fiscal 2012 due to capacity additions in
the power segment and corrective measures in the aluminium
business," S&P said.

"Vedanta's iron-ore production in India and copper production in
Zambia fell short of our expectation. A Supreme Court ban on
mining and direct sales of iron ore in Karnataka hampered
Vedanta's production in India. Copper production at Zambia was
hit by a drop in custom smelting due to reduced availability of
concentrate. Our base-case scenario assumes lower commodity
prices than current rates. We therefore believe that the recent
fall in commodity prices will not affect our base-case forecast,"
S&P related.

"The negative outlook reflects our view of Vedanta's: (1) large
debt burden and its sizable debt maturity over the next two
years; (2) need to send significant cash upstream or refinance;
and (3) increased operating risk, which could slow growth in cash
flow," S&P said.


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


BAKRIE SUMATERA: Wins Shareholders OK to Use Assets as Collateral
-----------------------------------------------------------------
The Jakarta Globe reports that Bakrie Sumatra Plantation, the
palm oil-producing arm of the Bakrie Group, has gained
shareholder approval to offer its assets as collateral for bank
loans, paving the way for it to restructure its mounting debt.

The Jakarta Globe relates that Ambono Janurianto, the president
director of Bakrie Sumatra Plantation, said the assets would be
used as a collateral to help secure $250 million in loans from
several lenders, including Credit Suisse, Raiffeisen Bank
International and Bank Internasional Indonesia.

The company plans to use the loans to refinance its maturing debt
in November, the report says.

"Most of the assets that will be pledged as collateral are land
and plantations in Sumatra," the report quotes Mr. Ambono as
saying after an extraordinary meeting with shareholders in
Jakarta on Thursday.

This was the third meeting the company had held seeking approval
from its shareholders, The Jakarta Globe discloses.

Mr. Ambono said the loans would be used to help the company repay
$185 million in debt that comes due on Nov. 1.

The Jakarta Globe, citing the company's financial reports for the
first semester this year, discloses that Bakrie Sumatra
Plantation had about IDR10.13 trillion ($1.1 billion) in
liabilities.

Net sales at the company more than doubled to IDR2.30 trillion in
the first half of this year from IDR1.13 trillion in the same
period last year.  Net income surged to IDR408.10 billion in the
first half from IDR47.26 billion a year ago.

                       About Bakrie Sumatera

Bakrie Sumatera Plantations Tbk is an Indonesian upstream
plantation company operating mainly in Sumatra, Indonesia, with
rubber plantations of some 19,000ha and oil palm plantations of
110,000ha.  It was 34.8%-owned by the conglomerate PT Bakrie &
Brothers Group (BNBR) (as of September 30, 2010) and is
consolidated into BNBR's financial statements.  BSP was listed
on both the Jakarta and Surabaya Stock Exchanges in 1990.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 21, 2011, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on PT Bakrie Sumatera
Plantations Tbk to 'CC' from 'B-'.  "We also lowered the issue
rating on the $185 million senior secured notes issued by BSP
Finance B.V. to 'CC' from 'B-'.  BSP irrevocably and
unconditionally guarantees the notes.  At the same time, we kept
the ratings on CreditWatch, where they were placed with negative
implications on Aug. 17, 2011," S&P said.


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


CAFES 3: Moody's Reviews 'Ba2' Rating of Class C Notes
------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings for the Class B through E trust certificates issued by
Cafes 3. The final maturity of the trust certificates will take
place in August 2014.

Deal Name: Cafes 3

Class B, Baa1 (sf) placed under review for possible downgrade;
previously on Jun 30, 2010 downgraded to Baa1 (sf) from Aa3 (sf)

Class C, Ba2 (sf) placed under review for possible downgrade;
previously on Jun 30, 2010 downgraded to Ba2 (sf) from A3 (sf)

Class D, B3 (sf) placed under review for possible downgrade;
previously on Jun 30, 2010 downgraded to B3 (sf) from Ba1 (sf)

Class E, Caa2 (sf) placed under review for possible downgrade;
previously on Jun 30, 2010 downgraded to Caa2 (sf) from B2 (sf)

Cafes 3, issued in November 2007, represents the securitization
of six non-recourse loans and four specified bonds.

