TCRAP_Public/111109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, November 9, 2011, Vol. 14, No. 222

                            Headlines



A U S T R A L I A

BELINDA INT'L: Ex-CEO Seeks to End Deed of Company Arrangement


C H I N A

CHINA CABLECOM: Restates 2010 Report to Deconsolidate "VIEs"
QIAO XING UNIVERSAL: Gets Nasdaq Notification of Non-Compliance


H O N G  K O N G

ALL LEGEND: Creditors' Proofs of Debt Due Nov. 18
ASIAN CONCORD: Members' Final General Meeting Set for Dec. 5
BAOSHINN CORP: Year-End 2010 Financial Statements Revised
BARCLAYS CAPITAL: Middleton and Lui Appointed as Liquidators
ENGEL MACHINERY: Creditors' Proofs of Debt Due Dec. 5

GREEN POWER: Creditors' Meeting Set for Nov. 15
HUGE WAVE: Members' Final General Meeting Set for Dec. 8
KINCHENG (NOMINEES): Tsui Kei Pang Appointed as Liquidator
LAM U: Members' Final General Meeting Set for Dec. 15
NETWORK BOX: Members' Final Meeting Set for Dec. 6

NEWAYS INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 18
PEP FUND: Members' Final General Meeting Set for Dec. 8
PRODUCERS ASSOCIATION: Members' Final Meeting Set for Dec. 5
PROFIT ELITE: Au Tin Po Appointed as Liquidator
RIC COMPANY: Creditors' Proofs of Debt Due Nov. 21

SANEJET COMPANY: Members' Final Meeting Set for Dec. 5
* HONGKONG: Likely Entered Recession in Third Quarter


I N D I A

AERO CANS: CRISIL Rates INR200 Million LT Loan at 'CRISIL B+'
AIR INDIA: Fuel Dues to Reach INR1,000cr; Faces Industrial Action
ARYAN RESIDENCY: ICRA Assigns '[ICRA]D' Rating to INR10cr Loans
BAJRANG STEEL: ICRA Assigns '[ICRA]BB' Rating to INR16.9cr Limits
B. R. METALLICS: ICRA Assigns [ICRA]BB Rating to INR20cr Loans

B P ALLOYS: ICRA Assigns '[ICRA]BB-' Rating to INR5cr Bank Loans
GOLDEN SUN: ICRA Assigns '[ICRA]D' Rating to INR1.46cr Term Loan
KINGFISHER AIRLINES: INR15-crore Cheque Issued for AAI Bounces
LAKSHMI MILLS: Delays in Debt Repayment Cues CRISIL Junk Ratings
MAHATMA SUGAR: CRISIL Puts 'CRISIL B+' Rating on INR910.5MM Loan

MANN RESIDENCY: CRISIL Assigns 'CRISIL D' Rating to INR367MM Loan
PCH TELECOM: CRISIL Reaffirms CRISIL BB Rating on INR370MM Credit
PERFECT RETREADS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
PREMIER ALLOYS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
ROOP RAM: CRISIL Assigns 'CRISIL D' Rating to INR187MM Term Loan

SUBAYA CONSTRUCTIONS: ICRA Rates INR11.1cr Loan at '[ICRA]BB-'
TORQUE AUTOMOTIVE: ICRA Reaffirms 'BB+' Rating on INR38cr Loan


J A P A N

OLYMPUS CORP: 3 Firm Executives Hid Losses With Acquisition Fees


K O R E A

SK GROUP: South Korean Prosecutors Probing Group's Chairman


M A L A Y S I A

AMBANK (M) BERHAD: Moody's Affirms D Bank Finc'l Strength Rating
RHB BANK: Moody's Affirms 'D' Bank Finc'l. Strength Rating


N E W  Z E A L A N D

FALCON RIDGE: Out of Liquidation as Owner Settles SBS Bank Debt
NATIONAL FINANCE: Trustee Denies Breach of Duties
NOEL LEEMING: Gresham Denies Reports on Sale Talk
SALVUS STRATEGIC: Investors to Get NZ$17 Mil. Capital Return


S I N G A P O R E

AVAGO TECHNOLOGIES: S&P Raises Corp. Credit Rating From 'BB+'
CELLESTIS AP: Creditors' Proofs of Debt Due Dec. 5
INTERGEN (SINGAPORE): Creditors' Proofs of Debt Due Dec. 5
JURONG HI-TECH: Court to Hear Wind-Up Petition on Nov. 18
MARBLE BAR: Creditors' Proofs of Debt Due Dec. 4


V I E T N A M

DOT VN: Co-Founder Lee Johnson Honored by Vietnamese MIC


X X X X X X X X

* Three U.S. Corp Defaults Last Week Raise S&P Tally to 39
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BELINDA INT'L: Ex-CEO Seeks to End Deed of Company Arrangement
--------------------------------------------------------------
Vanda Carson at The Daily Telegraph reports that a legal action
has been launched in an effort to terminate Belinda
International's Deed of Company Arrangement.

The report relates that the legal action was brought by former
Ralph Lauren boss Gordon Devin, who was the chief executive of
Belinda International for four years until 2009.

The action, according to the report, comes after the creditors at
a September 21 meeting rebuffed billionaire Andrew Roberts'
AUD2.35 million offer as too low and preferred an offer under the
Deed of Company Arrangement.

Under this deal, some creditors will get full repayment of what
they are owed and others will get 5 cents in the dollar, the
report notes.

According to The Daily Telegraph, the court was told that
Mr. Devin had teamed up with Mr. Roberts' company to help
Mr. Roberts buy Belinda International.  Mr. Roberts' company
agreed to pay Devin a AUD35,763 "success fee" if Mr. Roberts
bought Belinda within a year.

Citing a decision by the NSW Supreme Court on Tuesday, The Daily
Telegraph relates that the 45-year-old's family investment
company has been trying to buy the distressed fashion brand since
its administrators put it on the auction block on September 13.

The Daily Telegraph notes that lawyers for Belinda International
said Mr. Devin's legal challenge shouldn't be allowed to
continue. The Roberts offer would see the creditors get a higher
return, with those who were to get 5 cents getting 15 cents in
the dollar, the report adds.

Belinda International operated luxury boutique chain across
Sydney and Melbourne.  Belinda International and its eight
boutiques, including Belinda and The Corner Shop, were placed in
the hands of administrator Adam Farnsworth of Dean-Willcocks
Shepard on
Aug. 24, 2011.


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C H I N A
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CHINA CABLECOM: Restates 2010 Report to Deconsolidate "VIEs"
------------------------------------------------------------
China Cablecom Holdings, Ltd., filed on Oct. 31, 2011, Amendment
No. 1 to its annual report on Form 20-F for the fiscal year ended
Dec. 31, 2010, for the purpose of restating the financial
statements for 2010 and related disclosure to reflect the
deconsolidation of Hubei Chutien Video Communication Network Co.,
Ltd. and Binzhou Broadcasting and Television Information Network
Co., Ltd., following the transition guidance found in ASC 810-10-
65-2 regarding deconsolidation.

The Company reassessed the guidance on consolidation of variable
interest entities and determined that the Company was not the
primary beneficiary of certain variable interest entities that
has been consolidated previously.  As a result, the Company
determined to deconsolidate certain variable interest entities.

No other changes have been made to amendment, and the amendment
does not amend, update or change any other information in the
financial statements or any other items or disclosures in the
Original Filing.

The Company reported a net loss of US$14.4 million for 2010,
compared with a net loss of US$54.9 million for 2009.

Management fee income for the year ended Dec. 31, 2010, was
US$4.5 million, an increase of US$3.5 million from US$1.0 million
for the year ended Dec. 31, 2009.  Management fees were all
earned from Jinan Youxiantong Network Technology Co. Ltd.

Share of loss on operating joint ventures for the year ended
Dec. 31, 2010, were US$8.2 million, an increase of US$7.0 million
from US$1.2 million for the year ended Dec. 31, 2009.

The Company's balance sheet at Dec. 31, 2010, showed
US$70.4 million in total assets, US$40.1 million in total
liabilities, and stockholders' equity of US$30.3 million.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
significant losses during 2010 and 2009, and has relied on debt
and equity financings to fund their operations.

A copy of the Form 20-F/A is available for free at:

                       http://is.gd/ZIh3lU

Based in Jinan, in the PRC, China Cablecom Holdings, Ltd.
(NASDAQ:
CABL) -- http://www.chinacablecom.net/-- is a joint-venture
provider of cable television services in the PRC, operating in
partnership with a local state-owned enterprise authorized by the
PRC government to control the distribution of cable TV services.


