TCRAP_Public/111103.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, November 3, 2011, Vol. 14, No. 218

                            Headlines



A U S T R A L I A

DICK SMITH: Stores Now Under "Strategic Review"
MIRABELA NICKEL: S&P Affirms 'B-' Corporate Credit Rating
LANAI APARTMENTS: Lender Taps Ferrier Hodgson as Receivers


C A M B O D I A

ACLEDA BANK: S&P Lowers Counterparty Credit Rating to 'B'
* KINGDOM OF CAMBODIA: S&P Lowers Sovereign Credit Rating to 'B'


C H I N A

CHINA POWER: Fitch Holds Rating on Long-Term IDR at 'BB'
DATANG INT'L: Stable Position Cues Fitch to Affirm Low-B Ratings
GITI TIRE: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative
HUADIAN POWER: Fitch Lowers Rating on Long-Term IDR to 'BB-'
HUANENG POWER: Fitch Affirms Rating on Sr. Unsec. Notes at 'BB+'


H O N G  K O N G

LANDFORD HOLDINGS: Members' Final Meeting Set for Nov. 30
LEHMAN BROTHERS: HKMA Reports Progress of Probe on MiniBond Cases
M & T: Members' and Creditors' Annual Meetings Set for Nov. 18
MACAO DRAGON: Lai and Haughey Step Down as Liquidators
MODERN BILLIARD: Members' Final Meeting Set for Nov. 30

NEW CHINA: Creditors' Proofs of Debt Due Nov. 11
NEW CHINA HK: Creditors' Proofs of Debt Due Nov. 11
NEW CHINA HK DEV: Creditors' Proofs of Debt Due Nov. 11
NEW CHINA HK INDUSTRIAL: Creditors' Proofs of Debt Due Nov. 11
NEW CHINA HK PROPERTIES: Creditors' Proofs of Debt Due Nov. 11

NEW CHINA HK TRADING: Creditors' Proofs of Debt Due Nov. 11
NEWAYS INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
PEGASUS ENTERPRISE: Leung Shi Ho Appointed as Liquidator
PEARL SYSTEMS: Heung Sai Kit Steps Down as Liquidator
QUINWEST COMPANY: Placed Under Voluntary Wind-Up Proceedings

SECURAIR LIMITED: Members' Final Meeting Set for Nov. 29


I N D I A

ANANGOOR TEXTILE: CRISIL Reaffirms 'B+' Rating on INR215MM Loan
ANDHRA GINNING: CRISIL Assigns 'CRISIL B' Rating to INR35MM Loan
BADRI VISHAL: CRISIL Assigns 'CRISIL D' Rating to INR75MM Loan
CALSTAR SPONGE: CRISIL Places CRISIL BB- Rating on INR100MM Loan
CALCAST FERROUS: CRISIL Rates INR58.5 Million Loan at 'CRISIL BB'

H'RECK ENGINEERS: CRISIL Puts 'CRISIL B' Rating on INR7.2MM Loan
INDIAN TERRAIN: CRISIL Places 'CRISIL B+' Rating on INR300MM Loan
KINGFISHER AIRLINES: Denies Report on Debt Restructuring Plan
MERU AUTOMOBILES: CRISIL Puts 'CRISIL BB' Rating on INR200MM Loan
NIMRA EDUCATIONAL: CRISIL Places CRISIL D Rating on INR70MM Loan

ROOPA INDUSTRIES: CRISIL Puts 'CRISIL BB' Rating to INR2.9MM Loan
SRI SELVAKUMAR: CRISIL Assigns CRISIL BB- Rating to INR70MM Loan
SRINIVASA CONSTRUCTION: CRISIL Rates INR300MM Loan at 'CRISIL B'
S V ENGINEERING: CRISIL Assigns 'CRISIL D' Rating to INR45MM Loan
SWAMI FEEDS: CRISIL Assigns CRISIL BB+ Rating to INR92MM LT Loan

TITAN EDUCATIONAL: CRISIL Puts CRISIL BB Rating on INR230MM Loan
TITANIUM IMPORTS: CRISIL Puts 'CRISIL B+' Rating on INR10MM Loan
VINAYAK OIL: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan


J A P A N

TAKEFUJI CORP: Tokyo Court Approves Rehabilitation Plan


K O R E A

KOREA EXCHANGE: Lone Star Loses Major Shareholder Status


N E W  Z E A L A N D

PIKE RIVER: Shanxi Coal Submits Joint Bid with Solid Energy
WESTERN PACIFIC: Unsecured Claims Rise to NZ$63.4 Million


S I N G A P O R E

TOP SECRET: Court Enters Wind-Up Order
UPS LOGISTICS: Creditors' Proofs of Debt Due Nov. 28
WOK WOK: Court to Hear Wind-Up Petition Nov. 11


                            - - - - -


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


DICK SMITH: Stores Now Under "Strategic Review"
-----------------------------------------------
Melanie Maeseele at goldcoast.com.au reports that Dick Smith
electronics are the latest in a string of businesses feeling the
pinch of a tough economic climate.

Nine Gold Coast stores are now under review with the company not
ruling out closures and job losses could be imminent, says
goldcoast.com.au.

According to the report, a statement released nationally on
Wednesday by Woolworths Limited chief executive Grant O'Brien
related that a "strategic review" of all stores in Australia and
New Zealand was underway.

"Consumer electronics, as a retail category has been experiencing
significant challenges, particularly in relation to tightened
customer spending on discretionary products, category deflation
and the effects of the high Australian dollar," the report quotes
Mr. O'Brien as saying.

Dick Smith Electronics Pty Limited -- http://dicksmith.com.au/--
operates as a retailer and wholesaler of electronics products in
Australia and New Zealand. It offers computers, communications,
gaming, and entertainment products. Dick Smith Electronics Pty
Limited was founded in 1969 and is based in Chullora, Australia.


MIRABELA NICKEL: S&P Affirms 'B-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook to
stable, from positive, on Australia-based nickel miner Mirabela
Nickel Ltd.  "At the same time, we affirmed the 'B-' corporate
credit rating and senior unsecured debt ratings on Mirabela, and
the recovery rating of '4' on the company's senior unsecured
debt," S&P stated.

"The outlook revision reflects our view that Mirabela's
improvement in unit cash cost of production is slower than we
initially forecast. The slower decrease in cash costs combined
with the recent close-out of commodity hedges at a cost of about
$20 million have resulted in current cash balances being lower
than we had anticipated," said Standard & Poor's credit analyst
Thomas Jacquot.

"However, we expect the company to complete major improvement
works by early 2012. The plant upgrade works at the company's
Santa Rita mine site in Brazil will be completed, and the company
would have improved the operation of the mine toward a steady-
state cash cost. While the expected decrease in cash costs proved
slower than we initially forecast, in part due to the strong
Brazilian real against the U.S. dollar, the company benefited
from strong nickel prices that partly offset those higher
operating costs. Based on the company's operating performance to
date, we consider that Mirabela should still be able to reach its
long-term target of cash cost of production commensurate with
second-quartile producers, albeit later than originally
envisaged," S&P stated.

Mr. Jacquot added: "Underpinning the stable outlook are the
adequate progress of the company toward reaching steady-state
production during 2012, the current status of the upgrade works
expected to be completed in early 2012, and the adequate cash
reserves Mirabela holds to support the business in the interim
period. The outlook also reflects our view that the company is
appropriately placed to withstand lower-than-historical nickel
prices if this were to happen over a prolonged period."

"We may raise the rating if Mirabela successfully lowers its unit
cash cost to levels commensurate with second-quartile producers,
maintains adequate liquidity, generates positive cash flow after
capital expenditure, and demonstrates EBITDA interest cover of
more than 5x and debt service cover ratio (including capital
expenditure) of more than 4x. Conversely, the rating may face
downward pressure if there are further delays in achieving
cash-flow-positive operations, further weakening of the company's
liquidity position or a severe drop in nickel prices. And any
additional expansion capital expenditure (such as the development
of the Santa Rita underground resource) in the near term could
put pressure on the rating," S&P added.