Four of the loans have been paid in full, and the transaction is
currently secured by two loans and four bonds, one of which is
under special servicing.

Moody's has decided to apply higher stress on its recovery
assumptions for future disposal prices, as recovery thus far has
been below the expectations at the previous rating actions.

In addition, the performance of some of the properties has
deteriorated.

At the same time, Moody's has taken into account the effects of
the 'Waterfall Modification Event' occurred in November 2010.

Subsequently, the review has been prompted by the growing
uncertainty regarding the recovery of the Class B through E trust
certificates.

In its review, Moody's will re-assess -- and add further stress
to -- its recovery assumptions for the properties, incorporating
their operating status and monitoring the special servicer's
activities.

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


MF2 ALPHA: S&P Lowers Rating on JPY7-Bil. Unsecured Bonds to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' from 'B-
(sf)' its rating on the JPY7.0 billion series 1 unsecured bonds
issued under the MF2 Alpha Godo Kaisha (MF2 Alpha) transaction in
September 2008.

"We lowered our rating on the series 1 unsecured bonds issued by
MF2 Alpha, as well as the ratings on the class A1 to A4 asset-
backed loans (ABLs) issued under the MF2 Senior Loan transaction,
because we revised our net cash flow assumptions for the three
remaining properties (three office buildings in Tokyo) backing
the nonrecourse loan that backs both transactions. We
considered a number of factors in the revision, including the
performance of the properties, as well as current rent levels for
similar types of assets. Following the revision, we lowered our
assumption with regard to the likely collection amount from the
properties. We currently assume the combined value of the
properties to be about 51% of our initial underwriting value,
down about 6% from the value we determined in our assessment in
October 2010," S&P stated.

"In the MF2 Alpha transaction, we assigned our ratings to the
JPY7.0 billion unsecured bonds issued by MF2 Alpha. The bonds are
backed by a JPY7.0 billion ABL (class B ABL; mezzanine loan)
extended to MF2 Godo Kaisha (MF2). The class B ABL that backs the
bonds is, in turn, backed by a nonrecourse loan. The nonrecourse
loan, which was extended by MF2 to another company serving as the
borrower special-purpose company (SPC), was initially secured by
four properties. In addition to backing MF2 Alpha's class B ABL,
the nonrecourse loan also backs the class A1 to A4 senior ABLs
(initial issue amount: JPY25.4 billion) issued under the MF2
Senior Loan transaction that have been rated by Standard &
Poor's," S&P said.

This commercial mortgage-backed securities (CMBS) transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction. "The rating reflects our opinion on the
likelihood of the full payment of interest and the ultimate
repayment of principal by the transaction's legal final maturity
date in April 2014 for the unsecured bonds," S&P said.

Rating Lowered
MF2 Alpha Godo Kaisha
JPY7.0 billion unsecured bonds due April 2014
To           From        Initial issue amount
CCC (sf)     B- (sf)     JPY7.0 bil.


MF2 SENIOR: S&P Lowers Rating on Class A4 ABL to 'B-'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A1 to A4 MF2 senior asset-backed loans (ABLs) issued under
the MF2 Senior Loan transaction and removed the ratings from
CreditWatch with negative implications.

"On Oct. 4, 2011, we placed the ratings on the class A1 to A4
ABLs on CreditWatch negative because the cash flows from some
properties (remaining properties are three office buildings in
Tokyo) backing the transaction's nonrecourse loan underperformed
the assumptions that we made when we reviewed our assessments of
the values of the properties in October 2010," S&P related.

"We lowered our ratings on the class A1 to A4 ABLs because we
revised our net cash flow assumptions for the three properties
backing the transaction's nonrecourse loan after considering a
number of factors, including the performance of the properties,
as well as current rent levels for similar types of assets.
Following the revision, we lowered our assumption with regard to
the likely collection amount from the properties. We currently
assume the combined value of the properties to be about 51% of
our initial underwriting value, down about 6% from the value we
determined in our assessment in October 2010," S&P related.

