TCRAP_Public/111107.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

           Monday, November 7, 2011, Vol. 14, No. 220

                            Headlines



A U S T R A L I A

BARONS BREWING: Rodgers Reidy Appointed as Liquidators
COSMOPOLITAN CONSTRUCTIONS: Goes Into Liquidation
CROWNE PLAZA: Receivers Withdraw Golf Resort From Market
EQUITITRUST LIMITED: Court Grants ASIC Interim Stay Order
OATLANDS HOUSE: NAB Appoints Ferrier Hodgson as Receivers

SONRAY CAPITAL: Investors May Get 69c in the Dollar Payout


C H I N A

FRANSHION PROPERTIES: S&P Puts 'BB+' Rating on Sr. Notes on Watch
WINSWAY COKING: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg


H O N G  K O N G

KWAN WING: Court to Hear Wind-Up Petition on Dec. 14
LEHMAN BROTHERS: Contributories and Creditors to Meet on Nov. 10
LEHMAN BROTHERS ASIA: Second Creditors' Meeting Set for Nov. 10
LUEN YICK: Court to Hear Wind-Up Petition on Dec. 21
MANDOLIN HK: Creditors' Proofs of Debt Due Nov. 15

MILLENNIUM BANK: Middleton and Chan Appointed as Liquidators
PACIFIC EAST: Court Enters Wind-Up Order
PEACE MARK: Creditors' Proofs of Debt Due Nov. 11
SHEEN ASIA: Court Enters Wind-Up Order
SINTEX INTERNATIONAL: Court Enters Wind-Up Order

SWEETMART GARMENT: Creditors' Proofs of Debt Due Nov. 11
THREE WISE: Court to Hear Wind-Up Petition on Dec. 14
WELL TOP: Court Enters Wind-Up Order


I N D I A

AEGIS: Fitch Withdraws Rating on Senior Notes at 'BB-'
AROMA BIOTECH: ICRA Cuts Rating on INR47cr Bank Lines to [ICRA]D
BEEKAY STEEL: Fitch Assigns Low-B Ratings on Two Loans
HARANAI SAHAKARI: ICRA Reaffirms [ICRA]BB Rating to INR32cr Loan
HES INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR90cr Loan

INDRA MARSHAL: ICRA Assigns '[ICRA]BB' Rating to INR7cr Limits
JICS LOGISTIC: ICRA Assigns '[ICRA]BB+' Rating to INR6cr Limits
KIMPLAS PIPING: ICRA Assigns '[ICRA]BB-' to INR30cr LT Loan
PRATEEK APPARELS: ICRA Reassigns '[ICRA]B' Rating to INR35cr Loan
SATIA INDUSTRIES: ICRA Puts '[ICRA]B-' on INR68.77cr Loan Rating

SHAMBHU TEXTILE: Delays in Debt Repayment Cues ICRA Junk Rating
S.K. EXPORTS: ICRA Places '[ICRA]BB+' Rating on INR10cr Loan
SRI BALAJI: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
VARDHMAN ADARSH: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
VARUN VINIMAY: ICRA Assigns [ICRA]BB Rating to INR14cr Bank Loan


I N D O N E S I A

BERLIAN LAJU: S&P Affirms 'B-' Corp. Credit Rating; Outlook Neg.


J A P A N

TAKEFUJI CORP: Tokyo Court OKs Plan to Repay 20% of $20BB Debt


N E W  Z E A L A N D

AORANGI SECURITIES: Jean Hubbard Out of Statutory Management


                            - - - - -


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A U S T R A L I A
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BARONS BREWING: Rodgers Reidy Appointed as Liquidators
------------------------------------------------------
SmartCompany reports that liquidators have been appointed to
Barons Brewing after creditors ruled out sinking more money into
the loss-making business and the company failed in its push to
have their beers sold in pubs.

According to SmartCompany, Geoff Reidy, co-founder of specialist
insolvency accounting firm Rodgers Reidy, is looking after Barons
Brewing Group, which is in administration, and Barons Brewing,
which is in liquidation.

SmartCompany relates that Mr. Reidy said by the time of his
appointment this week there was basically only a shell left, with
no brewery assets to take over and intellectual property already
sold off.  The company is not trading and had no employees at
Mr. Reidy's appointment, the report notes.

The main creditor, director Patrick Clarke, is believed to be
owed about AUD4.5 million, the report discloses.  The Tax Office
is believed to be another creditor, although Mr. Reidy said the
ATO wouldn't be a main cause of the demise but merely a "symptom
of losses," SmartCompany relates.

Barons Brewing was a New South Wales-based microbrewer.


COSMOPOLITAN CONSTRUCTIONS: Goes Into Liquidation
-------------------------------------------------
New South Wales-based building firm Cosmopolitan Constructions
has gone into liquidation.

Christopher Darin and Nick Malanos from Worrells have been
appointed as joint liquidators.

"After taking independent advice and considering all
alternatives, it is with much regret that Perry Condoleon as (The
Director) of the Company, has resolved to place Cosmopolitan
Constructions into voluntary liquidation on the 4th of November
2011," the company said in a statement posted on its Web site.

"In the Financial Year 2010/2011 Cosmopolitan Constructions
operated a profitable Contract Home Building division in NSW,
however the company has recently incurred significant margin
erosion in its Projects division.

"During these difficult times, The Director acknowledges and
deeply regrets that this situation will cause financial hardship
and inconvenience to our staff, retail customers, corporate
developers, suppliers and tradespeople."

Cosmopolitan Constructions said, "Staff have been terminated with
all wages and superannuation entitlements due paid to date. The
balance of staff entitlements will be paid in due course by the
liquidator, based on funds held, receivables recovered or through
the government scheme (GEERS)."

According to Australian Associated Press, Fair Trading Minister
Anthony Roberts said customers affected by the company's
liquidation will be assisted by the NSW government.

"Fair Trading will work with the liquidators, insurers and other
relevant parties to determine as quickly as possible what the
situation of the company is and what the best options are for all
parties concerned," AAP quotes Mr. Roberts as saying in a release
Saturday.

AAP relates that Mr. Roberts said home owners with home warranty
insurance would be protected and he encouraged sub-contractors
and suppliers to contact the liquidators at Worrells Accountants
in Sydney.

Concerned consumers or sub-contractors can leave their details
with Fair Trading to get regular updates, the report notes.

Cosmopolitan Constructions is a building contractor.  It has
between 150 and 200 homes under construction.


CROWNE PLAZA: Receivers Withdraw Golf Resort From Market
--------------------------------------------------------
The Receivers and Managers of the Crowne Plaza Hunter Valley
announced Thursday that they are withdrawing the popular golfing
resort from the market in order to concentrate their efforts on
value-enhancement projects.