LANAI APARTMENTS: Lender Taps Ferrier Hodgson as Receivers
----------------------------------------------------------
On Sept. 2, 2011, Greg Moloney and Will Colwell of Ferrier
Hodgson were appointed to the assets and undertakings of Lanai
Apartments Pty Ltd (aft for Lanai Unit Trust) by the Bank of
Western Australia Limited, the holder of a fixed and floating
charge over the assets and undertakings of the Company.

The Receivers and Managers have requested sales submissions from
various agents and will be formalizing a sale strategy in the
coming weeks.


===============
C A M B O D I A
===============


ACLEDA BANK: S&P Lowers Counterparty Credit Rating to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on ACLEDA Bank PLC to 'B' from 'B+'.
The outlook is stable. "We also affirmed the 'B' short-term
rating on the bank. At the same time, we lowered the long-term
ASEAN regional scale rating on ACLEDA to 'axBB-' from 'axBB'. We
affirmed the 'axB' short-term ASEAN rating," S&P said.

"We lowered the rating on ACLEDA following the sovereign rating
action on Cambodia (B/Stable/B; axBB-/axB) (see 'Long-Term Rating
On Cambodia Lowered To 'B', Outlook Stable; 'B' Short-Term Rating
Affirmed,' published on RatingsDirect on the Global Credit
Portal). We rarely rate financial institutions above the long-
term sovereign rating on their home country. We generally
consider it unlikely that such institutions would remain immune
to changes in the domestic economy," S&P said.

"Our sovereign ratings on Cambodia reflect our view of the
country's low income, highly dollarized and narrow economic
profile, and limited fiscal flexibility. These characteristics
could increase the credit risks for Cambodian banks including
ACLEDA; they could also weaken banks' funding and liquidity
profiles. Weaker credit quality will in turn affect Cambodian
banks' risk-adjusted earnings," said Standard & Poor's credit
analyst Ivan Tan.

The counterparty ratings on ACLEDA reflect the underdeveloped
operating environment and poor legal infrastructure in Cambodia.
The ratings also reflect the possibility that the bank's asset
quality could deteriorate because of rapid loan growth in the
past. ACLEDA's strong business position and franchise in the
domestic banking industry and its adequate financial profile for
the rating category moderate these weaknesses.

"The stable outlook reflects our expectation that ACLEDA will
maintain its adequate financial profile amid high balance sheet
growth," said Mr. Tan. "An upgrade is possible if we raise the
sovereign rating on Cambodia and the bank maintains its asset
quality through the stabilization of its loan portfolio and
improves core profitability through greater income diversity. We
could downgrade ACLEDA if: (1) the bank's asset quality or
capitalization declines substantially because of rapid loan
growth; or (2) we lower the sovereign rating on Cambodia."


* KINGDOM OF CAMBODIA: S&P Lowers Sovereign Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
sovereign credit rating on the Kingdom of Cambodia to 'B' from
'B+'.  The outlook is stable.  "We also affirmed the 'B' short-
term rating on the sovereign," S&P said.

"At the same time, we lowered the long-term ASEAN regional scale
rating on Cambodia to 'axBB-' from 'axBB'. We affirmed the 'axB'
short-term ASEAN rating. We also lowered our transfer and
convertibility (T&C) assessment of Cambodia by one notch to 'B+'.
The ratings are unsolicited," S&P related.

"We lowered the rating on Cambodia by one notch to reflect our
view of the country's low income, highly dollarized and narrow
economic profile, and limited fiscal flexibility," said Standard
& Poor's credit analyst Agost Benard. "Our downgrade reflects the
greater emphasis that Standard & Poor's places on political and
economic fundamentals in our ratings methodology introduced in
June 2011. (See 'Sovereign Government Rating Methodology And
Assumptions,' published on RatingsDirect on the Global Credit
Portal on June 30, 2011.)," S&P said.

"These constraints are weighed against strong growth prospects
and substantial donor engagement, which enables Cambodia to
maintain a low debt and interest burden," Mr. Benard said.

Standard & Poor's believes that Cambodia's low income level is
indicative of very significant constraints on the political and
fiscal flexibility needed to avoid default in the event of
stress. At US$830 for 2010, per capita income is the second
lowest among rated sovereigns in Asia. A high level of
dollarization also hampers Cambodia's policy flexibility.

The government's low capacity to mobilize revenue constrains the
rating, despite gradual improvement over the past decade. General
government revenue has risen by about 1% of GDP over the past 10
years to a projected 13.4% of GDP in 2011 (including grants).
Nevertheless, it remains one of the lowest among rated
sovereigns, and necessitates ongoing budget support by donors.

On the other hand, the country's record of strong growth in the
framework of improving macroeconomic policies supports the
ratings. Political stability and a liberal economic and trade
regime enabled the Cambodian economy to produce average real per
capita GDP growth of 5.5% a year for 2005-2013.

The continued engagement of international donors anchors policy
formulation and provides substantial fiscal and balance-of-
payments support. This support is reflected in the concessional
nature of nearly all of the sovereign's external debt stock,
enabling Cambodia to maintain relatively low debt at an estimated
24% of GDP (2010) and an exceedingly low interest burden of 1.6%
of general government revenues, Mr. Benard said.

"The stable outlook reflects our expectation that policy
continuity and pragmatic macroeconomic planning will prevail. The
ratings could improve if the government implements measures to
expand its low revenue base and improves collection efficiency,
such that there is a sustained rise in the tax-to-GDP ratio. We
may also raise the ratings if Cambodia increases efforts to
materially boost investments by addressing the existing multitude
of deterrents," S&P related.

However, the ratings could be lowered if there is fiscal slippage
or reduced donor support due to deviation from prudent
macroeconomic policies or an adverse change in debt management
strategy.


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


CHINA POWER: Fitch Holds Rating on Long-Term IDR at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed China Power International Development
Limited's (CPI) Long-term foreign and local currency Issuer
Default Ratings (IDRs) at 'BB' with a Stable Outlook.  The agency
simultaneously affirmed its Short-term foreign and local currency
IDRs at 'B'.

"The ratings reflect CPI's strategy of investment in the hydro-
power segment to reduce its exposure to the fundamental problems
facing the thermal power segment," says Steve Cox, Director in
Fitch's Asia-Pacific energy and utilities team.  CPI reported an
EBITDA margin of 27.5% for H111, and for H110 its EBITDA margin
was the highest among Fitch-rated Chinese thermal independent
power producers (IPPs).  The company has also mitigated some of
the disparity between high coal prices and government controlled
on-grid tariffs by high levels of contract fulfilment -- around
90% of coal supply -- and tying in coal supply with two thermal
stations by offering minority equity stakes to the coal producer.

Fitch applies its parent and subsidiary rating linkage
methodology to assess the linkages between CPI and its parent
China Power Investment Group (CPI Group).  CPI Group benefits
from an investment portfolio vertically integrating coal, power
and aluminium business units.  The parent's consolidated credit
profile is weaker than CPI's stand-alone 'BB' rating by one
notch.  Due to the lack of ring fencing of CPI from its parent,
CPI's rating, before any consideration of state support, is
constrained by the credit profile of its parent.  However, in
view of CPI Group and CPI's strategic importance to China, Fitch
has applied a one-notch uplift in arriving at CPI's final rating
of 'BB'.

The agency notes that CPI's capex plans, although still
aggressive and partly debt financed, are weighted toward hydro
power and will further increase the company's protection against
low margins or losses in the thermal power segment.  These
projects include the Baishi and Tuokou hydro projects which will
add installed capacity of 1.85GW upon completion.  However, CPI
is exposed to hydrological risk from concentration of its assets
on the Yuanjiang river.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will take adequate steps to support the Chinese IPPs,
as evidenced in the retrospective tariff rises against 2010
production in some plants, and April 2010 tariff rises in some
provinces.  But it also incorporates Fitch's view that the
disparity between coal prices and tariffs will continue and the
burden will be primarily born by power producers.


DATANG INT'L: Stable Position Cues Fitch to Affirm Low-B Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Datang International Power Generation
Co. Limited's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB' with a Stable Outlook.  The agency has
simultaneously affirmed its senior unsecured ratings at 'BB' and
Short-Term Foreign and Local Currency IDRs at 'B'.

"The affirmation of the ratings reflects the stable position of
DIPG and the parent China Datang Corporation in the face of
continued disparity between high coal prices and artificially low
electricity tariffs," notes Steve Cox, Director in Fitch's Asia-
Pacific Energy and Utilities team.