QIAO XING UNIVERSAL: Gets Nasdaq Notification of Non-Compliance
---------------------------------------------------------------
Qiao Xing Universal Resources, Inc. received a letter from The
Nasdaq Global Market on Oct. 31, 2011 stating that for the
previous 30 consecutive business days, the bid price of the
Company's common stock closed below the minimum US$1.00 per share
requirement for continued inclusion on the Nasdaq Global Market
pursuant to Nasdaq Marketplace Rule 5450(a)(1).  The Nasdaq
letter has no immediate effect on the listing of the Company's
common stock.

In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), XING
has 180 calendar days from the date of the Nasdaq letter, or
until April 30, 2012, to regain compliance by maintaining a
closing bid price of at least US$1.00 per share for a minimum of
ten consecutive business days.  If at any time before April 30,
2012, the bid price of the Company's common stock closes at
US$1.00 per share or more for a minimum of ten consecutive
business days, Nasdaq will notify the Company that it has
achieved compliance with the Minimum Bid Price Rule.

If the Company does not regain compliance by April 30, 2012,
Nasdaq will provide written notification to the Company that the
Company's common stock is subject to delisting.  If the Company
receives notice that its common stock is being delisted from The
Nasdaq Global Market, Nasdaq rules permit the Company to appeal
any delisting determination by the Nasdaq staff to a Nasdaq
Hearings Panel.  Alternatively, Nasdaq may permit the Company to
transfer its common stock to The Nasdaq Capital Market if it
satisfies the requirements for initial inclusion set forth in
Marketplace Rule 5505, except for the bid price requirement. If
its application for transfer is approved, the Company would have
an additional 180 calendar days to comply with the Minimum Bid
Price Rule in order to remain on The Nasdaq Capital Market.

The Company intends to actively monitor the closing bid price of
its common stock between now and April 30, 2012 and will evaluate
available options to resolve the deficiency and regain compliance
with the Minimum Bid Price Rule.

                          About Qiao Xing

Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum mining industry with substantial assets in the
resources industry.  XING focuses on mining and processing rare
metal ores and several strategically important base-metal ores,
including molybdenum, copper lead and zinc.  XING currently owns
a 100% equity interest in Balinzuo Banner Xinyuan Mining Co.,
Ltd. and a 34.53% equity interest in Chifeng Aolunhua Mining Co.,
Ltd, as well as the right to receive 100% of the expected
economic residual returns from Chifeng Haozhou Mining Co., Ltd.


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


ALL LEGEND: Creditors' Proofs of Debt Due Nov. 18
-------------------------------------------------
Creditors of All Legend Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 18, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 25, 2011.

The company's liquidator is:

         Kong Chi Chow Johnson
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


ASIAN CONCORD: Members' Final General Meeting Set for Dec. 5
------------------------------------------------------------
Members of East-West Strategic Development Commission Limited
will hold their final general meeting on Dec. 5, 2011, at 3:00
p.m., at 20th Floor, Golden Centre, at No. 188 Des Voeux Road
Central, in Hong Kong.

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


BAOSHINN CORP: Year-End 2010 Financial Statements Revised
---------------------------------------------------------
Baoshinn Corporation filed on Nov. 1, 2011, an amended annual
report on Form 10-K/A for the fiscal year ended Dec. 31, 2010, to
correct the following error.

The Group had re-evaluated its accounting treatment for revenues
from retail and corporate travel services from previously issued
financial statements and concluded that these revenues are
recognized when the travel service provided by the Group is
completely delivered.  Cost and revenue is deferred when the
Group paid and received payment in advance of the completion of
delivery of travel services respectively as at the year end.  The
deferred cost and revenue had been offset with accounts payable
and receivables respectively in the previous years.  As there is
no right to offset the deferred cost and revenue with accounts
payable and receivables respectively, the Group revised the
previously issued financial statements as of and for the year
ended Dec. 31, 2009, to correct the classification corresponding
to its presentation.

The Company reported net income of US$25,754 on US$30.6 million
of
revenues for 2010, compared with net income of US$5,159 on
US$24.3 million of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed
US$4.3 million in total assets, US$3.5 million in total
liabilities, and stockholders' equity of US$829,433.

At Dec. 31, 2009, the Company's balance sheet showed
US$2.8 million in total assets, US$2.0 million in total
liabilities, and stockholders' equity of US$794,494.

Dominic K.F. Chan & Co, in Hong Kong, expressed substantial doubt
about Baoshinn Corporation and its subsidiaries' ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2010.  The independent auditors
noted that the Group has accumulated losses.

A complete text of the Form 10-K/A is available for free at:

                         http://is.gd/ZDGHb4

Based in Kowloon, Hong Kong, Baoshinn Corporation, through its
Hong Kong subsidiary, is a ticket consolidator of major
international airlines.  The Company provides travel services
such
as ticketing, hotel and accommodation arrangements, tour
packages,
incentive tours and group sightseeing.


BARCLAYS CAPITAL: Middleton and Lui Appointed as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Lui Yee Man on Oct. 28, 2011, were
appointed as liquidators of Barclays Capital Securities Asia
Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Lui Yee Man
         KPMG, 8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


ENGEL MACHINERY: Creditors' Proofs of Debt Due Dec. 5
-----------------------------------------------------
Creditors of Engel Machinery HK Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 5, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


GREEN POWER: Creditors' Meeting Set for Nov. 15
-----------------------------------------------
Creditors of Green Power Health Products International Co.
Limited will hold their meeting on Nov. 15, 2011, at 3:30 p.m.,
for the purposes provided for in Sections 241, 242, 243, 244 and
255A of the Companies Ordinance.

The meeting will be held at 3rd Floor, Alliance Building, at 130-
136 Connaught Road Central, in Hong Kong.


HUGE WAVE: Members' Final General Meeting Set for Dec. 8
--------------------------------------------------------
Members of Huge Wave Limited will hold their final general
meeting on Dec. 8, 2011, at 10:00 a.m., at 4304, 43/F, China
Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong.

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


KINCHENG (NOMINEES): Tsui Kei Pang Appointed as Liquidator
----------------------------------------------------------
Tsui Kei Pang on Oct. 31, 2011, was appointed as liquidator of
Kincheng (Nominees) Limited.

The liquidator may be reached at:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


LAM U: Members' Final General Meeting Set for Dec. 15
-----------------------------------------------------
Members of Lam U Po Chu Charitable Foundation Limited will hold
their final general meeting on Dec. 15, 2011, at 10:00 a.m., at
Rooms 903-908, 9/F, Kai Tak Commercial Building, at 317-319 Des
Voeux Road Central, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NETWORK BOX: Members' Final Meeting Set for Dec. 6
--------------------------------------------------
Members of Network Box Limited will hold their final meeting on
Dec. 6, 2011, at 10:00 a.m., at the offices of FTI Consulting
(Hong Kong) Limited, Level 22, The Center, at 99 Queen's Road
Central, in Hong Kong.

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


NEWAYS INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 18
-----------------------------------------------------------
Creditors of Neways International (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 18, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

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


PEP FUND: Members' Final General Meeting Set for Dec. 8
-------------------------------------------------------
Members of Pep Fund Asia-Pacific District Management office
(Hong Kong) Limited will hold their final general meeting on
Dec. 8, 2011, at 2:00 p.m., at Room 901, 9/F, Finance Building,
at 254 Des Voeux Road Central, in Hong Kong.

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


PRODUCERS ASSOCIATION: Members' Final Meeting Set for Dec. 5
------------------------------------------------------------
Members of Producers Association of Hong Kong Limited will hold
their final general meeting on Dec. 5, 2011, at 11:30 a.m., at
6th Floor, St. John's Building, at 33 Garden Road Central, in
Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


PROFIT ELITE: Au Tin Po Appointed as Liquidator
-----------------------------------------------
Au Tin Po on Oct. 28, 2011, was appointed as liquidator of Profit
Elite Limited.

The liquidator may be reached at:

         Au Tin Po
         Units B-C, 15th Floor
         Sun House
         90 Connaught Road Central
         Hong Kong


RIC COMPANY: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------
Creditors of Ric Company Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov.
21, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Lui Chi Kit
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


SANEJET COMPANY: Members' Final Meeting Set for Dec. 5
------------------------------------------------------
Members of Sanejet Company Limited will hold their final meeting
on Dec. 5, 2011, at 10:00 a.m., at 33rd Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

At the meeting, James Edward Hughes-Hallett and Chim Foong Heng,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


* HONGKONG: Likely Entered Recession in Third Quarter
-----------------------------------------------------
Bloomberg News reports that Daiwa Capital Markets Ltd. and
Australia & New Zealand Banking Group Ltd. said Hong Kong's
economy, a barometer of global growth, probably sank into
recession with a contraction in the third quarter.

Bloomberg relates that Kevin Lai, a Hong Kong-based economist at
Daiwa, said that gross domestic product shrank 1.5 percent from
the previous quarter, seasonally adjusted.  The report is due
Nov. 11.  Mr. Lai came closest in a Bloomberg News survey to
predicting the 0.5 percent contraction in the second quarter.