Since Ferrier Hodgson's appointment as receiver in January 2010,
a lengthy sales campaign has been underway and the Receivers have
considered a number of international and domestic offers for the
resort.

Ferrier Hodgson said the decision to withdraw Crowne Plaza from
the market comes at a time of significantly improved trading
performance resulting in positive returns to the secured
creditor, the National Australia Bank.  The receivers said they
intend to focus on completing building enhancement works and
consolidation of the asset prior to putting the resort back on
the market in early 2012.

Receiver Morgan Kelly of Ferrier Hodgson said the move to
withdraw the property from the market reflects confidence in the
future for quality leisure assets and the resort's improved
trading performance.

"While we have had plenty of interest in the resort, the current
market isn't meeting our expectations," Mr Kelly said. "Given the
strong trading performance over the past 12 months, we will
maximise the benefit of enhanced income while we wait for the
market to improve."

"We have already made a significant investment in the improvement
of this asset, but withdrawing the resort from the market will
allow us to complete our program of building enhancement works,
resolve some outstanding heritage issues with the local Council,
and implement initiatives to increase the performance of the golf
course, resulting in a further improved asset," Mr. Kelly said.

Mr. Kelly said given the strong and improving trading
performance, the secured creditor was prepared to be patient in
relation to selecting the right purchaser for the property.

"I am looking forward to bringing a significantly enhanced asset
with a strong trading history back to market in February 2012,"
Mr. Kelly said.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2010, the corporate group that owns the Crowne Plaza
Hunter Valley property was placed in receivership on Jan. 18,
2010.

Ferrier Hodgson partner Peter Walker has taken control of the
three companies that make up the owner group: Micland Holding Pty
Ltd; Tairo Pty Ltd; and HVGCC Pty Ltd.

Ferrier Hodgson said in a statement that the operation of the
resort will not be affected by the receivership.  Since 2006, the
resort has been managed by InterContinental Hotels Group.


EQUITITRUST LIMITED: Court Grants ASIC Interim Stay Order
---------------------------------------------------------
The Australian Securities and Investments Commission has obtained
various interim orders in the Supreme Court of Queensland against
Equititrust Limited, the responsible entity of two managed
investment schemes, constraining the manner in which Equititrust
is permitted to operate the schemes.

The two schemes are Equititrust Income Fund (EIF) and Equititrust
Priority Class Income Fund (EPCIF).

The orders were obtained by consent for the purpose of preserving
the status quo of the schemes prior to a hearing by ASIC to
consider the suspension of Equititrust's Australian financial
services (AFS) license and following resolutions made by
Equititrust's Board of Directors on October 12, 2011, that the
purposes of EIF could not be accomplished and to take steps to
wind up EIF.

The orders obtained by ASIC on Oct. 27, 2011, restrain
Equititrust from undertaking various acts regarding its operation
of the schemes until December 12, 2011 or earlier order of the
Court.

Among other things, in relation to EIF, the orders restrain
Equititrust from:

   * modifying or replacing the scheme's constitution;

   * issuing new interests in the scheme;

   * redeeming, cancelling or modifying existing members'
     interests in the scheme;

   * dealing with property held or controlled by Equititrust
     in its capacity as the responsible entity of the scheme
     or in its own right, other than in the ordinary course
     of business; and

   * entering into contracts, deeds or agreements regarding
     any property held or controlled by Equititrust with
     any person that is a related party or related entity.

The orders in relation to EPCIF restrain Equititrust from issuing
new interests in the scheme without first providing written
notice to ASIC.

Equititrust Limited is the responsible entity of the Equititrust
Income Fund (EIF) and Equititrust Priority Class Income Fund
(EPCIF).  EIF is a mortgage fund whose primary business is
lending retail investors' pooled funds for property development
and taking mortgages over the property.  The EPCIF is currently
dormant.

ASIC is concerned that Equititrust is in breach of a condition of
its AFS licence requiring that it hold a minimum amount of net
tangible assets and has breached provisions of the Corporations
Act 2001 requiring that it lodge audited financial reports for
EIF and EPCIF and audited reports of its compliance with the
compliance plans for both EIF and EPCIF. ASIC has issued a notice
to Equititrust giving it an opportunity to appear at a hearing
before ASIC in relation to whether to suspend its AFS license.

Separately, on October 24 and 25, 2011, Equititrust issued a
notice to the members of EIF informing them that the Board had
resolved, on October 12, 2011, that the purposes of EIF could not
be accomplished and that steps be taken to wind up the scheme.

Members have 28 days after being given the notice to call a
meeting of members to consider the proposed winding up of the
scheme and to vote on any extraordinary resolution members
propose about the winding up of the scheme.

ASIC obtained orders to preserve members' interests in the
schemes until these issues are resolved.

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

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

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

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


OATLANDS HOUSE: NAB Appoints Ferrier Hodgson as Receivers
---------------------------------------------------------
Ryan Eagle and Morgan Kelly of Ferrier Hodgson were appointed as
receivers and managers to the assets and undertakings of Tagive
Pty Limited as trustee for Eliza's Unit Trust ACN 002 945 922 and
Babindo Pty Limited as trustee for Oatlands Property Trust ACN
002 591 531 on Nov. 2, 2011, by National Australia Bank Limited,
the holder of fixed and floating charges over the assets and
undertakings of the Companies, trading as Oatlands House.

Ferrier Hodgson said the receivers are continuing to trade the
Function Centre in the ordinary course while an urgent assessment
of the financial position of the Companies is completed.

The function centre will continue to accept bookings in the
ordinary course of business


SONRAY CAPITAL: Investors May Get 69c in the Dollar Payout
----------------------------------------------------------
The liquidators of Sonray Capital Markets Pty Ltd said Thursday
that a settlement has been reached which will result in
AUD38.5 million being paid to Sonray in the form of cash and
shares.

"Together with the recoveries made by the Liquidators to date,
this has the potential to return to investors up to 69 cents in
the dollar," Ferrier Hodgson said.

Under the Settlement Deed, Saxo Bank A/S and HLB Mann Judd have
agreed to contribute a total of AUD18.5 million in cash to the
pool (this includes AUD500,000 already paid to fund the
mediation).  In addition, all the shares Saxo Bank A/S holds in
relation to Sonray will be returned to form part of the pool.
These shares are presently worth approximately AUD20 million.

There are a number of pre-conditions that need to be met before
the agreement can be finalized.

These include the requirements that:

   -- All investors represented in the mediation (about 35)
      need to sign a release by Nov. 28, 2011, releasing
      Saxo Bank A/S and HLB Mann Judd from any future claims
      in relation to Sonray.

   -- At least 80% by value of all Sonray investors (about 200)
      need to sign a release by Dec. 23, 2011, releasing Saxo
      Bank A/S and HLB Mann Judd from any future claims in
      relation to Sonray.