Both DIPG and China Datang Corporation remain a notch above their
standalone credit profiles, reflecting potential state support.
Fitch applies its parent and subsidiary rating linkage
methodology to assess the links between DIPG and China Datang
Corporation, and between China Datang Corporation and the
sovereign.  The standalone credit profile of DIPG and the
consolidated profile of its parent are assessed as equivalent to
'BB-' before any assessment of state support provides the single-
notch uplift.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will take adequate steps to support Chinese
independent power producers such as DIPG -- as evidenced in the
retrospective tariff rises for 2010 production in some plants,
and April 2010 tariff rises in certain provinces.  The Outlook,
however, also incorporates Fitch's view that the disparity
between coal prices and tariffs will continue and the burden will
be primarily born by power producers.

Fitch expects DIPG's total adjusted debt/operating EBITDAR to
remain above 8.5x over the medium term.  However, DIPG and the
parent remain exposed to financial deterioration due to a weak
thermal power industry and lack of a transparent pass-through
mechanism for rising coal prices. However, the risk is partly
mitigated by the group's own coal production business.

Fitch may take negative rating action if the financial profile of
either DIPG or China Datang Corporation deteriorates.


GITI TIRE: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on China-based GITI Tire Pte. Ltd.  We
then withdrew the rating at the company's request. "We also
affirmed and then withdrew the 'cnB-' Greater China credit scale
rating on GITI," S&P said.

"At the time of the withdrawal, the outlook on the GITI rating
was negative to reflect our expectation that the company's
liquidity was likely to remain strained and the covenant headroom
thin over the next 12 months. The outlook also reflected our
expectation that the operating environment in China would remain
difficult. We believed the tough operating environment was likely
to limit upside potential to GITI's cash flow," S&P stated.

S&P could have lowered the rating if:

    GITI's operational performance declined materially and the
    likelihood increased that the company would breach covenants
    under a club loan it had taken to refinance its $200 million
    senior secured notes. "Such a breach in covenants could
    materialize if: (1) GITI's EBITDA for 2012 was more than 10%
    lower than our projection of Chinese renminbi (RMB) 1.8
    billion. This figure excludes the share of profit from
    related party PT Gajah Tunggal Tbk. (B/Stable/--); (2) the
    company undertook large-scale expansion, aggressive
    shareholders' capital return initiatives, or other related-
    party transactions that increased debt," S&P related.

    "GITI's liquidity deteriorated materially, which would have
    substantially weakened the company's ability to service debt.
    This could have materialized if: (1) the company was unable
    to extend the maturity of its club loan beyond 2012; (2) its
    working capital requirements for 2012 were materially higher
    than the RMB600 million-RMB700 million we had forecast," S&P
    said.

    The company's linkage with PT Gajah Tunggal triggered any
    material contingent liability.

"An upgrade would have been unlikely in the next 12 months
because we believed the company's financial structure would
remain highly leveraged. We also anticipated only a limited
improvement in GITI's margins due to still-high raw material
prices. Nevertheless, we could have revised the outlook to stable
if GITI's operating performance and cash flow increased
substantially, such that the liquidity risk reduced. In our view,
this would have required a significant and lasting decline in raw
material prices or further substantial increases in prices
without jeopardizing the company's market position. We could have
also revised the outlook to stable if the maturity on the
company's club loan was extended to 2014," S&P said.


HUADIAN POWER: Fitch Lowers Rating on Long-Term IDR to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded Huadian Power International
Limited's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'BB-' from 'BB'.  The Outlook is Stable.  The
agency has simultaneously affirmed its Short-Term Foreign and
Local Currency IDRs at 'B'.

"The downgrade reflects the weakened financial profile of Huadian
Power International and its parent, China Huadian Group, in the
face of continued disparity between high coal prices and
artificially low electricity tariffs.  The impact from slow
tariff adjustments is highest for Huadian among Fitch-rated
Chinese thermal power producers," notes Steve Cox, Director in
Fitch's Asia-Pacific Energy and Utilities team.  HDPI and China
Huadian Group have, overall, worse interest coverage and leverage
profile compared with their respective peers in China, as well as
a heavy debt-funded capex programme.

Based on Fitch's parent and subsidiary rating linkage
methodology, HDPI continues to be notched one level above its
standalone credit profile, reflecting potential state support
through China Huadian Group.  The same methodology is being
applied to China Huadian Group, which assesses its links to the
sovereign.  On a standalone basis, both the credit profiles of
HDPI and China Huadian Group have been downgraded to 'B+' from
'BB-', before any assessment of state support.

Under current market conditions, the group's asset portfolio has
greater exposure to the fundamental problems affecting all
thermal power producers in China: a combination of tariff
controls, rising coal prices, exposure to non-fulfilment of
contract coal, and volatility in the non-contract coal spot
market.  The company's interest coverage is also negatively
affected by the impact of base rate rises on floating-rate loans,
and high borrowing costs in the CNY bond market.  In FY10, HDPI's
funds from operations (FFO) interest coverage fell below 2.0x
from 3.0x in FY09.

Fitch continues to expect HDPI's total adjusted debt/operating
EBITDAR to remain above 10x in the medium term.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will take adequate steps to support Chinese
independent power producers such as HPDI -- as evidenced in the
retrospective tariff rises for 2010 production in some plants,
and April 2010 tariff rises in certain provinces.  The Outlook,
however, also incorporates Fitch's view that the disparity
between coal prices and tariffs will continue and the burden will
be primarily born by power producers.


HUANENG POWER: Fitch Affirms Rating on Sr. Unsec. Notes at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed Huaneng Power International Limited's
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB+' with a Stable Outlook.  The agency has
simultaneously affirmed its senior unsecured ratings at 'BB+' and
Short-Term Foreign and Local Currency IDRs at 'B'.

"The affirmation of the ratings reflects the relatively strong
position of HNP and the parent China Huaneng Group in the face of
continued disparity between high coal prices and artificially low
electricity tariffs," notes Steve Cox, Director in Fitch's Asia-
Pacific Energy and Utilities team.  HNP and China Huaneng Group
retain, overall, slightly higher interest coverage and a better
leverage profile compared with their respective peers in China,
despite a heavy debt-funded capex programme.

Both HNP and China Huaneng Group remain a notch above their
standalone credit profiles, reflecting potential state support.
Fitch applies its parent and subsidiary rating linkage
methodology to assess the links between HNP and China Huaneng
Group, and between China Huaneng Group and the sovereign.  The
standalone credit profile of HNP and the consolidated profile of
its parent are assessed as equivalent to 'BB,' before any
assessment of state support provides the single-notch uplift.

The Stable Outlook reflects Fitch's expectation the Chinese
government will take adequate steps to support Chinese
independent power producers such as HNP -- as evidenced in the
retrospective tariff rises for 2010 production in some plants,
and April 2010 tariff rises in certain provinces.  The Outlook,
however, also incorporates Fitch's view that the disparity
between coal prices and tariffs will continue and the burden will
be primarily born by power producers.

Fitch continues to expect HNP's total adjusted debt/operating
EBITDAR to remain above 7x in the medium term.  However HNP and
China Huaneng Group remain exposed to financial deterioration due
to a weak thermal power industry and lack of a transparent pass-
through mechanism for rising coal prices.  This risk is
compounded by the group's low level of integrated coal
production, contributing to HNP's high volume of non-contract
coal purchases.

Fitch may take negative rating action if the financial profile of
either HNP or the parent deteriorates.


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


LANDFORD HOLDINGS: Members' Final Meeting Set for Nov. 30
---------------------------------------------------------
Members of Landford Holdings Limited will hold their final
general meeting on Nov. 30, 2011, at 2:00 p.m., at 3/F., Malaysia
Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on MiniBond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Oct. 28 that
investigation of over 99% of a total of 21,829 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,779 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,729 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,250 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 827 cases (including minibond cases), which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 682 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 145 cases; and

    * 143 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 99 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?773a

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable
LBHI and its affiliated debtors to pay an estimated $65 billion
to their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


M & T: Members' and Creditors' Annual Meetings Set for Nov. 18
--------------------------------------------------------------
Members and creditors of M & T International Limited will hold
their annual meetings on Nov. 18, 2011, at 2:30 p.m., and 3:00
p.m., respectively at Room 1909, Nan Fung Tower, at 173 Des Voeux
Road Central, in Hong Kong.

