TCRAP_Public/111104.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

           Friday, November 4, 2011, Vol. 14, No. 219

                            Headlines



A U S T R A L I A

INPAK FOODS: McGrath Nicol Appointed as Receivers
* AUSTRALIA: Insolvency Debt Up 35% to AUD5.3 Billion
* AUSTRALIA: Gold Coast's Monterey Keys Plot Up for Receivership


C H I N A

CHINA SHENGDA: Gets Non-Compliance Notice From NASDAQ
SINOCHEM HONG KONG: S&P Assesses Standalone Credit Profile at bb


H O N G  K O N G

CHINA BICYCLE: Creditors' Proofs of Debt Due Nov. 14
CHINA WELL: Court to Hear Wind-Up Petition on Nov. 23
CHUN MAN: Court Enters Wind-Up Order
CNG LIMITED: Wardell and Chan Step Down as Liquidators
COMFORD ENGINEERING: Court Enters Wind-Up Order

CREATIVE ASIA: Court to Hear Wind-Up Petition on Dec. 14
DMI LIMITED: Court Enters Wind-Up Order
EASTERN LINK: Court to Hear Wind-Up Petition on Nov. 16
EURO SWISS: Court to Hear Wind-Up Petition on Dec. 21
HANG CHEONG: Court to Hear Wind-Up Petition on Dec. 7

SENNO COMPANY: Seng and Wong Step Down as Liquidators
SHANGHAI-HONGKONG CULTURAL: Ma Yat Shuen Steps Down as Liquidator
SOEN TAK: Chan Chun Shing Steps Down as Liquidator
SPARK BULKSHIP: Creditors' Proofs of Debt Due Nov. 28
TEAM GLORY: Lo and Tsang Step Down as Liquidators

TIN SUNG: Members' Final Meeting Set for Dec. 9
UMP MEDICAL: Members' Final Meeting Set for Nov. 8
YAMAGIWA TRADING: Commences Wind-Up Proceedings


I N D I A

AGARWAL RUBBER: CARE Assigns 'CARE BB' Rating to INR31.34cr Loan
AIR INDIA: IOC Seeks Government Guarantee on Fuel Dues
COSMIC ADVERTISERS: CRISIL Rates INR17.5MM Loan at 'CRISIL B+'
ELLJAY TEXTILES: CARE Places 'CARE B+' Rating on INR10.68cr Loan
GREAT INDIA: CARE Rates INR5cr LT Loan at 'CARE BB (SO)'

HANSCO IRON: CRISIL Assigns 'CRISIL BB-' Rating to INR36.8MM Loan
HERITAGE BEVERAGES: CRISIL Reaffirms CRISIL BB+ Term Loan Rating
HOTHUR ISPAT: CRISIL Reaffirms 'D' Rating on INR533.3MM LT Loan
JASMER FOODS: CRISIL Assigns CRISIL B- Rating to INR147.5MM Loan
KANCHAN OIL: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan

K. R. SOLVENT: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
LEENA ELECTRO: CRISIL Assigns 'CRISIL BB-' Rating to INR24MM Loan
LUSTRE ENGINEERING: CRISIL Cuts Rating on INR1.9MM Loan to 'BB'
MEHRAB LOGISTICS: CRISIL Puts CRISIL BB- Rating on INR87.5MM Loan
NET 4: CARE Reaffirms 'CARE BB+' Rating on INR21.1cr LT Loan

PRAKASH PARCEL: Fitch Rates INR10-Mil. Corporate Loan at BB+(ind)
RAJANKUMAR & BROS: CRISIL Puts 'CRISIL BB' Rating on INR50MM Loan
SAINATH COTTON: CRISIL Assigns CRISIL B Rating to INR51.7MM Loan
SAKTHI GANESH: CRISIL Assigns CRISIL BB Rating to INR60.1MM Loan
SAMOSARAN SYNTEX: CRISIL Rates INR225MM Cash Credit at 'BB+'

SHREE UMIYA: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB'
SILVOL INDIA: CARE Assigns 'CARE D' Rating to INR24.15cr LT Loan
SUPERSONIC TURNERS: Fitch Puts Rating on Three Facilities at 'D'
VIRAT ALLOYS: CRISIL Assigns CRISIL BB- Rating to INR43.4MM Loan
VIVEKANAND INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'


I N D O N E S I A

BAKRIE SUMATERA: S&P Revises Watch Status on 'CC' CCR to Positive
PERUSAHAAN LISTRIK: Fitch Rates Long-Term IDR at 'BB+'


J A P A N

MAZDA MOTOR: Forecasts Full-Year Loss on Strong Yen
SONY CORP: Expects Fourth Straight Annual Loss
* JAPAN: Shipping Lines to Cut Capacity Amid Net Losses


N E W  Z E A L A N D

ALLIED FARMERS: Prepares to Convert Listed Notes Into Shares


T A I W A N

PROMOS TECHNOLOGIES: Lenders Agree To Cut Interest Rates to 0.1%


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


INPAK FOODS: McGrath Nicol Appointed as Receivers
-------------------------------------------------
Inpak Foods has collapsed, highlighting the fragile nature of
food manufacturing and processing industries as businesses
struggle to compete with the higher Australian dollar and lower
demand for services.

SmartCompany relates that Inpak was placed into receivership as
of October 19, with receivers already asking for expressions of
interest.

Sam Davies and Rob Kirman of McGrath Nicol were appointed as
receivers.

According to the report, the receivers said in a statement to
customers that company has continued to trade "business as usual"
until the company is either restructured or sold.  A note to
creditors and suppliers has also been circulated, confirming the
same, SmartCompany relays.

Inpak Foods is an ingredient supplier and manufacturer based in
South Australia.


* AUSTRALIA: Insolvency Debt Up 35% to AUD5.3 Billion
-----------------------------------------------------
SmartCompany, citing the latest Australian Taxation Office annual
report, says the effects of the downturn are still plaguing
businesses, with debt owed by insolvent companies or individuals
rising by more than 35% to a staggering AUD5.3 billion during the
2010-11 year.

According to SmartCompany, the report also reveals the ATO has
continued to crack down on indebted companies, with more than
1,000 wind-up notices issued during the 2010-11 financial year in
a 116% increase from the previous corresponding period.

As a result, says SmartCompany, collectable debt has fallen from
AUD14.7 billion to AUD14.1 billion.  But in a development that
highlights what the ATO says are ongoing effects of the downturn,
debt owed by entities entering some insolvency action has
increased by 35.8% to AUD5.3 billion, SmartCompany relays.

Insolvency debt refers to debt associated with an entity, whether
a company or individual, that has undergone some sort of
insolvency action, SmartCompany notes.

SmartCompany reports that the ATO figures show there were just
493 wind-ups in 2009-10, but that figure rocketed to 1,055 in
2010-11.  Total personal bankruptcies initiated by the ATO were
up 16% to 452, SmartCompany discloses.

But Dissolve chief executive Cliff Sanderson said the actual
number of companies in trouble could be higher, as the ATO's
annual report doesn't specify how many director penalty notices
are given out, according to SmartCompany.


* AUSTRALIA: Gold Coast's Monterey Keys Plot Up for Receivership
----------------------------------------------------------------
Jonathan Chancellor at Property Observer reports that the
Peninsula residential development site at Monterey Keys on the
northern Gold Coast has been listed for receivership sale.

The current listing is 32,994 square meters of waterfront land in
a gated community, which potentially consists of up to 62
individual titled lots, according to Property Observer.

The report notes CBRE Gold Coast Managing Director Mark Witheriff
said the sale campaign is expected to generate interest from
domestic house and land developers.

The Peninsula is located on the natural waterway of Saltwater
Creek, offering views to Hope Island Resort from its Helensvale
location.  Offers close on December 1.

Property Observer discloses that Stefan Dopking and Quentin J.
Olde of Taylor Woodings were appointed as receivers and managers
of Kabale, the site's owner, in June 2011.

The Monterey Keys residential estate was launched in 1992,
initially comprising 1,100 lots on a 182-hectare riverfront site
on the northern Gold Coast.


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


CHINA SHENGDA: Gets Non-Compliance Notice From NASDAQ
-----------------------------------------------------
China Shengda Packaging Group Inc. received a letter from the
NASDAQ Stock Market on Oct. 27, 2011 indicating that, for the
previous 30 consecutive business days, the bid price of the
Company's common stock had closed below the minimum $1.00 per
share requirement for continued inclusion on The NASDAQ Global
Market under NASDAQ Listing Rule 5450(a)(1).  The letter did not
indicate the Company's non-compliance with any other listing
requirement.  The notification has no effect at this time on the
listing of the Company's common stock, which will continue to
trade on the NASDAQ Global market under the symbol CPGI.

The Company has been provided 180 calendar days, or until
April 24, 2012, to regain compliance.  If at any time before this
date the Company's common stock has a closing bid price of $1.00
or more for a minimum of 10 consecutive business days, NASDAQ
staff will notify the Company that it has regained compliance.

If the Company has not regained compliance by April 24, 2012, it
may be eligible for additional time.  The Company would be
required to meet certain continued listing requirements and the
initial listing criteria for The NASDAQ Capital Market except for
the bid price requirement and will need to provide written notice
of its intention to cure its deficiency during the second
compliance period.  If it meets these criteria, NASDAQ staff will
notify the Company that it has been granted an additional 180 day
compliance period.  If the Company is not eligible for an
additional compliance period, NASDAQ will provide the Company
with written notification that its common stock will be delisted.
At that time, the Company can appeal NASDAQ's determination to
delist its common stock to a NASDAQ Hearings Panel.

The Company intends to consider all available options to resolve
the deficiency and regain compliance with the NASDAQ minimum bid
price requirements. In addition, the Company intends to explore
other options for the listing of its common stock.

                       About China Shengda

China Shengda Packaging Group Inc. -- http://www.cnpti.com/-- is
a leading paper packaging company in China.  It is principally
engaged in the design, manufacturing and sale of flexo-printed
and color-printed corrugated paper cartons in a variety of sizes
and strengths.  It also manufactures corrugated paperboards,
which are used for the production of its flexo-printed and color-
printed cartons.  The company provides paper packaging solutions
to a wide variety of industries, including food, beverage,
cigarette, household appliance, consumer electronics,
pharmaceuticals, chemicals, machinery and other consumer and
industrial sectors in China.


SINOCHEM HONG KONG: S&P Assesses Standalone Credit Profile at bb
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based energy and chemicals
trader Sinochem Hong Kong (Group) Co. Ltd. to 'BBB' from 'BBB+'.
The outlook on the rating is stable. "At the same time, we also
lowered the issue rating on the company's outstanding notes to
'BBB' from 'BBB+'. We also lowered our Great China credit scale
rating on the company to 'cnA' from 'cnA+'," S&P said.

"We lowered ratings to reflect our view that Sinochem HK's
financial risk profile is deteriorating due to a substantial
increase in debt in the first half of 2011 to a much higher level
than we expected. We see only a low likelihood that the company's
financial risk profile will improve over the next 12 months."
said Standard & Poor's credit analyst Lawrence Lu.

Sinochem HK is in the midst of heavy investment spending to
further its strategy to become an industrial company from a pure
trading company. "As a result, we also see a low likelihood that
the company will reduce its high debt levels, given its generally
low-margin profitability from its trading businesses. The cash
flow coverage ratios of its parent, Sinochem Corp., are likely to
remain at weaker levels. We expect its ratio of funds from
operations to total adjusted debt to be about 10% in 2011 and
2012," S&P said.

"The rating on Sinochem HK continues to reflect our expectation
that the company will receive extraordinary timely and sufficient
support, in the event of financial distress, from the government
of the People's Republic of China (AA-/Stable/A-1+; cnAAA)," S&P
said.

"Sionchem HK's 'bb' standalone credit profile reflects our view
that the company has a satisfactory business risk profile and
aggressive financial risk profile," said Mr. Lu.

"Our view that Sinochem Corp. has a satisfactory business profile
reflects the company's large-scale operations and the good market
position of its core business segments, particularly oil trading
and fertilizer distribution. The company has developed and
maintained long-term stable relationships with suppliers, both
globally and domestically. It has also established an
extensive distribution network in China," S&P related.

