TCRAP_Public/111026.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

         Wednesday, October 26, 2011, Vol. 14, No. 212

                            Headlines



A U S T R A L I A

PRIMEBROKER SECURITIES: ANZ Accused of Misleading Margin Lender
SHEPPARTON RETAIL: Court Names Pitcher Partners as Liquidators


C H I N A

* CHINA: Fewer Firms Seek Formal Bankruptcy, Expert Says


H O N G  K O N G

ACP INSURANCE: Creditors' Proofs of Debt Due Nov. 11
ARROW KING: Creditors' Proofs of Debt Due Nov. 21
BEACON HILL: Lo Yau Leung Steps Down as Liquidator
C & Y ACCOUNTING: Wong Tat Chi Steps Down as Liquidator
C & Y BUSINESS: Wong Tat Chi Steps Down as Liquidator

CHEONG HING: Placed Under Voluntary Wind-Up Proceedings
CHUANG JOHNNY: Chuang Johnny Steps Down as Liquidator
CLARENDON MANAGEMENT: Creditors' Proofs of Debt Due Nov. 4
CLEAN SYSTEMS: Lo Yau Leung Steps Down as Liquidator
EXETER HK: Lai and Haughey Step Down as Liquidators

FIRST CHINA: Chan Man Lee Steps Down as Liquidator
FORTEX FASHION: Members' Final Meeting Set for Nov. 21
GIP PARTNERS: Creditors' Meeting Set for Oct. 31
GRAND STAR: Chui Sze Hung Samuel Steps Down as Liquidator
HK LITERATURE: Creditors' Proofs of Debt Due Nov. 30


I N D I A

AKSHAT PLASTICS: CRISIL Places 'CRISIL B+' Rating on INR2MM Loan
ALCO INFOTECH: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
ANTONY GARAGES: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
A.P.I. CONSTRUCTIONS: CRISIL Puts 'BB-' Rating on INR100MM Loan
CRYSTAL INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR28MM Loan

ESKO DIE: CRISIL Assigns 'CRISIL BB+' Rating to INR17MM LT Loan
JAI GOPAL: CRISIL Assigns 'CRISIL BB' Rating to INR50MM Loan
JAJOO RASHMI: CRISIL Rates INR67.5MM Cash Credit at 'CRISIL BB-'
KAMAZ VECTRA: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
LAXMIPATHI BALAJI: CRISIL Puts CRISIL BB- Rating on INR80MM Loan

MFAR HOTELS: CRISIL Assigns 'CRISIL B+' Rating to INR1.43BB Loan
MILROC DEVELOPMENT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
NAYAAB JEWELS: CRISIL Puts 'CRISIL B' Rating on INR90MM Gold Loan
PRESTIGE EXPRESSMART: CRISIL Rates INR50MM Cash Credit at 'B+'
PYRAMID TIMBER: CRISIL Places 'CRISIL B+' Rating on INR20MM Loan

SINIC ELECTRONICS: CRISIL Puts 'CRISIL BB-' Rating on INR6MM Loan
SURFA COATS: CRISIL Assigns 'CRISIL BB+' Rating to INR100MM Loan
SUVARNA FIBROTECH: CRISIL Places CRISIL D Rating on INR63MM Loan
SUZLON ENERGY: To Sell Non-Critical Assets to Pay Maturing Debts
VERDANT LIFE: CRISIL Cuts Rating on INR66MM Loan to 'CRISIL D'

VIDHI MINERALS: CRISIL Assigns CRISIL BB- Rating to INR25MM Loan
VIJAYASRI ORGANICS: CRISIL Raises Rating on INR185MM Loan to 'B-'


I N D O N E S I A

BAKRIE SUMATERA: Moody's Lowers CFR to 'Ca' From 'Caa1'


J A P A N

TOKYO ELECTRIC: Toyota Tsusho to Buy 20% Stake in Wind Power Unit
TOKYO ELECTRIC: Told to Cut At Least JPY2.5 Trillion in Costs


K O R E A

HYNIX SEMICONDUCTOR: Deadline for Bids Extended by One Week


N E W  Z E A L A N D

BRIDGECORP LTD: Stevenson Buys Petricevic's Remuera Mansion
SOUTH CANTERBURY: Late Hubbard Had Concerns Over Statutory Mgmt.


P H I L I P P I N E S

LEGEND INTERNATIONAL: CA Refuses to Recognize HK Liquidation Case


S I N G A P O R E

AGRI INTERNATIONAL: Moody's Lowers CFR to 'Ca' From 'Caa1'
HO BEE: Creditors' Proofs of Debt Due Nov. 21
MAARINE TUBES: Court to Hear Wind-Up Petition Nov. 4
NEW PACIFIC: Creditors' Proofs of Debt Due Nov. 7
NUMATA (SINGAPORE): Creditors' Proofs of Debt Due Nov. 21

ORCHARD CUPPAGE: Creditors Get 100% Recovery on Claims


T A I W A N

NANYA TECHNOLOGY: Net Loss Widens to NT$12 Billion in Third Qtr


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


PRIMEBROKER SECURITIES: ANZ Accused of Misleading Margin Lender
---------------------------------------------------------------
Pia Akerman at The Australian reports that ANZ Bank has been
accused of making "plainly misleading and deceptive"
representations to margin lender Primebroker Securities Limited
in the months before it collapsed.

The Victorian Supreme Court heard Monday opening submissions from
Primebroker, which is pursuing ANZ in conjunction with its
liquidator and other parties for a total of AUD350 million,
according to The Australian.

The Australian relates that James Elliott, SC, representing
Primebroker, told the court ANZ had made negative decisions about
the company and its operator Chimaera Capital and then
"positively misled" Chimaera about those decisions.

According to the report, the bank had discovered notes taken by
an ANZ lawyer during a meeting in February 2008 that corroborated
Primebroker's claims the bank had repeatedly assured the
principals it was keen to increase its business with Primebroker.
Instead, the bank pulled out of a refinancing deal, ultimately
sending the company into receivership.

As reported in the Troubled Company Reporter-Asia Pacific on
July 31, 2008, the directors of Primebroker Securities Limited,
Chimaera Financial Group's margin lending business, appointed
Laurence Fitzgerald and Michael Humphris of BDO as voluntary
administrators.

The directors said the appointment follows the appointment of
Paul Kirk and Stephen Longley of PricewaterhouseCoopers as
receivers and managers by ANZ Bank on July 4, 2008.

In October 2008, Messrs. Fitzgerald and Humphris were appointed
as the company's liquidators.


SHEPPARTON RETAIL: Court Names Pitcher Partners as Liquidators
--------------------------------------------------------------
Shepparton News reports that the Victorian Supreme Court has
appointed David Vasudevan and Andrew Yeo of Pitcher Partners as
joint liquidators to formally wind up Shepparton Retail
Investments Pty Ltd.

Shepparton Retail Investments is the company behind multi-
million-dollar project to redevelop Vaughan St.  The company's
assets include the former IGA Supermarket in Vaughan St, the
adjacent car park and a number of properties on the same block
fronting Ashenden St.


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


* CHINA: Fewer Firms Seek Formal Bankruptcy, Expert Says
--------------------------------------------------------
Enoch Yiu at South China Morning Post reports that a liquidation
specialist said mainland China may register only a few bankruptcy
cases every year but the numbers hardly tell the true story of
the innumerable overseas investors who got burned in ventures
there.

"The problem on the mainland is that only a few companies undergo
formal bankruptcy procedures. In most cases, the owners simply
disappear overnight," the report quotes Alan Tang Chung-wah, a
partner and head of specialist advisory services at accounting
firm ShineWing (HK) CPA, as saying.

"Some factories may open normally one day but suddenly shutter
the next morning, leaving in the lurch creditors and overseas
shareholders who will then have to go through a lengthy and
painful process to recoup their assets," Mr. Tang said.

The report, citing Beijing Siyuan Consultants, discloses that
there were 1,973 bankruptcy cases on the mainland last year, down
from 2,434 in 2009 and 2,955 in 2008.  The number has been
declining from a peak of 8,939 reached in 2001.  Last year's
number was similar to the level in 1994.

But as Mr. Tang put it, the apparent improvement was mostly
because of an absence of a sound system of implementing
bankruptcy laws or procedures to orderly wind down a company on
the mainland, the report relates.

SCMP notes that unlike in Britain, which has bankruptcy laws
since 1542, and the United States, since 1800, China put in place
its first bankruptcy law only in 1906.  After the Communist Party
took power in 1949, the law was scrapped, the report relays.  In
1986, a new bankruptcy law was introduced on a trial basis.  It
was updated in 2006, which, however, does not have comprehensive
rules on how to implement the law, the news agency says.

As a result, while Western countries have clearly laid-down
procedures for winding up companies and set norms on the sale of
assets and distribution of the proceeds among employees,
creditors and shareholders, Mr. Tang said the mainland lacked a
clear legal framework or system to fully protect the interests of
shareholders and creditors, SCMP further relates.

Mr. Tang, as cited by SCMP, said that if companies were to go
bust in Hong Kong or in the West, a specialist accountant or
other professionally trained liquidators would arrange the
restructuring and sale of assets and use the proceeds to repay
secured creditors first, then the outstanding salaries of
employees, followed by unsecured creditors and shareholders.