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


MACAO DRAGON: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Macao Dragon Company Limited on Oct. 12, 2011.


MODERN BILLIARD: Members' Final Meeting Set for Nov. 30
-------------------------------------------------------
Members of Modern Billiard Club Limited will hold their final
meeting on Nov. 30, 2011, at 3:00 p.m., at Suite No. A, 11th
Floor, Ritz Plaza, at 122 Austin Road, Tsimhatsui, Kowloon, in
Hong Kong.

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


NEW CHINA: Creditors' Proofs of Debt Due Nov. 11
------------------------------------------------
Creditors of The New China Hong Kong Asset Management Limited,
which is in creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK: Creditors' Proofs of Debt Due Nov. 11
---------------------------------------------------
Creditors of The New China Hong Kong Development Limited, which
is in creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK DEV: Creditors' Proofs of Debt Due Nov. 11
-------------------------------------------------------
Creditors of The New China Hong Kong Development Limited, which
is in creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK INDUSTRIAL: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------------------
Creditors of The New China Hong Kong Industrial Limited, which is
in creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK PROPERTIES: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------------------
Creditors of The New China Hong Kong Properties Limited, which is
in creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK TRADING: Creditors' Proofs of Debt Due Nov. 11
-----------------------------------------------------------
Creditors of The New China Hong Kong Trading Limited, which is in
creditors' 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's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEWAYS INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Oct. 19, 2011,
creditors of Neways International (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Che Wai
         17/F., Hing Yip Commercial Centre
         272-284 Des Voeux
         Central, Hong Kong


PEGASUS ENTERPRISE: Leung Shi Ho Appointed as Liquidator
--------------------------------------------------------
Leung Shi Ho on Oct. 13, 2011, was appointed as liquidator of
Pegasus Enterprise Limited.

The liquidator may be reached at:

         Leung Shi Ho
         27th Floor, Tung Wai Commercial Building
         111 Gloucester Road
         Wanchai, Hong Kong


PEARL SYSTEMS: Heung Sai Kit Steps Down as Liquidator
-----------------------------------------------------
Heung Sai Kit stepped down as liquidator of Pearl Systems
Technologies Limited on Oct. 24, 2011.


QUINWEST COMPANY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Oct. 10, 2011,
creditors of Quinwest Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan King Sang Leo
         Unit 1402, 14/F Finance Building
         254-256 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


SECURAIR LIMITED: Members' Final Meeting Set for Nov. 29
--------------------------------------------------------
Members of Securair Limited will hold their final meeting on
Nov. 29, 2011, at 10:00 a.m., at 33rd Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

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


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


ANANGOOR TEXTILE: CRISIL Reaffirms 'B+' Rating on INR215MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anangoor Textile Mills
Pvt Ltd continue to reflect Anangoor's weak financial risk
profile and susceptibility to volatility in raw material prices.
These weaknesses are partially offset by Anangoor's established
market position in the textile industry.

   Facilities                      Ratings
   ----------                      -------
   INR215 Million Term Loan        CRISIL B+/Stable (Reaffirmed)
   INR130 Million Cash Credit      CRISIL B+/Stable (Reaffirmed)
   INR8.3 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Anangoor maintain a stable credit risk
profile over the medium term, on the back of its established
position in textile industry. The outlook may be revised to
'Positive' if Anangoor's financial risk profile improves, most
likely driven by substantial increase in cash accruals or capital
infusions. Conversely, the outlook may be revised to 'Negative'
if Anangoor's cash flows and margins decline, or if its capital
structure weakens because of larger-than-expected debt-funded
capital expenditure (capex).

                       About Anangoor Textile

Anangoor was established as a partnership firm in 1995 by Mr. K
Ramasamy and Mr. C Palanisamy. The company manufactures cotton
yarn of count size ranging from 8s to 30s. The company has two
manufacturing units, one each in Kanageyam and Anangoor (Tamil
Nadu).

Anangoor reported, on provisional basis, a profit after tax (PAT)
of INR43 million on a turnover of INR794 million for 2010-11
(refers to financial year, April 1 to March 31); it reported a
PAT of INR8 million on a turnover of INR533 million for 2009-10.


ANDHRA GINNING: CRISIL Assigns 'CRISIL B' Rating to INR35MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Andhra Ginning Lane Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR35 Million Term Loan       CRISIL B/Stable (Assigned)
   INR60 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR5 Million Proposed LT      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects AGLPL's exposure to volatility in cotton
prices, susceptibility to adverse regulatory changes, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of AGLPL's
management in the cotton industry.

Outlook: Stable

CRISIL believes that AGLPL will maintain its business risk
profile over the medium term, supported by the management's
extensive experience in the cotton industry. The outlook may be
revised to 'Positive' in case of successful stabilisation of the
ongoing project and generation of cash flows commensurate with
the debt service commitments. Conversely, the outlook may be
revised to 'Negative' if AGLPL faces delays in commissioning its
project, thereby adversely impacting its debt servicing
capabilities.

                       About Andhra Ginning

AGLPL was incorporated in November 2008, for setting up a cotton
ginning mill in Guntur, Andhra Pradesh. The mill is expected to
be set up with 36 fully automated gins and one automatic
hydraulic baling press. The mill has installed capacity of 30,494
bales per annum. The promoters also have plans to utilize its
surplus capacity for undertaking job work for Cotton Corporation
of India (CCI) and other parties.

The project cost is estimated to cost around INR65 million and
will be financed through term loans of INR35 million and the
remaining will be from funded via promoter's own capital by way
of equity and unsecured loans.

AGLPL is promoted by Sri Nagothu Sleeva Raju and Smt Buchamma
Koteswara Rao. Sri Nagothu Sleeva Raju, is the director of the
company. Sri Kunkalaguntla Koteswara Rao, father in law of Sri
Nagothu Sleeva Raju, will be associated as a consultant to the
company. Mr. Koteswara Rao has extensive experience of more than
three decades in cotton trading.

The company's ginning operations are expected to commence from
December 2011. The management has commenced trading in raw cotton
from March 2011.


BADRI VISHAL: CRISIL Assigns 'CRISIL D' Rating to INR75MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Badri Vishal Agro Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR75 Million Term Loan        CRISIL D (Assigned)
   INR30 Million Cash Credit      CRISIL D (Assigned)

The rating reflects instances of delay by BVAPL in servicing its
debt; the delays have been caused by the company's weak liquidity
as the company's operations are yet to commence and is currently
under project implementation phase.

BVAPL also has a weak financial risk profile, marked by a small
net worth and high gearing, and exposure to intense competition
from large and established players in the processed food segment.
These rating weaknesses are partially offset by BVAPL's low
offtake risk due to marketing tie-up with Otdin Food Solutions
Pvt Ltd and the extensive industry experience of its management.

                        About Badri Vishal

BVAPL was incorporated in November 2010. It is setting up a
manufacturing unit for the production of potatoes chips and
extruded snacks in Bhind (Madhya Pradesh). The company plans to
install an annual production capacity of 1500 tonnes of potato
chips and 1200 tonnes of extruded snacks; the plant is expected
to commence commercial operations from November 2011 onwards. The
company plans to launch its product under its brand, Fatak, for
its potato chips and Satak for extruded snacks.


CALSTAR SPONGE: CRISIL Places CRISIL BB- Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Calstar Sponge Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR50.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR100.0 Million Term Loan      CRISIL BB-/Stable (Assigned)

The rating reflects the benefits that CSL derives from its
proximity to markets, its moderately integrated operations, and
its promoters' experience in the steel industry. These rating
strengths are partially offset by CSL's small scale of
operations, exposure to risks related to cyclicality in the steel
industry, and large debt funded capital expenditure (capex)
plans.

Outlook: Stable

CRISIL believes that the CSL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company improves its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if CSL faces significant pressure on its
revenues and profitability because of adverse market conditions,
or if it undertakes a larger-than-expected, debt-funded capex
programme, thereby weakening its capital structure.