According to Bloomberg, Hong Kong's exports declined in September
for the first time in almost two years, and the benchmark Hang
Seng Index plunged 21 percent in the third quarter, the biggest
loss since 2001, as Europe's debt crisis roiled global markets.

Donald Tsang, the city's chief executive, warned Monday in New
York that there's a 50 percent chance of a world recession in the
coming year, Bloomberg relays.

"The economy is faltering on a rapidly deteriorating external
environment," the news agency quotes Raymond Yeung, an economist
at ANZ in Hong Kong, as saying.  Hong Kong is "the nerve center
of regional economic activities" and "any degeneration may signal
a global economic downturn," Mr. Yeung, as cited by Bloomberg,
said.

Analysts in a Bloomberg News survey are split on whether the
economy contracted in the latest quarter, meeting the technical
definition of a recession. Seven out of 15 forecast a gain in
GDP, seven predict a fall and one sees no change, Bloomberg adds.


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AERO CANS: CRISIL Rates INR200 Million LT Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term loan facility of Aero Cans India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Long-Term Loan    CRISIL B+/Stable (Assigned)

The rating reflects ACIPL's exposure to risks related to its
ongoing project -- mainly pertaining to implementation,
stabilization of operations, and offtake. This rating weakness is
partially offset by ACIPL's promoters' established industry
contacts and presence in complementary business of perfumes and
toiletries.

Outlook: Stable

CRISIL believes that ACIPL's business and financial risk profiles
will remain constrained over the medium term because of the risks
related to its ongoing project. The outlook may be revised to
'Positive' if ACIPL sets up its unit and scales up operations
within without any time or cost overrun. Conversely, the outlook
may be revised to 'Negative' if ACIPL faces any time or cost
overrun in its ongoing project, which would further constrain its
financial risk profile.

                          About Aero Cans

ACIPL was set up by Mr. Danesh Sayani and Mr. Yasin Sayani in
April 2011 to manufacture aerosol cans. The company is currently
setting up its manufacturing unit in Satara (Maharashtra), with a
proposed capacity of 100 million cans per annum. It would also
have two can filling lines with a combined capacity of 35 million
cans per annum. The project involves an outlay of about INR300
million and is being funded at a debt-to-equity of 2:1. The
upcoming unit is scheduled to commence production by June 2012.


AIR INDIA: Fuel Dues to Reach INR1,000cr; Faces Industrial Action
-----------------------------------------------------------------
The Economic Times reports that Airports Authority of India's
dues from Air India Ltd. are now inching to the INR1,000-crore
mark with the figure climbing to INR950 crore.

While being a sister public sector unit run by the same parent
aviation ministry, AAI can do nothing about AI, the report notes.

The Economic Times relates  that that the Maharaja's long unpaid
employees, however, are now seething with anger and the airline
may well be headed for a serious round of industrial action due
to the government's complete failure in undoing the damage its
controversial decisions caused to AI-IA combine earlier.

"For five months we have not been paid our allowances that
account for 80-85% of the total salary," the report quotes an
unnamed employee as saying.  "Frustrated employees could soon
resort to mass sick leave or some other action. Unpaid employees
are bearing the brunt of wrong decisions taken by UPA-1."

The report relates that a top airline official said employees
would be paid one month's salary and allowance by this weekend.
"We have to pay INR209 crore to oil companies by 4 pm on Tuesday.
After that we have about INR200 crore that would be paid as one
month's salary and allowance by this Friday or Saturday," the
official told the news agency.

"The government should now tell us if it can run the airline.
Else it must give us clearance to leave," the report quotes a
senior pilot as saying.

                           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.


ARYAN RESIDENCY: ICRA Assigns '[ICRA]D' Rating to INR10cr Loans
---------------------------------------------------------------
A long-term rating of '[ICRA]D' has been assigned to the INR10
crore bank facilities of Aryan Residency Limited.

The rating is constrained by the company's inability to meet the
interest obligations in a timely manner primarily owing to non-
observance of scheduled dates of payments. Further, the rating is
also inhibited by high project execution risk considering that
the project is in nascent stage at present; funding risk as more
than 70% of the committed promoters' contribution (including
unsecured loans from promoters) is yet to be infused; and small
moratorium which together with high borrowing cost adversely
affects the project's feasibility and coverage indicators.
Further, the rating is also constrained by the company's exposure
to exogenous factors such as political/land-related issues in
Noida/Greater Noida, which may hamper progress on the project.

Although ICRA notes company's strengths in the form of promoters'
experience in the construction and interior designing business,
healthy demand prospects for the project and low regulatory risk;
however, the strengths are offset by the above-mentioned areas of
concern.

In ICRA's view, the company's ability to get the balance equity
as scheduled; implement the project as per plans in a timely
manner, without any cost overruns; and ensure timely debt-
servicing through adhering to scheduled dates of payment, would
remain the key rating sensitivity.

Incorporated in 2008, Aryan Residency Limited (ARL) is setting up
a boys' hostel for students and working men in Knowledge Park-I,
Greater Noida (Uttar Pradesh). The company is majorly owned by
the Beg group, which has an established track record of
operations in the civil construction and interior designing
business through its flagship company N.S. Associates Private
Limited (NSAPL).

While the Beg family and associates hold 51% stake in ARL, 24%
stake is held by NSAPL and balance 25% stake is held by Mr.
Yogender Singh, the original allottee of the land parcel.


BAJRANG STEEL: ICRA Assigns '[ICRA]BB' Rating to INR16.9cr Limits
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR16.9 crore fund
based bank limits of Bajrang Steel Sales Corporation.  The
outlook on the long term rating is stable.

The rating takes into account the experience of the promoters in
the steel industry that has helped BSSC set up a strong dealer
network, and its long association with Tata Steel Limited, with
the distribution rights for some of TSL products for the entire
North East region of India. The rating however, takes note of the
nominal profits and cash accruals earned by the firm despite
higher sales posted over the years, low bargaining power against
TSL, and exposure to fluctuations in the steel prices as the firm
has to maintain adequate inventory levels to support the growing
scale of operations. The rating also factors in the exposure to
the cyclical nature of the steel industry and the risks inherent
in partnership firms, including the risk of capital withdrawal.

                        About Bajrang Steel

BSSC has been promoted by the North East based Lohia Group which
have interests in various businesses including steel, cement,
retail, real-estate and others. Incorporated in 1981, BSSC is an
authorized distributor of TATA Shaktee GC Sheet, Durashine and
TATA Wiron products for the entire North East region.

Recent Results:

During FY11, BSSC recorded a profit after tax (PAT) of INR0.66
crore on the back of an operating income (OI) of INR171.6 crore
as against a PAT and OI of INR0.28 crore and INR123.9 crore
respectively during FY10.


B. R. METALLICS: ICRA Assigns [ICRA]BB Rating to INR20cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR20 crore term
loans and INR25 crore fund-based bank limits of B. R. Metallics.
The outlook on the long term rating is 'Stable'.

The rating factors in the experience of the promoters in the
steel sector, low freight costs due to the proximity of a rolling
mill of K. D. Iron & Steel Company and the various incentives and
subsidies available under the North East Industrial and
Investment Promotion Policy (NEIIPP) 2007, which are likely to
support the profitability going forward. The rating takes into
the limited track record of the entity in running operations
across business cycles, high working capital intensity of the
operations that is likely to exert pressure on the liquidity
position of the firm and the exposure to the cyclical nature of
the steel industry, which is likely to keep the cash flows
volatile. BRM procures sponge iron, a key raw-material, from
Orissa and West-Bengal, and therefore has to keep adequate
inventory to ensure smooth operations, which increases its
working capital requirement in business. The rating also factors
in the risk associated with the entity's profile as a partnership
firm, including the risk of capital withdrawal by the partners.

                        About B.R. Metallics

B.R. Metallics is a part of the North East based K. D. Group,
whose promoters have interest in various businesses including
steel, cement, retail, real-estate and others. Incorporated in
April 1, 2008, BRM has been engaged in the manufacturing of
billets with an installed capacity of 84,000 tpa at Guwahati,
Assam. The commercial operations commenced from February, 2011.

Recent Results:

In FY11, the company reported a net loss of INR3.76 crore
(provisional) on the back of an operating income of INR6.03 crore
(provisional).


B P ALLOYS: ICRA Assigns '[ICRA]BB-' Rating to INR5cr Bank Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR5.00 crores fund-
based bank facilities and INR2.50 crore term loans of B P Alloys
Limited.  The outlook on the long term rating is Stable. ICRA has
also assigned short term rating of '[ICRA]A4' rating to the
INR10.0 crores non fund based limits of BP.