But on the mainland, the report notes, the courts decide how a
bankrupt company's assets will be distributed and there is no
procedure to appeal the court decision.

"In many cases, the court is heavily influenced by the local
government in many aspects of a bankruptcy administration," the
report quotes Mr. Tang as saying.  "According to the law, it is
the employees and the government who would be placed above
everything else when distributing the proceeds from the sale of
assets."


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


ACP INSURANCE: Creditors' Proofs of Debt Due Nov. 11
----------------------------------------------------
Creditors of ACP Insurance Brokers Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 10, 2011.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


ARROW KING: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------
Creditors of Arrow King 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. 20, 2011.

The company's liquidator is:

         Fok Hei Yuen Paul
         Rooms 1801-3, Tung Ning Building
         249-253 Des Voeux Road
         Central, Hong Kong


BEACON HILL: Lo Yau Leung Steps Down as Liquidator
--------------------------------------------------
Lo Yau Leung stepped down as liquidator of Beacon Hill Investment
International Limited on Oct. 10, 2011.


C & Y ACCOUNTING: Wong Tat Chi Steps Down as Liquidator
-------------------------------------------------------
Wong Tat Chi stepped down as liquidator of C & Y Accounting
Limited on Oct. 21, 2011.


C & Y BUSINESS: Wong Tat Chi Steps Down as Liquidator
-----------------------------------------------------
Wong Tat Chi stepped down as liquidator of C & Y Business
Services Limited on Oct. 21, 2011.


CHEONG HING: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Oct. 7, 2011,
creditors of Cheong Hing Restaurant Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road West
         Sheung Wan, Hong Kong


CHUANG JOHNNY: Chuang Johnny Steps Down as Liquidator
-----------------------------------------------------
Chuang Johnny stepped down as liquidator of Polonius Company
Limited on Oct. 11, 2011.


CLARENDON MANAGEMENT: Creditors' Proofs of Debt Due Nov. 4
----------------------------------------------------------
Clarendon Management Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Nov. 4, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


CLEAN SYSTEMS: Lo Yau Leung Steps Down as Liquidator
----------------------------------------------------
Lo Yau Leung stepped down as liquidator of Clean Systems Korea
Inc. Limited on Oct. 10, 2011.


EXETER HK: Lai and Haughey Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Exeter Hong Kong Limited on Oct. 12, 2011.


FIRST CHINA: Chan Man Lee Steps Down as Liquidator
--------------------------------------------------
Chan Man Lee stepped down as liquidator of First China Winery
Company Limited on Oct. 21, 2011.


FORTEX FASHION: Members' Final Meeting Set for Nov. 21
------------------------------------------------------
Members of Fortex Fashion Company Limited will hold their final
meeting on Nov. 21, 2011, at 4:00 p.m., at 10/F., Allied Kajima
Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


GIP PARTNERS: Creditors' Meeting Set for Oct. 31
------------------------------------------------
Creditors of GIP Partners Limited will hold their meeting on
Oct. 31, 2011, at 10:30 a.m., for the purposes provided for in
Sections 237A, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at Unit 501, 5th Floor, Mirror Tower, at
61 Mody Road Tsimshatsui East, in Kowloon, Hong Kong.


GRAND STAR: Chui Sze Hung Samuel Steps Down as Liquidator
---------------------------------------------------------
Chui Sze Hung Samuel stepped down as liquidator of Grand Star
Real Estate Agency Limited on Oct. 12, 2011.


HK LITERATURE: Creditors' Proofs of Debt Due Nov. 30
----------------------------------------------------
Creditors of Hong Kong Literature Year Book Publication Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Nov. 30, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         Yan Chun Fu
         Unit 1902, Winning Centre
         29 Tai Yau Street
         San Po Kong, Kowloon
         Hong Kong


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


AKSHAT PLASTICS: CRISIL Places 'CRISIL B+' Rating on INR2MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Akshat Plastics Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR20 Million Cash Credit     CRISIL B+/Stable (Assigned)

   INR2 Million Proposed LT      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   INR100 Million Letter of      CRISIL A4 (Assigned)
   Credit

The ratings reflect APPL's moderate financial risk profile,
marked by an average capital structure and weak debt protection
metrics, small scale of operations in the fragmented polyvinyl
chloride (PVC) resin trading industry, and vulnerability of its
operating margin to volatility in PVC prices. These rating
weaknesses are partially offset by APPL's long-standing presence
in the PVC resin trading industry.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the
medium term from its long-standing presence in the PVC resin
trading industry. The outlook may be revised to 'Positive' if the
company's scale of operations increases significantly, along with
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if APPL's financial risk
profile deteriorates due to increase in working capital or if it
undertakes a large debt-funded capital expenditure programme.

                       About Akshat Plastics

APPL was set as a proprietorship firm, RD Polymer, in 1995 by
Mr. Brij Mohan Gupta. It was reconstituted as a private limited
company in 2003. APPL trades PVC resin, PVC paste, and
plasticisers. The firm's office is in Delhi.

APPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR354.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR271.5 million for 2009-10.


ALCO INFOTECH: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Alco Infotech Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR1.5 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect AITPL's weak financial risk profile, marked
by a low net worth, weak debt protection metrics and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of AITPL's promoters
in distribution and retailing information technology (IT)
products and its strong relationship with its suppliers.

Outlook: Stable

CRISIL believes that AITPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's
liquidity improves as a result of better working capital
management, along with substantial improvement in its financial
risk profile. Conversely the outlook may be revised to 'Negative'
if there is lower-than-expected revenue or profitability or
deterioration in working capital management or large debt-funded
capital expenditure (capex) leading to weakening in liquidity and
financial risk profile.

                        About Alco Infotech

Established in 1997 in Kolkata (West Bengal), AITPL is an IT
hardware reseller. It is engaged in distribution and retail sales
of IT products. The company's product portfolio includes
monitors, laptops, servers, storage devices, uninterrupted power
supplies (UPS) equipment and others. AITPL also provides
networking solutions. The company is promoted by Mr. Pankaj Kedia
and Mr. Ramesh Kedia. AITPL operates in Eastern India.

AITPL reported an estimated profit after tax (PAT) of INR4.1
million on net sales of INR1471 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.8
million on net sales of INR1191.6 million for 2009-10.


ANTONY GARAGES: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Antony Garages Pvt Ltd
continue to reflect AGPL's established position in the organized
bodybuilding industry, and satisfactory financial risk profile
marked by moderate debt protection metrics.

   Facilities                        Ratings
   ----------                        -------
   INR11.6 Million Rupee Term Loan   CRISIL BB/Stable
                                     (Reaffirmed)

   INR75.0 Million Cash Credit       CRISIL BB/Stable
                                     (Reaffirmed)

   INR60.0 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by AGPL's exposure to
risk of mismatch in cash flows, because of the tender-based
nature of the company's business, and working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that AGPL will continue to benefit from its
established position in the bodybuilding industry, and maintain
its adequate financial risk profile backed by moderate debt
protection metrics, over the medium term. The outlook may be
revised to 'Positive' if AGPL efficiently manages its working
capital requirement. Conversely, the outlook may be revised to
'Negative' if the company increases its reliance on debt to fund
its capital expenditure or working capital, thereby leading to
deterioration in financial risk profile.

                        About Antony Garages

Incorporated in 1983 and promoted by Mr. Jacob Ouseph
Kallarakkal, AGPL undertakes bodybuilding of buses, trucks,
ambulances, refrigerated vans, garbage bins, and containers. Its
facilities are at Rabale and Patalganga (both in Maharashtra) and
have a combined capacity to assemble around 1800 buses per annum.

AGPL, on a provisional basis, reported a profit after tax (PAT)
of INR22.79 million on net sales of INR577 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR17.53 million on net sales of INR527.9 million for 2009-10.


A.P.I. CONSTRUCTIONS: CRISIL Puts 'BB-' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
A. P. I. Constructions' bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR50 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect API's modest scale of operations, large
working capital requirements, and average financial risk profile,
marked by high gearing, average debt protection metrics, and
small net worth; the ratings also reflect the firm's exposure to
risks related to geographical concentration in revenue profile,
intense competition in the civil construction industry. These
rating weaknesses are partially offset by API's moderate order
book and its promoters' experience in the civil construction
industry.

Outlook: Stable

CRISIL believes that API will maintain its business risk profile
over the medium term, supported by its long track record in the
civil construction industry and moderate order book. The outlook
may be revised to 'Positive' if the firm successfully scales up
and diversifies its operations, while maintaining healthy
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm faces cost and time overruns
on its ongoing or future projects, or if the firm undertakes
large, debt-funded capital expenditure.

                    About A. P. I. Constructions

API, a Mumbai-based proprietorship firm, undertakes civil
construction activities mainly in Mumbai. Mr. Indravadan Jain, is
the firm's proprietor; however, the overall business activities
are managed by his brother, Mr. Arvind Jain. The firm generally
undertakes contracts for constructing storm water drains, roads,
and buildings; it also undertakes desilting work (removal of
debris from drains). The firm is a class AA contractor with the
Municipal Corporation of Greater Mumbai (MCGM) and also holds
highest category contractor status with Public Works Department
(PWD), Mumbai, Pune Municipal Corporation (PMC), and other
departments.