                       About Calstar Sponge

CSL was incorporated in 2004. The company, promoted by Mr. Tulsi
Ram Agrawal and Mr. Vikas Agarwal, manufactures sponge iron and
mild steel ingots. The company has two indigenously developed
kilns, with an aggregated capacity of 60,000 tonnes per annum
(tpa), and two induction furnaces with capacity of 40,000 tpa.
The above-mentioned facilities are at Bamunara and Jamuria (both
in West Bengal).

CSL has reported a profit after tax (PAT) of INR5 million on an
operating income of INR887 million for 2010-11 (refer to
financial year, April 1 to March 31), against a PAT of INR6
million on an operating income of INR565 million for 2009-10.


CALCAST FERROUS: CRISIL Rates INR58.5 Million Loan at 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Calcast Ferrous Ltd, part of the Calspring
group.

   Facilities                        Ratings
   ----------                        -------
   INR58.50 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR5.0 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR40.00 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect the benefits that the group derives from its
promoter's industry experience, its established market position,
and its wide product portfolio. These rating strengths are
partially offset by the Calspring group's high customer
concentration, intense industry competition, and working-capital-
intensive operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CFL, Calcutta Springs Ltd, and
Calcutta Steel Ltd. This is because these entities, together
referred to as the Calspring group, have a common management,
cross holdings, are in a similar line of operations, and share
operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Calspring group will continue to benefit
over the medium term from its established market position in the
railway track components segment and its promoters' industry
experience. The outlook may be revised to 'Positive' in case of
more-than-expected improvement in operating income and
profitability, leading to improvement in the group's financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the Calspring group generates a lower-than-expected
operating margin or undertakes significantly debt-funded capital
expenditure programmes over the medium term, leading to further
deterioration in its financial risk profile.

                       About Calcast Ferrous

The Calspring group was founded by Kolkata (West Bengal)-based
Mr. Tulsi Ram Agarwal. Incorporated in 1989, CSL is the flagship
company of the group. Subsequently, the promoter floated CFL and
Cal Steel in 1990s. The group manufactures railway track
materials for Indian Railways (IR) for the past 25 years. It
supplies materials such as switches and crossings, switch
expansion joints, spring settling devices, SGCI inserts, elastic
rail clip Mk-III, fish plates and fish bolts, pre-stressed
monoblock concrete sleepers, ductile iron cast fittings, glass
filled nylon-66 insulating liners, grooved rubber sole plates,
lower and upper rubber washer, high capacity rubber buffer
springs, single piece louvre shutters, two piece glass shutters,
window assemblies, and composite modular toilets. The Calspring
group's day-to-day operations are managed by Mr. Tulsi Ram
Agarwal and his three sons.

The Calspring group products are sold to most of the zonal
offices of IR through tendering process. As per the directives of
IR, only companies approved by the Research Designs and Standards
Organisation can manufacture and supply track materials. Cal
Steel also has warehouse space of 0.2 million square feet, which
is currently rented out to ITC Ltd (rated CRISIL
AAA/Stable/CRISIL A1+).

The Calspring group's manufacturing facility is in Alampur,
Uluberia, Bighati, Sandhipur, Howrah (all in West Bengal),
Girisola (Orissa), and Kanpur (Uttar Pradesh).

The Calspring group has reported a profit after tax (PAT) of
INR24 million on an operating income of INR1344 million for 2010-
11 (refers to financial year, April 1 to March 31), against a PAT
of INR27 million on an operating income of INR1134 million for
2009-10.


H'RECK ENGINEERS: CRISIL Puts 'CRISIL B' Rating on INR7.2MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of H'Reck Engineers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7.2 Million Rupee Term Loan   CRISIL B/Stable (Assigned)
   INR83.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR90 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect HEPL's weak financial risk profile, marked by
small net worth and high gearing, and susceptibility of its
profit margin to intense competition in the business of civil
construction for industrial applications. These weaknesses are
partially offset by HEPL's established market position.

Outlook: Stable

CRISIL believes that HEPL will maintain its moderate business
risk profile on the back of its established market position over
the medium term. The outlook may be revised to 'Positive' HEPL
sustains its revenue growth and maintains its profitability,
while improving its debtor collection cycle. Conversely, the
outlook may be revised to 'Negative' if HEPL's financial risk
profile deteriorates, most likely because of decline in operating
profitability, larger-than-expected debt-funded capital
expenditure, or weakening in liquidity because of further stretch
in receivables cycle.

                     About H'Reck Engineers

HEPL, established as a proprietorship firm in 1984, was
reconstituted as a private limited company in 1995. It provides
engineering and civil construction solutions, including
fabrication of storage tank and industrial piping, and also
undertakes structural work and foundation layouts for various
industries. The projects executed by the company are tender
based.

HEPL's profit after tax (PAT) and net sales are estimated at
INR20.9 million and INR438 million respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR10.7 million on net sales of INR378.7
million for 2009-10.


INDIAN TERRAIN: CRISIL Places 'CRISIL B+' Rating on INR300MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indian Terrain Fashions Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR300 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR258.7 Million Long-Term Loan   CRISIL B+/Stable (Assigned)
   INR49.8 Million Proposed LT       CRISIL B+/Stable (Assigned)
     Bank Loan Facility
   INR50 Million Bill Discounting    CRISIL A4 (Assigned)
   INR135 Million Letter of Credit   CRISIL A4 (Assigned)
   INR2 Million Packing Credit       CRISIL A4 (Assigned)

The ratings reflect ITFL's below-average financial risk profile,
marked by high gearing and moderate debt protection metrics. The
rating also factors in limited pricing flexibility and
vulnerability to intense competition from global and Indian
ready-made-garment (RMG) brands. These rating weaknesses are
partially offset by ITFL's established brand in retailing of RMG
and healthy demand prospects in the domestic retail segment.

Outlook: Stable

CRISIL believes that ITFL will continue to benefit over the
medium term from its established brand and the healthy demand
prospects in the domestic RMG industry. The outlook may be
revised to 'Positive' if the company scales up its operations
supported by an improvement in financial risk profile on a
sustainable basis. Conversely, the outlook may be revised to
'Negative' if ITFL undertakes a large debt-funded capital
expenditure programme, or in case of delay in realisation of
receivables, or if there are large investments made in group
companies, leading to a further weakening in its financial risk
profile.

                      About Indian Terrain

ITFL was incorporated in September 2009. The domestic retail
division of Celebrity Fashions Ltd with its in-house brand,
Indian Terrain, was demerged from CFL following the Madras High
Court order in August 2010. The demerger was aimed at managing
the profitable domestic retail operations of Indian Terrain
separately from the loss-making export business of CFL. ITFL
currently retails RMG, such as shirts, trousers, T-shirts,
jackets, and sweaters. The company was listed on the National and
Bombay Stock Exchanges in March 2011. ITFL operates from 75
exclusive retail outlets, 25 large format retailers (Shoppers
Stop Limited, Lifestyle International Pvt Ltd, Trent Limited,
Globus Stores Pvt Ltd, and Pantaloon Retail India Ltd), and
around 400 high-street multi-brand retail outlets. The company's
day-to-day operations are managed by Mr. V Rajagopal (chairman
and managing director) and his wife, Mrs. Rama Rajagopal.

ITFL reported a profit after tax (PAT) of INR63.1 million on net
sales of INR1.2 billion for 2010-11 (refers to financial year,
April 1 to March 31).


KINGFISHER AIRLINES: Denies Report on Debt Restructuring Plan
-------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines on Wednesday
denied it was going for another debt restructuring but said it
had sought lenders' help to substitute high-cost rupee borrowings
with low-cost foreign current debt.

According to the report, Ravi Nedungadi, President and group
Chief Financial Officer, said in a statement that the carrier has
also asked banks to "appraise working capital requirements in the
usual course, to account for changes in international prices of
fuel and the change in rupee-dollar parity."

"The banks are in active consideration of these requests and
there is absolutely no question of another debt recast," the
report quotes Mr. Nedungati as saying.

The Economic Times earlier reported that Vijay Mallya-promoted
Kingfisher's second debt restructuring plan was rejected by banks
who were unwilling to take a fresh haircut and feared another
recast will force them to treat the loans as non-performing.

