TCRAP_Public/111027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, October 27, 2011, Vol. 14, No. 213

                            Headlines




A U S T R A L I A

FORTESCUE METALS: S&P Gives 'B+' Rating on $1.5-Bil. Sr. Notes
LAKE HUME: Wins Creditors Approval to Continue Operations
PRIMEBROKER SECURITIES: Kept Trading While Insolvent, Court Hears
SP MARINA: Sunland Snaps Up Mariners Cove for AUD13 Million


C H I N A

* China: To Offer Banks Incentives to Support Small Firms


H O N G  K O N G

HJT INVESTMENT: Commences Wind-Up Proceedings
HK SPORT: Members' Final Meeting Set for Nov. 22
IVY ASSET: Philip Brendan Gilligan Steps Down as Liquidator
KINGSWAY DECORATION: Final Meetings Slated for Nov. 24
KO CHUN: Creditors Get 100% Recovery on Claims

LEGEND INVESTMENT: Lo Yau Leung Steps Down as Liquidator
MOREPLUS INTERNATIONAL: Creditors' Meeting Set for Oct. 31
NATURAL POLYMER: Cheng James Yi-Ming Steps Down as Liquidator
NEW GIANT: Chan Chun Hing Steps Down as Liquidator
OHNISHI DENKI: Wong Chi Kin Steps Down as Liquidator

OPTIVER HOLDING: Cowley and Power Appointed as Liquidators
PRIME VIEW: Lau Wai Yung Alice Steps Down as Liquidator
PROFIT STAR: Placed Under Voluntary Wind-Up Proceedings
RICHGOOD SHIPPING: Seng and Lo Step Down as Liquidators
RUPEE NAVIGATION: Man Yun Wah Steps Down as Liquidator

SWIRE AVIATION: Members' Final Meeting Set for Nov. 22
UAP-ASIA LIMITED: Members' Final General Meeting Set for Nov. 21


I N D I A

ABHISHEK ARTS: ICRA Assigns '[ICRA]BB-' Rating to INR13cr Loans
AUTO CARRIAGE: ICRA Reaffirms '[ICRA]BB' Rating to INR6cr Loan
BSL ENGINEERING: ICRA Assigns '[ICRA]B+' Rating to INR1cr Loan
FAIRDEAL JUMBO: ICRA Assigns '[ICRA]BB-' Rating to INR3.88cr Loan
FROSTEES EXPORT: ICRA Reaffirms [ICRA]BB+ Rating to INR14cr Loan

GEE GEE AGROTECH: ICRA Assigns [ICRA]BB- Rating to INR8.5cr Loan
GM EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR10cr Cash Credit
GOODWILL FABRICS: ICRA Assigns [ICRA]BB+ Rating to INR1.5cr Loan
HAJI ALIMOHAMED: ICRA Assigns '[ICRA] B+' Rating to INR8cr Loan
KALPTARU ALLOYS: ICRA Reaffirms '[ICRA]B+' Rating to INR23cr Loan

KOMOS AUTOMOTIVE: ICRA Reaffirms 'BB+' Rating to INR25.87cr Loan
KRISHNA TISSUES: ICRA Reaffirms [ICRA]BB+ Rating to INR34cr Loan
KUNNEL ENGINEERS: ICRA Assigns [ICRA]BB to INR14.45cr Term Loans
MOUNTAIN SPINNING: Fitch Lowers Rating on 2 Bank Loans to Low-B
POPPYS HOTEL: ICRA Assigns [ICRA]B+ Rating to INR38cr Term Loans

RADIUS INFRATEL: ICRA Assigns '[ICRA]BB' Rating to INR58cr Loans
RAMNARAYAN MILLS: Fitch Assigns 'B+(ind)' National LT Rating
RIMJHIM ISPAT: ICRA Cuts Rating on INR142cr Limits to '[ICRA]D'
SELVEL ADVERTISING: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
SINGLA EXPORTS: ICRA Assigns '[ICRA]BB-' Rating to INR15cr Loan

TRISHUL POWER: ICRA Assigns '[ICRA]D' Rating to INR8.84cr Loan
TUTICORIN SPINNING: Fitch Lowers Rating on Two Loans at Low-B
VVA DEVELOPERS: ICRA Reaffirms '[ICRA]B' Rating on INR10cr Loan
WESTERN INDIA: ICRA Places '[ICRA]BB' Rating on INR2cr LT Loan
Y. MAHABALESWARAPPA: ICRA Rates INR25cr Bank Loan at '[ICRA]C'


J A P A N

TOKYO ELECTRIC: Repays JPY50 Billion Bond Due October 26


N E W  Z E A L A N D

BRIDGECORP LTD: Directors Trial Adjourned Until November 14
LOMBARD FINANCE: Receiver Raises Projected Investors Payout


P H I L I P P I N E S

PHILIPPINE REALTY: Ordered to Pay PHP57.38MM to Contractor


S I N G A P O R E

PIERS RESOURCE: Court Enters Wind-Up Order
R & N: Creditors' Proofs of Debt Due Nov. 4
TIME WATCH: Creditors' Proofs of Debt Due Nov. 21
UOB JAIC: Creditors' Proofs of Debt Due Nov. 21
VAST CONSTRUCTION: Court to Hear Wind-Up Petition Nov. 4


V I E T N A M

DOT VN: Signs Exclusive Reseller Agreement with hereUare


                            - - - - -


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A U S T R A L I A
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FORTESCUE METALS: S&P Gives 'B+' Rating on $1.5-Bil. Sr. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a rating of 'B+' to
the proposed US144a issuance of about $1.5 billion senior
unsecured notes by FMG Resources (August 2006) Pty Ltd., the
funding arm of Australian iron ore mining company, Fortescue
Metals Group Ltd. (B+/Stable/--). The notes will have a term of
eight years, and proceeds will be used for the continued
expansion of Fortescue's Western Australian mining operations to
155 million tons per annum (T155 project, mtpa).

Fortescue's expansion to 55 mtpa was completed in June 2011 as
planned, and the company is continuing to work toward its 155
mtpa target. "We believe that the T155 project is on track for
completion within three years, but substantial project execution
risk still lies ahead. The risks are mitigated to a degree by the
continued high ore prices supporting the company's financial
performance and improved liquidity position," S&P related.

Fortescue reported a cash balance of more than $2.6 billion and
EBITDA for the year of slightly more than $2.9 billion as at
June 30, 2011. "As the company continues to build production, and
with ore prices likely to remain high over the near term,
Fortescue should continue to generate solid levels of cash, in
our view. This will assist the company in funding the expansion
program and underpin its liquidity to partially mitigate project
risks.

Production costs have remained at about $53 per ton, which is
considerably higher than we originally expected, which increases
risk in the event of a price downturn. We are expecting
production costs to stabilize around this level over the near
term, and believe they are more likely to trend lower over the
long term, depending on the strength of the Australian dollar
against the U.S. dollar and the efficiency of the expanded
operations," S&P related.


LAKE HUME: Wins Creditors Approval to Continue Operations
---------------------------------------------------------
Brad Worrall at The Border Mail reports that creditors have
agreed to let the cash-strapped Lake Hume Tourist Park continue
to operate in the hope it trades out of trouble or sells.

The lakeside park was placed in the hands of administrators last
month with creditors owed more than AUD1.5 million.

But a meeting on Monday agreed to the recommendation from
insolvency practitioner Tony Cant, who is administering the
operation for creditors, to impose a "deed of company
arrangement" to allow Lake Hume Tourist Park to continue, The
Border Mail discloses.

According to the report, Mr. Cant said it was now business as
usual.

"They will be able to continue to operate as a going concern,"
Border Mail quotes Mr. Cant as saying.  "This is a business, like
many in the country, that suffered through the drought when Lake
Hume was almost empty.  Now the lake is almost full and the
summer ahead looks promising."

"The property is also on the market and has been since just prior
to our appointment."

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 20, 2011, the Australian Taxation Office has been pressing
to have the Downie family-operated business wound up.  But
insolvency practitioner Tony Cant is suggesting a "deed of
company arrangement" to allow it to continue.  Under this
arrangement, The Border Mail related, Mr. Cant believes unsecured
creditors could expect to get back 22 cents and 54 cents in the
dollar depending on the price the business could fetch, which is
expected to be between AUD1.4 million and AUD1.6 million.  Mr.
Cant said liquidation would probably give a worse result.

Mr. Cant, as cited by Border Mail, listed creditors as being owed
AUD1,696,307, including AUD922,286 to the secured creditor
National Australia Bank, AUD165,644 to the tax office, and
AUD104,972 to Albury Council for unpaid rent and water charges,
and trade creditors AU399,000.  Almost 40 trade businesses and
suppliers, many in Albury-Wod-onga, are owed various amounts.