API, on a provisional basis, is estimated to report a book profit
of INR30.9 million on net sales of INR517.1 million for 2010-11
(refers to financial year, April 1 to March 31); the firm
reported a book profit of INR34.4 million on net sales of
INR607.5 million for 2009-10.


CRYSTAL INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR28MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Crystal India.

   Facilities                    Ratings
   ----------                    -------
   INR28 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR30 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR17 Million Proposed LT     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects Crystal India's modest financial risk
profile, marked by a small networth and moderate gearing. This
rating weakness is partially offset by the extensive experience
of the promoter in the industrial solvents manufacturing
business.

Outlook: Stable

CRISIL expects Crystal India to maintain its business risk
profile in the medium term, on the back of extensive experience
of the promoter in the chemicals manufacturing industry. The
outlook may be revised to 'Positive' if the firm is able to
exhibit a significant improvement in its capital structure and
debt protection indicators while maintaining a steady revenue
growth and profitability. The outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
due to larger-than-anticipated debt-funded capex programmes or if
the company suffers a significant decline in its revenues or
profitability.

                        About Crystal India

Crystal India, a proprietorship concern, is engaged in
manufacturing of industrial solvents like Mono Ethylene Glycol
(MEG), Di Ethylene Glycol (DEG), Tri Ethylene Glycol (TEG) and a
branded solvent Crysol CU 132. MEG, DEG and TEG mainly find
application in the lubricants, automobile antifreeze & coolants,
and other industries like textile, plastics, etc. Crysol CU 132
finds application in cleaning agents used in automobile paint,
textile, leather, etc. The concern was established in 1975 by Mr.
Ashok Mehra who looks after the overall operations of the
concern. Crystal India has its manufacturing facilities at
Dombivali, near Mumbai (Maharshtra).

Crystal India reported a profit after tax (PAT) of INR 6.06
million on net sales of INR 318.29 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR
3.57 million on net sales of INR 115.44 million for 2009-10.


ESKO DIE: CRISIL Assigns 'CRISIL BB+' Rating to INR17MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Esko Die Casting Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR8 Mil. Standby Line of Credit   CRISIL BB+/Stable
                                      (Assigned)

   INR17 Million Long-Term Loan       CRISIL BB+/Stable
                                      (Assigned)

   INR50 Million Cash Credit          CRISIL BB+/Stable
                                      (Assigned)

   INR5 Million Bank Guarantee        CRISIL A4+ (Assigned)

   INR20 Million Inland/Import        CRISIL A4+ (Assigned)
   Letter of Credit

The ratings reflect EDCPL's established track record in die
casting industry, healthy relationship with customers, and
comfortable financial risk profile, marked by low gearing and
above-average debt protection metrics. These rating strengths are
partially offset by EDCPL's small scale and working-capital-
intensive operations, and intense competition in die casting
industry leading to pressure on operating margins.

For arriving at its ratings, CRISIL has treated the unsecured
loans extended by Puskar Infracon Pvt Ltd and Jagadatri
Infrastructure Pvt Ltd to EDCPL as equity in the past. This is
because PIPL and JIPL will be merged into EDCPL in 2011-12
(refers to financial year, April 1 to March 31). EDCPL has
already received approval from the Calcutta High Court for the
proposed merger and has initiated the merger process. The
aforesaid merger is expected to be completed in this financial
year, i.e. 2011-12. Further, CRISIL has received an undertaking
from the EDCPL's management in this regard.

Outlook: Stable

CRISIL believes that EDCPL will benefit over the medium term from
its established presence in the die casting business and its
comfortable financial risk profile. The outlook may be revised to
'Positive' in case of substantial improvement in its scale of
operations with healthy growth in sales and operating
profitability. Conversely, the outlook may be revised to
'Negative' in case of less-than-expected sales and operating
margins or higher-than-anticipated debt-funded capital
expenditure, leading to weakening in its financial risk profile.

                           About Esko Die

Incorporated in 1973 by Mr. Ashok Kumar Poddar and Mr. Arun
Poddar, EDCPL designs and manufactures die and high-pressure die
castings of aluminum alloys. The company has its manufacturing
facility in Kolkata (West Bengal) and Faridabad (Haryana). The
company's commercial operations are looked after by Mr. Ashok
Kumar Poddar and the technical aspects by his brother, Mr. Arun
Poddar. EDCPL has already received interim orders from the
Calcutta High Court for the proposed mergers of its group
companies, JIPL and PIPL.

EDCPL reported a profit after tax (PAT) of INR3.0 million on net
sales of INR477 million for 2010-11, as against a PAT of INR2.1
million on net sales of INR355 million for 2009-10.


JAI GOPAL: CRISIL Assigns 'CRISIL BB' Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jai Gopal International Impex Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR30 Million Letter of Credit    CRISIL BB/Stable (Assigned)
   INR270 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect JGI's moderate financial risk profile, marked
by moderate net worth and gearing. The ratings also reflect the
benefits that JGI derives from its promoters' extensive
experience in the timber trading business and its established
relationships with its customers and suppliers. These rating
strengths are partially offset by JGI's small scale of
operations, low profitability with exposure to supplier
concentration risks, and vulnerability to volatility in timber
prices and in foreign exchange rates.

Outlook: Stable

CRISIL believes that JGI will benefit over the medium term from
its promoters' extensive industry experience and its established
relationships with its clients and suppliers. The outlook may be
revised to 'Positive' in case of improvement in the company's
scale of operations and profitability, along with efficient
working capital management. Conversely, the outlook may be
revised to 'Negative' in case of pressure on JGI's liquidity,
resulting from lower-than-expected cash accruals or larger-than-
expected working capital requirements or investments in unrelated
businesses such as real estate.

                        About Jai Gopal

Incorporated in 1992, JGI imports timber and sells it in the
domestic market to large dealers. The company imports its timber,
primarily from Malaysia, Africa, New Zealand, and Germany. JGI
primarily trades in two varieties of timber: pine and teak;
together they account for about 75% of JGI's revenues. About 30%
of the company's imported timber is sold on high seas basis,
whereas the rest is sold after the transfer to stock yard. The
company also operates two sawmills.

JGI's profit after tax (PAT) and net sales are estimated at
INR3.3 million and INR601.4 million respectively for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR3.7 million on net sales of INR561.6 million for 2009-10.


JAJOO RASHMI: CRISIL Rates INR67.5MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Jajoo Rashmi Refractories Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR67.5 Million Cash Credit    CRISIL BB-/Stable (Assigned)

The rating reflects JRRPL's weak financial risk profile, marked
by weak debt protection metrics and a small net worth, small
scale of operations in a fragmented ferro alloys industry, and
vulnerability of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of JRRPL's promoter.

Outlook: Stable

CRISIL believes that JRRPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company registers higher-than-
expected growth in revenue and profitability, resulting in higher
cash accruals and strong financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JRRPL generates lower-
than-expected profitability or if there is more-than-expected
increase in working capital requirements, leading to weakening in
its financial risk profile.

                       About Jajoo Rashmi

Incorporated in 1998, JRRPL manufactures and exports ferro alloys
and acidic ramming mass (used as a lining in furnace). About 40%
of the company's revenue is derived from trading of ferro alloys,
while manufacture of ferro alloys and ramming mass constitute 45%
and 15% of its revenues, respectively.

The company's plant in Jaipur (Rajasthan) has a production
capacity of 500 tonnes per month (tpm) for ferro alloys and 1500
tpm for ramming mass. The company also owns a quartz mine in
Rajasthan with estimated reserves of 90,000 tonnes, which is the
main raw material for manufacturing ramming mass.

JRRPL is estimated to report a profit after tax (PAT) of INR2.1
million on net sales of INR234.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.2
million on net sales of INR242.0 million for 2009-10.


KAMAZ VECTRA: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kamaz Vectra Motors Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR80 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect KVML's weak debt protection metrics
constrained due to operating losses, limited track record of
operations, and presence in the intensely competitive heavy-duty
vehicles segment. These rating weaknesses are partially offset by
the extensive experience of KVML's promoter group in
manufacturing heavy commercial vehicles (HCVs) and financial
flexibility reflected in regular equity infusion by promoters to
support operations before break-even, also resulting in moderate
net worth and low gearing.

Outlook: Stable

CRISIL believes that KVML will benefit from established brand,
product profile and experience in manufacturing of heavy
commercial vehicles (HCVs) of its parent, Kamaz group (please
refer to about the group section) over the medium term. The
outlook may be revised to 'Positive' if KVML is able to achieve
break-even earlier than expected. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected revenues, or
more than anticipated losses resulting in material deterioration
of financial risk profile.

                       About Kamaz Vectra

KVML, (formerly Tatra Vectra Motors Ltd) is engaged in the
business of manufacture and assembling of heavy duty vehicles
such as dumpers, tractors, and chassis for heavy and commercial
vehicles and has an assembly unit at Hosur (Tamil Nadu). The
company has an installed capacity for assembling 3000 units per
annum.