                     About Kingfisher Airlines

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

                          *     *     *

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

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


MERU AUTOMOBILES: CRISIL Puts 'CRISIL BB' Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Meru Automobiles Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR200 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR15 Million Long-Term Loan    CRISIL BB/Stable (Assigned)

The rating reflects extensive experience of Meru's promoters in
the commercial vehicles distributorship business and established
market position in the automobile dealership business in the
Rayalaseema region (Andhra Pradesh [AP]). This rating strength is
partially offset by Meru's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio and
weak debt protection metrics, susceptibility to intense
competition in the commercial vehicles industry, and low
bargaining power with its principal, Tata Motors Ltd (TML; rated
'CRISIL AA-/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that Meru will continue to benefit from its
established market position in the automobile dealership business
in Rayalaseema and healthy demand for TML's commercial vehicles.
The outlook may be revised to 'Positive' if Meru's financial risk
profile improves, most likely driven by an increase in its scale
of operations, and improvement in its profitability, capital
structure and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case a slowdown in the automobile
industry adversely affects Meru's revenues and profitability, or
if the company undertakes any large debt-funded capital
expenditure programme, thereby weakening its capital structure.

                      About Meru Automobiles

Set up in 2002 by Mr. V Rajaram Mohan and his family members,
Meru is an authorised dealer of TML's commercial vehicles in AP.
Meru is the sole distributor for TML's commercial vehicles in
Kurnool, Kadapa and Anantapur districts in AP. It has three
showrooms and services stations in AP.

Meru reported, on provisional basis, a profit after tax (PAT) of
INR4.2 million on net sales of INR1.6 billion for 2010-11 (refers
to financial year, April 1 to March 31); the company reported a
PAT of INR3.6 million on net sales of INR1.3 billion for 2009-10.


NIMRA EDUCATIONAL: CRISIL Places CRISIL D Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Nimra Educational Society.

   Facilities                         Ratings
   ----------                         -------
   INR70 Million Term Loan            CRISIL D (Assigned)
   INR10 Million Overdraft Facility   CRISIL D (Assigned)

The rating reflects instances of delay by NES in servicing its
debt; the delays have been caused by the society's weak
liquidity.

NES is also exposed to intense competition and to high degree of
regulation in the education sector. NES, however, benefits from
its moderate financial risk profile, marked by a comfortable
gearing and moderate debt protection metrics, established brand
name, and diverse educational courses.

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates seven colleges in and around Vijayawada and
Ongole (both in Andhra Pradesh), offering varied courses, such as
bachelor of technology, bachelor of pharmacy, master of
technology, master of computer application, master of pharmacy,
and master of business administration. Currently, NES runs five
engineering colleges, one pharmacy college, and one business
management college, with total student strength of around 2000.
All the colleges are affiliated to the Jawaharlal Nehru Technical
University, Kakinada (Andhra Pradesh).

The society plans to open a medical college affiliated to
Dr. Nandamuri Taraka Rama Rao University of Health Sciences (NTR
University) with student strength of 150 and a 300-bed hospital
by 2013-14 (refers to financial year, April 1 to March 31). The
total cost of the medical college and hospital project is
expected to be around INR1000 million. NES reported a profit
before tax (PBT) of INR41.85 million on net sales of INR148.10
million for 2010-11, against a PBT of INR16.77 million on net
sales of INR113.31 million for 2009-10.


ROOPA INDUSTRIES: CRISIL Puts 'CRISIL BB' Rating to INR2.9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Roopa Industries Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR2.9 Million SME Credit       CRISIL BB/Stable (Assigned)
   INR23 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR12.1 Million Proposed LT     CRISIL BB/Stable (Assigned)
     Bank Loan Facility
   INR5 Million Bill Discounting   CRISIL A4+ (Assigned)
   INR25 Million Letter of Credit  CRISIL A4+ (Assigned)
   INR2 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect RIL's above-average financial risk profile,
marked by healthy gearing and debt protection metrics, its
established business risk profile aided by extensive experience
of its promoter in the bulk drugs segment, and its established
customer relationships. These rating strengths are partially
offset by RIL's small scale of operations and its susceptibility
to customer and product concentration and to intense competition
in the bulk drugs segment.

Outlook: Stable

CRISIL believes that RIL will continue to benefit over the medium
term from its established position in the bulk drugs market. The
outlook may be revised to 'Positive' if the company enhances its
scale of operations and net worth and diversifies its revenue
profile, while sustaining its profitability. Conversely, the
outlook may be revised to 'Negative' if RIL's profitability
declines steeply, or if it undertakes a large debt-funded capital
expenditure programme, leading to weakening in its financial risk
profile.

                     About Roopa Industries

Established as Roopa Granites Pvt Ltd in 1985, RIL was
reconstituted as a limited company in 1996 and also got its
current name. RIL manufactures drug intermediates and bulk drugs.
The company's promoter-director, Mr. T G Raghavendra, has
experience of more than two decades in similar lines of business.
RIL has niche chemistry skills in sodium metal reactions, which
find application in the synthesis of organic and organo-metallic
compounds.

RIL reported a profit after tax (PAT) of INR5 million on net
sales of INR321 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR277 million for 2009-10.


SRI SELVAKUMAR: CRISIL Assigns CRISIL BB- Rating to INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Sri Selvakumar Mills Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR105 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR70 Million Long Term Loan    CRISIL BB-/Stable (Assigned)

The rating reflects the benefits that SSM derives from its
promoters' experience in the textile industry and its moderately
integrated operations. The rating also factors in the company's
moderate financial risk profile marked by a comfortable gearing
and debt protection metrics. These rating strengths are partially
offset by SSM's working-capital-intensive and small scale of
operations in the intensely competitive textiles industry.

Outlook: Stable

CRISIL believes that SSM will benefit over the medium term from
its established customer base and promoters' industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while maintaining its
healthy operating margin, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is deterioration in SSM's relationship with
its key customers, leading to a considerable drop in its
revenues, or in case of deterioration in working capital
management resulting in stretched liquidity or if the company
undertakes a large, debt-funded capital expenditure programme
resulting in deterioration in its financial risk profile.

                        About Sri Selvakumar

Set up as a partnership firm in 1982, SSM was reconstituted as a
private limited company in 2004 and is managed by Mr. V.K.
Kumaresan. The company derives majority of its revenues through
the supply of grey fabric used in the manufacture of shirt
collars, cuffs and trouser accessories.. SSM has its
manufacturing unit in Coimbatore (Tamil Nadu), with an installed
capacity of 3000 rotors and a weaving unit with 30 air-jet and 20
Sulzer looms. Its key customers include Bombay Dyeing, Shri
Lakshmi Cotsyn Ltd, and Micro Interlining Ltd, who accounted for
around 25 per cent of its revenues during 2010-11.

SSM reported a profit after tax (PAT) of INR0.8 million on net
sales of INR260 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.18 million on net
sales of INR183 million for 2009-10.


SRINIVASA CONSTRUCTION: CRISIL Rates INR300MM Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Srinivasa Construction Company.

   Facilities                          Ratings
   ----------                          -------
   INR300 Million Overdraft Facility   CRISIL B/Stable (Assigned)
   INR200 Million Bank Guarantee       CRISIL A4 (Assigned)

The ratings reflect SCC's weak financial risk profile, marked by
a small net worth, high gearing, and moderate debt protection
metrics, large working capital requirements, and moderate scale
of operations with dependence on government projects. These
rating weaknesses are partially offset by the extensive
experience of SCC's partners in executing irrigation projects and
its healthy order book.

Outlook: Stable

CRISIL believes that SCC will benefit over the medium term from
its partners' extensive industry experience and its strong order
book. The outlook may be revised to 'Positive' in case of
improvement in SCC's gearing, driven by improved working capital
cycle or better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is pressure on
SCC's liquidity on account of substantial debt-funding of capital
expenditure or working capital requirements.

                    About Srinivasa Construction

Set up in 1994 as a partnership firm by Mr. B V Rama Rao and his
family members, SCC executes irrigation projects mainly for
government and semi-government organisations. The firm's
operations are predominantly in Maharashtra, though it also
undertakes projects in Andhra Pradesh and Madhya Pradesh. As of
July 01, 2011, SCC has a healthy order book of about INR11500
million, of projects to be completed over the next four years.

SCC has four joint ventures (JVs) with other firms. The JVs help
SCC qualify for financial and technical bidding on projects in
which it would not have qualified on its own. The JVs sub-
contract the project to the JV partners, in proportion to their
holding.