Sonray Liquidator, Ferrier Hodgson partner Mr. George Georges,
said the settlement was likely to increase the return to
investors -- up from the expected 25-30 cents to as much as
69 cents.  The outcome of a directions hearing currently before
the Federal Court will determine the final figure.

While the date of the delivery of the judge's finding is not yet
known, the distribution to investors should occur in the first
quarter of 2012.

Mr. Georges described it as an "outstanding outcome for
investors, which does not disadvantage any investor's rights
towards the trust assets and represents a credible commercial
alternative to otherwise lengthy, costly and uncertain
litigation".

"Investors should be delighted to hear about this - it is a much
better outcome than they were anticipating," Mr Georges said. "It
will provide them with certainty and allow them to move on from
this unfortunate event."

                      About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

On June 22, 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

On Oct. 27, 2010, the creditors of Sonray Capital Markets voted
to wind up the failed business, allowing the administrators to
start a mediation process.

Ferrier Hodgson said as at June 22, 2010, Sonray had gross client
positions of AUD76.85 million; gross client holdings in either
cash/equities held by counterparties of AUD$30.15 million; a
shortfall of AUD46.70 million; approximately 3,500 clients; and
54 employees.


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FRANSHION PROPERTIES: S&P Puts 'BB+' Rating on Sr. Notes on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-' long-term
corporate credit rating on Franshion Properties (China) Ltd. and
the 'BB+' issue rating on the company's senior unsecured notes on
CreditWatch with negative implications. "At the same time, we
also placed our 'cnA-' Greater China credit scale rating on the
company and our 'cnBBB+' rating on its senior unsecured notes on
CreditWatch with negative implications," S&P related.

"We placed the ratings on CreditWatch because we believe the
credit profile of Franshion's immediate parent has weakened,
reducing its ability to support the subsidiary," said Standard &
Poor's credit analyst Frank Lu. "The rating on Franshion factors
in a one-notch uplift because of parental support; the company's
stand alone credit profile is 'bb+'. We continue to believe that
Franshion is strategically important to Sinochem HK."

On Nov. 1, 2011, Standard & Poor's lowered the long-term
corporate credit rating on Franshion's parent, Sinochem Hong Kong
(Group) Co. Ltd. (Sinochem HK), to 'BBB' from 'BBB+'. "The
outlook is stable. At the same time, we lowered the company's
stand-alone credit profile to 'bb' from 'bb+'. The downgrade of
Sinochem HK reflected our view that the company'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 believe there is only a low likelihood that Sinochem HK's
financial risk profile will improve over the next 12 months as
the company is still in a heavy investment phase. We see a 'high
likelihood' of extraordinary support from the government for
Sinochem HK, supporting a three-notch uplift in the rating," S&P
related.

"We aim to resolve the CreditWatch action after reviewing the
parental support to Franshion. We will take into account Sinochem
HK's stand-alone credit profile and assess the likelihood that
any of the extraordinary government support for the company could
flow through to Franshion," said Mr. Lu. "We may lower the rating
on Franshion by one notch if we believe the parent's weakened
credit profile could constrain its support for the company."


WINSWAY COKING: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on China-based Winsway Coking Coal
Holdings Ltd. and the 'BB-' issue rating on the company's senior
unsecured notes on CreditWatch with negative implications. At the
same time, we also placed our 'cnBB+' Greater China scale credit
ratings on the company and its notes on CreditWatch with negative
implications," S&P related.

"We placed the ratings on CreditWatch because we believe
Winsway's indirect acquisition of 60% of the issued shares of
Grande Cache Coal Corp., a Canada-based coal mining company, is
larger than we expected," said Standard & Poor's credit analyst
Jerry Fang. "The company's liquidity position could be
significantly affected due to the deal and tightened liquidity in
China."

Winsway's likely significant upstream investment in coal mines
will increase its exposure to mine operating and coal price
risks. Such a strategy could dilute the company's business model,
which emphasizes asset-light trading operations with limited
inventory and manageable exposure to coal price volatility.

"We acknowledge that some of the proceeds of Winsway's IPO last
year and the company's U.S. dollar bond issuance in April 2011
are meant to finance such acquisitions," S&P said.

Winsway will form a joint venture with Marubeni Corp.
(BBB/Stable/--) to acquire all the issued shares of Grande Cache
for Hong Kong dollar 7.7 billion. Winsway will hold 60% shares of
the joint venture upon completion of the acquisition.

"We aim to resolve the CreditWatch placement within the next
three months when more information is available on Winsway's
capital expenditure plan for the next two years or so and its
future business strategy," said Mr. Fang. "We will also assess
the company's liquidity position and credit protection measures
for 12 months or so, assuming the acquisition is complete."

"We could lower the rating by one notch upon the completion of
the acquisition if: (1) we believe the company's business risk
profile is likely to significantly weaken due to heightened mine
operating and coal price risks; or (2) we project that Winsway's
adjusted ratio of funds from operations to total debt will stay
less than 20% or the ratio of adjusted total debt to EBITDA will
be more than 4x," S&P said.

"We may affirm the rating if: (1) we expect that the likely
heightened business risk is manageable; and (2) we project that,
following the completion of the acquisition, Winsway's adjusted
ratio of funds from operations to total debt will stay higher
than 20% and the ratio of adjusted total debt to EBITDA will not
be more than 4x," S&P said.


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H O N G  K O N G
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KWAN WING: Court to Hear Wind-Up Petition on Dec. 14
----------------------------------------------------
A petition to wind up the operations of Kwan Wing Project
Management Limited will be heard before the High Court of
Hong Kong on Dec. 14, 2011, at 9:30 a.m.

Lee Kwong Kin filed the petition against the company on Oct. 12,
2011.

The Petitioner's solicitor is:

          Lui Wai-lan
          30/F, Revenue Tower
          5 Gloucester Road
          Wan Chai, Hong Kong


LEHMAN BROTHERS: Contributories and Creditors to Meet on Nov. 10
----------------------------------------------------------------
Contributories and creditors of Lehman Brothers Commercial
Corporation Asia Limited will hold their separate meetings on
Nov. 10, 2011, at 9:00 a.m., at 27/F, Alexandra House, at 18
Chater Road, Central, in Hong Kong and on Nov. 11, 2011, at 10:30
a.m., at Cliftons, 33/F, at 9 Queen's Road Central, in Hong Kong,
respectively.  The meetings will be the second for the company's
creditors and contributories.

At the meeting, Paul Jeremy Brough and Edward Simon Middleton,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


LEHMAN BROTHERS ASIA: Second Creditors' Meeting Set for Nov. 10
---------------------------------------------------------------
Contributories and Creditors of Lehman Brothers Asia Holdings
Limited will hold their separate meetings on Nov. 10, 2011, at
9:30 a.m., at 27/F, Alexandra House, at 18 Chater Road, Central,
in Hong Kong and on Nov. 11, 2011, at 9:00 a.m., at Cliftons,
33/F, at 9 Queen's Road Central, in Hong Kong, respectively.  The
meetings will be the second for the company's creditors and
contributories.