The company was initially incorporated on July 9, 1997 as a joint
venture between Tatra AS (a Chezk Republican company) and Vectra
Investments Pvt Ltd (part of Vectra group; group having interests
in varied industries) in the name of Tatra Udyog Ltd.
Subsequently, its name was changed to Tatra Trucks India Ltd on
August 19, 2003 and to Tatra Vectra Motors Ltd on January 5,
2006. In 2009-10, Kamaz Foreign Trade Company (Russia) acquired
51% stake in the company and Tatra exited this venture after
which the company's name was changed to its present name on July
2, 2009.

                         About Kamaz group

Kamaz Inc, together with its subsidiaries, is engaged in the
development, production, assembly, and marketing of vehicles and
auto components in the Russian Federation. It produces a range of
trucks, trailers, buses, tractors, engines, power units, and
various tools. The company also provides after-sales maintenance
services to its customers consisting of enterprises of various
trades, transportation companies, large corporations, public
enterprises and offices, departments of governmental military,
and policing branches. In addition, it leases trucks, buses, and
trailer equipment. The company sells its vehicles and spare parts
through distributors and agents in Saudi Arabia, India, Chile,
Nicaragua, Iran, Sudan, Afghanistan, Angola, Venezuela, and
Panama. Kamaz has joint ventures with Vectra Group, Kazakhstan-
Engineering, Cummins Inc., Knorr-Bremse Systeme fur Nutzfahrzeuge
GmbH, Federal Mogul Corporation, and Cnh International Sa. It
also has a strategic partnership agreement with Microsoft to
offer solutions in the motor industry. The company was founded in
1969 and is based in Naberezhnye Chelny, the Russian Federation.
The Kamaz group reported about turnover of about USD2.3 billion
for 2010 (refers to calendar year, from January 1 to December
31).

                         About Vectra group

Vectra Limited is a U.K. incorporated company and flagship
company of the Vectra group. It is primarily an investment
vehicle for the group through which projects and their
acquisitions are financed. Vectra group consists of diverse
companies operating in various business domains across the world.
The core businesses of the USD 800 million Vectra group are
aviation, engineering, material handling and construction
equipment, automotive, real estate, information technology, and
the services sector. The operations of Vectra group are primarily
in India and Eastern Europe, spanning more than 18 companies,
with eight manufacturing facilities in four countries (India, the
UK, Czech Republic, and Slovakia). In addition, Vectra group has
offices or investments in France, Russia, and Singapore.

KVML reported a net loss of INR118 million on net sales of INR277
million for 2010-11, as against net loss of INR46 million on net
sales of INR14 million for 2009-10.


LAXMIPATHI BALAJI: CRISIL Puts CRISIL BB- Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Laxmipathi Balaji Sugar & Distilleries (P) Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Million Long-Term Loan   CRISIL BB-/Stable (Assigned)
   INR280.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)

The rating reflects the benefits that LBSDPL derives from its
position as an established sugar manufacturer in Bharamba,
Orissa, and Raver, Maharashtra, where its catchment area is
located, and the commencement of its refining business. These
rating strengths are partially offset by LBSDPL's weak financial
risk profile, marked by a highly leveraged capital structure and
modest net worth, and susceptibility to cyclicality in the sugar
industry and to adverse regulatory changes.

Outlook: Stable

CRISIL believes that LBSDPL will benefit from the strong domestic
demand for sugar and the additional revenues expected from its
recently commissioned refinery project in Baramba (Orissa) over
the medium term. The outlook may be revised to 'Positive' in case
of any significant improvement in LBSDPL's liquidity, most likely
driven by improvement in profitability. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in LBSDPL's
financial risk profile, most likely caused by deterioration in
capital structure on account of a large, debt-funded capital
expenditure.

                       About Laxmipathi Balaji

Set up in 2002, LBSDPL manufactures sugar. The company owns two
sugar plants in Baramba and Raver (Maharashtra), with a combined
sugarcane crushing capacity of 4000 tonnes per day. LBSDPL's head
office is in Mumbai (Maharashtra). In December 2010, the company
commissioned its refinery, with capacity to process raw sugar of
up to 200 tonnes per day.

LBSDPL reported a profit after tax (PAT) of INR65 million on net
sales of INR2.3 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR41 million on net sales
of INR944 million for 2009-10.


MFAR HOTELS: CRISIL Assigns 'CRISIL B+' Rating to INR1.43BB Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MFAR Hotels & Resorts Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR30 Million Cash Credit          CRISIL B+/Stable (Assigned)

   INR1.431 Billion LT Loan           CRISIL B+/Stable (Assigned)

   INR815.2 Million Proposed LT       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   INR31.5 Million Bank Guarantee     CRISIL A4 (Assigned)

   INR20 Mil. Working Capital Loan    CRISIL A4 (Assigned)

   INR1.5 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect MHRL's below-average financial risk profile
marked by weak debt protection metrics, and the expected pressure
on the average room revenue (ARR) and occupancy rate (OR) of the
company's upcoming hotel in Chennai (Tamil Nadu), given the
emerging oversupply situation in Chennai's hospitality industry.
These rating weaknesses are partially offset by MHRL's stable
operations at its hotel in Cochin (Kerala) and its promoter's
extensive experience in the hospitality industry.

Outlook: Stable

CRISIL believes that MHRL will commence commercial operations at
its upcoming five-star hotel without any cost or time overrun,
and will continue to benefit from its steady accruals from its
hotel in Cochin, over the medium term. The outlook may be revised
to 'Positive' if MHRL's cash accruals increase significantly on
account of higher OR and ARR at its hotels in Cochin and Chennai.
Conversely, the outlook may be revised to 'Negative' if there is
time or cost overrun in MHRL's ongoing Chennai hotel project, or
lower-than-expected ARR or OR, leading to decline in cash
accruals.

                         About MFAR Hotels

Set up in 1997 by Dr. P Mohamad Ali and based in Cochin, MHRL
currently owns the Le Meridian Hotel and a convention centre in
Cochin. The company is also setting up a 210-room five-star hotel
in Chennai at a capital expenditure of INR2.08 billion, funded in
a debt-equity mix of 3:2. The Chennai hotel is expected to be
operational by March 2012 and will be operated by Starwood Hotels
under their brand Westin.

MHRL reported a profit after tax (PAT) of INR4.9 million on
revenues of INR467.2 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR21.4 million
on revenues of INR380.6 million for 2009-10.


MILROC DEVELOPMENT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Milroc Development
Company (MDC; part of the Milroc group) continues to reflect the
benefits that the group derives from its promoters' experience in
the real estate business.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Term Loan           CRISIL BB/Stable
                                     (Reaffirmed)

   INR30 Mil. Overdraft Facility     CRISIL BB/Stable
                                     (Reaffirmed)

This rating strength is partially offset by the Milroc group's
geographical concentration and dependence on timely generation of
revenues from its ongoing projects to part-fund its future
projects.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MDC and Milroc Good Earth Property and
Developers Pvt Ltd (MGE). This is because the two entities,
together referred to as the Milroc group, are in the same line of
business. Moreover, MDC has guaranteed the bank facilities of,
and is a majority (51%) shareholder in, MGE.

Outlook: Stable

CRISIL believes that the Milroc group will continue to benefit
over the medium term from its promoters' experience in the real
estate industry. The outlook may be revised to 'Positive' if the
Milroc group generates cash accruals sooner than expected because
of improvement in demand for its projects. Conversely, the
outlook may be revised to 'Negative' if the Milroc group
contracts more-than-expected debt for funding its projects,
leading to deterioration in its financial risk profile.

Update

The Milroc group's performance in terms of topline and
profitability is in line with CRISIL's expectation. The group
clocked estimated sales of INR150 million for 2010-11 (refers to
financial year, April 1 to March 31) at an operating margin of
about 40%. The revenues have close to doubled in 2010-11 compared
to the previous year from INR73 million at an operating margin of
25%. The topline and profitability improved as the Milroc group
was able to sell three bungalows from its MR 9 project at
respectable prices. Additionally, the development in all its
projects is as per schedule, with the group receiving a good
response for its MR 18 project which includes constructing about
450 residential apartments.

The Milroc group's cash flow is expected to be supported by the
healthy customer advances received for bookings in its MR18
project and the sales made in its project MR 9. These cash flows
are expected to be just sufficient to match the construction
expenses at MR 18 and its maturing debt obligations. The Milroc
group's financial risk profile remains below average marked by
moderately aggressive capital structure and inadequate debt
protection metrics. The group's gearing is estimated at about
1.85 times as on March 31 2011, while the net cash accruals to
total debt and interest coverage ratios are 0.11 times and 1.97
times for 2010-11. Nevertheless, the Milroc group's liquidity is
supported by unsecured loans of about INR123 million as on
March 31, 2011, extended by the promoters and affiliates.

For 2010-11, the Milroc group's profit after tax (PAT) is
estimated at INR44 million on net sales of about INR150 million,
against a reported PAT of INR9 million on net sales of INR73
million in the preceding year.