The rating of the company are constrained by BP's modest scale of
operations is modest resulting in inadequate economies of scale
which coupled with intense competitive pressures have resulted in
moderate operating margins, modest internal accruals and weak
debt coverage indicators. Further BP's revenues are largely
concentrated towards the commercial vehicle industry. However the
ratings are supported by long standing track record of promoters
in the metal industry, BP's established relationship with large
auto component manufacturers like Toyo Springs Limited,
favourable demand outlook for the steel industry driven by
increased demand from infrastructure, automobile, manufacturing
sectors, indicates robust business potential for the firm.

The company's manufacturing facility is located in Ludhiana with
an installed capacity of 15000 MT of steel ingots and 22500 MT
for MS alloy Flats. Initially, BP had manufacturing facilities
for ingots only.  In 1996, company installed rolling mill and
started rolling rounds and flats of carbon steel, low alloy
steel, special steel and spring steel. Spring Steel Flats are
sold under the brand name BP, a registered trade mark of the
company. Moreover, BP is an approved supplier by Association of
State Road Transport Undertaking (ASRTU). Majority of the
company's sales are through MS Flats as profitability margins are
higher in MS Flats, it being a higher value added product.

                          About B P Alloys

Established in the year 1987, B P Alloys Limited is a closely
held public limited company, engaged in the manufacturing of mild
steel flats and ingots. The company is primarily managed by Mr.
Baldev Prasad Gupta. The promoters have more than 3 decades of
experience in the steel industry. The company's rolling mill is
located in Ludhiana and the company has an induction furnace with
a capacity of 5 M.T and has an installed capacity of 15000 MT of
steel ingot and 22500 MT for MS Flats.

The ingots are heated in the furnace and subsequently subject to
repeated rolling in the rolling mill to obtain the desired length
and thickness. The ingots capacity provides backward integration
benefits to the company.


GOLDEN SUN: ICRA Assigns '[ICRA]D' Rating to INR1.46cr Term Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR1.46
crore term loan facilities and the INR12.00 crore fund based
facilities of Golden Sun Industries.  ICRA has also assigned
short-term rating of '[ICRA]D' to the INR6.00 crore fund based
facilities and the INR0.75 crore non-fund based facilities of
GSI.

The ratings reflect delays in debt servicing by the entity. The
entity operates in an intensely competitive environment, limiting
pricing flexibility and leading to thin margins. The growth
prospects in the business are constrained by the weak macro-
economic conditions prevailing in the markets of the United
States and Europe. The promoters have an experience of about two
decades in the weaving industry.

                         About Golden Sun

Established in 1997, Golden Sun Industries is a sole-
proprietorship entity, owned by Mrs. M. Padmini. The entity is
primarily engaged in the manufacture of woven fabric for deemed
exports, apart from making ready-made garments for exports (which
contributes less than 10 per cent to revenues). The entity's
manufacturing facilities are located in Erode (Tamil Nadu). The
entity has two wind mills of 750 KW capacities each in Andiyur
(Tamil Nadu), which were commissioned in 2005.

Recent Results:

GSI reported net profit of INR1.2 crore on operating income of
INR85.5 crore during 2010-11 (according to unaudited results),
against net profit of INR1.0 crore on operating income of INR67.3
crore during 2009-10.


KINGFISHER AIRLINES: INR15-crore Cheque Issued for AAI Bounces
--------------------------------------------------------------
The Economic Times reports a INR15-crore cheque issued last week
by Kingfisher to Airports Authority of India (AAI) bounced
following which the state-run airport operator put the airline
back on daily cash-and-carry.

Since this move threatened to completely disrupt Kingfisher's
schedule that is already feeling the heat with pilots quitting,
AAI started accepting some part payment but has called airline
top brass to make its stand clear on the over INR200 crore dues
now, the Economic Times says.

                        Flight Cancellation

Meanwhile, The Times of India report that Kingfisher Airlines on
Monday cancelled 12 flights from Delhi and several more from
across the country reportedly due to a shortage of cabin crew and
pilots.  The airline is also facing severe fuel problems due to
non-payment of dues.

The Times of India says that October witnessed major rescheduling
and cancellations of Kingfisher flights due to grounded aircraft
but airline sources said the situation was set to improve towards
the end of the month.  However, having defaulted on its payments
to several agencies, the airline appears to be heading towards a
bigger disaster.

"The airline has defaulted in payments to several agencies
including the Airports Authority of India and several fuel
companies.  In the last few days they have had to ground many
aircraft due to non-availability of fuel. The situation has been
worsening daily as on Sunday they had just four cancellations
compared to Monday's 12," the Times of India quotes unnamed
sources as saying.

Airport sources also confirmed that the airline is witnessing a
massive attrition rate with several cabin crew members and pilots
failing to report for duty during the last few days, the Times of
India reports.

                     About Kingfisher Airlines

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

                          *     *     *

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

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


LAKSHMI MILLS: Delays in Debt Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Lakshmi Mills
Company Ltd continue to reflect delays by LMC in servicing its
debt; the delays have been caused by the company's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR78.00 Million Cash Credit      CRISIL D (Reaffirmed)
   INR148.00 Million Working         CRISIL D (Reaffirmed)
     Capital Demand Loan
   INR699.50 Million LT Loan         CRISIL D (Reaffirmed)
   INR100.00 Million Proposed ST     CRISIL D (Reaffirmed)
     Bank Loan Facility
   INR14.00 Million Packing Credit   CRISIL D (Reaffirmed)
   INR20.00 Million Bills Purchase   CRISIL D (Reaffirmed)
     Discounting Facility
   INR246.50 Mil. Letter of Credit   CRISIL D (Reaffirmed)
   INR56.00 Million Bank Guarantee   CRISIL D (Reaffirmed)

LMC has a weak financial risk profile, marked by high gearing and
weak debt protection metrics, and its operating margin is
susceptible to volatility in raw material prices. LMC, however,
benefits from its established market position in the yarn
segment.

Update
LMC reported, on provisional basis, a 28 per cent growth in
operating income in 2010-11 (refers to financial year, April 1 to
March 31), mainly driven by improved realization. LMC has around
20 acres of land, which it plans to utilize for real estate
development. The company is in the process of obtaining required
clearances to convert the property usage from industrial to
commercial and other approvals which is expected to take more
than a year. The exact scope of the real estate project and
funding options are yet to be decided. LMC's gearing remained
high at 3.28 times as on March 31, 2011, and the company's debt
protection metrics remained below average, with interest coverage
and net cash accruals to total debt ratios of 1.90 and 0.12
times, respectively, for 2010-11. Its liquidity remained
constrained by large working capital requirements, as reflected
in its high bank line utilization, leaving no scope for timely
recovery of the term loan obligation.

LMC reported a profit after tax (PAT) of INR53.4 million on net
sales of INR1.71 billion for 2010-11, against a net loss of
INR14.4 million on net sales of INR1.3 billion for 2009-10.

                         About Lakshmi Mills

The Lakshmi Mills Company Ltd, based in Coimbatore (Tamil Nadu),
was set up in 1910. The company has manufacturing units at
Palladam and Kovilpatti (both in Tamil Nadu). LMC is primarily a
spinning company, with a capacity of 130,000 spindles; it
produces cotton and polyester-blended yarn. A small portion of
the company's revenues is from sales of ready-made garments under
its own brand name, Tyche, with outlets in Chennai (Tamil Nadu),
Coimbatore, and Kovilpatti. LMC has also shifted its
manufacturing from its unit in Coimbatore to other units, and it
has plans to use the land in Coimbatore for real estate
development; in 2009-10, the land was converted to develop the
proposed property. The land cost of INR1.06 billion was
capitalized and included in the inventory.


MAHATMA SUGAR: CRISIL Puts 'CRISIL B+' Rating on INR910.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mahatma Sugar & Power Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR332.2 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR910.5 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR10.0 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect MSPL's below-average financial risk profile,
marked by a moderate capital structure and below-average debt
protection metrics and presence in the highly regulated sugar
industry. These rating weaknesses are partially offset by MSPL's
minimum exposure to low funding and offtake risks for its ongoing
project and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that MSPL's credit risk profile will remain
constraint on account of the start-up nature of its operations
and the large debt-funded capital expenditure (capex) that it is
currently undertaking. The outlook may be revised to 'Positive'
if the company complete its project on time without any cost
overrun and successfully stabilizes operations. Conversely, the
outlook may be revised to 'Negative' if there is cost or time
overrun in the project or in case of delay in stabilization of
new capacities.

                         About Mahatma Sugar

Mahatma Sugar & Power Ltd was incorporated in 2004 as Cheerful
Alternative Fuel Systems Pvt Ltd. The company got its current
name in 2009 when it acquired Mahatma Sahakari Sakhar Karkhana
Ltd (MSSKL), a sick sugar mill in Nagpur. MSSKL had an existing
capacity of 1250 tonnes crushed per day (tcd), which MSPL is in
the process of expanding to 2500 tcd under a INR1.1-billion capex
plan. The plan also entails setting up a 15 megawatt bagasse-
based cogeneration power plant. MSPL proposes to complete the
above project by October-November 2012.

MSPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR98 million for 2010-11 (refers to financial year,
April 1 to March 31). 2010-11 was the first year of operation for
the company.


MANN RESIDENCY: CRISIL Assigns 'CRISIL D' Rating to INR367MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Mann Residency Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR367 Million Term Loan        CRISIL D (Assigned)
   INR20 Million Bank Guarantee    CRISIL D (Assigned)

The ratings reflect instances of delay by Mann in servicing its
debt; the delays have been caused by the company's weak liquidity
due to short term cash flow mismatches.

Mann also has a weak financial risk profile, marked by a high
gearing, weak debt protection metrics and small net worth,
limited track record in the hospitality industry, and exposure to
cyclicality in the hotel industry. These rating weaknesses are
partially offset by the locational advantage of Mann's hotel.

                        About Mann Residency

Mann was incorporated in 2007 by Mr. Joginder Singh Mann and his
family members. The company is building a four-star hotel in
Gurgaon (Haryana). The construction is already completed and the
hotel is expected to be operational by November 2011. The total
cost of constructing the hotel was estimated to be INR567.3
million, funded through term loans of INR367 million and the
balance through promoter's contribution.


PCH TELECOM: CRISIL Reaffirms CRISIL BB Rating on INR370MM Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL BB/Stable/CRISIL A4+' ratings
on the bank facilities of PCH Telecom (India) Private Limited.

   Facilities                       Ratings
   ----------                       -------
   INR370 Million Cash Credit       CRISIL BB/Stable (Reaffirmed)
   (Enhanced from INR299.9 Million)

   INR130 Million Proposed Cash     CRISIL BB/Stable (Reaffirmed)
   Credit Limit

   INR20 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

   INR30 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

The ratings continue to reflect PCHTPL's promoters' extensive
industry experience in distribution and retailing of electronic
products and healthy growth prospects of the Indian mobile phone
industry over the medium term. These rating strengths are
partially offset by the susceptibility to intense competition in
the mobile handset market, large working capital requirements,
and short track record of operations.

Outlook: Stable

CRISIL believes that the extensive industry experience and
established track record of PCHTPL's promoters in distribution
and retailing of various products will help the company establish
its market position and rapidly scale up its operations. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected revenues and profitability on a sustainable
basis coupled with comfortable working capital management
resulting in improved financial profile. Conversely, the outlook
may be revised to 'Negative' if PCHTPL's revenue growth and cash
accruals are lower than expected, or the company undertakes any
significant debt-funded capital expenditure programme, weakening
its financial risk profile.

                          About PCH Telecom

Promoted by Mr. Balvinder Singh and his wife Mrs. Baljit Kaur in
2010, PCHTPL is a distributor of G'Five mobile phones in Andhra
Pradesh (A.P), Orissa, Bihar, and Jharkhand, and Spice mobile
phones in A.P and Tamil Nadu (T.N).  PCHTPL is the exclusive
distributor of G'Five in the above-mentioned states. In addition
to G'Five and Spice, company is also a distributor of Apple i-
phones. The company started its commercial operations in January
2011. It has a network of around 150 distributors located in its
region of operations for its sales.

PCHTPL reported a profit after tax (PAT) of INR16.5 million on
net sales of INR881 million for 2010-11 (refers to financial
year, April 1 to March 31).


PERFECT RETREADS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the bank
facilities of Perfect Retreads Private Limited at '[ICRA]BB+' for
INR12.0 crore cash credit facilities. The outlook on long term
rating is stable.

The rating continues to reflect the longstanding experience of
promoters in the dealership business and the diversified revenue
mix across two wheelers, passenger vehicles and commercial
vehicle dealership, each from different OEM. ICRA also draws
comfort from the PRPL's strong credential as the sole commercial
vehicle dealer of TATA Motors Limited in the six districts of
Saurashtra and amongst leading dealers of Maruti Suzuki India
Limited passenger vehicles and Hero Motocorp Limited motorcycles
in Saurashtra region. The ratings are however constrained by
PRPL's thin operating margins and high working capital intensity
both of which are inherent to the automotive dealership business
and stretched capital structure of the company. PRPL's capital
structure is stretched with high gearing (1.60 times, FY11); with
most of the debt (-90%, FY11) being related to working capital
borrowing.

                        About Perfect Retreads

Perfect Retreads Private Limited was started as a tyre retreading
company in 1988 by its main promoter Mr. Suryakant Patel. The
company then ventured into the auto services business by
launching the first computerized wheel alignment and wheel
balancing services for cars and LCVs in the Saurashtra region. In
1995, PRPL entered into the dealership of passenger vehicles of
Maruti Suzuki India Limited (MSIL, erstwhile Maruti Udyog
Limited) in Rajkot. Since then the company has expanded its
presence and started dealership of Hero Motocorp Limited in
September 2000, followed by dealership of commercial vehicles
(CVs) of Tata motors Limited (TML) in August 2003. PRPL is the
sole dealer of TML's CV in six out of seven districts (barring
Jamnagar) of Saurashtra region.

PRPL has well diversified presence across Saurashtra region with
owned showrooms at Rajkot, Junagadh, Verawal and Morvi and the
company is the largest dealer of TML's CV and second largest
dealer of MSIL passenger vehicles in Saurashtra region, as per
the management.

Recent Result:

In FY11, PRPL has reported net profit of INR1.61 crore on an
operating income of INR466.18 crore.


PREMIER ALLOYS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premier Alloys Ltd,
part of the Premier group, continue to reflect the Premier
group's strong track record in the steel industry.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Mil. Cash Credit Limit   CRISIL BB/Stable (Reaffirmed)
   INR13.5 Million Term Loan        CRISIL BB/Stable (Reaffirmed)
   INR15.0 Million Letter of Credit CRISIL A4+ (Reaffirmed)
   & Bank Guarantee

These rating strengths are partially offset by the Premier
group's average financial risk profile, marked by average
gearing, debt protection metrics, and net worth, and exposure to
intense competition in the thermo-mechanically treated (TMT)
steel bars segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PAL, Premier Ispat Ltd, Premier Bars
Ltd (PBL), and Premier Metcast Pvt Ltd, collectively referred to
herein as the Premier group. This is because these entities have
the same promoters, a common management and marketing network,
and operate in similar lines of business. The entities also
engage in intra-group transactions. However, PIL, PAL, PBL, and
PMPL have no cross holdings and unsecured loans.

Outlook: Stable

CRISIL believes that the Premier group will continue to benefit
over the medium term from its established track record in the
steel industry. However, the group's financial risk profile is
expected to remain average, because of a low margin leading to
average debt protection metrics. The outlook may be revised to
'Positive' if the Premier group's financial risk profile improves
substantially, with considerable improvement in the group's
margin and gearing. Conversely, the outlook may be revised to
'Negative', in case of reduction in margin, or if the group's
financial risk profile deteriorates because of any large, debt-
funded capex or acquisition.

Update
After a decline in the Premier group's operating revenues in
2009-10 (refers to financial year, April 1 to March 31), the
operating revenues grew at about 15 per cent in 2009-11. The
group's operating revenues increased to about INR3.2 billion in
2010-11 from about INR2.7 billion in 2009-10. The main reasons
for decline in the Premier group's operating revenues in 2009-10
have been erratic power availability in the Kanpur (Uttar
Pradesh) region and fall in the realizations of TMT bars.
However, in spite of a fall in the Premier group's operating
revenues, the group's net cash accruals have been marginally
better than the previous year because of the improvement in
operating margin. The Premier group's operating margin has
improved over the past three years to about 3.3 per cent in 2010-
11 from about 1.7 per cent in 2008-09. The Premier group's
gearing also reduced, following fresh equity infusion of about
INR125 million by the group's promoters over the past three
years. The Premier group's gearing has improved to 1.34 times in
2010-11 from 2.47 times in 2007-08. The group has expended a
capital of about INR120 million in 2010-11 for its routine
capital expenditure (capex) requirements and for expanding its
installed capacities to 98,000 tonnes per annum (tpa) from 62,500
tpa in PIL and to 96,000 tonnes from 72,500 tonnes in PBL. The
group's overall gearing is expected to increase over the near to
medium term, backed by incremental working capital requirements
to operate the increased capacities and by additional term loans
contracted to further expand the capacities. The Premier group's
gearing is expected to remain in the range of 1.3 to 1.8 times
over the near to medium term.

PAL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR884.8 million for 2010-11, against a PAT of INR 3.3
million on net sales of INR745 million for 2009-10.

                           About the Group

Incorporated in 1995 as a private limited company by the Kanpur-
based Jain family, PAL was reconstituted as a closely held public
limited company in 1999. PAL manufactures TMT bars and sells it
under its Premier brand in Uttar Pradesh. Its plant in Fatehpur
(Uttar Pradesh) has capacity of 42,500 tpa.