"We believe Sinochem HK will benefit from its parent's increasing
vertical integration and business diversification. Sinochem Corp.
has expanded its oil operations from a traditional import,
export, and logistics business to include exploration and
production, and refining and marketing. This strategy is likely
to improve its overall business risk profile in the long term,
but business transition and execution risks will remain in next
couple of years. We believe management will continue to seek
opportunities to expand its businesses through acquisitions or
greenfield project construction," S&P said.

Sinochem Corp's. debt of Chinese renminbi (RMB) 96.91 billion in
the first half of 2011 was 41% higher than the RMB57.59 billion
at the end of 2010. The increase was mainly due to: (1) increased
borrowings to fund the acquisition of Paregreno oil field in
Brazil; (2) new debt issuance at subsidiaries, for example
Franshion Properties (China) Ltd. (BBB-/Stable/--, cnA-); and (3)
increase in borrowings for the trading operations. "We expect
trading-related debt increase to be temporary, however, as the
company aims to lower its net financing costs from higher
renminbi deposit rates in China and the potential for the
currency to appreciate against the U.S. dollar. Nevertheless,
reliance on debt funding is high as Sinochem Corp. is still in a
high investment phase, due to its vertical integration strategy,
it will continue to generate sizable negative discretionary cash
flow in the next three years at least," S&P related.

Information risk is another rating weakness for Sinochem.
Sinochem Corp is not listed and therefore information disclosure
is not sufficient or timely. While Sinochem Corp. has materially
streamlined its business operations in the past several years,
the company still has a number of large businesses that are not
listed.

"The stable outlook on the rating reflects our expectation that
the financial risk profile for Sinochem HK and its immediate
parent Sinochem Corp's will remain aggressive in the next 12-24
months. We also expect Sinochem Corp. to maintain its adequate
liquidity position in the current tight monetary tightening
environment in China," said Mr. Lu.

"We may lower the rating if Sinochem Corp.'s financial
performance does not improve as much as we expect or if the
company pursues more large-scale acquisitions or construction at
new projects and primarily funds these with borrowings, such that
its credit metrics deteriorate from current aggressive levels.
This could happen if the ratio of funds from operations to total
debt is consistently below 10%, and its EBITDA interest coverage
falls below 2x. Standard & Poor's could also lower the rating if
we assess that timely and sufficient extraordinary government
support has weakened, although we view the likelihood of this as
remote at the stage," S&P related.

"The potential for a rating upgrade is limited at this time.
Nevertheless, we could consider raising the rating if the company
could reduce its leverage while it is pursuing its business
strategy of vertical integration, such that it can sustain a
ratio of funds from operations to total debt of 15%," S&P stated.


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


CHINA BICYCLE: Creditors' Proofs of Debt Due Nov. 14
----------------------------------------------------
Creditors of China Bicycle Holdings Limited (Formerly known as
Hong Kong (Link) Bicycles Limited) are required to file their
proofs of debt by Nov. 14, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Dermot Agnew
          Joseph Kin Ching Lo
          35th Floor, One Pacific Place
          88 Queensway, Hong Kong


CHINA WELL: Court to Hear Wind-Up Petition on Nov. 23
-----------------------------------------------------
A petition to wind up the operations of China Well Properties
Limited will be heard before the High Court of Hong Kong on
Nov. 23, 2011, at 9:30 a.m.

Lai Viona filed the petition against the company on Sept. 16,
2011.

The Petitioner's solicitors are:

          Hon and Company
          3rd Floor, Canton House
          Nos. 54-56 Queen's Road
          Central, Hong Kong


CHUN MAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2011, to
wind up the operations of Chun Man China Hong Kong Express
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


CNG LIMITED: Wardell and Chan Step Down as Liquidators
------------------------------------------------------
James Wardell and Chan Wai Dune Charles stepped down as
liquidators of CNG Limited on Oct. 6, 2011.


COMFORD ENGINEERING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2011, to
wind up the operations of Comford Engineering Co., Limited.

The company's liquidator is Yuen Tsz Chun Frank.


CREATIVE ASIA: Court to Hear Wind-Up Petition on Dec. 14
--------------------------------------------------------
A petition to wind up the operations of Creative Asia Limited
will be heard before the High Court of Hong Kong on Dec. 14,
2011, at 9:30 a.m.

Vanguard Bags (HK) Limited filed the petition against the company
on Oct. 7, 2011.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


DMI LIMITED: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 19, 2011,
to wind up the operations of DMI Limited.

The company's liquidator is Yuen Tsz Chun Frank.


EASTERN LINK: Court to Hear Wind-Up Petition on Nov. 16
-------------------------------------------------------
A petition to wind up the operations of Eastern Link Investment
Limited will be heard before the High Court of Hong Kong on
Nov. 16, 2011, at 9:30 a.m.

Craftic Interior Make Limited filed the petition against the
company on July 12, 2011.

The Petitioner's solicitors are:

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


EURO SWISS: Court to Hear Wind-Up Petition on Dec. 21
-----------------------------------------------------
A petition to wind up the operations of Euro Swiss International
Limited will be heard before the High Court of Hong Kong on
Dec. 21, 2011, at 9:30 a.m.

SMK Enterprise GMBH filed the petition against the company on
Oct. 13, 2011.

The Petitioner's solicitors are:

          Hom & Associates
          Unit 06, 21/F
          Beautiful Group Tower
          74-77 Connaught Road
          Central, Hong Kong


HANG CHEONG: Court to Hear Wind-Up Petition on Dec. 7
-----------------------------------------------------
A petition to wind up the operations of Hang Cheong Construction
& Engineering Company Limited will be heard before the High Court
of Hong Kong on Dec. 7, 2011, at 9:30 a.m.

Law Ming Chiu filed the petition against the company on Dec. 7,
2011.

The Petitioner's solicitors are:

          Messrs. Ip, Kwan & Co.
          608 & 609, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


SENNO COMPANY: Seng and Wong Step Down as Liquidators
-----------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Senno Company Limited on Oct. 18, 2011.


SHANGHAI-HONGKONG CULTURAL: Ma Yat Shuen Steps Down as Liquidator
-----------------------------------------------------------------
Ma Yat Shuen stepped down as liquidator of Shanghai-Hongkong
Cultural Exchange Fung Association Limited on Oct. 23, 2011.


SOEN TAK: Chan Chun Shing Steps Down as Liquidator
--------------------------------------------------
Chan Chun Shing stepped down as liquidator of Soen Tak Securities
Company Limited on Oct. 21, 2011.


SPARK BULKSHIP: Creditors' Proofs of Debt Due Nov. 28
-----------------------------------------------------
Creditors of Spark Bulkship Limited, which is in members'
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 commenced wind-up proceedings on Oct. 24, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


TEAM GLORY: Lo and Tsang Step Down as Liquidators
-------------------------------------------------
Lo Shing Chi and Tsang Kwok Keung William stepped down as
liquidators of Team Glory Trading Limited on Oct. 21, 2011.


TIN SUNG: Members' Final Meeting Set for Dec. 9
-----------------------------------------------
Members of Tin Sung Transportation Limited will hold their final
meeting on Dec. 9, 2011, at 10:00 a.m., at Suite 1501, at 148
Electric Road, North Point, in Hong Kong.

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


UMP MEDICAL: Members' Final Meeting Set for Nov. 8
--------------------------------------------------
Creditors of UMP Medical Centre (Heng Fa Chuen) Limited will hold
a meeting on Nov. 8, 2011, at 3:00 a.m., at Room 1001, 10/F,
Allied Kajima Building, at 138 Gloucester Road, Wanchai, in Hong
Kong.

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


YAMAGIWA TRADING: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Yamagiwa Trading (Hong Kong) Co., Limited, on Oct. 24,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Bosswell
         22/F, Prince's Building
         Central, Hong Kong


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


AGARWAL RUBBER: CARE Assigns 'CARE BB' Rating to INR31.34cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Agarwal Rubber Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                  -----------   -------
   Long-term Bank Facilities      31.34       'CARE BB' Assigned
   Short-term Bank Facilities     27.00       'CARE A4' Assigned

Rating Rationale

The assigned ratings are constrained by Agarwal Rubber Limited's
weak financial profile on account of low profitability and high
gearing, relatively small scale of operations, volatility in raw
material prices, low level of automation leading to higher
overheads, exposure to foreign exchange fluctuations and
constrained liquidity position which is evident from high
working-capital utilization. The ratings favorably factors in the
experience of the management team, long track record of the
company in the tyre and tube industry, diversified product
portfolio and presence in the niche market segments.

The ability of the company to improve its scale of operations,
manage volatility in raw material prices and improve liquidity
are the key rating sensitivities.

Incorporated in 1983, Agarwal Rubber Limitedis promoted by
Mr. Deen Dayal Agarwal, the chairman and managing director of the
company. ARL is engaged in the manufacturing of tyres and tubes
under its own brand names of "ARL" and "Maruti".  The company
started with the manufacturing of tubes at its plant situated at
Patancheru, Medak district near Hyderabad.

As on Sept. 31, 2011, the plant has capacity of manufacturing
10,500 MT of tyre per annum. The company has presences across
various segments of tyres. Day to day activities of the company
are looked after by Mr. Amit Kumar Agarwal, son of Mr Deen Dayal
Agarwal and is assisted by a team of well-qualified and
experienced management team.


AIR INDIA: IOC Seeks Government Guarantee on Fuel Dues
------------------------------------------------------
The Times of India reports that Indian Oil Corporation has sought
a comfort letter from the civil aviation ministry assuring
payment of Air India's unpaid fuel bills that are a tad short of
the approved credit limit, even as the government has given a
60-day leeway to the national carrier for clearing dues.

The news agency relates that this is perhaps the first time that
a public sector oil company is standing up to the government to
safeguard its business interest and uphold the principles of
corporate governance.

According to the report, oil ministry sources said IndianOil
chairman R S Butola recently informed petroleum secretary G C
Chaturvedi that the company management was drawing flak from
independent directors on the board over Air India's accumulating
dues.

The independent directors on the IndianOil board have been vocal
in recent times and questioned the management as to why the
company was suffering due to delayed payments and loss on
interest but still continued to supply fuel to a "defaulting
party," the report relays.

The Times of India notes that IndianOil supplies 65% of Air
India's fuel needs and is refueling its planes on a cash-and-
carry basis.

The report relates that the carrier enjoys a credit limit of
INR1,700 crore approved by the government but had ran up bills of
INR1,578 crore till the third week of August.  This excludes
INR373 crore interest on the dues.

While the unpaid bills have been rising, says Times of India, the
ministerial panel -- set up to figure out ways to revive the
financially beleaguered carrier -- on August 18 decided to allow
a 60-day credit period to the airline.

The report states that if the decision is implemented, Air
India's total dues would rise to INR2,200 crore, excluding
interest, and force IndianOil to shut off the fuel tap-unless the
government revises the credit limit to INR2,300 crore.

                        About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


COSMIC ADVERTISERS: CRISIL Rates INR17.5MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Cosmic Advertisers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR17.5 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR42.5 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects CAPL's below-average financial risk profile,
driven by a small net worth and large working capital
requirements, and small scale of operations in the intensely
competitive advertising industry. These rating weaknesses are
partially offset by the benefits that CAPL derives from its
promoter's extensive experience in the advertising industry and
its established relationship with its customers.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company improves
its financial risk profile led by improvement in its working
capital management while scaling up its revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case of liquidity pressure because of larger-than-
expected, incremental working capital requirements or large,
debt-funded capital expenditure.

                     About Cosmic Advertisers

CAPL was set up as a proprietorship concern in 1987 by Mr.
Pravesh Kumar Lamba. The firm had a presence in outdoor
advertisements in the billboard segment. In 1998, the firm was
reconstituted as a private limited company. CAPL is engaged in
outdoor advertising providing printing and products solutions to
the telecommunication industry. The product range includes point-
of-purchase advertising material such as demo tents, canopies,
banner stands, flanges, fleet graphics, and umbrellas. The
company has an in-house printing facility, which provides screen
printing and digital printing solutions as per the customer's
requirement.