                      About Milroc Development

Set up in 1989 by Mr. Kamlesh Jhaveri, Mr. Allaparthi
Durgaprasad, and Mr. Kantipudi Kulasekhar, MDC develops
residential and commercial properties in Goa. MGE is also in the
same line of business. The group's day-to-day operations are
managed by Mr. Durgaprasad and Mr. Kulasekhar. The promoters
have, over the past 20 years, developed more than 15 residential
and commercial properties in Goa. The Milroc group currently has
seven ongoing projects in Goa, including MR9 (the group has
developed about 21 bungalows and 9 terrace villas) and MR18 (the
project is under construction and is planned under three phases -
Phase 1: 180 flats, Phase 2: 136 flats, Phase 3: 128 flats and 16
shops).


NAYAAB JEWELS: CRISIL Puts 'CRISIL B' Rating on INR90MM Gold Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the long-term bank facilities of Nayaab Jewels.

   Facilities                     Ratings
   ----------                     -------
   INR35 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR90 Million Gold Loan        CRISIL A4 (Assigned)

The ratings reflect NJ's moderate financial risk profile, marked
by a low net worth, high gearing, and subdued debt protection
metrics. This rating weakness is partially offset by the
extensive experience of NJ's promoter in manufacturing diamond-
studded and gold jewellery.

Outlook: Stable

CRISIL believes that NJ will continue to benefit over the medium
term from its promoter's extensive experience in the diamond-
studded and gold jewellery business. The outlook may be revised
to 'Positive' if it reports significantly higher than-expected
growth in revenues and margins, and while improving its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the firm suffers a sharp decline in revenues or
margins or deterioration in its debt protection metrics due to
elongation of its working capital cycle.

                         About Nayaab Jewels

Set up in 2003 by Rajasthan-based Mr. Upendra Bothra, a third-
generation entrepreneur, NJ manufactures diamond-studded
jewellery specializing in the jadau form of designing - and also
gold jewellery, such as necklaces, bracelets, earrings, cuffs,
bangles, and sets. The firm's USP is exclusivity of its designs,
with a tagline 'Once created, Never Replicated'. The firm has an
exclusive team of designers, which designs as per the latest
trends. NJ has a team of around 15 Rajasthani craftsmen in Jaipur
(Rajasthan), which works exclusively for them. The firm has two
showrooms, one each in Jaipur and Mumbai (Maharashtra).

NJ reported a profit after tax (PAT) of INR6.5 million on net
sales of INR252.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR151.2 million for 2009-10.


PRESTIGE EXPRESSMART: CRISIL Rates INR50MM Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Prestige Expressmart Steel Pvt Ltd.

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

The rating reflects PESPL's small scale of operations,
vulnerability to volatility in steel prices, and weak financial
risk profile, marked by high gearing, weak debt protection
metrics and a small net worth. These rating weaknesses are
partially offset by the extensive experience of promoters' in
steel industry and the company's established relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes that PESPL will continue to benefit over the
medium term from its healthy relationships with its suppliers,
increasing supplier base, and the extensive industry experience
of its promoters. The outlook may be revised to 'Positive' if
PESPL's financial risk profile improves significantly, most
likely because of equity infusion by the promoters and better-
than-expected revenues and profitability coupled with better
working capital management. Conversely, the outlook may be
revised to 'Negative' if the company's profitability or revenues
decline, resulting in lower-than- expected cash accruals, or the
company undertakes any large-than-expected debt-funded capital
expenditure programme, thus deteriorating its financial risk
profile.

                    About Prestige Expressmart

PESPL was incorporated in 2009 and is promoted by Mr. Sanjesh
Gupta and his cousin, Mr. Vishal Gupta, and its office is located
in Raipur (Chhattisgarh).The company trades in hot and cold
rolled products, such as hot rolled (HR) sheets, HR plates, beam
plates, corrugated cold rolled sheets, and electric resistance
welded pipes. The company is the exclusive distributor of
galvanized steel products of Essar in Chhattisgarh. Around 50% of
the sales are contributed from sales of Essar products, while the
remaining is from trading of local-made steel products. The
promoters' family has been trading in steel products for more
than 35 years.

PESPL reported a profit after tax (PAT) of INR2 million on net
sales of INR151.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR40 million for 2009-10.


PYRAMID TIMBER: CRISIL Places 'CRISIL B+' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRSIL A4' ratings to
the bank facilities of Pyramid Timber Associates Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR20.0 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10.0 Million Packing Credit     CRISIL B+/Stable (Assigned)
   INR15.0 Million Bill Discounting   CRISIL B+/Stable (Assigned)
   INR16.8 Million Rupee Term Loan    CRISIL B+/Stable (Assigned)
   INR17.5 Mil. Proposed Term Loan    CRISIL B+/Stable (Assigned)
   INR0.7 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR40.0 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect Pyramid's small scale of operations, large
working capital requirements, and susceptibility to intense
market competition and adverse regulatory changes. These rating
weaknesses are partially offset by Pyramid's promoters' extensive
experience in the timber processing business, and moderate
financial risk profile marked by healthy operating profitability
and moderate gearing.

Analytical Approach:

CRISIL has considered promoter loans as debt and not as equity as
these loans are provided at an interest rate of 9% and there has
been a reduction in the same between 2008-09 (refers to financial
year, April 1 to March 31) and 2010-11. As on March 31, 2011,
loans from promoters stood at INR20.5 million.

Outlook: Stable

CRISIL believes that Pyramid will maintain its business risk
profile over the medium term, supported by healthy demand growth
prospects for the construction industry and the company's
promoters' ability to garner orders. The outlook may be revised
to 'Positive' if Pyramid reports significant increase in
revenues, improvement in profitability, or substantial reduction
in working capital requirements. Conversely, the outlook may be
revised to 'Negative' if Pyramid reports weaker-than-expected
performance, or larger-than-expected working capital requirements
adversely affecting its capital structure.

                       About Pyramid Timber

Pyramid, incorporated in 1987, is a part of the Vagh group,
established about 100 years ago by Mr. Mulla Abdul Hussain
Sultanjee. The group includes Hunsur Plywood Works Pvt Ltd,
Decorative Laminates India Pvt Ltd, Ferro Foundries Pvt Ltd
(Ferro Foundries), Plymould, and Mas Furniture. Except for Ferro
Foundries, which is engaged in manufacturing engineering tools,
the other group companies are engaged in manufacturing, and
trading in, wooden products and plywood. Pyramid is wholly owned
by the Vagh family and is managed by Mr. Mohammedi T Vagh and
five other members of the Vagh family are Pyramid's directors.

Pyramid manufactures wooden doors and frames, window shutters and
frames, wooden floorings, and boards, from timber logs. It also
imports plywood and processes it into decorative veneers and
sells it locally. In 2009-10 and 2010-11, wooden doors and frames
contributed about 50% of the company's sales, followed by window
shutters and frames (about 20%), wooden boards (about 13%),
floorings (about 5%), and decorative veneers (about 12%). Pyramid
started processing plywood imported from Dubai into decorative
veneers about two years ago; the veneers are sold entirely in the
domestic market. This segment is expected to gradually increase
in the future.

For 2010-11, Pyramid reported a profit after tax (PAT) of INR4.2
million on net sales of INR120 million, against a PAT of INR1.9
million on net sales of INR72 million for the previous year.


SINIC ELECTRONICS: CRISIL Puts 'CRISIL BB-' Rating on INR6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sinic Electronics Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR67 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR3 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect extensive experience of SEPL's promoter in
the bank automation industry and established customer
relationships. These rating strengths are partially offset by
SEPL's modest scale of operations and working-capital-intensive
nature of its operations.

Outlook: Stable

CRISIL expects Sinic Electronics Private Limited to maintain
stable business and financial risk profiles in the medium term,
on the back of established presence and demand prospects in the
banking automation business segment. The outlook may be revised
to 'Positive' if the company reports significant increase in its
scale of operations while maintaining or improving its
profitability and working capital cycle. The outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates due to lengthening of its operating cycle or if the
company suffers a significant decline in its revenues or
profitability.

                     About Sinic Electronics

SEPL is engaged in manufacturing of banking automation products.
The company was set up in 1998 as a partnership firm by Mr.
Niranjan Bhatwal along with his father Mr. Suresh Bhatwal and
wife Mrs. Smita Bhatwal. In the year 2000, the firm was converted
to a private limted company and renamed as 'Sinic Electronics
Private Limited'. Mr. Niranjan Bhatwal looks after the day to day
operations of the company. SEPL manufactures banking automation
products, such as currency note counting machines, counterfeit
note detector, banding and sorting machines, coin vending
machines, and other electronic products, such as ticket vending
machines and self-service kiosks. The company also provides
hardware information technology support services to its clients.
SEPL's manufacturing unit is in Himachal Pradesh and its
administrative office is in Dhule (Maharashtra).

SEPL reported a profit after tax (PAT) of INR11.36 million on net
sales of INR252.19 million (provisional figures) for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR3.46 million on net sales of INR238.54 million for 2009-10.


SURFA COATS: CRISIL Assigns 'CRISIL BB+' Rating to INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Surfa Coats (Bangalore) Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL BB+/Stable (Assigned)
   INR10.0 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect SCBL's moderate financial risk profile,
marked by moderate gearing and debt protection metrics,
geographical presence across South India, and the extensive
experience of its promoters. These rating strengths are partially
offset by SCBL's small scale of, and working-capital-intensive,
operations and low operating margin.