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

                     About Lake Hume Tourist Park

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

The park has been operated by Border Resorts for eight years, the
directors and shareholders being Kevin, Matt and Suzanne Downie,
who placed the business in voluntary administration with
accountants Romanis Cant on Sept. 19, 2011.


PRIMEBROKER SECURITIES: Kept Trading While Insolvent, Court Hears
-----------------------------------------------------------------
The Sydney Morning Herald reports that the Victorian Supreme
Court has heard that Primebroker Securities Limited faced a
series of mounting margin calls in January 2008 as share prices
crashed so that by the end of the month it was insolvent.

Yet the securities lending firm continued to trade through
February and March as the sharemarket tumbled, even to the point
of issuing ANZ Bank with a charge over its assets despite failing
to meet more than AUD60 million of margin calls, SMH says.

According to the report, the court heard that Primebroker, in
fact, continued to trade until July 2008 when ANZ formally dumped
a plan to invest AUD55 million in the business and instead
appointed receivers to the group.

Justice Jennifer Davies on Monday began hearing six intertwined
and sometimes oddly conflicting cases about Primebroker's
collapse and its relationship with ANZ, the report states.

SMH notes that in one of those cases -- a damages claim brought
by Primebroker's principals and owners, Sal Catalano and Ian
Pattison -- the court will hear that despite Primebroker being
insolvent at the end of January, the company relied on ANZ's
claims that it wanted to remain a player in the securities
lending industry and that it would support Primebroker.

In another case being argued by the same legal team,
Primebroker's liquidator, Laurie Fitzgerald, of BDO, will argue
that the charge ANZ took out in February 2008 was invalid because
Primebroker was already insolvent, according to SMH.

Some of the other cases involve appeals by ANZ and a receiver who
was appointed to companies associated with Mr. Catalano and
Mr. Pattison, SMH relays.  They are appealing against a decision
of an associate judge who ruled that the receiver's appointment
was invalid, the report adds.

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.


SP MARINA: Sunland Snaps Up Mariners Cove for AUD13 Million
-----------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that Gold Coast-based
developer Sunland has purchased Mariners Cove and Marina at Main
Beach for a discounted price of AUD13 million.

According to the report, Sunland managing director Sahba Abedian
said the acquisition was the company's third key purchase this
month, and followed its move to take complete ownership of the
nearby Palazzo Versace.

goldcoast.com.au relates that industry sources were expecting the
property, on Sea World Drive, to fetch at least AUD20 million.

Mr. Abedian indicated the company had bought Mariners Cove
because of the redevelopment opportunities it offered, the report
relays.

Mariners Cove was owned by SP Marina, a joint-venture of The
Raptis Group and City Pacific, which paid AUD49 million for it in
2007 at the height of the market.

Mariners Cove has been in the hands of receivers since August
2009.


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


* China: To Offer Banks Incentives to Support Small Firms
---------------------------------------------------------
Dow Jones' DBR Small Cap reports that China's banking regulator
said Monday it will offer incentives to encourage banks to boost
their financial support for cash-hungry small businesses.


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


HJT INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------
Members of HJT Investment (HK) Limited, on Oct. 12, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Tee Choon Kiong
         Foo Bin Gee
         9 Temasek Boulevard
         Suntec Tower Two #27-03
         Singapore 038989


HK SPORT: Members' Final Meeting Set for Nov. 22
------------------------------------------------
Members of Hong Kong Sport Climbing Union Limited will hold their
final general meeting on Nov. 22, 2011, at 10:00 a.m., at 6/F,
May May Building, at Nos. 683-685 Nathan Road, Mongkok, in
Hong Kong.

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


IVY ASSET: Philip Brendan Gilligan Steps Down as Liquidator
-----------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Ivy Asset
Management (HK) Limited on Oct. 17, 2011.


KINGSWAY DECORATION: Final Meetings Slated for Nov. 24
------------------------------------------------------
Contributories and creditors of Kingsway Decoration & Engineering
Company Limited will hold their final meetings on Nov. 24, 2011,
at 10:00 a.m., and 10:30 a.m., respectively at 602 The Chinese
Bank Building, at 61-65 Des Voeux Road Central, in Hong Kong.

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


KO CHUN: Creditors Get 100% Recovery on Claims
----------------------------------------------
Ko Chun Hing Dyeing & Finishing Factory Limited, which is in
creditors' liquidation, declared the first and final dividend to
its creditors on Oct. 21, 2011.

The company paid 100% for preferential and 4.8457% for ordinary
claims.

The company's liquidator is:

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


LEGEND INVESTMENT: Lo Yau Leung Steps Down as Liquidator
--------------------------------------------------------
Lo Yau Leung stepped down as liquidator of Legend Investment
International Limited on Oct. 10, 2011.


MOREPLUS INTERNATIONAL: Creditors' Meeting Set for Oct. 31
----------------------------------------------------------
Creditors of Moreplus International Limited will hold their
meeting on Oct. 31, 2011, at 2:45 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at The Whole of 22nd Floor, at 9 Des
Voeux Road West, in Hong Kong.


NATURAL POLYMER: Cheng James Yi-Ming Steps Down as Liquidator
-------------------------------------------------------------
Cheng James Yi-Ming stepped down as liquidator of Natural Polymer
International (HK) Limited on Oct. 7, 2011.


NEW GIANT: Chan Chun Hing Steps Down as Liquidator
--------------------------------------------------
Chan Chun Hing stepped down as liquidator of New Giant Enterprise
Limited on Oct. 10, 2011.


OHNISHI DENKI: Wong Chi Kin Steps Down as Liquidator
----------------------------------------------------
Wong Chi Kin stepped down as liquidator of Ohnishi Denki (HK)
Limited on Oct. 17, 2011.


OPTIVER HOLDING: Cowley and Power Appointed as Liquidators
----------------------------------------------------------
Patrick Cowley and Fergal Power on Sept. 30, 2011, were appointed
as liquidator of Optiver Holding Hong Kong Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


PRIME VIEW: Lau Wai Yung Alice Steps Down as Liquidator
-------------------------------------------------------
Lau Wai Yung Alice stepped down as liquidator of Prime View
Industrial Limited on Oct. 21, 2011.


PROFIT STAR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Oct. 7, 2011,
creditors of Profit Star International Holdings 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


RICHGOOD SHIPPING: Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Richgood Shipping Limited on Oct. 14, 2011.


RUPEE NAVIGATION: Man Yun Wah Steps Down as Liquidator
------------------------------------------------------
Man Yun Wah stepped down as liquidator of Rupee Navigation
Limited on Oct. 21, 2011.


SWIRE AVIATION: Members' Final Meeting Set for Nov. 22
------------------------------------------------------
Members of Swire Aviation Limited will hold their final meeting
on Nov. 22, 2011, at 10:00 a.m., at 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Peter Alan Kilgour and Vernon Francis Moore, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


UAP-ASIA LIMITED: Members' Final General Meeting Set for Nov. 21
----------------------------------------------------------------
Members of UAP-Asia Limited will hold their final general meeting
on Nov. 21, 2011, at 10:00 a.m., at Room 313, 3/F., Central
Building, at Pedder Street, Central, in Hong Kong.

At the meeting, Keung Ping Yin Raymond, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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ABHISHEK ARTS: ICRA Assigns '[ICRA]BB-' Rating to INR13cr Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR13.0 crore fund
based bank facilities of Abhishek Arts.  The outlook on the long
term rating is stable.

The rating factors in the low value additive and highly
competitive nature of the jewellery industry characterized by the
presence of many organized and unorganized players, resulting in
low profitability margins, which is unlikely to change in the
medium to long term. The rating also takes into account
moderately high financial risk profile as indicated by low return
indicators, relatively high gearing levels and low coverage
indicators; and stretched liquidity position as reflected by high
utilization of working capital limits. The rating is however
supported by long and established track record of the proprietor,
healthy growth in the operating income over the last three years
and favorable demand growth prospects in India.

Abhishek Arts is primarily a wholesaler of silver and gold
jewellery. It is a proprietorship firm established in 1997,
promoted by Mr. Nitin Singla, son of Mr. Rajesh Singla who looks
after Singla Exports. Abhishek Arts' customers primarily comprise
of wholesalers and retailers based in the Central Delhi area.

During the year 2010-11, Abhishek Arts reported a net profit
after tax of INR0.23 crore on an operating income of INR62 crore.


AUTO CARRIAGE: ICRA Reaffirms '[ICRA]BB' Rating to INR6cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.00
crore (reduced from INR7.00 crore earlier) cash credit facility
of Auto Carriage Private Limited at '[ICRA]BB'.  The outlook on
the long term rating is stable. ICRA has also assigned an
'[ICRA]A4' rating to the INR3.00 crore non fund based bank limits
of ACPL.