CAPL reported a profit after tax (PAT) of INR4 million on net
sales of INR107 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR127 million for 2009-10.


ELLJAY TEXTILES: CARE Places 'CARE B+' Rating on INR10.68cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Elljay Textiles Pvt Ltd.

                                    Amount
   Facilities                    (INR crore)   Ratings
   -----------                   -----------   -------
   Long-term Bank Facilities        10.68      CARE B+ Assigned
   Short-term Bank Facilities        2.10      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the modest scale of
operations of Elljay Textiles Private Limited and its weak
financial risk profile marked by fluctuating profit margins,
moderately high leverage and stressed liquidity position.
Furthermore, the ratings are constrained by exposure of ETPL to
the customers and supplier concentration risk and the highly
fragmented cotton yarn industry with subdued outlook.

The ratings, however, favorably take into account the vast
experience of the promoters and established operations of ETPL.
Increase in scale of operations with improvement in the liquidity
position and other debt protection indicators are the key rating
sensitivities.

                      About Elljay Textiles

Tamil Nadu based ETPL was incorporated in 1995 by. Mr Jaganath
and his son Mr. J. Thulsidharan with the objective of
manufacturing cotton yarn. Its manufacturing facilities are
located in Singampuriat Sivagangai district of Tamil Nadu. ETPL
is engaged in the manufacturing and selling of cotton yarn of 91
counts finding application in hosiery, jari yarn, synthetic
fabric and in handloom power looms. The company has an installed
capacity of 28,492 spindles.

During FY10 (refers to April 1 to March 31), ETPL reported a net
profit of INR1.40 crore (FY09: loss of INR0.46 crore) on a total
operating income of INR15.39 crore (FY10: INR16.31 crore). During
FY11 (as per provisional result), ETPL has reported a net profit
of INR1.78 crore on a total operating income of INR16.76 crore.


GREAT INDIA: CARE Rates INR5cr LT Loan at 'CARE BB (SO)'
--------------------------------------------------------
CARE assigns 'CARE BB (SO)' rating to the bank facilities of
Great India Estates Private Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.00       CARE BB (SO)
                                             Assigned

Rating Rationale

The rating is based on the credit enhancement in the form of
unconditional and irrevocable guarantee given by Airtravel
Enterprises India Ltd (ATE, Rated CARE BB) to the term loan of
Great India Estates Private Ltd.

The ratings of ATE take into account the significant increase in
exposure to the group companies which are engaged in execution of
the largely debt-funded resort/real estate projects and strained
liquidity position. The ratings also factor in the regional
concentration of business, high gearing level on account of the
working-capital intensive nature of operation, vulnerability of
earnings to the cyclicality in the airline industry and intense
competition from the unorganized players and new age online
agencies.

Furthermore, the ratings take into account the experience of the
promoter in the travel business, the long-standing operational
track record of ATE, established brand, strong distribution
network in Kerala and benefits derived from the International Air
Transport Association (IATA) accreditation.  Performance of the
group companies where ATE has significant exposure, any
additional support provided to the same, ability of ATE to ensure
prudent working-capital management and overall performance of the
airline industry would be ATE's key rating sensitivities.

                        About Great India

Great India Estates Private Ltd is a Trivandrum based residential
real estate developer, belonging to the AirTravel Enterprises
Group, which has presence in the tours and travels, IT, real
estate, advertising, media and hospitality. Founded in 1991, GIE
started residential real estate development activities only from
FY07 onwards and prior to that, it was engaged in buying,
developing and selling of land blocks. ATE group's promoter Mr
E.M. Najeeb is the chairman of GIE. He had been associated with a
number of national level industry bodies as well as the state
level organisations.

As per the provisional results for FY11, GIE reported a PAT of
INR0.4 cr on a total operating income of INR9 cr. During Q1FY12,
GIE reported a PAT of INR0.5 cr on a total operating income of
INR6 cr. About guarantor (ATE)

Established in 1976 by Mr. E.M Najeeb, ATE (rated CARE BB/CARE
A4) is the flagship company of the group engaged in the business
of air ticketing services, cargo clearing and forwarding,
hospitality and travel related services like visa processing,
travel insurance, currency exchange, itinerary planning, car
rentals and railway bookings.


HANSCO IRON: CRISIL Assigns 'CRISIL BB-' Rating to INR36.8MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Hansco Iron and Steels Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR36.8 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR40 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR3.2 Million Proposed LT       CRISIL BB-/Stable (Assigned)
     Bank Loan Facility
   INR30 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of HISPL's promoters
in the steel industry, and its established relationships with
customers and suppliers. These strengths are partially offset by
HISPL's modest financial risk profile, marked by small net worth
and high total outside liabilities to tangible net worth ratio
and susceptibility of HISPL's operating performance to volatility
in steel prices

Analytical approach

The team has consolidated the business and financial risk profile
of Hansco Iron and Steel Private Industries (HISPL) and Ganesh
Steel industries (GSI) together referred to as Hansco Group for
arriving at the rating. This consolidation is on account of
common promoters and significant operational and financial
linkages between the two companies as both operate in same line
of business.

Outlook: Stable

CRISIL expects Hansco group to maintain stable business risk
profiles over the medium term, backed by its promoter's extensive
industry experience and established relationships with its
customers and suppliers. The outlook may be revised to 'Positive'
in case there is significant and sustained improvement in the
company's revenues and profitability, while improving its capital
structure and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if Hansco group's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, or deterioration in its working capital cycle.

                        About Hansco Iron

HISPL was incorporated in 2005; the company is promoted by
Mr. Subhash Bansal and his sons, Mr. Manu Bansal and Mr. Vivek
Bansal. The company is engaged in manufacturing of steel ingots,
steel castings and metal rolls. The company sources its raw
materials from both India and abroad. The company's clientele
includes mostly re-rolling mills in and around Punjab. HISPL has
its manufacturing facilities at Mandi Gobindgarh (Punjab), with
an installed capacity of 25200 MTPA. HISPL commenced its
operations in October 2010.

GSI was set up as a partnership firm in 1971; the firm is
promoted by Mr. Subhash Bansal and his sons, Mr. Manu Bansal and
Mr. Vivek Bansal. The company is engaged in manufacturing of iron
and steel products viz. T-iron, angles and window section. HISPL
derived around 15 percent of its revenues from sales to GSI in FY
2010-11.

HISPL reported profit after tax (PAT) of INR5.3 million on sales
of INR495.3 million for FY 2010-11, as against marginal net loss
during the previous year on sales of INR185.19 million.


HERITAGE BEVERAGES: CRISIL Reaffirms CRISIL BB+ Term Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Heritage Beverages Pvt
Ltd continue to reflect HBPL's strong revenue visibility over the
medium term, driven by increasing demand from group companies,
and its strong operational efficiencies, supported by its
partially integrated operations.

   Facilities                      Ratings
   ----------                      -------
   INR76.1 Mil. Rupee Term Loan    CRISIL BB+/Stable (Reaffirmed)
   INR64.0 Million Cash Credit     CRISIL BB+/Stable (Reaffirmed)
   INR58.9 Mil. Letter of Credit   CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by HBPL's average
financial risk profile marked by moderate gearing and debt
protection metrics, and limited track record and small scale of
operations in the packaging industry.

Outlook: Stable

CRISIL believes that HBPL will maintain its business risk profile
over the medium term, supported by strong demand from group
companies and its enhanced capacity in production of PET preform.
The outlook may be revised to 'Positive' if HBPL achieves more-
than-expected revenues, while maintaining its profitability,
leading to increase in cash accruals and improvement in
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of lesser than expected off-take from group companies
leading to pressure on the company's profitability and cash
accruals, or if the company undertakes a larger-than-expected
debt funded capital expenditure programme, leading to
deterioration in financial risk profile.

                   About Heritage Beverages

HBPL, part of the Kandhari group of industries, was originally
incorporated as Associated Bottlers Pvt Ltd in 1981, and its name
was changed to the current one in 1996. HBPL was not operational
till 2008. In 2008, the company commenced construction for PET
preform and the corrugated carton project at a total cost of
INR232 million. The company's corrugated carton unit commenced
commercial operations in June 2009 and the PET preform division
commenced commercial operations in March 2010.

HBPL manufactures preforms of various sizes for filling
carbonated drinks. Currently, HBPL has three manufacturing lines,
with capacity to manufacture preforms of 48 grams (for 2-litre
plastic bottles), 27 grams (for 600-millilitre plastic bottles),
39 grams/44 grams (for 1.25-litre plastic bottles), and a plant
to manufacture corrugated cartons. HBPL is meeting the in-house
requirements of the Kandhari group of companies, and is also
marketing its products to Hindustan Coca- Cola and other coke
franchisees.

HBPL reported, on provisional basis, a profit after tax (PAT) of
INR11.9 million on revenues of INR250.1 million for 2010-11
(refers to financial year, April 1 to March 31); it reported a
net loss of INR20.4 million on revenues of INR35.6 million for
2009-10.


HOTHUR ISPAT: CRISIL Reaffirms 'D' Rating on INR533.3MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hothur Ispat Pvt Ltd
continue to reflect the default by HIPL in servicing its term
loan; the default has been caused because of HIPL's weak
liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR533.3 Million Long-Term Loan    CRISIL D (Reaffirmed)
   INR50.0 Million Cash Credit        CRISIL D (Reaffirmed)
   INR50.0 Million Letter of Credit   CRISIL D (Reaffirmed)
   INR2.0 Million Bank Guarantee      CRISIL D (Reaffirmed)

HIPL is exposed to risks related to implementation of its ongoing
debt-funded capacity expansion, cyclicality in the iron and steel
industry, and volatility in raw material prices. HIPL,
nevertheless, benefits from its established position in the
steel-related business value chain.

For this rating exercise, CRISIL has considered HIPL as a
standalone entity, unlike in its previous rating, wherein it had
consolidated HILP's financial and business risk profiles with
that of its group entity, Hothur Traders 100% E.O.U. (HT),
because of their common management. The change in the analytical
approach for the current rating exercise is due to the fact that
HT has not extended any support to HIPL after HIPL defaulted on
its debt repayment, which demonstrates absence of financial
fungibility between HT and HIPL.

                       About Hothur Ispat

HIPL, based in Bellary (Karnataka), has a sponge iron
manufacturing capacity of 90,000 tonnes per annum (tpa). It is a
closely held family business founded by Mr. Hothur Mohammed
Iqbal. The company is in the process of setting up a 10MW captive
power plant, constructing water pipe line from sewage treatment
plant of Bellary to the manufacturing unit (33 kilometers
distance) and constructing a railway siding at Kudthini railway
station which will be used for transportation of raw material.
All these projects are expected to be completed by March 2012.

For 2010-11 (refers to financial year, April 1 to March 31),
HIPL, on a standalone basis, reported a provisional net loss of
INR129 million on provisional net sales of INR308 million,
against a net loss of INR58 million on net sales of INR372
million for the previous year.


JASMER FOODS: CRISIL Assigns CRISIL B- Rating to INR147.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Jasmer Foods Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL B-/Stable (Assigned)
   INR147.5 Million Term Loan       CRISIL B-/Stable (Assigned)

The rating reflects the demand-related risks JFPL is faced with
associated with its new capacity of 6 tonnes per hour (tph), the
company's weak financial risk profile marked by high gearing, and
the raw material price risk it faces. These rating weaknesses are
partially offset by the benefits the company is likely to reap
from the healthy growth prospects for the rice industry.

Outlook: Stable

CRISIL believes that JFPL's credit risk profile will remain
constrained over the medium term on account of high gearing and
low cash accruals. CRISIL expects that the company will get
financial support from promoters to meet its debt obligations in
a timely manner. The outlook may be revised to 'Negative' in case
JFPL's generates less-than-expected cash accruals, leading to
further weakening in capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Positive' in
case the company generates more-than-expected cash accruals,
leading to improvement in capital structure and debt protection
metrics.