At the meeting, Paul Jeremy Brough and Edward Simon Middleton,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


LUEN YICK: Court to Hear Wind-Up Petition on Dec. 21
----------------------------------------------------
A petition to wind up the operations of Luen Yick Tat Cotton Yarn
Company Limited will be heard before the High Court of Hong Kong
on Dec. 21, 2011, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Oct. 18, 2011.

The Petitioner's solicitors are:

          Tsang, Chang & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


MANDOLIN HK: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------
Creditors of Mandolin Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Edward Simon Middleton
          Fergal Power
          c/o 27th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


MILLENNIUM BANK: Middleton and Chan Appointed as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Wing Sze Tiffany Wong on March 24,
2011, were appointed as liquidators of Millennium Bank Inc.

The liquidators may be reached at:

         Edward Simon Middleton
         Wing Sze Tiffany Wong
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


PACIFIC EAST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Sept. 20, 2011,
to wind up the operations of Pacific East International Limited.

The company's liquidator is Yuen Tsz Chun Frank.


PEACE MARK: Creditors' Proofs of Debt Due Nov. 11
-------------------------------------------------
Creditors of Peace Mark (B.V.I.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Roderick John Sutton
          Fok Hei Yu
          c/o FTI Consulting (Hong Kong) Limited
          Level 22, The Center
          99 Queen's Road
          Central, Hong Kong


SHEEN ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Sheen Asia International Limited.

The company's liquidator is Yuen Tsz Chun Frank.


SINTEX INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Sintex International Enterprise
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


SWEETMART GARMENT: Creditors' Proofs of Debt Due Nov. 11
--------------------------------------------------------
Creditors of Sweetmart Garment Works Limited are required to file
their proofs of debt by Nov. 11, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

          Alan C W Tang
          Alison Wong Lee Fung Ying
          43/F, The Lee Gardens
          33 Hysan Avenue
          Causeway Bay, Hong Kong


THREE WISE: Court to Hear Wind-Up Petition on Dec. 14
-----------------------------------------------------
A petition to wind up the operations of Three Wise Monkeys
Limited will be heard before the High Court of Hong Kong on
Dec. 14, 2011, at 9:30 a.m.

ELM Site Services Limited filed the petition against the company
on Oct. 21, 2011.

The Petitioner's solicitors are:

          Messrs. Liu, Chan and Lam
          Office A, 9th Floor
          United Centre
          No. 95 Queensway, Hong Kong


WELL TOP: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Well Top Development Limited.

The company's liquidator is Yuen Tsz Chun Frank.


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AEGIS: Fitch Withdraws Rating on Senior Notes at 'BB-'
------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(exp)' rating on Aegis's
('BB-'/Stable) proposed five- to seven-year USD senior notes as
the debt issuance is no longer proceeding as previously
envisaged.

The purpose of the bond was to repay Aegis's debt of
INR9.1 billion (USD202 million), maturing in April 2012. Fitch
expects the company to meet this maturity by raising funds from
local banks.


AROMA BIOTECH: ICRA Cuts Rating on INR47cr Bank Lines to [ICRA]D
----------------------------------------------------------------
ICRA has revised the rating assigned to INR47.00 crore bank lines
of Aroma Biotech Private Limited to '[ICRA]D' from 'LBB'.

ABPL's rating revision takes into account the recent delays in
servicing the interest obligations and significant time and cost
over runs that happened in commissioning the plant, delaying the
scheduled Commercial Operations Date (COD) by more than a year.
The rating revision also factors in the possible funds shortfall
that could lead to default on debt repayments if there is no
postponement of the term loan repayments scheduled to begin from
December 2011. The rating is constrained by the company's
exposure to commodity cycles as cost of grains alone constitutes
nearly 50% of its production cost and availability of grains at
commercially viable rates depends on unpredictable factors like
the monsoons. However, the risk is partly mitigated by the
plant's proximity to the agricultural belt and the flexibility to
use multiple grains as raw material.

The rating favorably factors in the promoters' experience in the
Indian Made Foreign Liquor and power generation sectors, implicit
assured demand for Extra Neutral Alcohol (ENA), as more than a
quarter of ABPL's production (60 lakh litres per annum) could be
consumed in house to meet the requirement of M/s Aroma Winery and
Distilleries, a group company engaged in manufacturing and
bottling of IMFL. ICRA also notes the healthy demand prospects
for ENA as growth in liquor industry is driving its consumption
and so, particularly in Andhra Pradesh which is ranked high among
the liquor consuming states, but still, is a net importer of ENA.

                        About Aroma Biotech

Aroma Biotech Private Limited was incorporated on March 31, 2006
as a Private Limited Company with the main objective to
manufacture Extra Neutral Alcohol (ENA). The company is setting
up a manufacturing facility (at Avapadu Village, Nallacharla
Mandal, West Godavari Dist, Andhra Pradesh) with an installed
capacity of about 60 Kilolitres per day (KLPD) along with a 2.28
MW captive Co-Generation plant. The company will manufacture ENA
through grain based process and its commercial operations are
expected to begin by December 2011.


BEEKAY STEEL: Fitch Assigns Low-B Ratings on Two Loans
------------------------------------------------------
Fitch Ratings has assigned India-based Beekay Steel Industries
Limited a National Long-Term rating of 'Fitch BB+(ind)'.  The
Outlook is Stable.  A list of additional rating actions is
provided at the end of this commentary.

BSIL's ratings reflect the three-decade long experience of its
founders in the iron and steel industry, and its strong EBITDA
margins of 11% in the financial year ended March 2011 (FY10: 9%).
Margins are likely to be maintained at around 10% in FY12,
underpinned by its increasing scale of operations.  The ratings
also reflect the company's comfortable credit metrics, with both
improved net leverage (net debt/EBITDA) of 2.7x (4.3x) and
interest coverage (EBITDA/total interest) of 3.3x (2.4x).
The ratings further draw comfort from BSIL's 10-year-old
relationship with Tata Steel Limited ('Fitch AA(ind)'/Stable) for
the conversion of billets into thermo-mechanically treated (TMT)
bars (10%-12% of revenue), imparting immunity to the volatile raw
material prices to the extent.

The ratings are, however, constrained by BSIL's ongoing debt-
funded capex for capacity expansion to 7,10,000 metric tonnes per
annum (MTPA) from 5,10,000 MTPA, which will increase in its
leverage to above 3.0x and result in tight liquidity position in
both FY12 and FY13.  The latter is attributed to high working
capital limits utilization and fluctuating raw material and
finished product prices, which is characteristic of the steel
industry.  The company had cash and cash equivalent of INR13.7m
in FY11.