The ratings take into account the established track record and
experience of the promoters in the automobile dealership
business, and the company's current expansion plans in and around
Kolkata, which is likely to result in increase in the scale of
operations. The ratings also factor in the significant
improvement in company's net profits during 2010-11 which however
was largely supported by non-operating income generated from sale
of assets. The ratings take into consideration the prevailing
high interest rates as well as fuel prices in the country, which
is likely to have a sobering impact on sale of cars in the short
term at least. The ratings continue to factor in the intense
competition in the auto dealership business resulting in low
operating profitability. The ratings also take into consideration
ACPL's adverse financial profile as characterized by an
aggressive, although improving, capital structure and modest debt
coverage indicators.

                        About Auto Carriage

ACPL, promoted by the Kolkata based Himatsingka family, is an
authorized dealer of Mahindra & Mahindra Limited in Kolkata.
Incorporated in 1996, the company was earlier the clearing and
forwarding (C&F) agent of HMIL for Eastern India. ACPL is
operating the M&M dealership in Kolkata and surrounding districts
under the trade name of "Royal Motors".

Recent Results:

The company reported a profit after tax of INR1.83 crore on an
operating income of INR83.33 crore during 2010-11 as compared to
a profit after tax of INR0.21 crore on an operating income of
INR67.15 crore during 2009-10.


BSL ENGINEERING: ICRA Assigns '[ICRA]B+' Rating to INR1cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the INR1
Crore of fund based limits of BSL Engineering Services Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to
INR4 Crore of non fund based limits of the company.

The rating action takes into account the limited track record of
the company and modest scale of operations. The rating action
also factors in the risk of overdependence on one entity for the
company's revenues. The ratings are further constrained by the
raw material price fluctuation risk the company is exposed to
which can affect the profitability of the company adversely. The
rating however draws comfort from the established relations of
the promoters with the leading power sector players on account of
being in the scaffolding manufacturing business for more than two
decades. The ratings also take support from the comfortable
capital structure and low working capital intensity of the
company.

BSL Engineering services Limited got incorporated on Feb. 17,
2009. The company is engaged in the fabrication of heavy steel
structures, Supply of structural materials and Trading of LMZ
turbine spares such as Blades, Diaphragms, Pumps, rotors etc. The
company belongs to BSL group which has an established presence in
scaffolding manufacturing of more than two decades.

As per the audited numbers of FY 2011, the company reported a net
profit of INR0.54 Crore on an operating income of INR11 Crore.


FAIRDEAL JUMBO: ICRA Assigns '[ICRA]BB-' Rating to INR3.88cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.88 crore term
loan and INR4.80 crore working capital facilities of Fairdeal
Jumbo Packaging Private limited. The outlook for the long term
rating is stable.  ICRA has also assigned an '[ICRA]A4' rating to
INR0.45 crore fund based facilities (sub limit of cash credit
limits) and INR3.95 crore non-fund based facilities of FDJPPL.

The ratings are constrained by FDJPPL's limited operating track
record, significantly high gearing levels and weak coverage
indicators the bank covenants to increase equity capital by March
2012 would result in a correction in the capital structure
marginally. The ratings are further constrained by vulnerability
of profitability to fluctuations in prices of raw materials,
though mitigated to some extent through back to back procurement.

The ratings however positively consider the qualified management
with experience in various manufacturing businesses and increase
in revenues arising from high plant utilization levels. The
rating also positively factors the tie up of majority of
production to established end user segment customers. Further,
going forward, the company is expected to benefit from sales
targeted towards the specialized segment of jumbo bags resulting
in comparatively higher margins.

                       About Fairdeal Jumbo

Established in 2006, Fairdeal Jumbo Packaging Private Limited
(FDJPPL), the company started its operations in 2009 and is
engaged in the manufacturing of flexible packaging material used
in bulk containers commonly referred to as FIBC. The company is
promoted by Ahmedabad based entrepreneurs - Mr.Ronak Modi,
Mr. Sanjay Sanklecha, Mr Manoj Sanklecha & Mr Rajesh Sanklecha.
The plant is situated in the outskirts of Ahmedabad, Gujarat and
the present capacity of the plant is 2500 MTPA.


FROSTEES EXPORT: ICRA Reaffirms [ICRA]BB+ Rating to INR14cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR14.00
crore (increased from INR13.00 crore earlier) cash credit
facility of Frostees Export (India) Private Limited at
'[ICRA]BB+'.  The outlook on the long term rating is stable.

The rating reaffirmation factors in the credentials of FEPL as an
"Elite Dealer" of HMIL in the Kolkata and Guwahati markets with a
track record of more than ten years and its leading position in
both the markets in which it operates. The rating also takes into
consideration FEPL's future expansion plan of setting up of new
workshops in semi-urban areas around Kolkata, which is likely to
improve its profitability, as the margins are higher in workshop
and spare parts business compared to sale of cars. The rating,
however, continues to be constrained by FEPL's aggressive capital
structure and the company?s inherently low operating
profitability, which has kept the debt coverage indicators at
depressed levels. The rating also factors in the prevailing high
interest rates as well as fuel prices in the country, which is
likely to have a sobering impact on sale of cars in the short
term at least.

                       About Frostees Export

FEPL, promoted by the Kolkata based Himatsingka family, is the
oldest dealer of Hyundai Motors India Limited in Kolkata and
Guwahati, with operations since 1997 under the brand name "Mukesh
Hyundai."  In addition to having seven showrooms and equal number
of workshops for after sales service at Kolkata and Guwahati, it
has vocational training centres in association with Du Pont and
George Telegraph Institute.

Recent Results

The company reported a profit after tax of INR1.34 crore on an
operating income of INR167.70 crore during 2010-11 as compared to
a profit after tax of INR0.82 crore on an operating income of
INR157.62 crore in 2009-10.


GEE GEE AGROTECH: ICRA Assigns [ICRA]BB- Rating to INR8.5cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR8.50 crore fund based facilities of Gee Gee Agrotech. ICRA has
also assigned a short term rating of '[ICRA]A4' to its non- fund
based facilities.

The ratings are constrained by the weak financial profile
characterized by low profitability, which is typical of rice
mills due to low entry barriers and high competition, and
moderate coverage indicators as reflected by OPBDIT/Interest &
Finance Charges of 1.45 times in FY11. The rating is also
constrained by the firm's exposure to price risk in case of wide
fluctuations in prices of Basmati Rice and paddy. ICRA also takes
into consideration risks inherent in a partnership firm like
limited ability to raise equity capital, risk of dissolution due
to death/retirement/insolvency of partners etc. However, the
rating favorably takes into account the firm's experienced
management, its ability to fund shortfalls through unsecured
loans from other group entities and the prepayment of loan due in
2014 resulting in bank debt being only working capital in nature.
The rating also factors the firm's established relation with
agents at various grain markets ensuring easy access to paddy.

                      About Gee Gee Agrotech

Gee Gee Agrotech is a partnership firm engaged in the milling and
trading of Indian Basmati and Non Basmati Rice since 2005.
Located in Moga, Punjab, it has a production capacity of 100 TPD
with a rice yield of 62%. Export of Basmati rice to Middle
Eastern countries was commenced in 2007 and currently constitutes
about 80% of the sales. The group has historically been a
wholesale purchaser of agricultural produce, which helps it to
procure the required quantity of paddy at reasonable rates from
the grain market of Punjab.

Recent Results

For the financial year ending on March 31, 2011, the firms
operating income stood at INR40.46 crores. The operating margins
rose from 2.63% to 4.67% while net profit increased from 0.66% to
0.97%.


GM EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR10cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR10.0 crore fund
based cash credit facilities of GM Exports. ICRA has also
assigned '[ICRA]A4' rating to the INR5.0 crore non-fund based
facilities of GME.  The outlook on the long term rating is
stable.

The ratings take into account the small scale of operations of
GME, its low net worth base in comparison to the credit risk
undertaken by the firm for its overall sales, high working
capital requirements in relation to profits, high gearing levels
and weak debt coverage indicators. The ratings are further
constrained by instances of withdrawal of capital common to
partnership firms.

However, the ratings favorably factor in the long track record of
GME in polymer distribution business, established association
with Gas Authority of India Limited and customers, diversified
customer profile and steady domestic demand prospects for
polymers.

                          About GM Exports

GM Exports is a partnership firm engaged in the distribution of
polymers. The firm is a consignment agent of GAIL (India) Limited
for distribution of polymer products in Gujarat, mainly Ahmedabad
and North Gujarat region since 2002. Besides, the firm also
undertakes trading of imported polymers in the local market. The
firm owns a 10,000 sq feet godown in Ahmedabad for stocking
goods.