                         About Jasmer Foods

JFPL was promoted by Mr. Jatinder Singh and his family in 1989;
its initial name was Jasmer Packers Pvt Ltd and the name was
changed to the current one in 2008. JFPL was engaged in
manufacturing corrugated boxes till 2005. In 2005, the company
discontinued with manufacturing corrugated box, and installed
rice-grading and sorting machine with capacity of 4 tph. JFPL
started providing grading and sorting services on job-work basis
to other rice manufacturers. In 2010-11 (refers to financial
year, April 1 to March 31), the company installed its integrated
rice milling unit with capacity of 6 tph at an investment of
INR233 million (funded by term loan of INR152 million and
equity). JFPL has discontinued with the job-work process and is
now engaged in milling, processing and selling basmati rice in
the domestic and overseas markets. The manufacturing facility is
located in Kurukshetra (Haryana).

For 2010-11, JFPL reported a net loss of INR0.5 million on net
revenues of INR0.02 million, against a net loss of INR0.03
million on net revenues of INR5.0 million for the previous year.


KANCHAN OIL: CRISIL Assigns 'CRISIL BB+' Rating to INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Kanchan Oil Industries Limited (KOIL; part
of the Edible group).

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Mil. Cash Credit Limit    CRISIL BB+/Stable (Assigned)
   INR6.90 Mil. Proposed Short-Term  CRISIL A4+ (Assigned)
    Bank Loan Facility
   INR160.0 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, KOIL,
Vinayak Oil & Fats Ltd, Edible Product (India) Ltd, and Edible
Agro Products Ltd.  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.


K. R. SOLVENT: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of K. R. Solvent.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR70 Million Cash Credit        CRISIL B+/Stable (Assigned)

The rating reflects KRS's below-average financial risk profile,
marked by a high gearing, and weak debt protection metrics and
constrained business risk profile marked by the highly fragmented
cotton oil extraction industry and susceptibility of its revenues
and profitability to volatility in commodity prices. These rating
weaknesses are partially offset by the extensive industry
experience of KRS's partners.

Outlook: Stable

CRISIL believes that KRS will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm achieves better-than-expected
offtake, leading to higher revenues and margins while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm achieves less-than-expected revenues or
low profit margins or if its financial risk profile deteriorates
due to increased working capital-related debt or in case of
change in government policy having a negative impact on
operations.

                      About K. R. Solvent

KRS is a partnership firm established in 2010-11 (refers to
financial year, April 1 to March 31) to set up a cotton oil
extraction plant by processing cotton seeds. The firm is promoted
by Mr. Husen Ali Yusuf Ali Narsinh and his family members. The
processing plant is being set up in Surendranagar (Gujarat) with
a capacity to process 200 tonnes of cotton seeds per day.

The total cost of the project is around INR75 million, which is
being funded by term loan of INR50 million and the balance by
partners' contribution. The project was started in July 2011 and
is currently undertaking a trial run. The commercial production
is expected to start from November 2011.


LEENA ELECTRO: CRISIL Assigns 'CRISIL BB-' Rating to INR24MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Leena Electro Mechanical Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR24 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR32.5 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of LEMPL's promoter
in railway overhead lines segment and above average financial
risk profile, marked by its moderate gearing and strong debt
protection metrics. These rating strengths are partially offset
by LEMPL's modest scale of operations and large working capital
requirements.

Outlook: Stable

CRISIL believes that LEMPL will continue to benefit over the
medium term from the extensive experience of its promoter in
railway overhead line segment coupled with healthy financial risk
profile. The outlook may be revised to 'Positive' if the company
reports substantial growth in its scale of operations while
maintaining its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case
there is slowdown in LEMPL's revenue growth or significant
deterioration in its profitability.

                        About Leena Electro

LEMPL was incorporated in 2007 by Mr. Felix B D'Souza, a Mumbai
based engineer. The company undertakes erection, commissioning,
and maintenance of railway overhead lines projects. It mainly
executes projects floated by Central Railway and Western Railway.
Mr. Felix D'Souza has been in this area since 1992. He was
earlier carrying on this activity under another company with a
partner, but later independently started LEMPL in 2007.

LEMPL reported a profit after tax (PAT) of INR4.6 million on net
sales of INR 101.5 million for 2010-11 (provisional, refers to
financial year, April 1 to March 31), as against a PAT of INR4.1
million on net sales of INR88.5 million for 2009-10.


LUSTRE ENGINEERING: CRISIL Cuts Rating on INR1.9MM Loan to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lustre Engineering Corporation to 'CRISIL BB/Stable/CRISIL A4+'
from 'CRISIL BBB-/Stable/CRISIL A3'.

   Facilities                     Ratings
   ----------                     -------
   INR7.3 Million Cash Credit     CRISIL BB/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

   INR1.9 Mil. Rupee Term Loan    CRISIL BB/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

   INR50 Million Bank Guarantee   CRISIL A4+ (Downgraded from
                                              'CRISIL A3')

The downgrade follows the sharp deterioration in the business
risk profile of LEC, driven by the decline in its topline and
profitability. The downgrade also factors in the weakening of
LEC's financial risk profile, on account of large unprecedented
capital withdrawals by partners, leading to weak liquidity.

The business model of Maharashtra State Electricity Transmission
Firm Ltd, its key customer, has shifted to offline maintenance of
extra-high-voltage (EHV) lines, instead of live-line maintenance.
Off-line maintenance involves lower realisations, leading to
halving of revenues for LEC to around INR200 million in 2010-11
(refers to financial year, April 1 to March 31). Its revenues in
2011-12 are also expected to remain subdued, which is contrary to
CRISIL's earlier expectation. Reduced accruals and withdrawals of
around INR130 million from the capital account by partners over
the past two years have substantially impacted LEC's liquidity.
CRISIL believes that LEC's business risk profile will remain
constrained owing to limited scope for live-line maintenance.

The ratings reflect the firm's average financial risk profile,
marked by comfortable gearing and healthy debt protection
metrics. The above strength is partially off-set by LEC's small
scale of operations, geographic and customer concentration in its
revenue profile, and its large working capital requirements,
owing to large receivables.

Outlook: Stable

CRISIL believes that LEC's business risk profile will remain
constrained over the medium term owing to the shift to low value
offline maintenance activity by its key customer, MSETL. The
outlook may be revised to 'Positive' in case of substantial
improvement in LEC's scale of operations and diversification in
its customer base. Conversely, the outlook may be revised to
'Negative' in case of any further capital withdrawals, stretch in
working capital cycle, or larger-than-expected, debt-funded
capital expenditure programme.

                      About Lustre Engineering

LEC was established as a proprietorship concern by Mr. B L
Patharkar in 1951. In 2002, it was reconstituted as a partnership
firm in which Mr. Vikas Patharkar (son of Mr. B L Patharkar) and
Mrs. Himangi Patharkar (daughter-in-law of Mr. B L Patharkar) are
partners. The firm is an electrical contractor engaged in
maintenance and repair of power lines and transformers in the
nature of overhauling and washing of high voltage and EHV live
wire transformers.

For 2010-11, the firm reported a provisional net profit of
INR29.1 million on net revenues of INR225.2 million, as against a
net profit of INR59.1 million on net revenues of INR405.2 million
in the preceding year.


MEHRAB LOGISTICS: CRISIL Puts CRISIL BB- Rating on INR87.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Mehrab Logistics and Aviation Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR110.0 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR87.5 Million Term Loan         CRISIL BB-/Stable (Assigned)

The rating reflects the support Mehrab receives for its logistics
business from its experienced promoters. The rating also reflects
the company's established relationships with its clients,
including Mahindra & Mahindra Ltd, Tata Motors Ltd, Maruti Suzuki
India Ltd, Hyundai Motors India Ltd, Force Motors Ltd and Nissan
Motor India Pvt Ltd.  These rating strengths are partially offset
by Mehrab's susceptibility to project risks associated with its
recent entry into hospitality business in Lucknow (Uttar
Pradesh), and its limited financial flexibility, reflected in its
high bank limit utilisation.

Outlook: Stable

CRISIL believes that Mehrab will maintain its business risk
profile over the medium term, supported by its established client
relationships and promoters' experience in the transportation
industry. However, high gearing is expected to constrain Mehrab's
financial risk profile over the medium term. The outlook may be
revised to 'Positive' if Mehrab's liquidity improves, driven by
more-than-expected growth in operating income and cash accruals.
Conversely, the outlook may be revised to 'Negative' if Mehrab's
liquidity weakens, most likely because of delayed payments from
customers or any major debt funded capital expansion plans.

                       About Mehrab Logistics

Mehrab (earlier known as Mehrab Auto Movers Pvt Ltd) was
incorporated in 1997 and is promoted by Mr. A H Khan. The company
is engaged in transportation of passenger cars, tractors, jeeps
and spare parts for original equipment manufacturers including
M&M, MSIL, TAFE Motors and Tractors Ltd, HMIL, TML, FMIL and
NMIL. Mehrab also transports raw material and other inputs from
tier-I suppliers to M&M. Mehrab has a fleet of 450 vehicles and
branch offices in 10 locations across India.

For 2010-11 (refers to financial year, April 1 to March 31),
Mehrab reported, on provisional basis, a net profit of INR36
million on net sales of INR801.3 million; the company reported a
net profit of INR28.5 million on net sales of INR645.2 million
for 2009-10.


NET 4: CARE Reaffirms 'CARE BB+' Rating on INR21.1cr LT Loan
------------------------------------------------------------
CARE reaffirms 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Net 4 Communications Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities      21.1      'CARE BB+' Reaffirmed
   (enhanced from 19.2)

   Short-term bank facilities     18.0      'CARE A4+' Reaffirmed
   (enhanced from 14.0)

Rating Rationale

The aforesaid ratings are constrained by relatively small size of
the company, informal organization structure, dominance of large
players on the supply front, capital intensive nature of
business, major contribution from low margin hardware/networking
business leading to decline in operating margin in FY11, stagnant
profit level in FY11, high collection period, higher creditor
period & utilization of higher working capital limits not backed
by similar level of increase in turnover during the last two
years and intense competition from relatively large players in
the industry.

The ratings also take cognizance of considerable experience of
the promoters, moderate financial position and favorable demand
outlook for IP communication & networking/hardware industry.
Ability of the company to improve profitability level in the wake
of increasing competition, efficient working capital management,
successful performance of high margin value added products and
continuous up-gradation of the technology employed by the company
will remain the key rating sensitivities.

                           About Net 4

Net 4 Communications Ltd., incorporated in June, 2005 as a wholly
owned subsidiary of Net 4 India Ltd., was promoted by Shri Jasjit
Sawhney.  NCL provides services in three major segments (i) Web
Services (Application Integration Solutions), (ii) Internet
Telephony (Calling time) and (iii) Networking & Hardware
Equipment (routers, switches, hubs, servers, switches, etc.) to
corporate customers. NCL has commenced operations in two new data
centres at Chennai & Mumbai and has recently forayed into new
services like Cloud computing and server virtualisation. NCL
derives major portion of its revenue from sale of networking and
hardware equipments.

NCL earned PBILDT of INR21.7 crore (Rs.20.4 crore in FY10) and
PAT (after defd. tax) of INR6.8 crore (Rs.4.6 crore in FY10) on
total income of INR107.0 crore in FY11 (Rs.86.7 crore in FY10).


PRAKASH PARCEL: Fitch Rates INR10-Mil. Corporate Loan at BB+(ind)
-----------------------------------------------------------------
Fitch Ratings has assigned India's Prakash Parcel Services
Private Limited a National Long-Term rating of 'Fitch BB+(ind)'.
The Outlook is Stable.

The ratings reflect almost two decades of experience of PPSPL's
founders in the transportation/logistics industry and the
company's diversified customer base in the private and public
sectors with established relationships.  The ratings also reflect
the company's strong revenue growth at a CAGR of over 21% over
the last five years, stable operating margin of around 5% and
moderate financial leverage (adjusted debt net of cash/ operating
EBITDA) of 2.8x in the financial year ended March 2011 (FY11) and
1.82x in FY10.

The ratings are, however, constrained by PPSPL's low margins in
its road transport business, negative operating cash flows due to
high working capital intensity, and the fragmented nature of the
transportation industry with intense competition.  Fitch notes
that there have been instances of PPSPL overutilising its cash
credit limits due to liquidity pressures. The company addressed
this by availing temporary overdraft facilities from its bankers.