SCC reported, on provisional basis, a profit after tax (PAT) of
INR 68.2 million on net sales of INR 1400.0 million for 2010-
11(refers to financial year, April 1 to March 31). The firm
reported a PAT of INR 63.6 million on net sales of INR 1191.4
million for 2009-10.


S V ENGINEERING: CRISIL Assigns 'CRISIL D' Rating to INR45MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of S V Engineering Constructions (India) Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR45 Million Cash Credit       CRISIL D (Assigned)
   INR10 Million Proposed Cash     CRISIL D (Assigned)
      Credit Limit
   INR15 Million Bank Guarantee    CRISIL D (Assigned)

The ratings reflect SVECIPL's continuously overdrawn cash credit
limits for more than 30 days, mainly because of weak liquidity.

SVECIPL also has a weak financial risk profile, marked by a high
gearing and a small net worth, and working/capital-intensive
operations. SVECIPL, however, benefits from its promoters'
extensive experience in the bulk material handling equipment
business.

                      About S V Engineering

Set up in 2005, SVECIPL undertakes erection and maintenance of
bulk material handling equipment and systems used in ports; it
undertakes erection, commissioning, and maintenance of stacker
reclaimers and ship unloading equipment, and conveyor systems.
SVECIPL is based in Visakhapatnam (Andhra Pradesh) and is
promoted by Mr. Gummadi Veera Mohan and his family.

SVECIPL reported a provisional profit after tax (PAT) of INR7
million on net sales of INR139 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR55 million for 2009-10.


SWAMI FEEDS: CRISIL Assigns CRISIL BB+ Rating to INR92MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Swami Feeds Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR92 Million Long Term Loan     CRISIL BB+/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect SFPL integrated operations and its promoters'
extensive experience in the poultry industry. These rating
strengths are partially offset by SFPL's below-average financial
risk profile, marked by small networth and high gearing, modest
scale of operations, and susceptibility to risks inherent in the
poultry industry.

Outlook: Stable

CRISIL believes that SFPL will continue to benefit from the
healthy demand for its products and its established position in
the poultry industry. The outlook may be revised to 'Positive' if
the company is able to scale up its operations and profitability
on a sustained basis and reports an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if there is a time or cost overrun in its ongoing capital
expenditure (capex), or if the company undertakes a larger-than-
expected debt-funded capex programme or if there is any
significant fund support provided to any of its group entities or
drop in profitability due to outbreak of diseases.

                       About Swami Feeds

Set up in 1987 by Mr. P Muthswamy in Tirupur (Tamil Nadu), SFPL
is in the poultry business. The company's facilities are
vertically integrated with brooder farms, hatcheries, and broiler
farms. The company has a capacity to place around 500,000 Day-Old
Chicks (DOCs) in broiler farms per week. The company derives
majority of its revenues from wholesalers in Tamil Nadu. SFPL is
expanding its capacities to place 650,000 DOCs per week and a
feed mill with an installed capacity of 5,000 tonnes per month at
a total cost of INR132.2 million, which is being funded with term
loans of INR92.2 million and equity. The promoter also manages
two other entities, PKM Hatchery Pvt Ltd and Swami Agencies,
which manage two brooders farms and one feed mill, respectively,
and are engaged in activities for SFPL on a job-work basis.
SFPL's daily operations are managed by Mr. P Muthuswamy and his
family members.

SFPL reported a profit after tax (PAT) of INR23.0 million on net
sales of INR1.65 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.4 million on net
sales of INR1.2 billion for 2009-10.


TITAN EDUCATIONAL: CRISIL Puts CRISIL BB Rating on INR230MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Titan Educational Trust.

   Facilities                         Ratings
   ----------                         -------
   INR230.00 Million Long-Term Loan   CRISIL BB/Stable (Assigned)
   INR10.00 Mil. Overdraft Facility   CRISIL BB/Stable (Assigned)

The rating reflects Titan's above-average financial risk profile,
marked by comfortable gearing levels and debt protection metrics
and the benefits Titan derives from its diverse course offerings
and healthy demand prospects for higher education. These rating
strengths are partially offset by Titan's exposure to risks
related to intense competition and regulatory changes in the
education sector.

Outlook: Stable

CRISIL believes that Titan will continue to benefit over the
medium term from its diverse presence across the educational
spectrum and its moderate capital structure. The outlook may be
revised to 'Positive' if the trust increases its scale of
operations substantially, most likely by increasing the number of
courses it offers or by extending its geographical reach.
Conversely, the outlook may be revised to 'Negative' if Titan
undertakes any large debt-funded capital expenditure programme
resulting in deterioration in financial risk profile or faces any
adverse regulatory change, resulting in significant decline in
its student intake or its cash accruals.

Established in 2005, Titan operates six educational institutions
in Natham (Tamil Nadu [TN]) under the brand name N.P.R. The trust
offers courses in engineering, polytechnic, teacher training,
arts, and science. The total student strength across the six
colleges is around 4000. The trust has a healthy annual intake of
around 1400 students. Titan is managed by Mr. Janakar and Mr.
Mohan Kumar, who are family friends.

Titan is estimated to have reported a surplus of INR33.7 million
on net income of INR 144.6 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a surplus of INR
26.5 million on net income of INR 113.1 million for 2009-10.


TITANIUM IMPORTS: CRISIL Puts 'CRISIL B+' Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
to the bank facilities of Titanium Imports and Exports Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR10 Million Proposed Long-Term   CRISIL B+/Stable (Assigned)
     Bank Loan Facility
   INR240 Million Letter of Credit    CRISIL A4 (Assigned)
   INR1000 Million Proposed Short-    CRISIL A4 (Assigned)
     Term Bank Loan Facility

The ratings reflect the company's limited track record of
operations and low financial flexibility. These rating weaknesses
are partially offset by the healthy demand prospects for imported
urea because of lower production capacity of urea in India.

Outlook: Stable

CRISIL believes that TPL will scale up its operations over the
medium term backed by its experienced management team and order
in hand. CRISIL also believes that TPL's promoters will continue
to provide financial support to the company through unsecured
loans to meet its funding requirement. The outlook may be revised
to 'Positive' if TPL scales up its operations adding more
diversity in its sourcing tie-ups and clientele resulting in
stability in its business risk profile. Conversely, the outlook
may be revised to 'Negative' in case of any large, debt-funded
capital investment by TPL and/or pressure on the company's
profitability significantly deteriorating its capital structure.

                      About Titanium Imports

Incorporated in 2010, TPL is a part of SAS group, which is
managed by Mr. Sanjay Seth and Mr. Khalid Masood. TPL was set up
with an objective to trade in imported fertilizer, mainly urea.
TPL commenced operations in May 2011 by getting an order from
Indian Potash Ltd to supply 25,000 tonnes of urea.


VINAYAK OIL: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Vinayak Oil and Fats Private Limited, part
of the Edible group.

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Mil. Cash Credit Limit    CRISIL BB+/Stable (Assigned)
   INR180.0 Million Foreign Letter   CRISIL A4+ (Assigned)
     of Credit
   INR3.0 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the Edible group's established market
position in the vegetable oil industry in Eastern India,
government incentives, and comfortable capital structure
resulting from capital infusion by the promoters. These rating
strengths are partially offset by the susceptibility of the
Edible group's margins to volatility in crude palm oil prices and
foreign exchange rates, pressure on its margins, and
susceptibility to intense competition and government regulations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Budge Budge Refineries Ltd (BBRL),
Kanchan Oil & Industries Ltd (KOIL), VOFL, Edible Product (India)
Ltd (EPIL), and Edible Agro Products Ltd (EAPL). This is because
these entities, together referred to as the Edible group, have a
common management, are in a similar line of operations, and share
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Edible group will continue to benefit
over the medium term from its established market position in East
India and promoters' extensive experience in manufacturing
vegetable oil and vanaspati. The outlook may be revised to
'Positive' if the group successfully scales up its operations and
further improves its market position, resulting in increase in
revenues and profitability. Conversely, the outlook may be
revised to 'Negative' if it reports sluggish growth in revenues
and profitability, or undertakes large debt-funded capital
expenditure programme.