"In this transaction, we assigned our ratings to the JPY25.4
billion class A1 to A4 senior ABLs extended to MF2 Godo Kaisha
(MF2). The ABLs are backed by a JPY32.4 billion nonrecourse loan
extended by MF2 to another company serving as the borrower
special-purpose company (SPC). Apart from the class A1 to A4
ABLs, MF2 also has JPY7 billion worth of mezzanine loans," S&P
stated.

This commercial mortgage-backed securities (CMBS) transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in March
2014 for the class A1 ABL and the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class A2 to A4 ABLs," S&P related.

Ratings Lowered, Off Creditwatch Negative
MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class    To         From                  Initial issue amount
A1 ABL   AA- (sf)   AA+ (sf)/Watch Neg    JPY19.0 bil.
A2 ABL   BB (sf)    BBB- (sf)/Watch Neg   JPY4.0 bil.
A3 ABL   B (sf)     BB (sf)/Watch Neg     JPY1.4 bil.
A4 ABL   B- (sf)    BB- (sf)/Watch Neg    JPY1.0 bil.


JLOC 39: S&P Lowers Rating on Class D Certificates to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to D trust certificates issued on Dec. 21, 2007, under
the JLOC 39 Trust Certificate transaction, and removed the
ratings from CreditWatch with negative implications, where they
were placed on July 21, 2011.

Of the effectively 10 specified bonds issued by 10 obligors that
initially backed the trust certificates, only six specified bonds
(the six specified bonds originally represented about 62.4% of
the total initial issuance amount of the trust certificates)
remain at this point.

"We have reviewed our assumption with respect to the likely
collection amount from the properties backing four of the six
specified bonds currently remaining (the four specified bonds
originally represented about 55.4% of the total initial issuance
amount of the trust certificates) because the properties in
question are underperforming relative to our assumptions, which
we revised downward in November 2010," S&P said.

"Specifically, regarding the underlying property backing the bond
with the largest issue amount of the four specified bonds,
although progress has been made towards securing new tenants for
the vacant space at the property and occupancy rates have
improved compared with previous levels, we believe it is very
likely that the cash flows from the property will remain below
our assumptions. Accordingly, we have lowered our assumption with
regard to the likely collection amount from the property. We
currently assume the value of the property to be about 36% of our
initial underwriting value, whereas we assumed it to be about 42%
of our initial underwriting value as of November 2010," S&P
related.

"We also reviewed our assumption with respect to the likely
collection from the properties backing the three other
aforementioned specified bonds after considering a number of
factors, including the performance of the properties, the types
and locations of the properties, and a comparison with real
estate deals involving similar asset types. We currently assume
the combined value of the properties to be about 57% of our
initial underwriting value, compared with 77% of our underwriting
value as of November 2010," S&P stated.

JLOC 39 is a multiborrower CMBS transaction. The trust
certificates were initially secured by effectively 10 specified
bonds (14 specified bonds and one loan) issued by 10 obligors.
The 10 specified bonds were initially backed by 34 real estate
properties and real estate trust certificates. The transaction
was arranged by Morgan Stanley Japan Securities Co. Ltd., and
ORIX Asset Management & Loan Services Corp. acts as the servicer
for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity date in April
2014 for the class A certificates, and the full payment of
interest and repayment of principal by the legal final maturity
date for the class B to D certificates," S&P said.

Ratings Lowered, Off CreditWatch Negative

JLOC 39 Trust Certificate
JPY40.3 billion trust certificates due April 2014
Class  To      From                 Initial issue amount  Coupon
type
A      AA (sf) AAA (sf)/Watch Neg   JPY28.8 bil.
Floating rate
B      BB- (sf)  BBB- (sf)/Watch Neg  JPY5.4 bil.
Floating rate
C      CCC (sf)  B- (sf)/Watch Neg    JPY3.9 bil.
Floating rate
D      CCC (sf)  B- (sf)/Watch Neg    JPY2.2 bil.
Floating rate


JLOC XXXI: S&P Affirms Rating on Class D Certificates at 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to C trust certificates issued under the JLOC XXXI Trust
Certificates transaction, and removed the ratings from
CreditWatch with negative implications, where they were placed on
Sept. 15, 2011. "At the same time, we affirmed our 'CCC (sf)'
rating on class D and withdrew our rating on the interest-only
(IO) class X," S&P related.