Positive rating guidelines include PPSPL's ability to generate
positive cash flow from operations, to improve liquidity in terms
of access to increased bank lines and to improve leverage below
2.5x on a sustained basis.  Negative rating guidelines would
include leverage exceeding 4.5x due to stretched working capital.

PPSPL was incorporated in 1992 with its registered office in
Bangalore.  It caters to logistics, inbound and outbound
transportation across India. For FY11, the company reported a
turnover of INR1,260.4 million (FY10: INR1,077.4 million) with an
operating EBITDA of INR68.2 million (INR52.7 million).

Fitch has also assigned ratings to PPS's bank facilities as
follows:

  -- INR4.1 million long-term loan: 'Fitch BB+(ind)'

  -- INR130 million fund-based working capital limits: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

  -- INR10 million non-fund based working capital limits:
     'Fitch A4+ (ind)'

  -- INR10 million corporate loan: 'Fitch BB+(ind)'


RAJANKUMAR & BROS: CRISIL Puts 'CRISIL BB' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the
bank facilities of Rajankumar & Bros (Impex).

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR300 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect RNB's partners' extensive experience in the
steel trading industry, its well-diversified product and customer
profiles and above average financial risk profile backed by
moderate net worth and funding support from partners. These
rating strengths are partially offset by RNB's working capital
intensive nature of operations.

Outlook: Stable

CRISIL believes that RNB will continue to benefit from its
partners' extensive industry experience and will maintain its
diversified product-mix. The outlook may be revised to 'Positive'
if RNB demonstrates efficient working capital management and
improves its capital structure, most likely driven by capital
infusion by the partners. Conversely, the outlook maybe revised
to 'Negative' if RNB's financial risk profile weakens on account
substantial increase in working capital borrowings, or if its
revenues and profitability decline, adversely impacting its debt
repayment ability.

                      About Rajankumar & Bros

RNB was established in 1978 as a partnership firm. The firm has
three partners: Mr. Virat Shah, Mr. Rajan Shah and Mr. Alok Shah
(son of Mr. Virat Shah) with 50 per cent, 25 per cent, and 25 per
cent shares respectively in the firm's profit. RNB trades in
various commodities, such as steel plates, hot-rolled steel
coils, iron ore, glass and other construction material. The firm
also has an iron-ore mining division in Goa. The firm has been
trading in iron ore and steel for over two decades now.

RNB reported PAT of INR29.08 million on operating income of
INR1133.53 million for 2010-11 as against PAT of INR20.80 million
on operating income of INR502.67 million.


SAINATH COTTON: CRISIL Assigns CRISIL B Rating to INR51.7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Sainath Cotton Industries.

   Facilities                       Ratings
   ----------                       -------
   INR51.7 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects SCI's weak financial risk profile, marked by
a high gearing, small net worth, and weak debt protection metrics
and constrained business risk profile marked by small scale of
operations in the highly fragmented cotton industry, and
vulnerability of its business and profitability to changes in
government policy. These rating weaknesses are partially offset
by SCI's proximity to the cotton growing belt.

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from the proximity of its operations to the cotton growing
belt. However, the credit risk profile will remain weak over the
medium term on account of low accruals and high gearing. The
outlook may be revised to 'Positive' if the firm significantly
improves its capital structure either by equity infusion or
higher cash accruals. Conversely, the outlook may be revised to
'Negative' if SCI's financial risk profile deteriorates further
due to increased working capital-related debt or in case of
change in government policy having a negative impact on its
operations.

                       About Sainath Cotton

Set up in 2005, SCI is engaged in cotton ginning activity.
Located in Kadi (Gujarat), the firm has an installed ginning
capacity of 110 candies per day. The firm is promoted and managed
by Mr. Suresh Patel.

SCI reported book profit of INR0.4 million on net sales of INR284
million for 2010-11 (refers to financial year, April 1 to
March 31), as against book profit of INR0.3 million on net sales
of INR158 million for 2009-10.


SAKTHI GANESH: CRISIL Assigns CRISIL BB Rating to INR60.1MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sakthi Ganesh Textiles Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60.1 Million Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR60 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR60 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SGTPL's promoters
in the textile industry. This rating strength is partially offset
by SGTPL's modest scale of operations, susceptibility to intense
competition in the textile industry, and average financial risk
profile, marked by a moderate gearing and moderate debt
protection metrics and net worth.

Outlook: Stable

CRISIL believes that SGTPL will continue to benefit over the
medium term from its promoters' strong track record in the fabric
business. The outlook may be revised to 'Positive' if the
company's capital structure improves considerably because of
sustainable increase in the company's scale of operations and
profitability or infusion of funds. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates because of lower-than-expected profitability and
revenue or large-than-expected capital expenditure or any time
and cost overruns in its new project for capacity expansion.

                       About Sakthi Ganesh

Established in 1996 by Mr. K Hari Kumar and his family members,
SGTPL manufactures cotton fabric. The company's manufacturing
unit in Erode (Tamil Nadu) has installed capacity of 3 million
meters of cotton fabric per annum.

SGTPL reported a profit after tax (PAT) of INR13 million on net
sales of INR431 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR233 million for 2009-10.


SAMOSARAN SYNTEX: CRISIL Rates INR225MM Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Samosaran Syntex Pvt Ltd (SSPL; the Samosaran
group).

   Facilities                        Ratings
   ----------                        -------
   INR225.0 Million Cash Credit*     CRISIL BB+/Stable (Assigned)

   *Includes a Sub limit of letter of credit to the extent of
    INR75.0 Million

The rating reflects the Samosaran group's established market
position in the synthetic yarn industry and moderate debt
protection metrics. These rating strengths are partially offset
by the Samosaran group's aggressive gearing because of large
debt-funded capital expenditure (capex), and limited pricing
flexibility because of the commoditised nature of the group's
products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Samosaran Yarns Pvt Ltd and SSPL (a
yarn trading company). This is because the two companies,
together referred to as the Samosaran group, have common
promoters and derive significant business synergies from each
other. Moreover, SYPL has extended corporate guarantee to SSPL's
bank facilities.

Outlook: Stable

CRISIL believes that Samosaran group will maintain its credit
risk profile on the back of improved profitability and accruals,
following the successful implementation and commissioning of its
capex plant. The steady support to its operations, in the form of
unsecured loans from the promoters, further adds to the group's
financial flexibility. The outlook may be revised to 'Positive'
if the Samosaran group's capital structure improves faster than
expected through increase in net worth or better profitability.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large, debt-funded capex programme, thereby
adversely affecting its capital structure, or if its working
capital management deteriorates leading to a strain on its
liquidity.

                         About the Group

The Samosaran group was set up in the 1940s by the Mumbai
(Maharashtra)-based Jain family. Set up in June 2007, SSPL trades
in yarn. The company was formed by merging four proprietorship
firms, Viz RJ Syntex, MP Syntex, JD Syntex, and KP Enterprises,
owned by Mr. Jindas Jain and his family. The promoters have now
joined SSPL as directors and are part of SSPL's day-to-day
decision making. The company trades in synthetic yarn, with a
fine count of 40s and above. These varieties of yarn are used to
manufacture shirting and dress material. Set up in 2006, SSPL's
group company, SYPL, manufactures and trades in synthetic yarn.
It manufactures synthetic yarn at Bhiwandi (Maharashtra). SYPL
also has a spinning plant at Silvassa (Gujarat), with capacity of
21,000 spindles. Currently, the Samosaran group's operations are
overseen by Mr. Jindas Jain and his family.

The Samosaran group, on a consolidated basis, reported a profit
after tax (PAT) of INR41.9 million on net sales of INR2.8 billion
for 2010-11 (refers to financial year, April 1 to March 31),
against a PAT of INR19.5 million on net sales of INR2.6 billion
for 2009-10.

On a standalone basis, SSPL made a PAT of INR22 million on net
sales of INR1.4 billion in 2010-11, against a PAT of INR5 million
on net sales of INR930 million in 2009-10.


SHREE UMIYA: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Shree Umiya Cotton Industries.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       CRISIL BB/Stable (Assigned)

The rating reflects SUCI's above-average financial risk profile,
marked by comfortable capital structure and efficient working
capital management, and established business profile marked by
promoters' extensive experience in the cotton industry, and
diversified business operations. These rating strengths are
partially offset by small scale of operations in highly
fragmented cotton industry and vulnerability of SUCI's
profitability to changes in government policy.

Outlook: Stable

CRISIL believes that SUCI will continue to benefit over the
medium term from its efficient working capital management and
above-average financial risk profile. The outlook may be revised
to 'Positive' if the firm's revenues and margins improve
significantly, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SUCI's
financial risk profile deteriorates due to increase in working
capital requirements or in case a change in government policy has
an adverse impact on the firm's operations.

                           About Shree Umiya

Set up in 1996, SUCI is engaged in cotton ginning and also
produces crude cotton oil and castor oil. Located in Vijapur
(Gujarat), the firm has an installed ginning capacity of 200
candies per day, 120 tonnes per day (tpd) for crushing cotton
seeds, and about 50 tpd for castor oil. The cotton ginning units
operate only in the cotton season from October to March and are
closed for the rest of the year. Hence, during the off season,
SUCI also processes castor seeds to manufacture castor oil, and
castored oil cake. The firm is promoted and managed by Mr.
Bhikhabhai R Patel and his family members.

SUCI estimates to report book profit of INR1.5 million on net
sales of INR1220 million for 2010-11 (refers to financial year,
April 1 to March 31), as against book profit of INR0.7 million on
net sales of INR781 million for 2009-10.


SILVOL INDIA: CARE Assigns 'CARE D' Rating to INR24.15cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Silvol
India Pvt. Ltd.

                                    Amount
   Facilities                    (INR crore)   Ratings
   -----------                   -----------   -------
   Long-term Bank Facilities        24.15     CARE D Assigned
   Short-term Bank Facilities       40.00     CARE D Assigned

Rating Rationale

The ratings are constrained by Silvol India Pvt Ltd's persistent
over-utilization of its working-capital limits and expected
continuance of the cash flow mis-match on account of its high
debt repayment obligation as compared to the cash accruals. The
ratings are further constrained by its high gearing levels, its
small scale of operations, vulnerability of SIPL's margins to the
crude oil price fluctuations as well as stabilization and
marketing risk for the new product i.e. petroleum jelly.

The ratings factor in the promoter's experience in the petroleum
business, commitment from the promoters in the form of regular
equity infusion and supply contracts with the oil marketing
companies resulting in the supply assurance.

Regularization of the working-capital limits and SIPL's ability
to generate the positive cash flows to service its debt
obligation, amidst the rising crude oil price volatility remain
the key rating
sensitivities.

                        About Silvol India

Silvol India Pvt Ltd is engaged in the manufacturing and
distribution of lubricating oils, which include automotive oils,
industrial oils, specialty oils, white oils and petroleum jelly,
both in the domestic and international markets. SIPL has two
manufacturing units in Silvassa, one for manufacturing the
automotive, industrial and other oils (installed capacity 66,000
metric tonne per annum (mtpa) as on March 31, 2011) and second
(commenced the commercial production in December 2010) for the
manufacturing of petroleum jelly (installed capacity 3,600 mtpa
as on March 31, 2011).


SUPERSONIC TURNERS: Fitch Puts Rating on Three Facilities at 'D'
----------------------------------------------------------------
Fitch Ratings has assigned India's Supersonic Turners Private
Limited a National Long-Term rating of 'Fitch D(ind)'.  A list of
additional rating actions is provided at the end of this
commentary.

The ratings reflect STPL's stretched liquidity position as
demonstrated by the instances of overutilization of cash credit
limits and letter of credit devolvement.  This is attributed to
the high working capital intensity of the company's business
operations.  Fitch expects STPL's working capital requirements to
remain high as it is ramping up its production consequent to the
automation of its manufacturing facilities.

Positive rating guidelines would include no further overdrawing
of the bank facilities for at least six months.

STPL manufactures bearing rings.  The operations are carried out
from four units situated at Vishwakarma Industrial Area in
Jaipur.  For FY11, the company reported net revenue of INR526.03
million (FY10: INR470.1 million) and an EBITDA margin of 10.49%
(8.4%).