Positive rating guidelines include an increase in EBITDA margins
resulting in net debt/EBITDA of below 3.0x on a sustained basis.
Conversely, debt-led capital expenditures and/or a decline in
EBITDA margins leading to net debt/EBITDA exceeding 5.0x on a
sustained basis may result in negative rating action.

BSIL is the flagship company of Beekay Group incorporated in
1981.  It has six manufacturing units of steel products in
different regions of India.  BSIL specializes in manufacturing of
all types of long products of mild steel, like hot-rolled steel
sections, TMT bars, bright bars, structural etc., which are used
in automobile, infrastructure, heavy engineering industries.
During Q1FY12, BSIL recorded revenues of INR1,326.9 million
(Q1FY11: INR820.4 million), EBITDA margins 12.4% (17.8%) and
interest coverage 4.7x (5.0x).

Fitch has simultaneously assigned ratings to BSIL's bank loans as
follows:

  -- Long Term loans of INR757.5 million: 'Fitch BB+(ind)'
  -- Fund-based limits of INR128.9 million: 'Fitch BB+(ind)'
  -- Non-fund based limits of INR110 million: 'Fitch A4+(ind)'


HARANAI SAHAKARI: ICRA Reaffirms [ICRA]BB Rating to INR32cr Loan
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating with stable outlook to the
INR32.00 crore term loan facilities of Haranai Sahakari Soot
Girni Limited.  ICRA has also assigned '[ICRA]BB' rating with
stable outlook to INR 3.55 crore cash credit facilities of HSSGL.

The rating re-affirmation continues to derive comfort from the
financial assistance provided by Government of Maharashtra (GoM)
to the society in form of long term capital. ICRA further notes
that the management has extensive experience in spinning industry
and the mill enjoys proximity to raw material sources. The
ratings are, however, constrained by small scale of operations in
intensively competitive cotton yarn industry. Further FY11 being
the first full year of operations for the mill, there is a
limited track record of operations. HSSGL is also exposed to the
competitive pressures and fragmented nature of the industry which
restricts the ability of participants to pass on any hike in
input costs.

The HSSGL was registered in 1994 under the Maharashtra Co-
operative Society Act, 1960 for setting up a spinning unit of
25000 ring spindles in Satara region. The society became
operational in October 2009 due to delays in disbursement of
funds from Government of Maharashtra (GoM).  The mill is
scheduled to be fully implemented in two phases with first phase
of 13728 spindles being operational while work for phase II to
install remaining spindles is expected to be completed by Q1
FY13. The company manufactures warped cotton yarn of count 30-
32s.


HES INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR90cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR90
Crore fund based limits (enhanced from INR5 Cr), INR300 Crore non
fund based limits (enhanced from INR150 Cr) and INR60 Crore
Working Capital Demand Term Loan of HES Infra Private Limited.
The outlook on the long term rating is stable.

The assigned rating takes into account HES' long track record in
construction business, its healthy order book position, and its
relatively low gearing level which provides it with financial
flexibility in case of contingency. The rating is however
constrained by the company's high exposure on Andhra Pradesh (AP)
based irrigation projects till recent past, its high debtor days
on account of delays in payments by Government of Andhra Pradesh
(GoAP) and the intensely competitive nature of the construction
industry. While assigning the rating ICRA has noted that of late
the company has been successful in reducing its dependency on AP
based irrigation projects by bagging large orders in other
States. However, HES' ability to smoothly execute the projects in
relatively new geographies still remains to be seen. Going
forward, apart from smooth execution and timely receipt of
payments for the projects won in the new geographies, realization
of pending debtors for the AP based irrigation projects would be
critical for the future liquidity position and debt servicing
capability of the company.

                         About HES Infra

HES was incorporated in 1997 as a partnership firm in the name of
Hindustan Engineers Syndicate, with Mr. M.Kesava Raju and Mr.
I.V.R. Krishnam Raju being equal partners. The firm was
subsequently converted into a private limited company in June
2007 and renamed as HES Infra Pvt. Ltd. HES is mainly involved in
water & irrigation projects and construction of road & bridges.
For the year ended March 31, 2011, HES posted a Profit after Tax
(PAT) of INR 19.6 crore on an Operating Income of INR 507 crore.


INDRA MARSHAL: ICRA Assigns '[ICRA]BB' Rating to INR7cr Limits
--------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB' to the INR 7.0 crore
fund-based limits of Indra Marshal Power Private Limited.  ICRA
has also assigned a rating of '[ICRA]A4' to the INR12.0 crores
short term fund based and non fund-based limits of IMPL.  The
outlook on the long term rating is 'Stable.

The ratings take into account the long standing track record of
IMPL's promoters in the pumps industry which has helped develop a
reputed client base including clients like Usha International and
Kirloskar Limited.  Moreover strong push by the government for
development of agricultural sector will support future revenues
growth. However, the above strengths are off-set by IMPL's small
scale of operations, low value add nature of the operations leads
to weak competitive positioning and low operating margins, highly
competitive nature of industry further leads to pressure on
operating margins, further the high working capital intensity of
IMPL's operations owing to high debtor days leads to strain of
liquidity position of the company.

Set up as a partnership firm in 1968 and incorporated as private
limited company in 2009 by the Jhawar family of Indore, IMPL is
engaged into assembling diesel engines and pump sets of 3.5
horsepower (hp) to 20 hp used primarily in the agricultural
sector. The company derives over 90 per cent of its revenues from
the agriculture sector. The company has been marketing its
products under the brand name 'Indra Marshall'. The company is
planning to start manufacturing power tillers and has already
received approvals from ARAI (Automotive Research Association of
India) for manufacturing of power tillers. The key drivers for
the business are the push to agricultural reforms by the
government in the form of providing subsidy to the farmers for
procuring farm equipments.

                        About Indra Marshal

Set up as a partnership firm in 1968 and incorporated as private
limited company in 2009 by the Jhawar family of Indore, IMPL is
engaged into assembling diesel engines and pump sets of 3.5
horsepower (hp) to 20 hp used primarily in the agricultural
sector. The company has been marketing its products under the
brand name 'Indra Marshall' for the past 2 decades. IMPL also
assembles diesel engines which are sold under the brand name of
'Yamada'. The shares of the company are closely held by Jhanwar
family.

For FY 2011, IMPL reported Operating Income of INR 38.19 crore
and Profit After Tax of INR 1.86 crore as against PAT of INR0.28
crores on Operation income of INR24.37 crores in FY 2010.