For the nine financial year 2010-11, the firm reported an
operating income of INR8.89 crore and profit after tax of INR0.12
crore as against INR8.23 crore of operating income and INR0.11
crore of profit after tax for the financial year 2009-10.


GOODWILL FABRICS: ICRA Assigns [ICRA]BB+ Rating to INR1.5cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR1.50 crore term
loan facilities of Goodwill Fabrics Private Limited.  The outlook
on the long term rating is stable. ICRA has also assigned
'[ICRA]A4+' rating to the INR15.6 crore fund based facilities of
GFPL.

The assigned ratings reflect the Company's long track record,
experience of the promoters in the textile industry and
integrated operations of the group providing business support.
The ratings also take into account GFPL's established
relationships with customers and its supplies to renowned global
brands which lends stability to the Company's revenues as
witnessed by steady growth over the past few years. ICRA notes
that the Company's profitability is supported to an extent by its
asset-light model of the business. The ratings are however
constrained by the small scale of the Company's operations
restricting scale economics and financial flexibility, high
competitive intensity in the industry resulting in limited
pricing power and GFPL's financial profile characterized by
moderately high gearing and stretched cash flows. Substantial
working capital requirements have also strained the liquidity
profile of the Company. The ratings also take in account
moderately high customer concentration; however, this is
mitigated to an extent by the Company's long standing
relationships with its customers.

                      About Goodwill Fabrics

Promoted by the Baheria family in 1995, Goodwill Fabrics Private
Limited is engaged in the manufacturing of readymade garments
(RMG) primarily for export markets. The Company manufactures
woven wear for men, women and children. Under men's wear, while
the Company mostly manufactures bottoms, under ladies' wear GFPL
specializes in embroidery tops, skirts and bottom wear with
different types and kinds of washing and printing. With
negligible domestic sales, the Company derives almost 100 per
cent of its revenues from exports to countries including the US,
UK, Canada, Australia and Germany etc. With a total capacity of
15 lakh garments per annum, the Company has five manufacturing
units - four in Bangalore and one in Dharmapuri and has also
recently set-up an embroidery unit in Bangalore. Apart from this,
the Company also outsources washing, embroidery and printing to
dedicated units.


HAJI ALIMOHAMED: ICRA Assigns '[ICRA] B+' Rating to INR8cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR8.00 crore cash
credit facility of Haji Alimohamed Moosa & Co.

The rating is constrained by the modest size of the firm, weak
financial profile as reflected by low profitability as inherent
in cotton ginning business, weak capital structure and moderate
coverage indicators. The rating also takes into account the
susceptibility of the cotton prices to seasonality and crop
harvest which together with the highly competitive nature of the
industry further exerts pressure on the profitability. The
rating, however, positively considers the long experience of the
promoters in the cotton industry, established track record of the
firm and favorable location giving it easy access to raw cotton.
The rating also considers the forward integration in crushing
facilities for castor seeds and cotton seeds resulting in limited
diversification and additional revenues as well as a positive
demand outlook for edible oil in India.

Haji Alimohamed Moosa & Co. was incorporated in 1959 and is
engaged in cotton ginning, pressing and crushing. Apart from
selling its finished goods, the firm trades and exports agro
products like peanuts, grains etc. HAMC has installed 25 double
roller ginning machines and 5 expellers with the annual installed
capacity of 8000 MT of S-6 cotton and 3600 MT of cottonseed oil
(6000MT of castor oil) per annum. The factory is operational
during eight months i.e. from October to May (around 250 days per
year).


KALPTARU ALLOYS: ICRA Reaffirms '[ICRA]B+' Rating to INR23cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR23.19 crore
(enhanced from INR17.10 crore) long-term, fund based facilities
of Kalptaru Alloys Private Limited.  ICRA has revised the short
term rating assigned to the INR4.00 crore (enhanced from INR2.00
crore) short-term non-fund based facility of KAPL from 'A5' to
'[ICRA]A4'.

The ratings are constrained by the company's significantly high
financial risk profile as evident from low profitability margins,
high leverage and weak debt coverage indicators. The company
operates in a business of metal alloy industry which is highly
fragmented in nature leading to intense competitive pressures,
keeping the margins inherently low. Also, the profitability
remains vulnerable to any adverse fluctuations in steel prices.
The ratings also take into account the support provided to weaker
group entity in the form of unsecured loans and corporate
guarantees which has further adversely impacted the company's
financial risk profile.

However, the ratings favorably factor in the extensive experience
of the promoters in the metal industry and the addition of a more
value added product-MS pipes to the existing product line which
is expected to improve the profitability margins to some extent.
The ratings also take into consideration the curing of delays in
debt servicing observed in the past.

                        About Kalptaru Alloys

Kalptaru Alloys Private Limited is engaged in manufacturing of MS
(mild steel) ingots using metal scrap as raw material. The
company commenced its operations in the 2005-06 and presently
operates with an induction furnace having capacity of 30000 MT
per annum. In 2010-11, the company has also added MS pipes to its
existing product line by installing a rolling and pipe mill with
an installed capacity of 24000 MTPA. The same has become
operational since September 2011.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR42.78 crore and profit after tax of
INR0.36 crore as against INR24.70 crore of operating income and
INR0.10 crore of profit after tax for the year ended March 31,
2010.


KOMOS AUTOMOTIVE: ICRA Reaffirms 'BB+' Rating to INR25.87cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the enhanced term
loan facilities of INR25.87 crore and to the enhanced long term
fund based facilities of INR10.00 crore of Komos Automotive India
Private Limited.  ICRA has also assigned '[ICRA]A4+' rating to
the INR10.00 crore short term non fund based facilities (sub
limit) of the Company.  The outlook on the long term rating is
stable.

The reaffirmation of ratings considers the established position
of the parent company, Seco Komos Co Limited, Korea as a supplier
of steering wheels and consoles for Hyundai Motor Company
globally and the technological and financial support received by
the company from its parent. The ratings also reflect the strong
customer relationship of KAIPL with HMIL, India's second largest
passenger car manufacturer, being the sole supplier of steering
wheels, trims and consoles and non-airbag horn covers for
specific models produced by HMIL. While increase in sales volume
has led to healthy growth in the company's revenue, KAIPL's
profit margins in 2010-11 have also witnessed improvement on
account of economies arising from increase in scale of operations
and improvements in processes. Further, with KAIPL commencing
sale of clutches and catering to new models produced by HMIL in
2011-12, the revenue is likely to witness improvement going
forward.

The ratings are constrained by the financial profile of the
company characterized by accumulated loss, highly leveraged
capital structure, weak coverage indicators and stretched
creditor days. The ratings also take into account the significant
customer concentration of the company with HMIL, with the company
deriving about 90% of its revenue from HMIL in 2010-11. However,
the low order volatility from HMIL in the past and low
probability of HMIL shifting to other vendors for products
currently catered to by KAIPL mitigate the risk arising from
customer concentration to an extent. While the company remains
exposed to the inherent cyclicality of the passenger car
industry, the margins are also vulnerable to foreign exchange
fluctuations and volatility in raw material prices in the absence
of any hedging mechanism and KAIPL's limited ability to pass on
increase in raw material costs to its clients. Also, the profit
margins of the company remain under pressure owing to periodic
price decreases passed on by HMIL to the company with aging of
products, although catering to new models in 2011-12 will garner
higher profit margins for the company and mitigate the risk to an
extent in the near term.

                      About Komos Automotive

Incorporated in 2006 as a wholly owned subsidiary of Seco Komos
Co Limited, Korea, Komos Automotive India Private Limited is
engaged in manufacturing of steering wheels, horn covers, trims
and consoles and assembly of clutches, primarily for Hyundai
Motor India Limited. While the company currently manufactures
steering wheels and non-airbag horn covers for the i10, i20,
Verna Fluidic and Eon models (codenamed HA) of HMIL, KAIPL
manufactures trims and consoles for the i20 and Eon models. Some
portion of the manufacturing of trims and consoles is outsourced
to local players to meet requirements beyond the installed
capacity. Beginning June 2011, the company has also ventured into
assembly of clutches for the i10 and Eon models.

The company mainly caters to Hyundai Motor India Limited (HMIL),
being an exclusive supplier for all the products in its portfolio
for the specific models except clutches. KAIPL derived about 90%
of the sales from HMIL in 2010-11. Apart from HMIL, KAIPL also
supplies to other players like Glovis India Limited and Daebu
Automotive India, who cater solely to export markets and players
like Mobis India Limited and S L Lumax India Limited who cater to
the domestic market. The Company exports steering wheels for i20
model to Hyundai Motor Company, Turkey, through Glovis India
Limited. KAIPL also does job work for its parent company, Seco
Komos Co Limited, Korea from January 2011 assembling components
for steering wheels. The Company's manufacturing facility is in
Oragadam, near Chennai, close to the HMIL plant with an installed
capacity to manufacture 11.0 lakh steering wheels, 4.6 lakh horn
covers, 26.4 lakh trims and consoles and assemble -2.9 lakh
clutches.