Outlook: Stable

CRISIL believes that SCBL will continue to benefit over the
medium term from its promoters' extensive experience and its
geographical presence in South India. The outlook may be revised
to 'Positive' if there is a significant increase in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if its debt protection metrics deteriorate,
most likely due to increased reliance on debt for funding working
capital requirement.

                        About Surfa Coats

Surfa Coats Ltd was incorporated in 1979 as a private limited
company with Mr. U Yashodhar and Mr. T S Krishnan as directors.
In 1997, SCL was split into Surfa Coats (Bombay) Ltd and SCBL. At
present, SCBL has no business relationship with Surfa Coats
(Bombay) Ltd. SCBL manufactures standardised decorative paints
that can be used on interior and exterior masonry surfaces, which
include bungalows and multi-storied buildings; it also
manufactures enamel that could be used on metal and wood. SCBL's
product profile includes acrylic distemper paint, enamel paint,
primer, emulsion paint, and cement paint.

SCBL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR555.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.1 million on net
sales of INR506.4 million for 2009-10.


SUVARNA FIBROTECH: CRISIL Places CRISIL D Rating on INR63MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Suvarna Fibrotech Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR63 Million Term Loan           CRISIL D (Assigned)
   INR77.5 Million Cash Credit       CRISIL D (Assigned)
   INR4.5 Million Letter of Credit   CRISIL D (Assigned)
   INR5 Million Bank Guarantee       CRISIL D (Assigned)

The ratings reflect instances of delay by SFPL in servicing its
term loan; the delays have been caused by SFPL's weak liquidity.

SFPL also has large working capital requirements, small scale of
operations, and high customer concentration. SFPL, however,
benefits from its promoter's extensive track record in the fibre
reinforced plastic (FRP) business and its strong operational
efficiencies.

                    About Suvarna Fibrotech

SFPL was set up in 1985 as Suvarna Fibre Glass by Mr. P I
Verghese. The company was subsequently reconstituted as a private
limited company in 1989. SFPL has three plants, of which, two are
in Pune (Maharashtra) and one is in Vellore (Tamil Nadu).
Currently, SFPL manufactures more than 300 different FRP
components which are used in the automobiles, defence, chemicals,
windmill, marine, and infrastructure sectors. Currently, almost
40% of SFPL's sales come from the defence sector, 25% comes from
the automobile sector, 20% comes from the windmill sector, and
the rest come from other sectors such as pipe, infrastructure,
and chemical plants.

SFPL reported a profit after tax (PAT) of INR25.4 million on net
sales of INR296.7 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR10.3 million on net
sales of INR217.7 million for 2009-10.


SUZLON ENERGY: To Sell Non-Critical Assets to Pay Maturing Debts
----------------------------------------------------------------
Eric Yep at Dow Jones Newswires reports that Suzlon Energy Ltd.
corporate finance head Kirti Vagadia said the company will look
at selling some of its non-critical assets in the next few months
to generate funds for leveraging its balance sheet.

Dow Jones relates that Mr. Vagadia said on an investor conference
call that the assets are likely to include two component segments
and wind farms.  However, he declined to specify the value of the
assets, the news agency relays.

Suzlon is raising funds through internal accruals and other means
to repay debt that will mature next year, according to Dow Jones.

                      Second Qtr Loss Narrows

Meanwhile, The Hindu Business Lines reports that Suzlon Energy
has informed Bombay Stock Exchange that the company has posted a
net loss of INR19.39 crore (standalone basis) for the second
quarter ended Sept. 30, 2011, compared with a net loss of
INR89.05 crore for the quarter ended Sept. 30, 2010.

Total income was INR2,029.41 crore for the quarter ended
Sept. 30, 2011, against INR1,176.02 crore for the quarter ended
Sept. 30, 2010, according to The Hindu Business Lines.

On a consolidated basis, The Hindu Business Lines discloses, the
group has posted a net profit after share in associate's profit
and minority interest of INR48 crore for the quarter ended
Sept. 30, 2011 against a loss of INR369.23 crore for the quarter
ended Sept. 30, 2010.

Total income stood at INR5,154.45 crore for the quarter ended
Sept. 30, 2011 compared with INR3,839.01 crore for the quarter
ended Sept. 30, 2010.

                       About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.

Suzlon Energy posted net losses of INR983 crore and INR1,324
crore in the year ended March 31, 2010 and 2011, respectively.


VERDANT LIFE: CRISIL Cuts Rating on INR66MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Verdant Life Sciences Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR66.0 Million Rupee Term Loan    CRISIL D (Downgraded from
                                             'CRISIL B/Stable')

   INR20.0 Million Cash Credit        CRISIL D (Downgraded from
                                             'CRISIL B/Stable')

   INR7.5 Million Letter of Credit    CRISIL D (Downgraded from
                                                'CRISIL A4')

   INR2.5 Million Bank Guarantee      CRISIL D (Downgraded from
                                                'CRISIL A4')

The downgrade reflects continuous delays by Verdant in servicing
its term debt; the delays have been caused by the company's weak
liquidity. Verdant commercialized its operations in 2010-11
(refers to financial year, April 1 to March 31) and its capacity
utilization was low at around 50% because of non-stabilisation of
its facilities. In the absence of sufficient cash flows from
operations, Verdant received funding support from its promoters
for the payment of term loan installment due in March 31, 2011,
and June 30, 2011. However, the installment due in September 30,
2011, has not been paid till date. The downgrade also factors in
CRISIL's belief that Verdant's promoters will arrange for funds
to ensure repayment of its term loan installment, albeit on a
delayed basis.

Verdant has a weak financial risk profile marked by low cash
accruals, weak debt protection metrics, and large working capital
requirements. The company, however, benefits from its promoters'
experience in the pharmaceuticals industry.

                         About Verdant Life

Verdant, set up in 2008 by Mr. U Amarnath and Mr. V S N Murthy,
commenced operations in 2010. It manufactures bulk drugs and
intermediates at its manufacturing facility in Jawaharlal Nehru
Pharma City in Visakhapatnam (Andhra Pradesh). Verdant sells its
products in India and abroad.

Verdant reported, on provisional basis, a net loss of INR13.1
million on net sales of INR62.9 million for 2010-11.


VIDHI MINERALS: CRISIL Assigns CRISIL BB- Rating to INR25MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Vidhi Minerals & Alloys Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR45 Million Packing Credit     CRISIL A4+ (Assigned)
   INR5 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR15 Million Letter of Credit   CRISIL A4+ (Assigned)

For arriving of the rating, CRISIL has combined the business and
financial risk profiles of VMAPL and Worldage Resources B.V., a
Netherland based wholly owned subsidiary of VMAPL.

The ratings reflect the extensive experience of VMAPL's promoters
in the manganese mining and trading industry. This rating
strength is partially offset by susceptibility of VMAPL's
revenues to the demand in the end user steel industry and
volatility in prices of manganese alloys.

Outlook: Stable

CRISIL believes that VMAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
successfully scales up its operations while sustaining its
profitability and comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' in case of weakening in
VMAPL's operating margin or debt protection metrics.

                        About Vidhi Minerals

VMAPL is a part of the larger Shyamji group, which is promoted by
Mr. Ajay Khandelwal and Mr Vijay Khandelwal. The company was
incorporated in 2005 in Nagpur (Maharashtra). VMAPL trades in
commodities, such as manganese ores, silico manganese, ferro
silico manganese, and ferro manganese. In 2009-10, VMAPL had set
up Worldage Resources B.V a wholly owned subsidiary based in
Netherlands with a view to undertake manganese trading activity
in Europe. However, there has been no activity in the subsidiary
for the last one year.

VMAPL (standalone) reported a profit after tax of INR3 million on
net sales (provisional) of INR145.6 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR9.1 million on net sales of INR369.8 million for 2009-10.


VIJAYASRI ORGANICS: CRISIL Raises Rating on INR185MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Vijayasri Organics Ltd (VOL; part of the Vijayasri group) to
'CRISIL B-/Stable' from 'CRISIL C', while reaffirming the rating
on the short-term bank facility at 'CRISIL A4'.

   Facilities                          Ratings
   ----------                          -------
   INR165.00 Million Cash Credit       CRISIL B-/Stable
                                       (Upgraded from 'CRISIL C')

   INR185.00 Million Long-Term Loan    CRISIL B-/Stable
                                       (Upgraded from 'CRISIL C')

   INR50.00 Million Letter of Credit   CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in the Vijayasri group's
liquidity, due to improvement in its cash accruals, which will be
adequate to service its debt obligations. The group's cash
accruals are expected to improve further over the medium term, on
account of the increase in its scale of operations, leading to
further improvement in liquidity. The upgrade also reflects
CRISIL's belief that the Vijayasri group's liquidity will be
adequate over the medium term, backed by steady cash accruals
from its operations and the management's commitment to ensure
financial discipline over the medium term.