JICS LOGISTIC: ICRA Assigns '[ICRA]BB+' Rating to INR6cr Limits
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB+' to the INR 6.0 crore
fund-based limits of JICS Logistic Limited. ICRA has also
assigned a rating of '[ICRA]A4+' to the INR10.0 crore non fund-
based limits of JLL.  The outlook on the long term rating is
'Stable.'

The ratings take into account the long standing track record of
JLL's promoters in the warehousing business, JLL's strong market
position as a warehousing agent as it is the second largest
warehousing partner in India for National Commodity and
Derivatives Exchange Limited after (National Collateral
Management Services Limited, robust profitability and return
metrices and strong debt protection indicators.

The ratings are also supported by healthy demand outlook due to
shortage in warehousing capacities in India and fund infusion of
INR40.0 crores from IL&FS which will help improve scale of
operations and improve cost structure However the ratings are
constrained by client concentration risk with ~ 90% of the
revenues driven by NCDEX, this risk is further exaggerated by the
fact that JLL cannot sign an agreement with any other commodity
exchange as per its contract terms with NCDEX.

The ratings also factor in the susceptibility o JLL's
profitability to variation in warehousing and assaying charges
which are fixed by NCDEX and its large debt funded capex which
may lead to deterioration in capitalization and coverage
indicators of the company.

                       About JICS Logistic

JICS Logistic Limited was set up in 1996 as a partnership firm
and was incorporated into a private limited company in 2009. It
is promoted by the Jhawar family of Indore. The company is an
approved NCDEX associate for providing warehousing and allied
services across India for agricultural commodities and steel. JLL
also provides services such as margin financing for commodities
stored in its warehouses. JLL opened its first storage facility
in 1997 with a capacity of 15000 MT at Agra - Mumbai Highway. The
company currently operates 125 warehouses across 35 cities all
over India. It owns one warehouse in Indore whle all the other
warehouses are on lease. JLL with 99 accredited warehouses is the
second largest warehousing partner for NCDEX after National
Collateral Management Services Limited which is the largest
partner with 114 warehouses. Going forward the company plans to
incur a capex of around 130 crores for conversion of leased
warehouses to owned warehouses. IL&FS PE fund has already
invested INR40 crores and balance will be funded through term
loans. The debt funded nature of capex is likely to lead to
increase in gearing of the company. However in the long-term, the
company will save the lease rentals on warehouses which will
improve its profitability and cash accruals. Company Profile JICS
Logistic Limited (JLL) was set up in 1996 as a partnership firm
and was incorporated into a private limited company in 2009. The
company is promoted by the Jhawar family of Indore. JLL is an
approved National Commodity and Derivatives Exchange Limited
(NCDEX) associate for providing warehousing and allied services
across India for agricultural commodities and steel.

Recent Results

In FY 2010-11 JICS Logistic Limited (JLL) reported a profit after
tax (PAT) of INR 8.60 crores on an operating income of INR 26.86
crores as against PAT of INR 1.99 crores on an operating income
of INR7.02 crores during FY 2009-10.


KIMPLAS PIPING: ICRA Assigns '[ICRA]BB-' to INR30cr LT Loan
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR 30 crore long
term bank limits of Kimplas Piping Systems Limited.  The outlook
on the long term rating is stable.

The rating is constrained by highly leveraged capital structure
resulting from the large capital expenditure and working capital
requirement, low net profitability on account of high interest
and depreciation costs and small scale of operations of the
company. Nevertheless the rating is supported by the steady
growth in revenue and diversified clientele of KPSL.

ICRA also notes that KPSL has the international certifications
and manufacturing capabilities to supply
electrofusion/compression fittings for gas and water distribution
systems where it faces limited competition and expects favorable
market potential. However, it remains exposed to regulatory risk
for award of new contracts in city water and gas distribution
systems.

                        About Kimplas Piping

Kimplas Piping Systems Limited was incorporated on 8th February
1996 as George Fischer Trenton Limited. The company started its
manufacturing facilities in 1997 to produce electro-fusion
fittings required for polyethylene piped city gas distribution
systems used by gas companies like Mahanagar Gas and Gujarat Gas.
KPSL has expanded its product line of electro fusion fittings and
added compression fittings, valves and components (emitters and
filters) for micro irrigation systems. Currently they manufacture
a wide range of electrofusion fittings, compression fittings,
transition fittings and specialized housing service connections
from polyethylene mains. KPSL also has a wholly owned subsidiary
in UK, Kimplas Limited to tap the markets in UK. During CY09, the
subsidiary recorded a turnover of INR2.56 crore.


PRATEEK APPARELS: ICRA Reassigns '[ICRA]B' Rating to INR35cr Loan
-----------------------------------------------------------------
ICRA has re-assigned '[ICRA]B' rating to the INR 35.00 crore term
loan facilities and INR35.00 crore fund based facilities of
Prateek Apparels Private Limited.  ICRA has also re-assigned
'[ICRA]A4' rating to the INR45.00 crore fund based facilities and
the INR6.00 crore non-fund based facilities of PAPL.

Incorporated in 1995, PAPL is engaged in the businesses of making
readymade garments, retailing apparels and trading in fabric.
Promoted by Mr. Pradeep Aggarwal and the Phulchand Group, PAPL
has five manufacturing units in Karnataka. The Company largely
makes men's and women's formal and casual wear. The Company
entered retail operations in 2007 through its subsidiary Prateek
Lifestyle Limited, which was merged in PAPL in 2009. It operates
through two retail formats, namely, Coupon stores (which are
large-format discount stores) and F-Square stores (which are
small-format stores selling in-house brands). PAPL has 11 Coupon
stores across India and 102 F-Square stores in Karnataka.

The Company has two subsidiaries namely, Munch Design Workshop
Private Limited (which provides design solutions for PAPL) and
Prateek Spintex Limited (which manufactures knitted garments for
PAPL).


SATIA INDUSTRIES: ICRA Puts '[ICRA]B-' on INR68.77cr Loan Rating
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR41.0
Crore fund based working capital limits and the INR68.77 Crore
term loans of Satia Industries Limited.  ICRA has also assigned a
short term rating of '[ICRA]A4' to the INR17.5 Crore non fund
based working capital limits of SIL.  Further, ratings of
[ICRA]B- and [ICRA]A4 have been assigned to the INR32.73 Crore
unallocated limits of SIL.

The ratings are constrained by fragmentation and high competitive
intensity in the paper industry with the presence of a large
number of manufacturers; vulnerability of profitability to
cyclicality inherent in the industry and planned debt funded
capacity expansion which is expected to lead to deterioration in
the capital structure of the company. ICRA notes that the company
had been facing liquidity constraints in the past as reflected in
delays in the servicing of debt obligations which have since been
corrected in the past few months.