Seco Komos Co Limited, Korea, KAIPL's parent company is engaged
in manufacturing of steering wheels, consoles, wheel covers, hub
caps and garnishes and is an established supplier of steering
wheels and consoles for HMC globally, having been associated with
HMC for several decades.

Recent results (Unaudited):

KAIPL recorded a profit before tax (PBT) of INR3.4 crore on
operating income of INR77.5 crore in 2010-11 against a net loss
of INR2.0 crore on operating income of INR62.4 crore during 2009-
10.


KRISHNA TISSUES: ICRA Reaffirms [ICRA]BB+ Rating to INR34cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]BB+' to the
INR34.34 crore term loans and INR26.59 crore cash credit
facilities of Krishna Tissues Private Limited.  The outlook on
the long term rating is stable. ICRA has also re-affirmed the
short term rating of '[ICRA]A4+' to the INR2.00 crore fund based
bank limits (sub-limit of cash credit) and INR8 crore non fund
based bank limits of KTPL.

The reaffirmation of ratings takes into account the experience of
the promoters in the paperboard industry, healthy plant
utilization levels of the company that resulted in significant
improvement in turnover and profits during 2010-11 and the
strategic location of the company's manufacturing unit which
helps them to cater to the states of Eastern India and
neighbouring countries. The ratings are, however, constrained by
the volatility in waste paper cost and the company's inability to
pass on such increase to the consumers, which led to a decline in
the operating level in 2010-11.The ratings also factor in the
adverse capital structure, despite an improvement in 2010-11,
leading to depressed coverage indicators, the lack of
diversification in the product portfolio as the company
manufactures only duplex board and kraft paper, and the company's
exposure to exchange rate risks arising from foreign currency
contracts, though mitigated to an extent by import of raw
materials.

                       About Krishna Tissues

Krishna Tissues Private Limited was established by Mr. M.L. Bajaj
and his sons in March 2005. The company began commercial
operations in 2008 and now produces various grades of duplex
paper board and kraft paper board. The company has a capacity of
66,000 MTPA (as on 31st March 2011), which is expected to reach
99,000 MTPA after the completion of the ongoing expansion
project.

Recent Results:

The company reported a profit after tax of INR4.93 crore during
2010-11 on an operating income of INR165.34 crore, as compared to
a net loss of INR1.16 crore on an operating income of INR80.46
crore during 2009-10.


KUNNEL ENGINEERS: ICRA Assigns [ICRA]BB to INR14.45cr Term Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR14.45 crore term loans and fund based working capital
facilities of Kunnel Engineers & Contractors (P) Ltd; the outlook
on the rating is Stable. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR14.55 crore non-fund based bank
limits of KECPL.

The ratings are constrained by the high working capital intensity
of the business, the moderate order book position as on March
2011 and vulnerability of profit margins to increases in input
prices as most of the contracts are fixed price with no
escalation. Moreover, the company's focus on residential projects
exposes it to cyclicality in the real estate business. The
ratings are also constrained due to the high client concentration
risk of KECPL with its top 3 clients contributing over 75% of its
pending order book. The ratings however factor in the company's
longstanding experience of over 6 decades in the construction
industry and significant expertise in the construction of high
rise buildings. The ratings draw comfort from the modest
financial profile with moderate profitability, modest gearing
levels and healthy coverage indicators. The ratings also consider
the established relationships with large developers leading to a
high number of repeat orders.

                      About Kunnel Engineers

Kunnel Engineers & Contractors (P) Ltd was started in 1950 as a
firm and was incorporated as a private limited company in 1993.
The company, which is the first ISO certified contracting company
in South India, specializes in the construction of high rise
residential and commercial buildings. The company currently has
around 40,00,000 sq ft under construction and has a pan-India
presence having executed projects in Kochi, Kolkata, Chennai and
Bangalore. The company has executed projects for major developers
like DLF Homes Rajapura Pvt Ltd, Hirco, Puravankara, Air Force
Naval Housing Board, Infra Housing Pvt Ltd, Nest Infratech, etc.


MOUNTAIN SPINNING: Fitch Lowers Rating on 2 Bank Loans to Low-B
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Mountain Spinning Mills
Limited's National Long-Term rating to 'Fitch B+(ind)' from
'Fitch BB-(ind)' with a Negative Outlook.

The downgrade reflects MSM's current strained financial position.
The company has incurred significant inventory losses following a
steep fall in cotton and cotton yarn prices in the first half of
the financial year ending March 2012 (H1FY12), reflecting a
correction in high prices witnessed in H2FY11 when MSM procured
raw cotton at a high cost.  In the first five months of FY12, MSM
reported (un-audited) sales of INR137.6 million and EBITDA losses
of INR21.9 million.  Fitch expects the company's term loan
outstanding of INR188.3 million as of FYE11 with significant
repayments due starting FY13 to strain its cash flows.

The ratings however draw strength from MSM's over two-decade-long
track record of operations and the recently completed
modernization of its spinning facility, which is expected to
increase its operational efficiency.  MSM's founders have in the
past infused funds into the company in the form of unsecured
loans, which may continue in future.

The ratings may be further downgraded if there is a sustained
fall in EBITDA interest cover to below 1.2x starting H2FY12.
Conversely, a sustained improvement in EBITDA interest cover to
above 1.6x starting H2FY12 may lead to a revision in the Outlook
to Stable.

MSM specializes in production of cotton yarns of counts 60s to
100s with an installed capacity of 24,704 spindles at FYE11. In
FY11, the company's operating income was INR366.9m (FY10:
INR254.7 million), operating EBITDA was INR54.5m (INR57.7m),
debt/ EBITDA was 6.2x (5.1x) and interest cover was 2.8x (2.8x).

Fitch has also downgraded MSM's bank facilities as follows:

  -- INR204.6 million term loans: downgraded to 'Fitch B+(ind)'
     from 'Fitch BB-(ind)'

  -- INR120 million cash credit limit: downgraded to 'Fitch
     B+(ind)' from 'Fitch BB-(ind)'

  -- INR40 million non-fund based facilities: downgraded to
     'Fitch A4(ind)' from 'Fitch A4+(ind)'


POPPYS HOTEL: ICRA Assigns [ICRA]B+ Rating to INR38cr Term Loans
----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR38.00
crore term loans of Poppys Hotel Private Limited.

The rating favorably considers the market expansion being
undertaken by the company, which would reduce its revenue
concentration and seasonality and drive future growth, its
diversified revenue base with significant and increasing
contribution from the F&B segment supporting revenues and margins
and also PHPL being a part of the Poppys group lending management
support and financial flexibility. The rating is however
constrained by the stretched financial profile of PHPL on account
of the debt funded expansion being undertaken by the company,
strained cash flows owing to drop in occupancies and increasing
interest charges, revenues and earnings being dependent on its
established property in Tirupur (which contributes about 55% of
revenues and had witnessed drop in occupancies in the recent
past). Further, the rating is constrained by the dependence on
its group company for funding to meet its equity commitments for
the ongoing expansion. With majority of the properties yet to
commence operations, stress on gearing and liquidity and PHPL's
dependence on promoters/group company for meeting its funding
requirements is likely to sustain going forward till the new
properties start yielding returns.

                        About Poppys Hotels

Poppys Hotels Private Limited is a part of Poppys group headed by
Mr. A. Sakthivel. PHPL was established in 1994 with the flagship
property, Poppys Hotels, in Tirupur. Subsequently, the group
diversified its operations with two other properties in Tirupur
for catering to budget segment of the business travellers and
another hotel in Pollachi. The group started textile operations
in 1973 in Tirupur, Tamil Nadu and has business interests in
Knitwear through the flagship company Poppys Knitwear private
limited. Poppys group also has stakes in small companies engaged
in manufacture of knitwear accessories.

Recent results:

PHPL has reported an operating profit of INR1.16 crore and a net
loss of INR0.3 crore on an operating income of INR11.8 crore
during 2010-11.


RADIUS INFRATEL: ICRA Assigns '[ICRA]BB' Rating to INR58cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR58.00 crore term loans of Radius Infratel Private Limited.
The outlook on the long term rating is stable.