                          About the Group

EPIL, the flagship company of the group has installed refining
capacity of 30 tpd at Paikpara (WB) and in-house packaging unit.
Subsequently the packaging unit was transferred to VOFL in April
2010. EPIL was co-promoted by Pawan Saraf, Ramawtar Agarwal and
Sita Ram Agarwal.

VOFL, located in Howrah (WB) started commercial production in
1999 with an installed refining capacity of 80 tpd and in-house
packaging unit. EAPL, located in Howrah (WB) commenced production
in 2003. It has an oil milling capacity of 25 tpd. The raw
material (sesame seeds) is procured directly from the farmers.
The company primarily exports sesame oil to China, Germany and
Malaysia under the brand 'Til Drop'.

BBRL, located in Kolkata (WB) is engaged in manufacturing of
vegetable oil and Vanaspati. It has an installed capacity of 300
tonnes per day (tpd) for oil refining, 125 tpd for interesified
vegetable oil and 0.65MW cogen power. KOIL, located in Midnapore
(WB) was also acquired by the Edible group in 1996. It has a
refining, blending and vanaspati capacity of 50 tpd, 65 tpd and
100 tpd respectively. The raw material is imported from Indonesia
or Malaysia. BBRL and KOIL is co-promoted by family members of
Ramawtar Agarwal, Shyam Sundar Nangalia, Pawan Saraf and Ramesh
Agarwal (son of Sita Ram Agarwal).

The group products are sold under the brand names, Sathi and
Sathi Gold (palm oil, soya & rice bran oil), Navbhojans, Shiva &
Pavitra (vanaspati), Doctors Choice (premium blended oil), KMP
(palm oil) and Srimati (mustard oil). Branded sales account for
about 40 per cent of sales of the group. Approximately 70 per
cent of sales are made in the WB state, while the balance is sold
in other states, mainly Uttar Pradesh, Bihar, Jharkhand, Punjab,
Orissa and Assam. Currently the day-to-operations of the group is
managed by the family members of Ramawtar Agarwal, Pawan Saraf
and Ramesh Agarwal.

The Edible group reported a profit after tax (PAT) of INR9
million on net sales of INR6939 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a loss of INR214
million on net sales of INR5808 million for 2008-09.


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


TAKEFUJI CORP: Tokyo Court Approves Rehabilitation Plan
-------------------------------------------------------
Bloomberg News reports that Takefuji Corp.'s rehabilitation plan
was approved by the Tokyo District Court, paving the way for the
bankrupt Japanese consumer lender's proposed sale to South Korean
firm A&P Financial Co.

Bloomberg relates that Eiichi Obata, an attorney overseeing the
turnaround, said in a statement that the court endorsed the
proposal submitted on July 15.  The company plans to sell assets
and secure funds in a bid to repay its debt, it said.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on July 19, 2011, that Takefuji's court-
appointed administrator said the company submitted its
rehabilitation plan to the Tokyo District Court on July 15.
Under the plan, Takefuji will be rebuilt through a spin-off, with
one entity being run by A&P Financial Co. under the Takefuji
brand and the other entity to be used for repaying the claims of
Takefuji's borrowers and then liquidated.

Based on current cash in hand, Dow Jones disclosed, the failed
consumer lender plans to pay at least 3.3% (or approximately
JPY50 billion) of claims from customers demanding refunds on
excessive loan interest charges.  Dow Jones noted that the
percentage for distribution to creditors may be boosted if
Takefuji can claw back some of the billions of dollars it paid
out in taxes, dividends and other payments before its bankruptcy
or sell some of its real estate.  The repayments are to be made
within a year of the rehabilitation plan's approval by the court,
Dow Jones added.

                         About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.

Takefuji filed a bankruptcy petition with the Tokyo District
Court on Sept. 28, 2010, with debts of JPY433.6 billion.
Bloomberg News has said the company has become the biggest
casualty of Japan's four-year crackdown on coercive lending
practices by consumer finance companies.  The lender is seeking
to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.


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


KOREA EXCHANGE: Lone Star Loses Major Shareholder Status
--------------------------------------------------------
The Korea Herald reports that Lone Star Funds lost the status of
biggest shareholder of Korea Exchange Bank on Saturday as the
U.S.-based equity fund failed to meet the eligibility
requirements set by financial regulators.

According to the report, the fund's position of losing, or being
banned from exercising voting rights for its stake exceeding 10
percent, comes after a recent court ruling in Seoul that Lone
Star engaged in manipulation of stocks of KEB's credit card
affiliate in 2003.

On Monday, the Financial Services Commission was scheduled to
make prior notification to Lone Star that it would order the fund
to dispose of 41.02 percent of its 51.02 percent stake in KEB.

After the prior notice of about a week, the regulator will
finally order the stake sale through the panel discussion.

But FSC officials said the "sale terms" for the stake sale order
have yet to be determined, adding that the prior notification
does not involve the key issue between "simple" stake sale and
"punitive" stake sale.

The details will likely be decided at the FSC's coming --
extraordinary or regular -- panel meeting next month.


                     About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                          *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


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


PIKE RIVER: Shanxi Coal Submits Joint Bid with Solid Energy
-----------------------------------------------------------
BusinessDay.co.nz reports that Chinese state-owned Shanxi Coal is
understood to be in the running to buy Pike River Coal as part of
a joint bid with New Zealand coal company Solid Energy.

BusinessDay.co.nz relates that sources said bids closed a week
ago, with four players making offers.

According to the report, sources said one Indian company earlier
interested in making an offer had pulled out, but another Indian
company was still understood to be in the running.

There has also been interest from an unnamed Australian company,
but it remained unclear if it made a final bid, the report
relays.

BusinessDay.co.nz, citing another industry source, says if Shanxi
joined Solid Energy as a partner in Pike River it could provide
the financial muscle to reopen the mine and be a large customer,
with Solid Energy providing the local expertise.  China has a
huge appetite for coal, which has been a key driver of its
economic growth.

There has been industry concern a Chinese or Indian company could
come in with a high price and pick up the Pike River assets
without the involvement of a local player, the report notes.

BusinessDay.co.nz relates that a source said the Pike mine
remained a "technical challenge" and a player from overseas might
not have the right skills to mine in what was a difficult area.

A joint-venture deal might also put Shanxi in a good position to
take a stake in Solid Energy, should the Government decide to
sell part of the company, the report relates citing an industry
source.

                        About Pike River Coal

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

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


WESTERN PACIFIC: Unsecured Claims Rise to NZ$63.4 Million
---------------------------------------------------------
Otago Daily Times reports that losses of Western Pacific
Insurance appear to have almost doubled again, with an almost
NZ$30 million shortfall in funds available to pay a total NZ$63.4
million in estimated unsecured claims.

Western Pacific, which held global insurance policies with a
total $10 billion in exposure, collapsed in late April and was
placed in liquidation initially owing more than NZ$40 million.

Citing liquidators Grant Thornton's first six-monthly report
released this week, Otago Daily Times relates that Simon Thorn
estimated there were total unsecured claims of NZ$63.4 million
-- NZ$61.5 million in insurance claims, NZ$1.1 million owed to
trade creditors, $807,000 in unexpired premiums, and almost
NZ$11,000 in broker commissions.

According to Otago Daily Times, Mr. Thorn estimated about
NZ$34 million might be recoverable from Western's reinsurance
arrangements, covering the Christchurch quakes of September and
February, but the High Court is scheduled this week make a
decision on whether proceeds would go to all Western's creditors
or the policyholders covered by the reinsurance.

"It is not possible at this stage to estimate whether any
dividend will be available for creditors," Otago Daily Times
quoted Mr. Thorn as saying.

Mr. Thorn, as cited by Otago Daily Times, said it was "not
likely" that the liquidation could be completed during the next
six months.

                      About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company.


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


TOP SECRET: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Sept. 30, 2011,
to wind up the operations of Top Secret Private Limited.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         Singapore 069118


UPS LOGISTICS: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------
Creditors of UPS Logistics Group Asia Pte Ltd, which is in
member's voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


WOK WOK: Court to Hear Wind-Up Petition Nov. 11
-----------------------------------------------
A petition to wind up the operations of Wok Wok Restaurant Pte
Ltd will be heard before the High Court of Singapore on Nov. 11,
2011, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Oct. 18, 2011.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


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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.


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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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