The trust certificates were initially secured by 22 nonrecourse
loans (effectively 19 loans), of which four loans (the four loans
originally represented about 13% of the total initial issuance
amount of the trust certificates) remain at this point.

"The cash flows from the underlying properties backing two of the
transaction's four remaining loans (the two loans, which
originally represented about 9% of the total initial issuance
amount of the trust certificates, have been transferred to
special servicing) are lower than the assumptions we made when
we reviewed our ratings in October 2010, and the recovery
prospects of the properties are under downward pressure
accordingly," S&P related.

"We have revised downward our assumption with respect to the
likely collection amount from the properties backing the two
loans after considering several factors, including the
performance of the properties, as well as the real estate
appraisers' values for the properties that we received from the
special servicer. We currently assume the combined value of the
properties to be about 52% of our initial underwriting value,
whereas we assumed it to be about 58% of our underwriting value
as of November 2010," S&P stated.

Following the downgrades of classes A to C, there remained only
one class of trust certificates rated 'AA- (sf)' or above: class
X. "Accordingly, we withdrew our rating on class X in accordance
with our criteria for rating IO securities (see 'Global
Methodology For Rating Interest-Only Securities,' published
April 15, 2010, on RatingsDirect on the Global Credit Portal),"
S&P related.

JLOC XXXI is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by 22 nonrecourse loans, which were originally
backed by 62 real estate properties. The transaction was arranged
by Morgan Stanley Japan Securities Co. Ltd., and ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date in
February 2015 for the class A trust certificates, and the full
payment of interest and ultimate repayment of principal by the
legal final maturity date for the class B to D certificates," S&P
said.

Ratings Lowered, Off Creditwatch Negative
JLOC XXXI Trust Certificates
JPY24.3 billion trust certificates due February 2015
Class    To         From                  Initial issue amount
A        A (sf)     AA (sf)/Watch Neg     JPY21.6 bil.
B        BB- (sf)   BBB- (sf)/Watch Neg   JPY1.1 bil.
C        CCC (sf)   B+ (sf)/Watch Neg     JPY0.9 bil.

Rating Affirmed
Class       Rating         Initial issue amount
D           CCC (sf)       JPY0.7 bil.

Rating Withdrawn
Class       Rating         Initial notional principal
X           AAA (sf)       JPY24.3 bil.


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


* SOUTH KOREA: Brokerages Compete to Buy Insolvent Savings Banks
----------------------------------------------------------------
The Dong-a Ilbo reports that Korean brokerages are competing to
take over insolvent savings banks.

The news agency relates that Kiwoom Securities said Thursday that
it will submit a letter of intent to acquire the savings banks,
Daeyeong Mutual and Ace.  Hyundai Securities also plans to bid
for Daeyeong.

According to the report, securities companies tried to take over
insolvent banks when the savings bank crisis started with the
suspension of Samhwa Mutual Savings Bank earlier this year.  They
are apparently trying again after Prime Mutual Savings Bank and
Tomato Savings Bank were added to the suspension list, the report
relates.

Through such takeovers, brokerages can grow larger and increase
the scope of their business, which is limited to credit lending,
The Dong-a Ilbo relays.

When savings banks were suspended earlier this year, the report
calls, Daishin Securities, Kiwoom and other brokerages showed
strong intent to buy the banks.  According to the report, Daishin
took over Busan 2 Mutual Savings Bank in beating out Kiwoom and
Korea Investment & Securities. Since the failed attempt, Kiwoom
and Korea Investment & Securities have been busy ascertaining
what they can buy.

The Dong-a Ilbo discloses that the Korea Deposit Insurance Corp.
will accept letters of intent to buy Daeyeong and Ace on Thursday
and those for Tomato, Prime and Parangsae Savings Bank on Friday.
Woori Investment & Securities, KB Investment & Securities, Hana
Daetoo Securities and Shinhan Investment Corp. are known to
considering the acquisition of savings banks, the report notes.