The rating is constrained by RIPL's limited track record of
operations in its core business of providing Fiber to the Home
services; relatively high project execution risk given that the
company's project is in nascent stages of implementation; and its
limited bargaining power with the service providers. While
assigning the rating, ICRA also noted the possible delays in
subscriber acquisition on account of delays by real estate
developer in handing over the possession and subsequent occupancy
by the owner, which might impact the cash flows and thus debt
repayment, which is slated from FY2014. However, ICRA draws
comfort from the fact that the majority of the capex is done post
the subscriber acquisition and the debt availed is linked to the
capex incurred. The rating is however, supported by RIPL's new
and novel concept of Neutral Access Network Operations network
for providing FTTH services for which RIPL has filed for
Intellectual Property Rights in 161 countries and has received
approvals from Denmark and Germany. The rating also factors in
the associations of RIPL with the real estate developers and
telecom service providers like Bharti Airtel Limited and Tata
Teleservices Limited. The rating also derives comfort from the
expected benefits to the subscribers, service providers and to
the real estate developers which is expected to provide a fillip
to the use of the services.

                         About Radius Infratel

Radius Infratel Private Limited was incorporated in May 2008 to
provide FTTH services through its unique NANO network. The
company is a part of Radius group which was established in 1994
with a view to provide software solutions, surveillance systems
and building management systems. The company is jointly promoted
by Viresh Buildcon Private Limited and Radius Synergies Private
Limited, both of which hold 50% shares each in the company. RIPL
is registered as an Infrastructure Provider 1 (IP-1) category
passive infrastructure provider with Department of Telecom.


RAMNARAYAN MILLS: Fitch Assigns 'B+(ind)' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Sri Ramnarayan Mills Limited a
National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.

The ratings reflect the small scale of SRML's operations and the
significant under-utilization of its capacity at 45% in the
financial year ended March 2011 (FY11) and 50% in FY10 due to the
power shortage situation in the state of Tamil Nadu.  The ratings
are constrained by the intense competition in and commoditised
nature of the textile market, volatility in raw material (cotton)
and finished product (yarn) prices, and the highly working
capital intensity of the business.

The ratings are also constrained by the steep fall in cotton and
cotton yarn prices since May 2011, reflecting a correction in the
high prices witnessed in H211.  As a result, the company reported
low sales of INR36.2 million, a negative EBITDA of INR5.0 million
and a net loss of INR7.0 million in Q112 (un-audited figures).

The ratings, however, take into account SRML's over five-decade-
long track record in cotton yarn industry and a slight
improvement in its EBITDA margin of 22.1% in FY11 (FY10: 21.5%),
with comfortable interest coverage of 8.0x (6.0x) and low
financial leverage (total adjusted debt/EBITDA) of 1.6x (1.6x).

The rating may be upgraded if SRML reports a sustained increase
in its revenue and EBITDA margins and simultaneously maintains
adjusted net debt/EBITDA at below 2.0x. While a deterioration in
its adjusted net debt/EBITDA to above 4.5x may result in negative
rating action.

Coimbatore-based SRML manufactures cotton yarn, with an installed
capacity of 35,760 spindles as at FYE11.  It reported revenue of
INR178 million (FY10: INR158 million) and an EBITDA of INR39.4
million (INR34 million) as per the FY11 un-audited figures.

Fitch has also assigned ratings to SRML's bank loans as follows:

  -- INR1.6 million long-term bank loans: 'Fitch B+(ind)'

  -- INR56 million fund-based working capital bank limits:
     'Fitch B+(ind)'/'Fitch A4(ind)'

  -- INR21 million non-fund based working capital bank limits:
     'Fitch A4(ind)'


RIMJHIM ISPAT: ICRA Cuts Rating on INR142cr Limits to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR142 crore fund
based limits of Rimjhim Ispat Limited from 'LB+' to '[ICRA]D'.

The rating downgrade takes into account the continued
irregularity in debt-servicing by the company and the high
borrowing level of the company which has impacted its financial
risk profile. The rating is also constrained by the competitive
nature and risks of cyclicality inherent to the industry. The
rating, however, favorably factors in RIL's established position
in the domestic Stainless Steel (SS) market, experience of its
promoters in the SS business, growth potential of SS in India and
the benefits arising from the increased scale of operations of
the company.

Rimjhim Ispat Limited is a part of the Kanpur based Rimjhim group
promoted by Mr. Mukesh Agarwal and his family who have been in
the steel business for more than two decades. RIL was setup in
1996 to produce Mild Steel (MS) and Stainless Steel (SS) billets,
blooms, slabs etc. Over the years, RIL has increased its focus on
SS segment. RIL's main products are SS billets, SS flats, SS
rounds and Bright Bars. Its production facility at Hamirpur
(Uttar Pradesh) has capacity to produce 350,000 tonnes per annum
of SS billets.

Recent Results:

For the financial year ending March 2010 (FY2010), RIL had an
operating income of INR578.0 crore on which it earned a Profit
after Tax (PAT) of INR20.1 crore. During FY2011(provisional), the
company reported an operating income of INR782.7 crores, an
increase of 35.4% over the previous year, on which it earned a
Profit after Tax (PAT) of INR20.46 crores.


SELVEL ADVERTISING: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
---------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR3.78 crore
term loan and INR1.00 crore non fund based bank facilities of
Selvel Advertising Private Limited.  The outlook on the long term
rating is stable. SAPL's non fund based limits are entirely
inter-changeable between long term and short term. ICRA has also
reaffirmed the '[ICRA]A4+' rating to the INR12.22 crore short
term fund based facilities of SAPL.

The ratings reaffirmation takes into consideration the experience
of the promoters in the outdoor advertising business, SAPL's
established position in Eastern region, particularly in Kolkata,
and its diverse client base ranging from corporate to Government
entities reducing the sales concentration risk. The ratings also
takes into account the large number of sites owned by SAPL with
an ability to provide multi-format advertising options to clients
which improves its competitive position. The ratings, however,
continues to be constrained by SAPL's significant financial
exposure in its wholly-owned subsidiaries and other group
companies with weaker financial profiles that adversely impact
SAPL's financial position, and its high level of receivables,
increasing the overall working capital requirement. Intense
competition in the business from both organized and unorganized
players and cyclicality inherent in the business because of its
close linkages with the advertisement spending of the corporate
sector are also factored into the assigned ratings. In ICRA's
opinion, the impact of recent regulatory norm for the removal of
hoardings from heritage zones of Kolkata on the revenue of SAPL
would remain a key rating sensitivity going forward.

                     About Selvel Advertising

Incorporated in 1970, SAPL is a wholly own subsidiary of Kolkata
based Rusi & Zarin Gimi Family Holding Private Limited. SAPL has
four wholly-owned subsidiaries namely Selvel Transit Advertising
Pvt. Ltd., Selvel Outdoor Services Pvt. Ltd., Tristar Advertising
Pvt. Ltd. and Premier Publicity Pvt. Ltd. which are in the
outdoor advertising business and have their operational presence
only in Kolkata. During FY 2012, SAPL has acquired Outdoor
Advertising Professionals (India) Pvt. Ltd; a Mumbai based media
buying company.


SINGLA EXPORTS: ICRA Assigns '[ICRA]BB-' Rating to INR15cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR15.0 crore fund
based bank facilities of Singla Exports.  The outlook on the long
term rating is stable.

The rating factors in the low value additive and highly
competitive nature of the jewellery industry characterized by the
presence of many organized and unorganized players, resulting in
low profitability margins, which is unlikely to change in the
medium to long term. The rating also takes into account
moderately high financial risk profile as indicated by low return
indicators, relatively high gearing levels and low coverage
indicators; and stretched liquidity position as reflected by high
utilization of working capital limits. The rating is however
supported by long and established track record of the proprietor,
healthy growth in the operating income over the last three years
and favorable demand growth prospects in India.

Singla Exports is primarily a wholesaler of silver and gold
jewellery. It is a proprietorship firm established in 1997,
promoted by Mr. Rajesh Singla. His son Mr. Nitin Singla is the
proprietor of Abhishek Arts, which is also in the similar
business. The customers of Singla Exports primarily comprise of
wholesalers and retailers based in the Central Delhi area.

During the year 2010-11, Singla Exports reported a net profit
after tax of 0.24 crore on an operating income of INR74.8 crore.


TRISHUL POWER: ICRA Assigns '[ICRA]D' Rating to INR8.84cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to INR8.84
crore fund based facilities of Trishul Power Private Limited.
The assigned rating is constrained by recent instances of delays
in meeting debt obligations by TPPL.

The company has not been able to run the power plant at optimal
Power Load Factor owing to insufficient water flow, whose release
from four surrounding smaller dams has remained low due to
various irrigation schemes of Karnataka government. The rating is
also constrained because of the delayed payments by Chamundeswari
Electricity Supply Company putting pressure on company's
liquidity position. Low levels of PLF had led to losses that
resulted in net worth erosion and weak financial profile of the
company further restraining the rating. However, the rating
favorably factors in the experience of the promoters and the
Trident group that is involved in operating mini hydel power
plants in Andhra Pradesh and Karnataka. The rating also takes
into account the recent excavation work the company has taken up
in the tail race channel that can boost up the water flow leading
to improved PLF in the future.