PIL and PBL were incorporated in 2000 and 2004, respectively, and
manufacture TMT bars for sale under the Premier brand; the
companies have plants in Kanpur and Jaipur (Rajasthan),
respectively. PMPL, incorporated in 2005, manufactures mild steel
ingots at its plant in Kanpur. PIL, PBL, and PMPL have capacities
of 62,500 tpa, 72,500 tpa, and 49,200 tpa, respectively.


ROOP RAM: CRISIL Assigns 'CRISIL D' Rating to INR187MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Roop Ram Educare Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR187 Million Term Loan        CRISIL D (Assigned)

The rating reflects instances of delay by RREPL in servicing its
debt; the delays have been caused by the company's short term
cash flow mismatches.

RREPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, limited track record of
operations, exposure to intense competition from established
schools in surrounding areas, and vulnerability to regulatory
risks associated with educational institutions. These rating
weaknesses are partially offset by the extensive industry
experience of RREPL's promoters and the healthy demand prospects
for the educational industry.

                         About Roop Ram

Roop Ram Educare Pvt Ltd. was started in 2007 by Mr. Anand Singh
Mann and his family members. The company operates a co-
educational school, Lancers International School, in Gurgaon
(Haryana). The school follows the International Baccalaureate and
University of Cambridge International Examinations syllabus and
has classes from pre-primary (lower kindergarten and upper
kindergarten) to standard 12 (primary, lower secondary, and
higher secondary levels).

RREPL reported a net loss of INR8.3 million on operating income
of INR76.0 million for 2010-11 (refers to financial year, April 1
to March 31), as against a net loss of INR11.2 million on
operating income of INR56.1 million for 2009-10.


SUBAYA CONSTRUCTIONS: ICRA Rates INR11.1cr Loan at '[ICRA]BB-'
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR11.13 crore term loans and fund based working capital
facilities of Subaya Constructions Company Limited.  The outlook
on the rating is Stable. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR23.00 crore non-fund based bank
limits of SCCL.

The ratings factor in SCCL's modest scale of operations and its
concentration in sewerage and water treatment infrastructure
development and maintenance segment within Tamil Nadu state. The
ratings also factor in the elevated competitive intensity SCCL is
exposed to in this segment given the low entry barriers and
limited complexity of the projects in this segment. Further, the
ratings take into account SCCL's profitability being susceptible
to adverse variations in input prices given the fixed / semi-
fixed nature of contract pricing, as well as the stretched cash
flow position owing to long working capital cycle characterized
by delays in payments from its clients. Nevertheless, the ratings
take into consideration the longstanding experience of the
promoter in the water and sewerage segment, the established
execution capability of the company in this segment as well as
the healthy orderbook position that provides revenue visibility
in the near term.

Subaya Constructions Company Limited was promoted in 2001 by Mr.
E Subaya and his associates. Since its inception, SCCL has been
engaged in executing contracts involving construction of under-
ground drains and sewerage lines primarily for municipal bodies
in and around Chennai. In the recent years, it has also
diversified into construction of sewerage treatment plants. SCCL
is a closely held company wherein the promoters and their
associates have the entire shareholding.


TORQUE AUTOMOTIVE: ICRA Reaffirms 'BB+' Rating on INR38cr Loan
--------------------------------------------------------------
ICRA has reaffirmed a rating of '[ICRA]BB+' to the INR38.0 crore
fund-based limits (enhanced from INR28.0 crore) and INR7.0 crores
term loans of Torque Automotive Private Limited. The outlook on
the rating is 'stable'.   ICRA has also reaffirmed a rating of
'[ICRA]A4+' to the INR20.0 crores (enhanced from INR9.0 crore)
non fund based bank facilities of TAPL.

The ratings continue to be supported by in the established track
record of TAPL's promoters in the automobile industry, its
established position in Gujarat, being the sole authorised dealer
of Skoda Auto India Limited (Skoda Auto) in the State. The
ratings are however constrained by stable but low profitability
indicators for TAPL as margins on vehicles, spares, service and
accessories are controlled by Skoda Auto, susceptibility of
revenues to lower growth/ slowdown in the passenger car market
And limited financial flexibility as is evident from high
gearing, moderate debt protection indicators and stretched cash
flow position. Moreover the company has a limited operational
track record of only three years and entry of new dealerships can
lead to pressure on margins.

                      About Torque Automotive

Torque Automotive Private Limited was promoted by Mr. Kurin Amin
and Mr. Zankar Solanki in 2007. TAPL is the authorized dealer of
Skoda Auto India Limited in the state of Gujarat and is engaged
in the sale of new cars, servicing of vehicles and sale of spare
parts. Till FY 2008-09, the promoters of TAPL operated 3 auto
dealerships across Gujarat through TAPL in Ahmedabad, Blitz Auto
Private Limited in Surat and Autogem Private Limited in Baroda.
These three companies were the only authorized dealerships of
Skoda in state of Gujarat. However in FY 2008-09 the promoters
decided to withdraw the Skoda dealership from the other two
companies. Presently TAPL is the only authorised dealership of
Skoda for the entire state of Gujarat. The company has 11
showrooms/workshops located across Gujarat in Baroda, Surat,
Mehsana, Vapi, Rajkot, Ahmedabad, Bhavnagar, Anand and
Gandhidham.

Torque Automotive Private Limited (TAPL) was established in 2007.
TAPL is the authorized dealer of Skoda Auto India Limited in the
state of Gujarat engaged in the sale of new cars, servicing of
vehicles and sale of spare parts. Presently TAPL is the only
authorised dealership of Skoda for the entire state of Gujarat.
The company has 11 showrooms/workshops located across the state
of Gujarat.

Recent Results

For FY 2011, TAPL reported Operating Income of INR218 crore and
Profit after Tax of INR1.78 crore. as against an operating income
of INR150 crores and PAT of INR1.55 crores during FY 2009-10.


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


OLYMPUS CORP: 3 Firm Executives Hid Losses With Acquisition Fees
----------------------------------------------------------------
Mariko Yasu and Naoko Fujimura at Bloomberg News report that
Olympus Corp. said three executives helped conceal decades of
losses by paying inflated fees to takeover advisers, the first
admission of wrongdoing since accusations from its former chief
executive officer engulfed the Japanese camera maker in scandal
four weeks ago.

Bloomberg relates that Olympus President Shuichi Takayama said in
a press conference in Tokyo on Tuesday that former Chairman
Tsuyoshi Kikukawa was involved in hiding losses at the company.
Executive Vice President Hisashi Mori, who was fired Tuesday, and
auditor Hideo Yamada were also involved, Mr. Takayama said.  The
company may take legal action against all three, he said.

According to Bloomberg, Olympus shares plunged by the daily limit
and pulled other Japanese equities lower on broader concerns
about accounting practices in the country, as Olympus made an
about-face after weeks of denying any wrongdoing in the 2008
acquisition of Gyrus Group Plc and payments for three other
takeovers.

Bloomberg notes that Olympus released a statement on Tuesday
saying an independent investigation found advisory fees, takeover
payments and writedowns were used to hide soured investments from
the 1990s.

The Tokyo Stock Exchange said it's considering moving the shares
in the world's biggest maker of endoscopes to a watchlist for
possible delisting following Tuesday's revelations.  Japan's
Securities and Exchange Surveillance Commission is investigating
Olympus, a person with knowledge of the situation told Bloomberg.

"It's a repeat of WorldCom and Enron," said Ichiro Yamada,
manager of equities at Fukoku Mutual Life Insurance Co. "This
scandal has revealed a lack of transparency in Japan's
accounting, which is dragging down the whole market."

The Wall Street Journal relates that the revelations come after
weeks of pressure on Olympus executives from investors,
regulators and the company's former chief executive, Michael
Woodford, who was ousted last month after raising concerns over
the deals.  The Journal says Olympus last week appointed an
outside panel to look into the deals, which discovered an
arrangement whereby the company had covered up losses on
investments dating back to the 1990s, Olympus said.

The Journal states that the company had then "cleared up" the
paper losses on those investments, effectively writing them off,
by funneling money through funds used to conduct the controversial
deals.  Olympus, as cited by The Journal, said those deals
include the acquisition of U.K. medical-technology firm Gyrus
Group PLC and expensive purchases of three small Japanese firms.

Based in Japan, Olympus Corporation (TYO:7733) mainly
manufactures and sells medical products, life and industrial
products, imaging products, information communication products
and other products.  As of March 31, 2011, the Company has 188
subsidiaries and 11 associated companies.


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


SK GROUP: South Korean Prosecutors Probing Group's Chairman
-----------------------------------------------------------
The Wall Street Journal reports that SK Group said prosecutors
unexpectedly visited SK Group's headquarters as part of an
investigation into allegations the group's chairman
misappropriated company funds to make futures investments that
resulted in losses.