Nevertheless, while assigning the ratings, ICRA has favorably
factored in the long track record of the promoters in printing
and writing paper business; consistently healthy plant capacity
utilization levels; favorable location of the manufacturing
facility in the agricultural belt of Punjab, which ensures
availability of raw materials; operational competitiveness of the
company due to captive power generation and chemical recovery
facilities which aid in reducing the power and chemical cost
respectively and favourable demand outlook from the education
sector.

                       About Satia Industries

Satia Industries Ltd., SIL (formerly, Satia Paper Mills Ltd) was
incorporated in 1980. SIL manufactures printing and writing paper
and has a capacity of 40,000 MTPA. The company has a fully
integrated paper mill, with a pulping facility based on
agricultural residue and a chemical recovery plant. The company
also has captive power plants with generation capacity of 10MW.

Recent Results:

SIL reported net sales of INR320.40 Crore and a net profit of
INR5.44 Crore during financial year 2010-11. The company had
reported net sales of INR259.66 Crore and a net profit of INR7.15
Crore during 2009-10.


SHAMBHU TEXTILE: Delays in Debt Repayment Cues ICRA Junk Rating
---------------------------------------------------------------
A rating of '[ICRA]D' has been assigned to the INR 10.49 crore
term loans and INR 4.25 crore cash credit facility of Shambhu
Textile Mills Private Limited.  Also, a rating of '[ICRA]D' has
been assigned to the INR 0.30 crore, short-term, non-fund based
facilities of STMPL.

The ratings are constrained by the delays in debt servicing due
to stretched liquidity position, modest size of operations and
the weak financial profile characterized by low net margins, high
gearing levels, stretched working capital indicators and high
working capital utilization levels. The ratings are further
constrained by the highly competitive nature of fabric processing
industry resulting from large number of process houses,
vulnerability of profitability and cash flows to the cyclicality
inherent in the textile industry and to raw material price
fluctuations which may not be passed on to the customers. The
ratings have however favorably taken into account the long
standing presence of the company in the business of fabric
processing, favorable location giving it easy access to number of
customers due to presence of several textile mills as well as the
moderately diverse profile resulting from the addition of the
embroidery unit.

                      About Shambhu Textile

Shambhu Textile Mills Private Limited was incorporated by Mr.
Anil Agarawal and Mr. Nilesh Agarwal in September 1996. It is in
the business of processing of the fabric, viz. bleaching, dyeing,
printing and finishing of polyester and cotton fabric with its
manufacturing unit located in Narol, Ahmedabad. STMPL also
started with an embroidery job work unit in 2008. The promoters
of the company belong to the "Kashiram group" which has been
involved with the textile industry in Ahmedabad for more than 3
decades.

Recent Results:

During FY11, STMPL reported an operating income of INR 38.14 Cr.
and profit after tax of INR 0.14 Cr.


S.K. EXPORTS: ICRA Places '[ICRA]BB+' Rating on INR10cr Loan
------------------------------------------------------------
A long term rating of '[ICRA]BB+' has been assigned to the
INR10.00 crore fund based facility and a short term rating of
'[ICRA]A4+' has been assigned to the INR 0.50 crore non fund-
based bank facility of S.K. Exports.  The outlook assigned on the
long term rating is Stable.

The rating favorably factors in the promoter's experience in the
leather business and its moderate financial risk profile at
present characterized by moderate profitability, comfortable
gearing and healthy return indicators. The ratings are however
constrained by the firm's small scale of operations, volatility
in the operating margins owing to the competition prevailing in
the market and susceptibility of margins to foreign exchange rate
fluctuations, though mitigated by entering into forward contracts
and high client concentration risk. ICRA also notes that the risk
of capital withdrawal remains given its constitution as a
partnership firm which can adversely impact capital structure.

                        About S.K. Exports

M/s. S.K.Exports was established on April 1, 1989 as a
partnership firm by Mr. Sanjay Jawaharlal Khanna and Mr. Sailesh
Jawaharlal Khanna. The firm is engaged in the business of
manufacturing and exporting of leather goods. SKE has a
registered office at Lower Parel, Mumbai. SKE has two
manufacturing units, located in Mumbai and Kolkata with a
combined manufacturing capacity of 10,000 pieces of handbags and
15,000 pairs of footwear per month.

Recent Results:

During 2010-11, the firm has reported a net profit of INR 2.17
crores on an operating income of INR 30.07 crores. During 2009-
10, SKE registered a profit after tax of INR 1.94 crores on an
operating income of INR 22.60 crores.


SRI BALAJI: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR6.00
crore fund based facilities of Sri Balaji Traders.  ICRA has also
assigned short-term rating of '[ICRA]A4' to the INR3.00 crore
non-fund based facilities of SBT.

The ratings take into account the intensely competitive and low
value additive nature of the paper trading business, SBT's modest
scale of operations, which results in limited economies of scale,
and its low profitability and modest cash accruals. Low margins
coupled with high working capital borrowings affect the
capitalization and coverage indicators of the entity.  The
ratings, however, draws comfort from promoter's long track record
in the business of trading and paper processing and its reputed
customer profile.

                         About Sri Balaji

Sri Balaji Traders promoted by Mr. U. S. Sanjeevi in 1981 as a
sole proprietorship firm and is primarily engaged in trading and
distribution of all types of papers and boards, news print paper
and waste paper. The Firm's warehouse facilities are located in
Rajapalayam, Coimbatore and Sivakasi. The firm procures raw
material from both domestic and international market, process it
into reel form as per client's requirement and finally sells it
as finished product in the domestic market .

Recent Results:

SBT's net profit for the first half of fiscal 2011-12 stood at
INR0.19 crore on operating income of INR7.93 crore.


VARDHMAN ADARSH: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to INR 6.00
crore Cash Credit facility and INR 2.00 Term Loan facility of
Vardhman Adarsh Ispat (P) Limited. The outlook on the long-term
rating is stable.

The ratings takes into account VAIPL's modest scale of
operations, it's relatively low value additive nature of the
business and high competitive pressures in the steel rolling
business. These factors have resulted in modest operating margins
and this is unlikely to change significantly in the medium term.
However the ratings draw comfort from the long experience of
promoters and strong relationship with its client base. The
assigned ratings also positively factors in the synergies enjoyed
by VAIPL with its group companies in both procurement of raw
material and distribution of finished goods.

Vardhman Adarsh Ispat (P) Limited is engaged in the manufacturing
of steel TMT bars with the manufacturing facility situated in
Gobindhgarh, Punjab . The company manufactures TMT bars which
conform to IS codes of standards, and are primarily used in the
construction business.

In FY 2011, the company reported an operating income of INR
108.38 crore and profit after tax of INR 0.24 crore.


VARUN VINIMAY: ICRA Assigns [ICRA]BB Rating to INR14cr Bank Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR 14.00 crore
fund based bank facilities and INR 4.00 crore of proposed bank
facilities of Varun Vinimay Private Limited.  The outlook on the
long term rating is stable. ICRA has also assigned an '[ICRA]A4'
rating to the INR4.00 crore non-fund based bank facilities of
VVPL.