The rating reflects the Vijayasri group's working-capital-
intensive operations, customer concentration, and exposure to
intense competition in the pharmaceuticals industry. These rating
weaknesses are partially offset by the Vijayasri group's moderate
financial risk profile, marked by a moderate gearing and above-
average debt protection metrics, and the benefits that the group
derives from its promoters' extensive experience and its
established relationships with its customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vijayasri Chemicals (VSC), Vijayasri
Organics (VSO), and VOL, collectively referred to as the
Vijayasri group. This is because all the entities are under a
common management and have intra-group operational and financial
linkages.

Outlook: Stable

CRISIL believes that the Vijayasri group will continue to benefit
over the medium term from its promoters' extensive experience in
bulk drug industry and its established relations with its
customers and suppliers. The outlook may be revised to 'Positive'
in case the group improves its working capital management and
liquidity, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate because of large debt-funded
capital expenditure, or its working capital cycle deteriorates
considerably.

                          About the Group

The Vijayasri group was set up in 1996 by Mr. S V J Raju, Mr. K V
Rama Rao, and Mr. Prakash Reddy, who set up VSC, a partnership
firm, in Hyderabad (Andhra Pradesh [AP]) to process solvents. The
group further expanded its operations in 2002 by setting up VSO.
In 2005, it set up VOL in Visakhapatnam [AP] as part of its
expansion plans. The Vijayasri group currently produces active
pharmaceutical ingredients, also known as bulk drugs, and
intermediates.

The Vijayasri group reported a profit after tax (PAT) of INR61.3
million on net sales of INR2.6 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR116.3
million on net sales of INR2.0 billion for 2009-10.


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


BAKRIE SUMATERA: Moody's Lowers CFR to 'Ca' From 'Caa1'
-------------------------------------------------------
Moody's Investors Service has lowered the corporate family and
secured bond ratings of Bakrie Sumatera Plantations Tbk (BSP) to
Ca from Caa1. The outlook of the ratings is developing.

Ratings Rationale

"Bakrie Sumatera's bond falls due on 1st November, and with no
committed bank refinancing signed, the likelihood of having
sufficient funds in place on the due date is now increasingly
remote" says Alan Greene, a Moody's Vice President and Senior
Credit Officer.

Moody's understands that Credit Suisse, a mandated lead arranger
for the refinancing, has approached bondholders with a view to
offering an exchange of the notes into a loan.

The outlook is developing, recognizing the potential outcomes and
the volatility of the situation. If there is no refinancing, a
payment default will be inevitable. If a loan comprising new
money and distressed exchanged bonds can be put in place, the
company would gain some breathing space, although this mechanism
is also likely to be regarded as a default by Moody's.

"Further out, if crude palm oil and rubber prices maintain
current levels, Moody's can see BSP reduce its leverage, although
Moody's still has concerns about the contribution from its
recently acquired Domba Mas oleochemicals businesses. However,
the struggle to refinance the BSP bonds does not bode well for
the $150 million bond issued by Agri International, its
subsidiary, which falls due in July 2012" adds Mr. Greene, also
Lead Analyst for BSP.

Moody's has included Domba Mas and Agri International in the
assessment of BSP's debt leverage. Moody's notes that the debt of
Domba Mas and Agri are ring-fenced from the rest of BSP. However,
the operating linkages between Agri, BSP and Domba Mas have
strengthened in recent months.

The last rating action with respect to BSP was taken on
January 13, 2011, when its corporate family and secured bond
ratings were lowered to Caa1 from B3 after being on review for
potential downgrade.

BSP's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside BSP's core industry and
believes BSP's ratings are comparable to those of other issuers
with similar credit risk.

Bakrie Sumatera Plantations Tbk is an Indonesian plantation
company operating mainly in Sumatra, Indonesia, with rubber
plantations of some 19,000ha and oil palm plantations of
110,000ha. It is 29.8%-owned by the conglomerate PT Bakrie &
Brothers Group (BNBR) (as of June 30, 2011) and is accounted for
as an investment in BNBR's financial statements. BSP was listed
on both the Jakarta and Surabaya Stock Exchanges in 1990.


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


TOKYO ELECTRIC: Toyota Tsusho to Buy 20% Stake in Wind Power Unit
-----------------------------------------------------------------
Dow Jones Newswires reports that Toyota Tsusho Corp. will buy 20%
of Tokyo Electric Power Co.'s wind power unit for nearly
JPY20 billion.

The two companies announced Tuesday that after the transaction,
Toyota Tsusho will hold 60% of the unit, Eurus Energy Holdings,
while Tokyo Electric, or TEPCO, will own the remaining 40%,
according to the news agency.

Headquartered in Minato Ward, Tokyo, Eurus Energy is the largest
wind power company in Japan. In 2002, TEPCO acquired a stake in
Tomen Power Holdings Corp., the predecessor of Eurus Energy,
which was established in 2001.  Tomen Power Holdings was renamed
to Eurus Energy in 2002.

                        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.  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.


TOKYO ELECTRIC: Told to Cut At Least JPY2.5 Trillion in Costs
-------------------------------------------------------------
According to Dow Jones Newswires, Kyodo News reported Japanese
Industry minister Yukio Edano on Monday instructed Tokyo Electric
Power Co. to commit to cutting "at least" JPY2.5 trillion in
costs over 10 years before receiving funds to help it pay
compensation over the nuclear crisis at its Fukushima Daiichi
power plant.

Dow Jones relates that the target was included in a third-party
panel report submitted to the government on Oct. 3, which would
be reflected in Tokyo Electric's special business plan to be
compiled as a precondition to receive financial aid from a state-
backed body set up to help it meet its massive compensation
obligations.

According to the news agency, TEPCO President Toshio Nishizawa
told reporters after his talks with Mr. Edano, "We will take the
minister's words sincerely and steadily implement (what we are
told to do)."

The economy, trade and industry minister is in a position to
approve the special business plan, which would include cost-
cutting and other restructuring measures, Dow Jones relates.  It
would be compiled in two stages, with the first called an
"emergency" plan, and the second a "comprehensive" plan, the
report notes.

Dow Jones states that while the emergency plan is to be compiled
as early as in October, the comprehensive plan is expected to be
worked out next spring, and will cover issues needing more time
for consideration, such as a possible hike in electricity bills.

In relation to damages payments, Dow Jones further says, the
utility known as TEPCO requested to the Education, Culture,
Sports, Science and Technology Ministry JPY120 billion in
government compensation, the maximum amount set by a contract
between the government and TEPCO for an accident at one nuclear
power plant.

The request came as the utility's compensation payments to people
and companies affected by the crisis, triggered by the
devastating March 11 earthquake and disaster, have exceeded
JPY150 billion, according to Dow Jones.

                       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.  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.


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


HYNIX SEMICONDUCTOR: Deadline for Bids Extended by One Week
-----------------------------------------------------------
Yonhap News Agency reports that creditors of Hynix Semiconductor
Inc. said Tuesday that they will postpone the deadline for the
final bidding for a 15% stake in the chipmaker by one week.

According to the news agency, creditors-turned-shareholders of
Hynix said the final bidding will be extended to Nov. 10, in an
attempt to lure more bidders to join the takeover process of the
company.

Dow Jones Newswires has said creditors have been trying for years
to sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in
the chip maker.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an
Icheon, South Korea-based memory semiconductor supplier offering
Dynamic Random Access Memory chips and Flash memory chips to a
wide range of established international customers.  The Company's
shares are traded on the Korea Stock Exchange, and the Global
Depository shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, Fitch Ratings revised Hynix Semiconductor Inc.'s
Outlook to Positive from Stable. Its Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDRs) have been affirmed
at 'BB-'. Its senior unsecured rating has also been affirmed at
'BB-'.


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


BRIDGECORP LTD: Stevenson Buys Petricevic's Remuera Mansion
-----------------------------------------------------------
Sunday Star Times reports that the family mansion of former
Bridgecorp boss Rod Petricevic has been bought by trusts
associated with one of New Zealand's wealthiest families.

However, the Petricevic family still has an interest in the
property, the report says.

The two-level mansion in Remuera, one of Auckland's most
exclusive suburbs, has been purchased by trusts associated with
Phillip and Robin Stevenson from Takapuna on the North Shore.

The wider Stevenson family owns Stevenson Group, which has
extensive interests in the civil engineering, concrete, mining,
quarrying and agricultural sectors, the report discloses.

Sunday Star Times notes that the purchase price has not been
disclosed but the 566m2 house with swimming pool has a rating
valuation of NZ$4.4 million.

A mortgage to National Bank and caveats placed by Navigator
Finance and an Auckland law firm were withdrawn on settlement,
according to Sunday Star Times.

Sunday Star Times relates that the property was transferred to
the Stevensons, Mr. Petricevic and his wife, Mary, most likely in
their roles as trustees, took out a mortgage over the property
which secures NZ$150,000.  It is a mystery why the mortgage was
put in place, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2011, the New Zealand Herald said former Bridgecorp boss
Rod Petricevic will put his NZ$4.4 million Remuera home on the
market to raise funds to defend allegations his family trust owes
NZ$2.2 million to a Bridgecorp subsidiary.  Navigator Finance
alleged the R.M Petricevic Family Trust owes it NZ$2.2 million
but the trust's lawyers claim the money was an advance, not a
loan.  The family mansion in Remuera is owned by the trust, which
had put forward a proposal to sell it in order to raise funds.
The litigation against the trust was being funded by Bridgecorp's
receivers PricewaterhouseCoopers because Navigator is in
liquidation.  If Navigator wins, the NZ Herald noted, the funds
are expected to be distributed among Bridgecorp investors and
Mr. Petricevic's personal creditors.  Mr. Petricevic was
bankrupted in 2008.