The Journal relates that the group denied the allegations and
said it will cooperate with prosecutors in the probe.

SK Group Chairman Chey Tae-won had lost some KRW100 billion
(US$90 million) on his futures investment, according to Reuters.

Reuters recalls that Mr. Chey told reporters in April that the
investments were a private matter.

In 2003, Reuters recalls, Mr. Chey was found guilty of
orchestrating a $1.2 billion accounting fraud at SK Networks Co
Ltd, the group's trading arm.  He later received a suspended jail
term.

SK Group is South Korea's third-largest conglomerate.  Its major
group companies include SK Telecom and SK Innovation.


===============
M A L A Y S I A
===============


AMBANK (M) BERHAD: Moody's Affirms D Bank Finc'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed these ratings of AmBank
(M) Berhad: D bank financial strength rating ("BFSR"), which maps
to a Ba2 baseline credit assessment ("BCA"); and Baa2/P-3 foreign
currency long-term/short-term deposit ratings.

At the same time, Moody's revised the outlook on AmBank's D BFSR
to positive from stable.

The outlook on AmBank's deposit ratings remains stable.

Ratings Rationale

The revision in the outlook on AmBank's BFSR reflects the
improvements in the bank's credit profile brought about by
management efforts to enhance the bank's risk profile. In
particular, the bank's asset quality and liquidity have showed
consistent improvements over the past four years.

"The positive outlook reflects our expectation that AmBank's
credit profile will continue to improve in the medium term. At
the same time, it takes into consideration the challenges AmBank
faces in further improving its deposit mix, net interest margins
and asset quality significantly in the competitive domestic bank
environment as well as in the context of the renewed volatility
in the global economy," said Simon Chen, a Moody's analyst.

AmBank's foreign currency long-term deposit rating of Baa2 is
supported by (1) the bank's Ba2 BCA and (2) Moody's assessment of
a very high probability of systemic support when required.

This assessment is predicated on AmBank's entrenched and stable
market position that underpins Moody's view of its systemic
significance to the Malaysian banking sector.

The bank has consciously reduced its concentration in auto
financing and increased its lending to small and medium
enterprises and large corporations. At end-June 2011, auto loans
comprised 28% of its loan portfolio, down from 42% at end-March
2009.

At the same time, the bank also realigned its consumer lending
strategy to focus on consumers with better credit quality. The
rebalancing of its loan portfolio, aided by enhanced risk
management capabilities allowed AmBank to improve the overall
credit quality of its loan portfolio and maintain its risk-
adjusted profits.

Plans to expand its wealth management, transaction banking,
foreign exchange and derivatives businesses, leverage on ANZ's
international connectivity and to intensify cross-selling efforts
in the near term will provide support to the bank's profits and
deposits.

Stabilizing new impaired loan formation over the last four years
and high impaired loan coverage ratios have led to the
improvements in the bank's asset quality. However, its impaired
loans ratio (3.3% at end-June 2011) still remains somewhat higher
than its major domestic peers.

The bank's improved risk management practices and continuous
portfolio rebalancing efforts, coupled with the benign outlook on
domestic interest rates should support its asset quality and loan
recovery from any potential weakening in the credit environment.

AmBank has made noticeable improvements to achieve greater
funding stability and diversity. The loans-to-deposits ratio
improved slightly to 101% at end-June 2011, from 106% at end-
March 2010, but still remains above the Malaysian banking system
average of 79%. Short-term funding, including interbank deposit
funding which is potentially more volatile source of funds,
constituted 8% of total funding. This is lower than the 13% level
prior to March 2009.

Of its total non-bank customer deposits at end-June 2011, only
12% is made up of cheaper current or savings account (CASA)
deposits. AmBank's CASA growth has been above industry level over
the past four years. The bank's continuing efforts to prioritize
low-cost customer deposit gathering over lending will help to
alleviate funding pressures if developed in the future.

As at end June 2011, AmBank's profitability remained sound. Its
net income was 2.1% of average risk-weighted assets, in line with
the Malaysian peer median.

Its capital levels have moderated over the last year largely due
to business growth. As at end June 2011, the Tier 1 capital ratio
was 9.1%, down from 9.8% at end March 2011 and 9.6% at end June
2010. This excludes the recognition of the bank's 1QFY2012
profits of RM328 million. Moreover, excluding hybrid instruments,
the core Tier 1 ratio was 6.8% at end-June 2011, down from 7.3%
at end-March 2011 and 7.2% at end-June 2010.

The following factors could result in upward pressure on AmBank's
BFSR and/or BCA: (1) significant growth in the bank's domestic
market position and regional operations, to improve stability and
diversification of its income streams; (2) significant reduction
in borrower and industry concentrations; (3) impaired loans kept
below 3% of gross loans and below 20% of shareholder's equity and
loan loss reserves; (4) continued maintenance of risk-adjusted
profitability -- measured by net income as a percentage of
average risk-weighted assets -- of above 2%; and (5) continued
maintenance of an adequate capital buffer against credit losses
with Tier 1 capital ratio above 10%.

Similarly, upward pressure on the bank's foreign currency deposit
rating could result from (1) an upgrade in its BFSR and BCA;
and/or (2) an assessed increase in systemic support for the bank.

Conversely, the following factors could result in downward
pressure on AmBank's BFSR and/or BCA: (1) aggressive organic
expansion or acquisitions, resulting in significant increases in
its risk profile; (2) keen price competition, resulting in net
income falling below 1.5% of average risk-weighted assets; (3)
significant weakening in its operating environment or poorer
underwriting practices, resulting in the impaired loans ratio
rising back above 4%; and (4) a decline in the Tier 1 ratio below
8%.

Similarly, downward pressure on the bank's foreign currency
deposit rating could result from (1) a downgrade in its BFSR and
BCA; and/or (2) an assessed fall in the systemic support for the
bank.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Kuala Lumpur, Malaysia, AmBank (M) Berhad
reported total assets of RM84.2 billion (USD27.7 million) as at
June 30, 2011.


RHB BANK: Moody's Affirms 'D' Bank Finc'l. Strength Rating
----------------------------------------------------------
Moody's Investors Service has affirmed these ratings of RHB Bank
Berhad's ("RHB").

  (i) D bank financial strength rating ("BFSR") which maps to a
      Ba2 baseline credit assessment ("BCA") with a positive
      outlook;

(ii) A3/P-1 foreign currency long-term/short-term deposit rating
      with a stable outlook; and

(iii) (P)A3/(P)P-1 foreign currency senior unsecured EMTN
      programme rating with a stable outlook.

Ratings Rationale

The positive outlook on RHB's BFSR reflects Moody's expectation
that RHB's credit profile will continue to improve in the medium
term. At the same time, it takes into consideration the
challenges RHB faces in further improving its deposit mix, net
interest margins and asset quality significantly in the
competitive domestic bank environment as well as in the context
of the renewed volatility in the global economy.

"The maintenance of a positive outlook on RHB's BFSR reflects the
gradual improvements in the bank's financial profile, but still
relatively weak asset quality and liquidity. It also reflects the
consistent communication and execution of the bank's strategic
plans, and the improved competitiveness of the bank," says Simon
Chen, a Moody's analyst.

RHB's A3 foreign currency long-term deposit rating is supported
by (1) the bank's Ba2 BCA, and (2) Moody's assessment of the very
high probability of systemic support in the event of need.

This assessment is predicated on RHB's entrenched and stable
market position that underpins Moody's view of its systemic
significance in the Malaysian banking sector, and its 45%
indirect ownership by the Malaysian government.

The bank has been able to maintain its domestic market position
by leveraging on strategic partnerships and increasing its
distribution network in Malaysia. The realignment of its business
lines with strategic business units for business banking,
transaction banking and treasury has sharpened its focus on its
targeted customer segments. The improved revenues from these new
units would serve well to augment RHB's stable and growing retail
and corporate banking businesses.

The continued growth of its retail banking franchise and regional
operations should improve the stability and diversification of
its income streams.

As at end-June 2011, the banks' loans-to-deposits ratio was 91%,
above the Malaysian banking system average of 79%. Moody's notes
that the bank has historically coped with its high loans-to-
deposits ratio, relied less on short-term wholesale funding and
maintained sizable liquid assets on its balance sheet. While RHB
may benefit from greater deposit capture through its expanded
network, its liquidity may weaken if it continues to maintain
high loan growth.

Its asset quality has improved due to the gradual decline in new
impaired loans. The impaired loans ratio has moderated still
remains somewhat higher than its major domestic peers. As at end-
June 2011, the impaired loans ratio was 3.9%, down from 4.4% at
end-December 2010 and 5.9% at end-June 2010. Improved loan
underwriting and risk management practices, coupled with the
benign outlook on domestic interest rates, should support its
asset quality and loan recovery from any potential weakening in
the credit environment.