                        About Trishul Power

Trishul Power Private Limited owns and operates 4 MW mini hydel
project on Hemawathi river near K.R. Pet in Mandya district of
Karnataka. The plant is dependent on the water release from a dam
located at 20 Kilometers distance and regenerated flow from four
smaller dams. TPPL sells power to CHESCOM as per the long term
PPA. TPPL is part of the Trident group which is involved in
operating mini Hydel Plants in Andhra Pradesh and Karnataka

In FY 2010, TPPL reported an operating income of INR2.05 crore
and net loss of INR0.30 crore as against an operating income of
INR2.13 crore and net loss of INR0.26 crore in FY 2009.


TUTICORIN SPINNING: Fitch Lowers Rating on Two Loans at Low-B
-------------------------------------------------------------
Fitch Ratings has downgraded India-based The Tuticorin Spinning
Mills Limited's National Long-Term rating to 'Fitch B+(ind)' from
'Fitch BB-(ind)' with a Negative Outlook.

The downgrade reflects TSM's current strained financial position.
The company has incurred significant inventory losses following a
steep fall in cotton and cotton yarn prices in the first half of
the financial year ending March 2012 (H1FY12), reflecting a
correction in high prices witnessed in H2FY11 when TSM procured
raw cotton at a high cost.  In the first five months of FY12, TSM
reported (un-audited) sales of INR144 million and EBITDA losses
of INR37 million.  Fitch expects the company's term loan
outstanding of INR219m as of FYE11 with significant repayments
due starting FY13 to strain its cash flows.

The ratings, however, draw strength from TSM's over-six-decade
track record of operations and the recently completed
modernization of its spinning facility, which is expected to
increase its operational efficiency.  TSM's founders have in the
past infused funds into the company in the form of unsecured
loans, which may continue in future.

The ratings may be downgraded if there is a sustained fall in
TSM's EBITDA interest cover to below 1.2x starting H2FY12.
Conversely, a sustained improvement in its EBITDA interest cover
to above 1.6x starting H2FY12 may lead to a revision in the
Outlook to Stable.

TSM specializes in the production of cotton yarns of counts 60s
to 100s with an installed capacity of 27,424 spindles at FYE11.
In FY11, the company's operating income was INR385.5 million
(FY10: INR323.4 million), operating EBITDA was INR53.4 million
(INR65.2 million), debt/ EBITDA was 6.5x (4.5x) and interest
cover was 2.4x (2.9x).

Fitch has also downgraded TSM's bank facilities as follows:

  -- INR243 million term loans: downgraded to 'Fitch B+(ind)'
     from 'Fitch BB-(ind)'

  -- INR120 million cash credit limit: downgraded to 'Fitch
     B+(ind)' from 'Fitch BB-(ind)'

  -- INR36 million non-fund based facilities: downgraded to
     'Fitch A4(ind)' from 'Fitch A4+(ind)'


VVA DEVELOPERS: ICRA Reaffirms '[ICRA]B' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' ratings assigned to the
INR10.00 Crore term of VVA Developers Private Limited.

The rating reaffirmation takes into account the concentration
risks arising out of operating a single property, delays in
execution that led to rescheduling of debt repayments of the
associated term loan, the ambiguity in the ability of the city
(Bhiwadi) to absorb organized retail space, and cash flow
mismatches which could put pressure on timely repayment of loan.
The rating however draws comfort from the attractive location of
the project due to proximity to multiple group housing societies
with no other retail space in the vicinity, and relatively lower
execution risk as around 85% of the project is already completed.
The rating also favorably factors the reputed brands with which
the MoUs/LoIs are already in place which has mitigated the market
risk and the extended moratorium provided for the outstanding
loan which has eliminated the burden of repayment prior to the
mall being operational.

                       About VVA Developers

VVA Developers Private Limited is currently setting up a mall (V
Square Mall) in Bhiwadi (Rajasthan). The company is promoted (and
is closely held) by Mr. Vivek Jain and his family and friends. V
Square Mall will have about two lakh sq. ft. of saleable/leasable
space spread over five floors. It will have a total of 104 retail
units in addition to food court, restaurants, anchor store, hyper
market and multiplex.

Recent Results:

VVA Developers did not report any operating income in FY10 as its
first project is under construction and the company follows
completed contract method of accounting.


WESTERN INDIA: ICRA Places '[ICRA]BB' Rating on INR2cr LT Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR2.00 crore long
term fund based facilities (sub limit) of Western India Cashew
Company Private Limited.  ICRA has also assigned '[ICRA]A4+'
rating to the INR50.00 crore short term fund based facilities,
INR21.00 crore short term fund based facilities (sub limit) and
INR9.00 crore short term non-fund based facilities (sub limit) of
the Company. The outlook on the long term rating is stable.

The assigned ratings factor in the experience of the promoters in
the cashew processing industry spanning several decades and
WICCPL's customer relationship with reputed domestic and
multinational players. The ratings consider the ongoing shift in
the company's product profile towards value added cashew kernels
apart from the transition to different customer segments, which
are likely to improve profit margins going forward.

The ratings also take into account WICCPL's financial profile
characterized by volatility in revenue in the last few years,
thin profit margins, weak coverage indicators and high working
capital intensity. The intense competition due to the highly
fragmented industry structure and little product differentiation
restricts WICCPL's pricing flexibility in the bulk customer
segment, from which the company derived a major portion of its
revenue in 2010-11. In addition to this, the margins are also
exposed to foreign exchange fluctuations and volatility in cashew
price movements, although the procurement mechanism mitigates the
price risk to an extent. The ratings also consider the company's
exposure to agro climatic risks.

                      About Western India

Incorporated in 2000 as a private limited company, Western India
Cashew Company Private Limited is engaged primarily in the export
of processed cashew kernels to several countries including USA,
European Countries and Middle East. While a major portion of the
revenue for the company is derived from processing cashew kernels
(plain/value added) from raw cashew nuts (RCNs) or adding value
to cashew kernels directly bought from local players, the
remaining income is derived from trading of RCNs, cashew kernels
and cashew processing machinery of the Italian brand "Oltremare"
in India. The company has four facilities -- two in Kollam and
two in Tamil Nadu, with about 500 employees. Being part of the
food processing industry, WICCPL has quality certifications from
British Retail Consortium, UK, International Food Standard,
Europe and Kosher.


Y. MAHABALESWARAPPA: ICRA Rates INR25cr Bank Loan at '[ICRA]C'
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C' to the INR25.00
crore fund based facilities of Y. Mahabaleswarappa.

The rating is constrained by the suspension of YMS's mining
operations due to the dispute with location of the mines on the
border of Andhra Pradesh & Karnataka. The ratings are further
constrained by the risks arising due to the pending legal
proceedings against the firm due to the border dispute. The firm
currently has modest revenues which are derived from the sale of
power generated from harnessing wind energy. While assigning the
rating, ICRA has also taken note of the high receivables of the
firm from the sale of power to the Tamil Nadu Electricity Board.
Moreover, the ratings are constrained by the inherent risks
associated with a partnership firm in comparison to a company
such as limited ability to raise equity capital, risk of
dissolution due to death/retirement/insolvency of partners. The
ratings however draw comfort from the moderate financial profile
of the firm characterized by low gearing due to the absence of
long term debt and by the stable cash flows generated from its
wind mill operations.

                      About Y Mahabaleswarappa

Y Mahabaleswarappa & Sons is a firm based in Bellary which was
incorporated in 1971 and is basically engaged in the business of
Iron Ore Mining and generation of electricity through harnessing
of wind power. The firm has its mines located on an area of 20.24
hectares near the Karnataka and Andhra Pradesh border with the
mining area located in H.Siddapuram Village in the Rayadurg Taluk
in Anantpur district in the state of Andhra Pradesh. The firm
also generates revenues from the generation of electricity
through wind power harnessing. The registered office of the firm
is located in Bellary in Karnataka. The firm currently has
windmill capacity of 13.3 MW with 17 windmills in Tamil Nadu and
2 in Karnataka. The mining operations of the firm were suspended
in the latter half of 2009 and currently the firm is not deriving
any sales from the mining division.

Recent Results (Unaudited)

The firm reported profit after tax (PAT) INR3.84 crore on an
Operating Income of INR7.70 crore in FY 2011.


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


TOKYO ELECTRIC: Repays JPY50 Billion Bond Due October 26
--------------------------------------------------------
Tsuyoshi Inajima at Bloomberg News reports that Tokyo Electric
Power Co. spokesman Hiroki Kawamata said the utility repaid
JPY50 billion (US$658 million) of bonds that came due Wednesday.