Fitch has also assigned ratings to STPL's bank facilities as
follows:

  -- Outstanding INR29.2 million term loan: 'Fitch D(ind)'

  -- INR75 million fund-based working capital limits:
     'Fitch D(ind)'

  -- INR90 million non-fund based working capital limits:
     'Fitch D(ind)'


VIRAT ALLOYS: CRISIL Assigns CRISIL BB- Rating to INR43.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Virat Alloys Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR43.4 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR50.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR9.5 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect VAPL's promoters' extensive experience in the
steel industry, and comfortable working capital position. These
rating strengths are partially offset by VAPL's below-average
financial risk profile, marked by high gearing, relatively small
scale of operations, and susceptibility to intense market
competition and volatility in raw material prices.

Outlook: Stable

CRISIL believes that VAPL will maintain its business risk profile
over the medium term, supported by promoters' industry
experience. The outlook may be revised to 'Positive' if VAPL
demonstrates higher-than-expected growth in revenues and
profitability, along with improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely caused
by decline in cash accruals as a result of less-than-expected
offtake or decline in operating margin, or by larger-than-
expected, debt-funded capital expenditure.

                        About Virat Alloys

Incorporated in 2008, VAPL is a semi-integrated company, engaged
in manufacturing stainless steel (SS) ingots and flats. VAPL
started operations with SS ingot manufacturing in 2009; and later
on started producing SS flats; it plans to start manufacturing SS
utensils by 2012. Its manufacturing units are located at Dhanot,
Chatral (Gujarat). It has production capacity of about 9000
tonnes per annum. VAPL's promoters have been in the steel
industry for the past two decades through other group entities.

VAPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR419.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR303.1 million for 2009-10.


VIVEKANAND INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Vivekanand Industries.

                                    Amount
   Facilities                    (INR crore)   Ratings
   -----------                   -----------   -------
   Long-term Bank Facilities        16.00      'CARE B+' Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The rating is mainly constrained on account of small scale of
operations of Vivekanand Industries marked by relatively small
turnover and low capitalization coupled with below average
financial risk profile marked by low profit margins, high
leverage and weak coverage indicators. The rating is further
constrained by constitution of Vivekanand as a partnership firm,
risks associated with the cotton industry viz. high degree of
fragmentation, seasonality and fluctuations in the cotton prices
and government regulations in the form of minimum support price
and quota restrictions.

The rating, however, favorably takes into account the vast
experience of the promoters in cotton ginning business,
favourable location of its unit due to proximity to the cotton
growing area of Gujarat and financial support provided by the
partners in the form of unsecured loans. The ability of
Vivekanand to increase the scale of operations along with
improvement in financial risk profile is the key rating
sensitivity.

                    About Vivekanand Industries

Kadi (Gujarat) based Vivekanand, a partnership firm formed in
April 2003, is promoted by fourteen partners led by the Managing
Partner, Mr. Bharat Patel. Vivekanand is engaged the business of
in cotton ginning and trading. It supplies cotton bales, cotton
seeds, cotton seed oil and cotton seed oil cakes.


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


BAKRIE SUMATERA: S&P Revises Watch Status on 'CC' CCR to Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
on the 'CC' long-term corporate credit rating on Indonesia-based
plantation company PT Bakrie Sumatera Plantations Tbk. to
positive from negative. "We also revised the CreditWatch status
on our 'CC' issue rating on the $185 million senior secured notes
issued by BSP Finance B.V. to positive from negative. BSP
irrevocably and unconditionally guarantees the notes. The ratings
were originally placed on CreditWatch with negative implications
on Aug. 17, 2011," S&P related.

"We revised the CreditWatch status because BSP has signed a
syndicated bank loan that will help the company repay $185
million of notes maturing on Nov. 1, 2011," said Standard &
Poor's credit analyst Vishal Kulkarni. "BSP will use part of the
$250 million loan -- of which $237.5 million has been disbursed -
- to repay the principal and accrued interest on the notes and
the rest to meet other small debt maturities. We understand that
the funds needed to repay the bonds are already in the trustee
account."

"We do not view the refinancing package as a distressed exchange,
under our criteria. Spinnaker Global Opportunity Fund Ltd. (not
rated), one of the investors in the existing notes, is among the
syndicated loan providers. We believe the refinancing would not
have been successful without Spinnaker's support. However, in our
opinion, Spinnaker -- or any of the other noteholders -- does not
face any loss on its investments in the notes. Moreover, the
terms of the loan for Spinnaker are the same as that for other
lenders," S&P said.

Spinnaker has invested in other debt and equity-related
instrument issues by BSP and its subsidiaries. The fund is a key
investor in BSP's existing notes since their issuance. "We
believe the terms of the syndicated loan are comparable with
those of the existing notes. The loan is senior secured,
amortizes over five years, and has an interest rate of LIBOR plus
7%-9%," S&P related.

"We aim to resolve the CreditWatch soon after the maturity of the
notes. We will then assess BSP's financial and liquidity position
and its actual and projected operating performances," said Mr.
Kulkarni.


PERUSAHAAN LISTRIK: Fitch Rates Long-Term IDR at 'BB+'
------------------------------------------------------
Fitch Ratings says there will be no impact on Indonesia-based PT
Perusahaan Listrik Negara's (Persero) ratings from proposed
amendments to indentures relating to its senior unsecured notes.

PLN is seeking amendments through a consent solicitation exercise
to modify the definition of capitalized leases in the bond
indentures to exclude certain energy procurement and sales
contracts with independent power producers.  This is a result of
proposed changes to relevant Indonesian accounting standards
which may apply to PLN, with effect from 1 January 2012,
resulting in PLN having to treat certain long-term power purchase
agreements and sales contracts with independent power producers
as capitalised leases, thereby affecting its leverage and
interest coverage ratios.

When analysing PLN's credit quality, Fitch treats long-term
energy procurement and sales contracts as a component of its
energy supply and operating expenses and does not capitalise
these commitments in its financial analysis.  Notwithstanding the
proposed changes to the accounting treatment of these
commitments, Fitch does not expect any credit impact as there
will be no change to the underlying economics of these
transactions.

PLN is rated Long-Term Foreign-Currency Issuer Default (IDR)
'BB+' with a Positive Outlook.  Its foreign currency senior
unsecured debt and USD2bn GMTN programme are also rated 'BB+'.
Its ratings are on the same level with those of Republic of
Indonesia ('BB+'/Positive) given PLN's very strong legal,
operating and strategic linkages with the sovereign.


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


MAZDA MOTOR: Forecasts Full-Year Loss on Strong Yen
---------------------------------------------------
Agence France-Presse reports that Mazda Motor Corp. on Wednesday
posted an April-September net loss of JPY39.88 billion
(US$511 million) and said it expects to stay in the red for the
full year due to a strong yen.

AFP relates that the company's fiscal first-half shortfall
reversed a JPY5.52 billion net profit for the same period in
2010, also reflecting the impact of Japan's devastating March 11
earthquake and tsunami.

According to the news agency, Mazda said it is now forecasting a
full-year net loss of JPY19 billion to March 2012, its fourth
consecutive annual loss and reversing an earlier projection that
it would make one billion yen in the fiscal year.

AFP adds that Japan's fifth-largest carmaker by volume said the
downward revision came as the yen's prolonged strength against
other major currencies takes a bite out of earnings.  A strong
currency makes Japanese exports more expensive and erodes
repatriated overseas profits, the report notes.

The company projects its global automobile sales for the current
business year to grow 2.9% on-year to 1.31 million units,
according to AFP.

Mazda incurred a consolidated net loss of JPY60.04 billion in
fiscal 2010, compared with a JPY6.48 billion in group net loss
logged in fiscal 2009.  Mazda Motor posted a group net loss of
JPY71.49 billion in fiscal 2008.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.


SONY CORP: Expects Fourth Straight Annual Loss
----------------------------------------------
The Associated Press reports that Sony Corp. reported a
JPY27 billion loss for the latest quarter and downgraded its
annual earnings forecast Wednesday to stay in the red for the
fourth year straight.

AP relates that the company is now projecting a JPY90 billion
loss for the fiscal year through March 2012 after earlier
forecasting a profit of JPY60 billion.

According to the news agency, Sony said the strong yen and lower
sales, especially in TVs, hurt July-September results.  It also
suffered production disruptions from the widespread flooding in
Thailand, which came on top of the supply problems from the March
tsunami disaster in northeastern Japan, the report notes.

AP says Sony also announced a plan to turn around its TV
operations, which have lost money for the past seven years
straight amid price plunges, an oversupply of panels and intense
competition.  The company, as cited by AP, said the plan will
make the TV business profitable by the fiscal year ending
March 2014.

The report relates that Sony said the major problem was a surplus
of liquid crystal displays, and it would shrink its TV production
from 40 million units a year to 20 million, and aim to reduce
display costs.  The restructuring would incur a JPY50 billion
special charge, it said.

The poor quarterly results and forecast of another annual loss
underline a troubled year for Sony, the AP notes.

Sony had a loss of JPY260 billion in its previous fiscal year.

                      Business Reorganization

The Japan Times reports that Sony has reorganized the business
into three groups.

The report relates that spokeswoman Ayano Iguchi said one group
will oversee liquid-crystal-display operations, another will
coordinate contract manufacturing and a third will oversee the
development of next-generation sets.

The changes took effect Tuesday, one day before the company was
to announce its earnings, The Japan Times relays.

According to The Japan Times, Sony, which sells products ranging
from PlayStation game consoles to life insurance, is struggling
to compete against Samsung Electronics Co. and low-cost TV set
maker Vizio Inc. in an industry where sales have flattened in
developed countries.

The Japan Times relates that Chief Executive Officer Howard
Stringer has said TVs remain vital to the company's sales of
related products, including Blu-ray players and video cameras.

                          About Sony

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music,
and Financial Services, such as insurance and banking sectors.


* JAPAN: Shipping Lines to Cut Capacity Amid Net Losses
-------------------------------------------------------
Bloomberg News reports that Japan's two biggest shipping lines
said they will cut container services capacity after reversing
profit forecasts for this fiscal year to net losses.

According to Bloomberg, Mitsui O.S.K. Lines Ltd. said it will
reduce frequency on container routes as it expects a net loss of
JPY4 billion for the year ending March 31, compared with a
previous prediction of a JPY17 billion profit.

Nippon Yusen K.K., or NYK, also expects an JPY18 billion net
loss, compared with an earlier estimate of JPY5 billion in net
income.

Bloomberg states that the shipping lines are trimming container
services capacity after a surge in supply of vessels pushed down
rates.  The report, citing Macquarie Capital (Europe) Ltd., says
global container-shipping trade fell 1% in August, normally the
peak month for transporting boxes, from the prior month, the
worst performance in at least 11 years.

NYK cited higher fuel prices, the strengthening yen and a
reduction in demand for shipping caused by the floods in Thailand
as weighing on earnings in addition to the ship glut, says
Bloomberg.

Meanwhile, Bloomberg News reports that Kawasaki Kisen Kaisha
Ltd., Japan's third largest shipping line, said it expects a net
loss of JPY32 billion in the year ending March 31, compared with
an earlier loss forecast of JPY30 billion.


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


ALLIED FARMERS: Prepares to Convert Listed Notes Into Shares
------------------------------------------------------------
BusinessDesk reports that Allied Farmers, the ailing finance
company with a bloated 2.04 billion of shares valued at
NZ$6.1 million, is preparing to convert twice its market
capitalisation worth of bonds into equity while attempting to
shrink its overall register.

According to the report, the company intends to convert its NZDX-
listed capital notes into ordinary shares when they mature on
Nov. 15.  There are NZ$12.6 million of the 9.6 percent bonds
outstanding, which are being quoted at a yield of 2,500 percent
on the NZX website, BusinessDesk discloses.

The final number of shares issued won't be known until the close
of trading on Nov. 14, according to the news agency.

BusinessDesk relates that the capital restructure will cause
further wild gyrations in Allied's stock on issue, which soared
when it used shares to buy the loan books of finance companies
Hanover and United.  The stock was last quoted at two-tenths of a
cent.