                       About Bridgecorp Ltd

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

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

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


SOUTH CANTERBURY: Late Hubbard Had Concerns Over Statutory Mgmt.
----------------------------------------------------------------
The NZ$1.6 billion Government guarantee payout was nearly
triggered by South Canterbury Finance in October 2009, about 10
months before its eventual collapse, the late Allan Hubbard
revealed in a memorandum obtained by The Timaru Herald.

The Timaru Herald has obtained a memorandum written by Mr.
Hubbard on Oct. 13, 2010, six weeks after SCF was put into
receivership on August 31.

Under the memorandum, The Timaru Herald relates, Mr. Hubbard
raised concerns about a Companies Office official who helped
prepare the report that recommended the statutory management of
Mr. Hubbard, his wife, their companies Aorangi Securities and
Hubbard Management Funds, along with seven charitable trusts,
which was implemented by the Government on June 20 last year.

A Serious Fraud Office (SFO) investigation was launched the
following day and in June this year, 50 fraud charges were laid
against Mr. Hubbard by the SFO, The Timaru Herald recalls. They
were dropped after he was killed in a car crash on Sept. 2.

Mr. Hubbard wondered in the memorandum if the official had a
grudge against him, the report relates.

"I have not personally dealt with [the official] but I know of
the frustrations that South Canterbury Finance has had with him
over the past 10 to 15 years. He was finicky and held up various
prospectuses over unnecessary minor points.

"Last October (2009) [he] held up South Canterbury Finance's
prospectus for minor things for one month and it caused South
Canterbury Finance to deposit all incoming deposits into a trust
account and to pay out the normal repayments as they became due.

"This resulted in South Canterbury Finance cash balances running
down to an unacceptable level where the company could have failed
and the Government guarantee been invoked," Mr. Hubbard wrote.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


=====================
P H I L I P P I N E S
=====================


LEGEND INTERNATIONAL: CA Refuses to Recognize HK Liquidation Case
-----------------------------------------------------------------
BusinessWorld Online reports that the Court of Appeals has
refused to recognize liquidation proceedings against Legend
International Resort, Ltd., which were initiated in Hong Kong.

According to the report, the appellate court's Sixteenth Division
refused to recognize the liquidation proceedings started by
Morgan Stanley Emerging Markets, Inc. in Hong Kong, noting that
separate proceedings have occured at the Olongapo City Regional
Trial Court (RTC).

BusinessWorld relates that Legend International had defaulted on
some PHP10.5 billion worth of debt in 2004, prompting Morgan
Stanley, one of the creditors, to ask Hong Kong courts to wind up
operations of the casino operator, which was headquartered in
that Chinese territory.

But other creditors of Legend International started
rehabilitation proceedings before the Olongapo RTC instead.  This
was eventually junked and the creditors were allowed to collect
debts.

Despite this, the report notes, the RTC rejected Morgan Stanley's
petition for rulings in Hong Kong to be recognized here. The
appellate court upheld the ruling of the RTC, BusinessWorld
relays.

"By simple comparison, it can be deduced that both actions belong
to different legal spheres," the recent decision read.

                     About Legend International

Legend International Resort Ltd. operated Legenda Hotel and
Casino in Subic Bay Freeport Zone, Zambales.

As reported by the Troubled Company Reporter-Asia Pacific, the
Court entered an order on June 9, 2006, to wind up the company's
operations.  On Dec. 22, 2006, the High Court of Hong Kong
appointed Fernando Gaspar and David Giles Maund as joint and
several liquidators of Legend International Resorts Ltd.


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


AGRI INTERNATIONAL: Moody's Lowers CFR to 'Ca' From 'Caa1'
----------------------------------------------------------
Moody's Investors Service has lowered the corporate family rating
of Agri International Resources Pte Ltd as well as its rating on
the senior secured bond issued by AI Finance B.V., which is
wholly owned and guaranteed by AIRPL, to Ca from Caa1. The
outlook of the ratings is developing.

Ratings Rationale

"The rating action follows the downgrade of AIRPL's parent
company, Bakrie Sumatera Plantations, to Ca/developing and
reflects both the close operating and financial dependencies
between the two companies" says Alan Greene, a Moody's Vice
President and Senior Credit Officer.

AIRPL's standalone performance has improved year on year in 1H
2011 but cash generation and liquidity remain weak.

"Interest cover remains weak and AIRPL will need external support
to refinance its bonds due in July 2012. In light of BSP's
troubles, it is difficult to ascertain at this stage from where
such support will come", adds Greene, also Lead Analyst for
AIRPL.

The rating outlook reflects the uncertainty over BSP's
refinancing situation, the ramifications of which are critical
for AIRPL given its role as a captive supplier of palm oil to
BSP. A rapid resolution of its own refinancing challenge well in
advance of its due date would be viewed favorably.

The last rating action with respect to AIRPL was taken on
Jan. 13, 2011, when its Caa1 corporate family and secured bond
ratings were confirmed having previously been placed on review
for potential downgrade.

AIRPL's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside AIRPL's core industry and
believes AIRPL's ratings are comparable to those of other issuers
with similar credit risk.

These attributes were compared against other issuers both within
and outside of AIRPL's core industry; its ratings are believed to
be comparable to those of other issuers of similar credit risk.

Agri International Resources Pte Ltd was incorporated in
Singapore in May 2007. AIRPL became a subsidiary of BSP in March
2010 and is now 99%-owned by BSP. It accounted for 32% of BSP's
mature palm oil plantations as of June 2011. AIRPL's operating
subsidiary (Agri Resources B.V.) owns two oil palm plantations in
Sumatra, with a total land utilization rights covering 56,618
hectares, of which 35,876 hectares were planted and 29,553
hectares were mature as at June 30, 2011.


HO BEE: Creditors' Proofs of Debt Due Nov. 21
---------------------------------------------
Creditors of Ho Bee Homes Pte Ltd, which is in creditors'
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's liquidator is:

          Lee Kay Beng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


MAARINE TUBES: Court to Hear Wind-Up Petition Nov. 4
-----------------------------------------------------
A petition to wind up the operations of Maarine Tubes Singapore
Pte Ltd will be heard before the High Court of Singapore on
Nov. 4, 2011, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Oct. 12, 2011.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


NEW PACIFIC: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------
Creditors of New Pacific Shipping Agencies Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Nov. 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          Stone Forest Corporate Advisory Pte Ltd
          c/o 8 Wilkie Road #03-08
          Singapore 228095


NUMATA (SINGAPORE): Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------------
Creditors of Numata (Singapore) Pte Ltd, 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's liquidator is:

          Chua Keng Khng
          89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


ORCHARD CUPPAGE: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Orchard Cuppage Pte Ltd, which is in liquidation, declared the
first and final dividend on Oct. 25, 2011.

The company paid 100% to the received claims.

The company's liquidator is:

         Lai Seng Kwoon
         c/o S K Lai & Co
         8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


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


NANYA TECHNOLOGY: Net Loss Widens to NT$12 Billion in Third Qtr
---------------------------------------------------------------
Bloomberg News reports that Nanya Technology Corp. posted a
wider-than-estimated loss as a continued slump in computer demand
hurt sales.  Third-quarter losses widened to NT$12 billion
(US$399 million) from NT$2.27 billion a year earlier.

The average of eight analysts' estimates compiled by Bloomberg
was for a NT$8.4 billion loss.  Inotera Memories Inc., Nanya's
Taoyuan-based venture with Micron Technology Inc, posted a
NT$7 billion loss, Bloomberg discloses.

According to the news agency, the Taoyuan-based company said that
Europe's debt crisis, a slow US economy and the popularity of
tablet devices such as Apple Inc's iPad have weighed on demand
for memory chips used in computers. Prices of DRAM chips have
dropped 32 percent during the quarter.

"The situation is particularly terrible, but once it's over the
industry will be more stable," Bloomberg quotes Charles Kau,
president of Inotera, as saying.  "It's bad, but it's all bad for
all companies."

Bloomberg reports that Nanya's third-quarter revenue dropped 51%
from a year earlier to NT$7.3 billion, while Inotera's fell 10%
to NT$8.9 billion.  The losses at Nanya and Inotera were their
seventh in succession.  The average of nine analyst estimates
compiled by Bloomberg was for a loss of NT$3.7 billion at
Inotera.

                       About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The
company primarily offers dynamic random access memory (DRAM)
chips, including double data rate (DDR) DRAM chips, DDR2 DRAM
chips and DDR3 DRAM chips; DRAM modules, such as 200-pin DDR
small outline (SO) dual in-line memory modules (DIMMs), 184-pin
registered and unbuffered DDR synchronous dynamic random access
memory (SDRAM) DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered
and registered DDR2 SDRAM DIMMs and others.  DRAMs are used as
data storage units for computer, communications and consumer (3C)
products.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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