The ratings take into consideration the experience of the
promoters in steel industry, VVPL's proximity to suppliers of raw
material which reduces freight costs as well as mitigates the
risk of unavailability to an extent and its diversified customer
base. The ratings, however, also take into account the
cyclicality inherent in the steel business which makes profit and
cash flow volatile to fluctuations in prices, VVPL's relatively
moderate scale of operation with low capacity utilization levels
over the last two years, its depressed level of coverage
indicators and high level of receivables, increasing its overall
working capital requirement. VVPL has derived a significant
portion of its revenues from trading activities over the years
which has impacted its profitability as reflected by its low
profits and cash accruals.

                        About Varun Vinimay

Varun Vinimay Private Limited, incorporated in 1997 by Mr Om
Prakash Agarwala, is involved in the manufacturing of Mild Steel
(MS) products like rounds, squares, flats, angles and channels.
The company currently has a rolling mill of a capacity of 30,000
metric tonne per annum (MTPA) at Howrah, West Bengal. Apart from
manufacturing, the company is also involved in trading of
products like MS rounds/ flats, TMT Bars and Mixed Structures.

Recent Results:

The company reported a net profit of INR 0.42 crore in 2010-11 on
an operating income of INR 85.45 crore, as compared to a net
profit of INR 0.41 crore on an operating income of INR 73.77
crore during 2009-10.


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


BERLIAN LAJU: S&P Affirms 'B-' Corp. Credit Rating; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
PT Berlian Laju Tanker Tbk. (BLT) to negative from stable. "At
the same time, we affirmed the 'B-' long-term corporate credit
rating on BLT.  We also affirmed the 'CCC' issue rating on the
$400 million senior unsecured notes due 2014 issued by BLT
Finance B.V., a wholly owned subsidiary of BLT," S&P related.

"We revised the rating outlook to reflect our view that
refinancing risks concerning BLT's short-term debt maturities are
likely to rise. This pressure is occurring at a time when bunker
prices are keeping operating costs high, offsetting the
improvement in freight rates for chemical tankers through most
of this year," said Standard & Poor's credit analyst Manuel
Guerena.

Standard & Poor's acknowledges that BLT's liquidity benefited
from several refinancing activities earlier this year. In
February, the company took out a $685 million term loan. A $93.5
million sale-and-lease back contract soon followed. In May 2011,
BLT's Indonesian subsidiary PT Buana Listya Tama Tbk. became
publicly listed. This subsidiary was responsible for 31% of BLT's
EBITDA during the first half of 2011. Since the IPO, BLT is no
longer in exclusive control of Buana's assets and cash flows. BLT
raised the equivalent of about US$120 million for exchange of 38%
of its shares in Buana. However, BLT's new debt facilities added
more debt to highly leveraged BLT, and a sharp rise in bunker
fuel prices exacerbated its complex situation. Prices have now
stabilized, but remain high.

"We believe the company's high leverage is unlikely to improve in
the next few quarters. Its operating-lease-adjusted ratio of debt
to annualized EBITDA was a high 9.9x in the six months ended June
30, 2011. The ratio was, however, marginally better than the
10.3x in 2010," S&P said.

The affirmed rating also reflects:

-- BLT's good competitive position, anchored in its relatively
    young and technically advanced chemical tanker fleet, largely
    comprising stainless steel, double-hull IMO II and III parcel
    tankers;

-- the phasing-out of single-hull vessels in the industry, as
    required by the International Maritime Organization, and a
    relatively small number of chemical tankers in BLT's
    orderbook;

-- earnings stability through contracts of affreightment and
    charters, which provide little more than 50% of BLT's
    revenues; and

-- favorable cabotage regulation for all intra-Indonesian
    seaborne assets, with most charters under long-term
    contracts.

"Our negative outlook assumes that BLT's freight rates will
continue to improve in its chemical tanker segment, but
volatility and cost and cash flow pressures will remain
considerable, adding to the company's refinancing risks," said
Mr. Guerena.

"We will consider a downgrade if the company is unable to put a
reasonable refinancing plan in place by the end of 2011, or
before, if weaker-than-expected cash flows further depress its
credit protection measures because of lower freight rates for
chemical tankers or growing bunker fuel prices. Difficulty in
accessing the capital market in Indonesia could also prompt us to
lower the rating," S&P stated.

A positive rating action would depend on BLT's ability to resolve
its liquidity pressure and to consistently decrease its debt-to-
EBITDA ratio towards a sustainable 5.x level.


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


TAKEFUJI CORP: Tokyo Court OKs Plan to Repay 20% of $20BB Debt
--------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that Takefuji Corp. said
that a Tokyo court confirmed the company's reorganization plan
after most creditors voted in support of the plan, which will
repay 20% of its total debt of JPY1.5 trillion ($19.8 billion).

Law360 relates that 100% of secured creditors voted in favor of
the plan, while 85.43% of unsecured creditors voted for it.
According to the company, it will begin making repayments under
the plan in mid-December.

                          About Takefuji

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

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


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


AORANGI SECURITIES: Jean Hubbard Out of Statutory Management
------------------------------------------------------------
The National Business Review reports that Jean Hubbard, wife of
the late failed financier Allan Hubbard, has been removed from
statutory management, effective on Nov. 13, 2011.

The news agency relates that Commerce Minister Simon Power said
he had received a report from the Registrar of Companies that it
was no longer necessary to keep Mrs. Hubbard in statutory
management.

"The Registrar of Companies has advised me that in the opinion of
the statutory managers, Mrs. Hubbard is no longer so closely
connected to the business of Aorangi Securities Ltd that she must
remain under statutory management. The Registrar is also of this
view," NBR quotes Mr. Power as saying.

Sir John Anderson and Rod Pardington were appointed by the
Registrar of Companies on May 5 to review the statutory
management of Mrs. Hubbard and her late husband, NBR recounts.
According to NBR, Sir John has now reported that the statutory
managers have effective control of those assets of Aorangi in
respect of which it is legally possible in the circumstances.
Mr. Power said that in his opinion, the termination of
Mrs. Hubbard's statutory management will not detrimentally affect
the statutory management of those particular assets, NBR reports.

"Taking all of this advice together, I am satisfied that the
statutory managers have made good progress and that the
connection between Mrs. Hubbard and the business of Aorangi no
longer prevents the statutory managers from exercising their
powers," Mr. Power said.

Mr. Power, as cited by NBR, said because there are complex issues
in the Aorangi statutory management, including proceedings before
the courts, it is not appropriate to make further comment.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.


                             *********

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

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

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


                            *********


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

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

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

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

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





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