According to BusinessDesk, the company is proposing a one-for-100
share consolidation, which would reduce shares on issue to about
200 million and lift their value to 20 cents.

BusinessDesk states that Allied issued shares at 20.69 cents
apiece to buy the Hanover and United debt, touting a best-case
scenario of returning 70 cents in the dollar to the beleagured
investors in the failed finance companies.  That meant they
controlled about 97% of the company, which had just 37.7 million
shares on offer before the merger, BusinessDesk relays.

Unfortunately, says BusinessDesk, the share changes are more
complex still.  According to the report, holders of bonus
securities issued to shareholders before the Hanover deal will be
recognised as holding 118 million shares in time for the
consolidation.

In addition, it will issue 391 million out of 977 million shares
pursuant to the terms of the price adjustment right (PAR) that
was part of last August's share placement, report BusinessDesk.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.  On June 29, 2007, Allied
Nationwide Finance Limited, Nationwide Finance Limited and Allied
Prime Finance Limited were amalgamated, with Nationwide Finance
Limited being the continuing entity.  Nationwide Finance Limited
subsequently changed its name to Allied Nationwide Finance
Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has
gained a nine-month reprieve on repaying a NZ$7.5 million loan to
the receivers of its failed Allied Nationwide Finance unit that
was due on July 1.  Allied Farmers entered into two loan
agreements with Allied Nationwide last year, converting its
existing debt factoring, credit enhancement and related party
loan arrangements.  All of Allied Farmers' assets are secured by
a general deed covering the loans.


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


PROMOS TECHNOLOGIES: Lenders Agree To Cut Interest Rates to 0.1%
----------------------------------------------------------------
Jason Tan and Crystal Hsu at Taipei Times report that ProMOS
Technologies Inc. said its creditors have agreed to lower
interest rates on about NT$57 billion (US$1.98 billion) in
syndicated loans to the DRAM maker to 0.1 percent.

By cutting the interest rates from an average 3.5% to 0.1% during
the period of June 1 until Dec. 31, ProMOS is now required to pay
NT$4.48 million a month in interest, a significant reduction from
the original NT$114.8 million, according to the report.

Taipei Times relates that ProMOS said in a Taiwan Stock Exchange
filing that the interest rates on its syndicated loans would
return to their previous levels next year, in accordance to the
terms the creditor banks set for various loans.

On June 22, the report recalls, the company applied to have its
interest rates set by its creditors, led by the state-owned Bank
of Taiwan, lowered for the second half of the year in a move to
ease its financial burden.

The move was given initial approval earlier last month, but the
final decision was awaiting board approval from all of the firm's
lenders, Taipei Times relays.

The Financial Supervisory Commission has previously said a total
ProMOS default on its syndicated loans could add up to 0.71
percentage points to the banking sector's bad-loan ratio.

According to Taipei Times, the commission's latest non-performing
loan data showed the bad loan ratio climbed for the second
straight month to 0.51 percent in September as lenders started to
account for defaults by ProMOS.

The 37 domestic banks saw non-performing loans increase by
NT$10 billion in September to a total of NT$108.7 billion, with
ProMOS contributing NT$10.8 billion, the commission, as cited by
Taipei Times, said.

Meanwhile, Taipei Times reports that ProMOS shares were suspended
on Sept. 6 on the over-the-counter GRETAI Securities Market,
after the chipmaker failed to disclose its financial results on
time, a requirement of all listed firms.

According to the report, the company said on Monday it is still
re-auditing financial reports for last year's fourth quarter and
this year's first quarter, and until that process is complete, it
is not able to furnish second and third-quarter results as
mandated by the regulator.

                      About ProMOS Technologies

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access
memories (SDRAMs), as well as the related import and export
businesses.  The Company provides 64 megabytes (Mb), 128 Mb and
256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR)
SDRAMs and others.

The Troubled Company Reporter-Asia Pacific, citing the China
Economic News Service, reported on July 28, 2011, that
representatives from over 30 creditor banks have agreed in
principle to accept the deal of swapping half of the NT$57
billion that ProMOS owes them for equity as part of their bailout
terms for the financially struggling DRAM maker.  The agreement
makes ProMOS Taiwan's first DRAM maker bailed out on the debt-
for-equity term, CENS said.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES reported.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------

AUSTRALIA

ADAMUS RESOURCES        ADU            200.07          -1.29
APN EUROPEAN PRO        AEZ            563.10         -79.26
AUSTAR UNITED           AUN            734.96        -173.09
AUSTRALIAN ZI-PP        AZCCA           77.74          -2.57
AUSTRALIAN ZIRC         AZC             77.74          -2.57
AUTRON CORP LTD         AAT             32.50         -13.46
BIRON APPAREL LT        BIC             19.71          -2.22
CENTRO PROPERTIE        CNP         15,483.44        -349.73
MACQUARIE ATLAS         MQA          1,894.75        -230.50
MISSION NEWENER         MBT             20.38         -44.05
NATIONAL LEISURE        NLG            154.59         -34.49
NATURAL FUEL LTD        NFL             19.38        -121.51
ORION GOLD NL           ORN             11.35          -4.05
POWERLAN LTD            PWR             30.18         -12.07
REDBANK ENERGY L        AEJ            377.31         -22.16
RENISON CONSOLID        RSN             10.20         -22.16
RENISON CONSO-PP        RSNCK           10.20         -22.16
RIVERCITY MOTORW        RCY            386.88        -809.14
SCIGEN LTD-CUFS         SIE             68.70         -42.35
STERLING BIOFUEL        SBI             20.58          -1.88
SVC GROUP LTD           SVC             13.47          -1.66


CHINA

BAOCHENG INVESTM        600892          43.73          -3.94
CHENGDE DALU -B         200160          33.15          -5.30
CHENGDU UNION-A         693             32.68         -15.13
CHINA FASHION           CFH             10.11          -0.76
CHINA KEJIAN-A          35             103.72        -192.59
DONGXIN ELECTR-A        600691          14.82         -23.94
GUANGDONG ORIE-A        600988          15.24          -3.98
GUANGDONG SUNR-A        30             111.22           0.00
GUANGDONG SUNR-B        200030         111.22           0.00
GUANGXIA YINCH-A        557             19.49         -44.84
HEBEI BAOSHUO -A        600155         141.30        -414.58
HEBEI JINNIU C-A        600722         249.41         -53.61
HUASU HOLDINGS-A        509             87.92          -9.52
HUNAN ANPLAS CO         156             45.35         -32.70
JILIN PHARMACE-A        545             32.35          -8.44
JINCHENG PAPER-A        820            198.46        -130.71
MUDAN AUTOMOBI-H        8188            24.73          -3.40
NINGBO YIDONG-H         8249            18.29         -53.42
QINGDAO YELLOW          600579         218.06         -21.01
SHANGHAI WORLDBE        600757          14.33          -0.07
SHANXI LEAD IN-A        673             19.29          -1.82
SHENZ CHINA BI-A        17              20.97        -266.50
SHENZ CHINA BI-B        200017          20.97        -266.50
SHENZ INTL ENT-A        56             233.81         -22.28
SHENZ INTL ENT-B        200056         233.81         -22.28
SHENZHEN DAWNC-A        863             26.10        -161.49
SHENZHEN KONDA-A        48             122.96          -7.23
SHIJIAZHUANG D-A        958            217.74         -95.97
SICHUAN DIRECT-A        757             96.63        -170.70
SICHUAN GOLDEN          600678         207.17         -92.10
TAIYUAN TIANLO-A        600234          65.74         -21.06
TIANJIN MARINE          600751         114.38         -61.31
TIANJIN MARINE-B        900938         114.38         -61.31
TIBET SUMMIT I-A        600338          85.56          -3.87
TOPSUN SCIENCE-A        600771         137.37         -85.06
WINOWNER GROUP C        600681          21.76         -55.00
WUHAN BOILER-B          200770         304.50        -154.96
WUHAN GUOYAO-A          600421          11.22         -28.07
WUHAN LINUO SOLA        600885         106.01          -9.03
XIAMEN OVERSEA-A        600870         243.85        -138.59
XIAN HONGSHENG-A        600817          15.98        -296.67
YANBIAN SHIXIA-A        600462         204.56         -22.61
YANTAI YUANCHE-A        600766          63.90          -6.36
YUEYANG HENGLI-A        622             37.67         -21.61


HONG KONG

ASIA TELEMEDIA L        376             15.67         -14.24
ASIAN CAPITAL RE        8025            10.89         -11.02
BEP INTL HLDGS L        2326            10.32          -1.83
BUILDMORE INTL          108             16.57         -57.57
CHINA E-LEARNING        8055            19.66          -1.27
CHINA HEALTHCARE        673             37.18         -12.58
CHINA NEW ENERGY        1041           110.74         -80.18
CHINA OCEAN SHIP        651            485.84          -2.95
CHINA PACKAGING         572             19.73         -16.87
CMMB VISION HOLD        471             30.68         -17.93
CROSBY CAPITAL          8088            24.41         -15.53
EGANAGOLDPFEIL          48             557.89        -132.86
FIRST NTUL FOODS        1076            14.94         -56.59
FU JI FOOD & CAT        1175            73.43        -389.20
LUNG CHEONG INTL        348             62.04          -0.37
MELCOLOT LTD            8198            51.52         -55.33
MITSUMARU EAST K        2358            30.04         -15.37
PALADIN LTD             495            158.18         -11.60
PCCW LTD                8            6,248.35         -31.61
PROVIEW INTL HLD        334            314.87        -294.85
SINO RESOURCES G        223             15.55         -33.59
SMART UNION GP          2700            41.81         -38.85
SUNLINK INTL HLD        2336            17.79         -36.13
SURFACE MOUNT           SMT             95.95          -2.48
TACK HSIN HLDG          611             53.95         -88.74


INDONESIA

ARPENI PRATAMA          APOL           613.56        -124.15
ASIA PACIFIC            POLY           471.38        -869.26
ERATEX DJAJA            ERTX            13.48         -24.83
HANSON INTERNATI        MYRX            35.46          -9.01
HANSON INT-PREF         MYRXP           35.46          -9.01
JAKARTA KYOEI ST        JKSW            33.33         -45.06
MITRA INTERNATIO        MIRA         1,070.80        -443.66
MITRA RAJASA-RTS        MIRA-R2      1,070.80        -443.66
MULIA INDUSTRIND        MLIA           524.73         -39.06
PANASIA FILAMENT        PAFI            34.26         -18.96
PANCA WIRATAMA          PWSI            30.18         -37.45
PRIMARINDO ASIA         BIMA            10.37         -21.92
SURABAYA AGUNG          SAIP           248.21         -94.27
TOKO GUNUNG AGUN        TKGA            13.76          -0.87
UNITEX TBK              UNTX            19.45         -17.76