According to the report, KB and Hana Financial Holdings also
joined the competition to take over Jeil Savings Bank, which was
suspended after being put on the list of insolvent savings banks.

Three financial holding companies submitted a letter of intent to
take over Jeil to the deposit insurance corporation on Oct. 13.

The holdings companies believe that the acquisition of the
insolvent savings bank will give them a competitive edge in
financing for the ordinary people, the report adds.


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


WINDFLOW TECHNOLOGY: Gets Lifeline from Undisclosed Shareholder
---------------------------------------------------------------
BusinessDay.co.nz reports that Windflow Technology has been
thrown a lifeline at the 11th hour by an existing shareholder who
prefers to remain unnamed.

According to BusinessDay.co.nz, the investor has agreed to
underwrite Windflow's NZ$2 million share purchase plan (SPP),
which chief executive Geoff Henderson said will enable the
company to keep going until June next year.  The capital raising
closed Friday.

"The Directors assessed that they require a total of NZ$2 million
from the SPP and/or new cash or commitments from other sources in
order for Windflow to carry out its proposed course of action and
remain solvent at least through until June 2012, during which
time it expects to generate new sources of revenue," the report
quotes Mr. Henderson as saying.

Mr. Henderson said Thursday the total raised is about NZ$1.6
million to date, and "it was likely that significant further
investments would be made today [Oct. 20] and tomorrow [Oct.
21]."

"Accordingly one of Windflow's shareholders has advised that he
will subscribe for any remaining shares required to take the
total from the SPP and private placements to NZ$2 million," Mr.
Henderson said.

The shareholder was also offering to provide finance through
loans secured against turbines to be installed in the United
Kingdom, according to BusinessDay.co.nz.

The report relates that the offer was for up to GBP1.65 million
(NZ$3.2 million) to provide majority funding of the first three
turbines to be installed in the UK.  It was subject to final
project agreements being concluded for three projects in
Windflow's UK pipeline, the report adds.

As reported in the Oct. 14, 2011 edition of the Troubled Company
Reporter-Asia Pacific, BusinessDesk said that commitment of
NZ$15,000 apiece from just 43 Windflow Technology shareholders
stands between the two-bladed wind turbine pioneer and
liquidation, papers filed with the NZX on October 13 showed.
According to BusinessDesk, Windflow chairman Barrie Leay has
called a special shareholders' meeting for Nov. 2, 2011, for a
vote on the appointment of liquidators from the Christchurch
offices of accounting firm BDO.  The company has been trying to
raise an emergency NZ$2 million -- a target already scaled back
from NZ$2.4 million -- through an unusual share purchase plan
that seeks a commitment of NZ$15,000 per shareholder,
irrespective of the size of their holding.

                     About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                          *     *     *

Windflow Technology incurred a net loss of NZ$7 million in the
year ended June 30, 2011, compared with the NZ7.95 million loss
booked in the prior financial year.  The company posted a net
loss of NZ$1.23 million for the year ended June 30, 2009.


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


EVANSON INTERNATIONAL: Creditors Get 18.95% Recovery on Claims
--------------------------------------------------------------
Evanson International Pte Ltd declared the first and final
preferential dividend on Oct. 17, 2011.

The company paid 18.95% to the received claims.

The company's liquidator is:

         Kon Yin Tong
         47 Hill Street #05-01,
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


IUT SINGAPORE: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------
Creditors of IUT Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Oct. 31, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          8 Wilkie Road #03-08
          Singapore 228095


SPA CONCEPTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 7, 2011, to
wind up the operations of Spa Concepts Pte Ltd.

Chan Cheow Chye filed the petition against the company.

The company's liquidator is:

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


WMC TRADING: Creditors Get 100% Recovery on Claims
--------------------------------------------------
WMC Trading Pte Ltd declared the first and final preferential
dividend on Oct. 17, 2011.

The company paid 100% and 5.8708% to the received claims.


                             *********

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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