Mr. Kawamata told Bloomberg that the utility paid the debt with
cash on hand.

Meanwhile, Reuters, citing the Yomiuri newspaper, reports that
TEPCO is likely to announce its earnings for April-September on
November 14.  A spokesman for the utility denied it has set a
date for the announcement, however.

According to Reuters, the firm is preparing a business plan that
must win government approval by early November so that a bailout
body, funded by public money and contributions from nuclear
operators, will provide unlimited funds to help compensate those
affected by the ongoing radiation crisis in Fukushima.

                       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.


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


BRIDGECORP LTD: Directors Trial Adjourned Until November 14
-----------------------------------------------------------
BusinessDay.co.nz reports that the High Court trial of four
former Bridgecorp Ltd directors for allegedly misleading
investors has been adjourned until next month.

BusinessDay.co.nz says the Crown has spent a day and a half
opening its case against Rod Petricevic, Rob Roest, Gary Urwin
and Peter Steigrad who are accused of making untrue statements in
the failed finance company's investment documents.

The much-delayed trial officially began October 25, but will now
take a break until November 14 when the defense will present some
of its opening arguments, according to the report.

The hearing, says BusinessDay.co.nz, will then run through to the
end of the court's year and recommence in January.

             Bridgecorp Staff Were Told to Lie, Court Hears

The New Zealand Herald reports that the Crown told the High Court
at Auckland Wednesday that Bridgecorp renewed investment offers
to the public despite directors being aware the finance company
had been missing interest payments to securities holders.

The Herald relates that the High Court also heard Bridgecorp
staff were told to lie to investors calling up asking where their
payments were.

According to the Herald, Financial Markets Authority prosecutor
Brian Dickey argued the directors mislead the public by renewing
the company's offer to investors through extension certificates,
dated March 30, 2007.

Mr. Dickey said investors were misled because they were not
informed of the company's deteriorating financial position or the
fact payments of interest of principal were missed from Feb. 7,
2007.

"Disclosures of such defaults should have been advised to the
investing public. It would have accurately forecast to the public
that the companies were facing imminent failure," the Herald
quotes Mr. Dickey as saying.

"Staff were directed to lie (by senior management including one
or other of Petricevic, Roest) to investors who contacted the
Companies asking why they had not received their full payments on
the relevant due date. The late or non payments were attributed
to computer errors, bank errors, or accounting department
errors."

The Herald states that the Crown alleged the directors would have
been aware some payments had been defaulted and if they were not,
then they should have been as they had access to the company's
financial statements.

Mr. Dickey, as cited by the Herald, said these showed the
company's position had worsened considerably from Dec. 21, 2007,
when the original prospectuses were signed.

The Crown argued that Bridgecorp had consistently failed to meet
nearly all of its cashflow and cash balance forecasts, the Herald
adds.

By the week ending Feb. 16, 2007, it had negative cash of
NZ$441,000.

The Crown said that from before the directors signed the December
prospectus, the company was failing to meet forecasts and was
dealing with liquidity issues, the Herald relates.

The four directors have pleaded not guilty to the all the charges
they face as the second day of their trial continues in the High
Court at Auckland Wednesday, according to the Herald.

                        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).


LOMBARD FINANCE: Receiver Raises Projected Investors Payout
-----------------------------------------------------------
BusinessDay.co.nz reports that the receiver of Lombard Finance &
Investments will be making a slight increase to its projected
returns for investors after settling a dispute with Inland
Revenue.

The IRD had a potential NZ$4.5 million preferential claim, a tax
bill relating to the sale of a building before the failed lender
was wound up, according to the report.

Receiver John Fisk, a PriceWaterhouseCoopers partner in
Wellington, told BusinessDay a payment will be going out in the
next "couple of days" after a new report had been sent to all
Lombard investors.

An interim distribution of 2 cents in the dollar pushes the
payout up to 11.5 cents in the dollar, BusinessDay.co.nz
discloses.

"We were going through a preferential claim with the Inland
Revenue and we've managed to settle that now so that's enabled
the funds to be paid out," BusinessDay.co.nz quotes Mr. Fisk as
saying.  "We settled that for significantly less so that enabled
funds that had been held back to be able to be paid out."

"Our estimated outcome is between 15c and 22c in the dollar for
secured debenture investors."

According to BusinessDay.co.nz, the receiver said earlier this
year it hoped to have the property loan book fully realised by
the end of the year, having sold 14 of the initial 27 loans, with
another loan repayment plan in place.

Of the NZ$62.7 million recovered from the property loan book,
Lombard received just NZ$17.1 million, with the balance going to
higher-ranked security holders, BusinessDay.co.nz discloses.

The property loan book was valued at NZ$136.7 million as at
March 31, 2008.

                        About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


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


PHILIPPINE REALTY: Ordered to Pay PHP57.38MM to Contractor
----------------------------------------------------------
BusinessWorld Online reports that the Supreme Court has upheld a
2001 decision ordering Philippine Realty & Holdings Corp. to pay
PHP57.38 million with interest to its former contractor for a
series of projects in Pasig City.

"The Supreme Court denied with finality our motion for
reconsideration of its June 13, 2011 decision ruling in favor of
Ley Construction and Development Corp. (LCDC) and directing our
company to pay PHP57 million plus legal interest," the report
cites PhilRealty in a disclosure to the local bourse on Oct. 24.

BusinessWorld relates that LCDC -- which PhilRealty contracted in
1989 to build condominium buildings and Tektite Tower I -- had
requested a contract price hike for its projects due to
unforeseen delays from poor weather and infrastructure concerns,
among others.

PhilRealty, however, failed to inform LCDC of its board's
rejection of the request, even after LCDC had already infused
PHP36 million from its own funds to complete the projects.  This
prompted LCDC to file a case against PhilRealty in 1996, which it
won in 2001, BusinessWorld recalls.

PhilRealty's first-half net income plummeted by 94.68% to PHP2.59
million, the report adds.

                         About PhilRealty

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation was one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The Company's main real estate
activity since it started operations has been the development and
sale of residential/office condominium projects and to a limited
extent, the lease of commercial and office spaces.

The company applied for court-mandated debt rehabilitation in
December 2002 due to its failure to pay debts following the 1997
Asian crisis.

In June 2004, the court approved the proposed restructuring deal
for PHP2.24 billion in bank loans and the corporate
rehabilitation.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2011, BusinessWorld Online said PhilRealty is aiming to
exit from rehabilitation this year.  The company told the stock
exchange on Feb. 8, 2011, that it filed a motion to terminate
rehabilitation proceeding "on account of the successful
implementation of the court-approved plan" with the Regional
Trial Court of Quezon City Branch 93.


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


PIERS RESOURCE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 14, 2011, to
wind up the operations of Piers Resource & Services Pte Ltd.

Maritime and Port Authority of Singapore filed the petition
against the company.

The company's liquidator is:

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


R & N: Creditors' Proofs of Debt Due Nov. 4
-------------------------------------------
Creditors of R & N Engineering Construction Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Nov. 4, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

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


TIME WATCH: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------
Creditors of Time Watch 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 commenced wind-up proceedings on Oct. 14, 2011.

The company's liquidator is:

          Steven Tan Chee Chuan
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


UOB JAIC: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------
Creditors of UOB Jaic Venture Bio Investments Ltd, which is in
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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


VAST CONSTRUCTION: Court to Hear Wind-Up Petition Nov. 4
---------------------------------------------------------
A petition to wind up the operations of Vast Construction &
Trading Pte Ltd will be heard before the High Court of Singapore
on Nov. 4, 2011, at 10:00 a.m.

Standard Chartered Bank 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


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


DOT VN: Signs Exclusive Reseller Agreement with hereUare
--------------------------------------------------------
Dot VN, Inc., signed an exclusive reseller agreement to
commercialize hereUare, Inc.'s oneMessage Platform in Vietnam.

oneMessage is and all-in-one package, instantly enabling any size
business and branch offices to take advantage of a powerful
corporate messaging system.  In today's global business world,
uninterruptible communication is a fundamental need for efficient
and effective business operations, regardless of the
organizational size and location.  hereUare's oneMessage is
purposely designed to deliver the best-in-class simplicity,
reliability and manageability to all levels of enterprise from
small and medium sized to ISP caliber messaging platform.  This
allows clients to focus on business goals and not on the
messaging infrastructure.  This integrated system saves IT
management time and costs, while minimizing human errors.

"oneMessage's mail platform represents the type of a product that
is well suited to the Vietnamese market, combining scalability
and ease of management," said Dot VN CEO Thomas Johnson.  "We are
excited to offer oneMessage to our clients both as a single
offering as well as packaged with our other services and products
such as Elliptical Mobile Solutions' mobile micro-modular data
center."

                           About Dot VN

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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