INDIA

ALPS INDUS LTD          ALPI           288.11          -7.01
AMIT SPINNING           AMSP            20.43          -1.96
ARTSON ENGR             ART             23.87          -0.60
ASHAPURA MINECHE        ASMN           191.87         -68.03
ASHIMA LTD              ASHM            63.23         -48.94
ATV PROJECTS            ATV             60.17         -54.25
BELLARY STEELS          BSAL           451.68        -108.50
BHAGHEERATHA ENG        BGEL            22.65         -28.20
BLUE BIRD INDIA         BIRD           122.02         -59.13
CAMBRIDGE SOLUTI        CAMB           149.58         -56.66
CELEBRITY FASHIO        CFLI            36.61          -6.76
CFL CAPITAL FIN         CEATF           12.36         -49.56
COMPUTERSKILL           CPS             14.90          -7.56
CORE HEALTHCARE         CPAR           185.36        -241.91
DCM FINANCIAL SE        DCMFS           17.10          -9.46
DFL INFRASTRUCTU        DLFI            42.74          -6.49
DIGJAM LTD              DGJM            99.41         -22.59
DUNCANS INDUS           DAI            133.65        -205.38
FIBERWEB INDIA          FWB             12.23         -16.21
GANESH BENZOPLST        GBP             48.95         -22.44
GEM SPINNERS LTD        GEMS            14.58          -1.16
GSL INDIA LTD           GSL             29.86         -42.42
HARYANA STEEL           HYSA            10.83          -5.91
HENKEL INDIA LTD        HNKL            88.83         -36.09
HIMACHAL FUTURIS        HMFC           406.63        -210.98
HINDUSTAN PHOTO         HPHT            74.44      -1,519.11
HINDUSTAN SYNTEX        HSYN            15.20          -3.81
HMT LTD                 HMT            133.66        -500.46
ICDS                    ICDS            13.30          -6.17
INTEGRAT FINANCE        IFC             49.83         -51.32
JAGSON AIRLINES         JGA             12.31          -0.25
JCT ELECTRONICS         JCTE           104.55         -68.49
JD ORGOCHEM LTD         JDO             10.46          -1.60
JENSON & NIC LTD        JN              18.05         -86.40
JIK INDUS LTD           KFS             20.63          -5.62
JOG ENGINEERING         VMJ             50.08         -10.08
KALYANPUR CEMENT        KCEM            33.31         -30.53
KDL BIOTECH LTD         KOPD            14.66          -9.41
KERALA AYURVEDA         KRAP            13.97          -1.69
KIDUJA INDIA            KDJ             17.15          -2.28
KINGFISHER AIR          KAIR         1,935.94        -661.89
KINGFISHER A-SLB        KAIR/S       1,935.94        -661.89
KITPLY INDS LTD         KIT             37.68         -45.35
LLOYDS FINANCE          LYDF            21.65         -11.39
LLOYDS STEEL IND        LYDS           510.00         -48.98
LML LTD                 LML             65.26         -56.77
MADRAS FERTILIZE        MDF            143.14         -99.28
MAHA RASHTRA APE        MHAC            24.13         -14.27
MARKSANS PHARMA         MRKS           110.32         -14.04
METROGLOBAL LTD         MGLB            14.98          -7.51
MILLENNIUM BEER         MLB             52.23          -5.22
MILTON PLASTICS         MILT            18.65         -52.29
MODERN DAIRIES          MRD             38.41          -0.45
MTZ POLYFILMS LT        TBE             31.94          -2.57
MYSORE PAPER            MSPM            97.02         -15.69
NATH PULP & PAP         NPPM            14.50          -0.63
NICCO CORP LTD          NICC            75.56          -6.49
NICCO UCO ALLIAN        NICU            32.23         -71.91
NK INDUS LTD            NKI            141.35          -7.71
NUCHEM LTD              NUC             24.72          -1.60
PANCHMAHAL STEEL        PMS             51.02          -0.33
PARASRAMPUR SYN         PPS             99.06        -307.14
PAREKH PLATINUM         PKPL            61.08         -88.85
PIRAMAL LIFE SC         PLSL            51.20         -64.85
QUADRANT TELEVEN        QDTV           188.57        -116.81
QUINTEGRA SOLUTI        QSL             24.62         -11.51
RAJ AGRO MILLS          RAM             10.21          -0.61
RATHI ISPAT LTD         RTIS            44.56          -3.93
REMI METALS GUJA        RMM            101.32         -17.12
RENOWNED AUTO PR        RAP             14.12          -1.25
ROLLATAINERS LTD        RLT             22.97         -22.24
ROYAL CUSHION           RCVP            18.88         -81.42
SADHANA NITRO           SNC             18.21          -0.73
SAURASHTRA CEMEN        SRC            106.01          -2.81
SCOOTERS INDIA          SCTR            19.43         -10.78
SEN PET INDIA LT        SPEN            11.58         -26.67
SHAH ALLOYS LTD         SA             213.69         -39.95
SHALIMAR WIRES          SWRI            25.78         -38.78
SHAMKEN COTSYN          SHC             23.13          -6.17
SHAMKEN MULTIFAB        SHM             60.55         -13.26
SHAMKEN SPINNERS        SSP             42.18         -16.76
SHREE GANESH FOR        SGFO            44.50          -2.89
SHREE RAMA MULTI        SRMT            62.15         -42.08
SIDDHARTHA TUBES        SDT             76.98         -12.45
SOUTHERN PETROCH        SPET         1,584.27          -4.80
SQL STAR INTL           SQL             11.69          -1.14
STERLING HOL RES        SLHR            66.77          -2.85
STI INDIA LTD           STIB            35.39          -0.54
SUPER FORGINGS          SFS             17.83          -6.37
TATA TELESERVICE        TTLS         1,311.30        -138.25
TATA TELE-SLB           TTLS/S       1,311.30        -138.25
TODAYS WRITING          TWPL            44.08          -5.32
TRIUMPH INTL            OXIF            58.46         -14.18
TRIVENI GLASS           TRSG            24.55          -8.57
TUTICORIN ALKALI        TACF            19.13         -16.31
UNIFLEX CABLES          UFC             47.46          -7.49
UNIFLEX CABLES          UFCZ            47.46          -7.49
UNIMERS INDIA LT        HDU             18.08          -5.86
UNITED BREWERIES        UB           3,067.32        -137.09
UNIWORTH LTD            WW             168.36        -155.74
UNIWORTH TEXTILE        FBW             20.57         -37.60
USHA INDIA LTD          USHA            12.06         -54.51
VANASTHALI TEXT         VTI             25.92          -0.15
VENTURA TEXTILES        VRTL            14.33          -1.91
VENUS SUGAR LTD         VS              11.06          -1.08


JAPAN

ARRK CORP               7873         1,221.45         -37.80
CROWD GATE CO           2140            11.63          -4.29
DDS INC                 3782            18.69          -0.08
ISHII HYOKI CO          6336           201.38         -12.95
KANMONKAI CO LTD        3372            68.26          -2.44
KFE JAPAN CO LTD        3061            17.86          -2.27
L CREATE CO LTD         3247            42.34          -9.15
MEIHO ENTERPRISE        8927            76.16         -18.35
NEXT JAPAN HOLDI        2409           177.68          -5.08
NIS GROUP CO LTD        8571           477.70         -75.44
PROPERST CO LTD         3236           305.90        -330.20
TOYO KNIFE CO           5964            74.73          -5.55


KOREA

DAISHIN INFO            20180          740.50        -158.45
HANIL CONSTRUCT         6440           880.70         -22.42
HYUNDAI BNG STEE        4565           476.66         -70.65
HYUNDAI BNG STEE        4560           476.66         -70.65
KUKDONG CORP            5320            53.07          -1.85
ORICOM INC              10470           82.65         -40.04
PLA CO LTD              82390           14.95         -21.43
SUNGJEE CONSTRUC        5980           114.91         -83.19
YOUILENSYS CORP         38720          166.70         -12.34


MALAYSIA

BANENG HOLDINGS         BANE            38.70         -17.29
HAISAN RESOURCES        HRB             69.11          -4.68
HO HUP CONSTR CO        HO              65.87         -11.56
LUSTER INDUSTRIE        LSTI            19.28          -7.15
MITHRIL BHD             MITH            23.78          -5.70
NGIU KEE CO-BHD         NKC             14.19         -12.76
TRACOMA HOLDINGS        TRAH            60.31         -26.28
VTI VINTAGE BHD         VTI             20.92          -3.48


PHILIPPINES

CYBER BAY CORP          CYBR            14.14         -94.36
FIL ESTATE CORP         FC              40.90         -15.77
FILSYN CORP A           FYN             23.81         -11.69
FILSYN CORP. B          FYNB            23.81         -11.69
GOTESCO LAND-A          GO              21.76         -19.21
GOTESCO LAND-B          GOB             21.76         -19.21
PICOP RESOURCES         PCP            105.66         -23.33
STENIEL MFG             STN             17.61         -11.14
UNIWIDE HOLDINGS        UW              50.36         -57.19
VICTORIAS MILL          VMC            164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA             20.62         -11.82
ADVANCE SCT LTD         ASCT            25.29         -10.05
HL GLOBAL ENTERP        HLGE            93.40         -15.38
LINDETEVES-JACOB        LJ              22.43          -6.01
NEW LAKESIDE            NLH             19.34          -5.25
SUNMOON FOOD COM        SMOON           17.93         -15.74
TT INTERNATIONAL        TTI            246.68         -79.69


THAILAND

ABICO HLDGS-F           ABICO/F         15.28          -4.40
ABICO HOLDINGS          ABICO           15.28          -4.40
ABICO HOLD-NVDR         ABICO-R         15.28          -4.40
ASCON CONSTR-NVD        ASCON-R         59.78          -3.37
ASCON CONSTRUCT         ASCON           59.78          -3.37
ASCON CONSTRU-FO        ASCON/F         59.78          -3.37
BANGKOK RUBBER          BRC             91.32        -113.78
BANGKOK RUBBER-F        BRC/F           91.32        -113.78
BANGKOK RUB-NVDR        BRC-R           91.32        -113.78
CALIFORNIA W-NVD        CAWOW-R         33.30         -10.09
CALIFORNIA WO-FO        CAWOW/F         33.30         -10.09
CALIFORNIA WOW X        CAWOW           33.30         -10.09
CIRCUIT ELEC PCL        CIRKIT          16.79         -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79         -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79         -96.30
DATAMAT PCL             DTM             12.69          -6.13
DATAMAT PCL-NVDR        DTM-R           12.69          -6.13
DATAMAT PLC-F           DTM/F           12.69          -6.13
ITV PCL                 ITV             37.10        -118.46
ITV PCL-FOREIGN         ITV/F           37.10        -118.46
ITV PCL-NVDR            ITV-R           37.10        -118.46
K-TECH CONSTRUCT        KTECH           38.87         -46.47
K-TECH CONSTRUCT        KTECH/F         38.87         -46.47
K-TECH CONTRU-R         KTECH-R         38.87         -46.47
KUANG PEI SAN           POMPUI          17.70         -12.74
KUANG PEI SAN-F         POMPUI/F        17.70         -12.74
KUANG PEI-NVDR          POMPUI-R        17.70         -12.74
PATKOL PCL              PATKL           52.89         -30.64
PATKOL PCL-FORGN        PATKL/F         52.89         -30.64
PATKOL PCL-NVDR         PATKL-R         52.89         -30.64
PICNIC CORP-NVDR        PICNI-R        101.18        -175.61
PICNIC CORPORATI        PICNI/F        101.18        -175.61
PICNIC CORPORATI        PICNI          101.18        -175.61
PONGSAAP PCL            PSAAP/F         13.02          -1.77
PONGSAAP PCL            PSAAP           13.02          -1.77
PONGSAAP PCL-NVD        PSAAP-R         13.02          -1.77
SAHAMITR PRESS-F        SMPC/F          27.92          -1.48
SAHAMITR PRESSUR        SMPC            27.92          -1.48
SAHAMITR PR-NVDR        SMPC-R          27.92          -1.48
SUNWOOD INDS PCL        SUN             19.86         -13.03
SUNWOOD INDS-F          SUN/F           19.86         -13.03
SUNWOOD INDS-NVD        SUN-R           19.86         -13.03
THAI-DENMARK PCL        DMARK           15.72         -10.10
THAI-DENMARK-F          DMARK/F         15.72         -10.10
THAI-DENMARK-NVD        DMARK-R         15.72         -10.10
TRANG SEAFOOD           TRS             13.90          -3.59
TRANG SEAFOOD-F         TRS/F           13.90          -3.59
TRANG SFD-NVDR          TRS-R           13.90          -3.59
TT&T PCL                TTNT           615.73        -210.36
TT&T PCL-NVDR           TTNT-R         615.73        -210.36
TT&T PUBLIC CO-F        TTNT/F         615.73        -210.36


TAIWAN

BEHAVIOR TECH CO        2341S           41.94          -1.02
BEHAVIOR TECH-EC        2341O           41.94          -1.02
CHIEN TAI CEMENT        1107           214.12         -49.02
HELIX TECH-EC           2479T           23.39         -24.12
HELIX TECH-EC IS        2479U           23.39         -24.12
HELIX TECHNOL-EC        2479S           23.39         -24.12
TAIWAN KOL-E CRT        1606U          507.21        -147.14
TAIWAN KOLIN-EN         1606V          507.21        -147.14
TAIWAN KOLIN-ENT        1606W          507.21        -147.14
VERTEX PREC-ENTL        5318T           42.24          -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***