Proactive capital management has allowed RHB to pursue business
growth. Nevertheless, in Moody's view, the continued maintenance
of high core Tier 1 capital levels as a cushion to absorb credit
losses is crucial in view of the stronger likelihood of global
headwinds further dampening its domestic operating conditions
over the next 6-12 months.

As at end-June 2011, RHB's profitability and capital levels
remained sound. Its net income was 1.9% of average risk-weighted
assets, and Tier 1 capital ratio was 10.3%.

The following factors could result in upward pressure on RHB's
BFSR and/or BCA: (1) significant growth in the bank's domestic
market position and regional operations, to improve stability and
diversification in its income streams; (2) significant reduction
in borrower and industry concentrations; (3) a further reduction
in the level of impaired loans to below 3% of gross loans and
below 20% of shareholder's equity and loan loss reserves; (4)
continued maintenance of risk-adjusted profitability, that is
above 2%, as measured by net income as a percentage of average
risk-weighted assets; and (5) continued maintenance of an
adequate capital buffer against credit losses with a Tier 1
capital ratio above 10%.

As the bank's foreign currency deposit and EMTN program ratings
are currently capped at the sovereign ceilings of A3, the upgrade
of the sovereign ceilings could result in the upgrade of these
ratings.

Conversely, the following factors could result in downward
pressure on RHB's BFSR and/or BCA: (1) aggressive organic
expansion or acquisitions, resulting in significant increases in
its risk profile; (2) keen price competition, resulting in net
income falling below 1.5% of average risk-weighted assets; (3)
significant weakening in the operating environment or poorer
underwriting practices, resulting in the impaired loans ratio
rising above its current levels; and (4) reduction in Tier 1
capital ratio below 9%.

The bank's foreign currency deposit and EMTN program ratings may
be pressured downwards if: (1) the sovereign ceilings are
downgraded below A3; and/or (2) the bank's BFSR and BCA are
downgraded; and/or (3) the systemic support for the bank is
assessed to have fallen.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Kuala Lumpur, Malaysia, RHB Bank Berhad reported
total assets of RM131.5 billion (USD42.9 million) as at June 30,
2011.


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


FALCON RIDGE: Out of Liquidation as Owner Settles SBS Bank Debt
---------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that three companies
of former Wanaka-based developer Andre Prassinos have had
liquidation proceedings terminated, after he settled with the
sole creditor, SBS bank, for an undisclosed sum.

Mr. Prassinos' companies Falcon Ridge Ltd, Jacks Bay Ltd and
Goldrush Holdings Ltd were placed in the hands of liquidators in
June last year over unspecified debts covering two properties in
the Wanaka area, Otago Daily Times recalls.

Otago Daily Times, citing liquidator's six-monthly report, says
the three companies owed unsecured creditors more than
NZ$590,000.

Mr. Prassinos, who contacted the Otago Daily Times to highlight
his companies were out of liquidation, said the only creditor was
SBS and that "no contractors or other creditors were ever a part
of the attempted liquidations."

The Dunedin liquidators said the termination of liquidation
proceedings in April meant Mr. Prassinos had come to an
arrangement to pay, but they "were not privy to the terms or his
personal guarantee", which would have required the consent of all
parties owed money, Otago Daily Times notes.

Falcon Ridge Ltd is a real estate development company.


NATIONAL FINANCE: Trustee Denies Breach of Duties
-------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the former trustee
of National Finance denies it breached its duties to the failed
motor-lending firm and told the High Court its role was to
protect investors, not save the company from itself.

National Finance 2000, whose core business was car finance, was
placed into receivership in May 2006, owing 2,000 investors
NZ$21 million.

The report says some out-of-pocket investors have received 49
cents in the dollar and receivers have taken civil action against
National Finance's former auditors for allegedly failing to
detect if there was adequate security for a number of related-
party loans advanced by the company.

These loans allegedly breached National Finance's trust deed,
which is a document setting out the conditions a company's
operations must comply with, nzherald.co.nz relays.

According to the report, auditor O'Halloran (now William Buck NZ)
denies the allegations and in turn argues National Finance's
trustee, Covenant Group, knew of possible breaches of the trust
deed.

The report relates that it is alleged if Covenant had performed
its duties to the company and showed due diligence, National
Finance would not have made further advances, including a yet-to-
be recovered NZ$4.1 million.

If Mr. O'Halloran is held liable to National Finance, it argues
Covenant should indemnify it, or contributes to any liability,
says nzherald.co.nz.

The news agency states that Covenant's lawyer Matthew Harris,
however, claimed in the High Court at Auckland Monday that the
trustee's duty was to investors, not to National Finance.

Mr. Harris said Covenant's role was to protect those who had
invested money in the company, "not to save the issuer [of
securities] from itself," the report relates.  According to the
report, Mr. Harris applied to have Mr. O'Halloran's claims
against Covenant struck out.

Associate Judge Roger Bell reserved his decision, the report
adds.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


NOEL LEEMING: Gresham Denies Reports on Sale Talk
-------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
Noel Leeming Group has "plenty of runway" left and is not for
sale any time soon, according to majority owner Gresham Private
Equity.

As reported in the Troubled Company Reporter-Asia Pacific on
Monday, BusinessDay.co.nz said Noel Leeming Group had appointed
an investment bank to advise shareholders on its future -- a move
that could see it put up for sale.  But sources said the Group is
already on the block, after its bankers agreed to roll over loans
only if it put itself up for sale, BusinessDay.co.nz said.
According to BusinessDay.co.nz, group chairman Bruce Cotterill
said investment bank Macquarie would "advise shareholders on
options as they see it for the business in the market over the
next couple of years."

Gresham bought Noel Leeming from Eric Watson's former Pacific
Retail Group in 2004 for NZ$138 million, NBR discloses.  Local
investor Direct Capital also holds a small stake in the business.

According to NBR, rumours circulating late last week suggested
Noel Leeming's bankers were keen on getting their money back and
were exercising control.

Bank of Scotland International was owed NZ$74.65 million at March
2010, NBR discloses citing Noel Leeming's most recent financial
statements.

Gresham spokesman Richard Leather told NBR the debt had been
refinanced with arrangements in place until at least 2013.

"Yes we've appointed Macquarie to look at what our options are
over the short to medium term. But we've got plenty of runway,
and plenty of time to evaluate what our options are and to assess
whether or not now is a good time to start any process," NBR
quotes Mr. Leather as saying.  "But it's not for sale at this
time."

Mr. Leather, as cited by NBR, said the business is going as well
as can be expected in difficult environment.

BusinessDay.co.nz said financial statements for 2011 have yet to
be filed, but the group reported a loss of NZ$2.7 million for the
year to March 2010 on revenue of NZ$515.8 million.  The result
followed a loss of NZ$4.4 million for 2009.  At balance date, it
had bank loans of NZ$74.7 million and shareholder loans of
NZ$39 million.

Gresham injected NZ$15 million in shares and shareholder loans
into the Group in April 2008 after it breached its banking
covenants, according to BusinessDay.co.nz.

                       About Noel Leeming

Noel Leeming Group Limited owns and operates a chain of appliance
and electronics retail stores.  Noel Leeming Group Limited was
founded in 1973 and is based in Auckland, New Zealand.


SALVUS STRATEGIC: Investors to Get NZ$17 Mil. Capital Return
------------------------------------------------------------
BusinessDay.co.nz reports that Salvus Strategic Investments
Limited said investors are set to receive a NZ$17 million capital
return as part of its wind down after shareholders voted to pull
the plug on the underperforming equity investor.

According to BusinessDay.co.nz, the company said the payment
carries with it NZ$1.5 million in imputation credits which
shareholders can be used to offset against tax payable.  The
record date for the 81.4 cents per share payment is November 21,
with payment seen days later.

BusinessDay.co.nz relates that Salvus said any additional funds
left over from the liquidation process, estimated at around 1c
per share, will be distributed to shareholders at a future date.

The recent announcement comes after shareholders snubbed a bid by
Milford Asset Management to replace the company's manager Salvus
Asset Management, and instead voted to wind the company down in
October, the report discloses.

BusinessDay.co.nz adds that the decision to sell off the assets
came after its portfolio was heavily impact by the global
financial crisis, wiping off over NZ$10 million in profit in 2008
compared to the previous year.

                      About Salvus Strategic

Salvus Strategic Investments (NZE:SAM) --
http://www.salvus.co.nz/-- is a New Zealand-based investment
company.  The Company is set up to invest in a diversified
portfolio of securities in the New Zealand smaller company
sector.


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


AVAGO TECHNOLOGIES: S&P Raises Corp. Credit Rating From 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Singapore-based Avago Technologies Finance Pte. Ltd. to
'BBB-' from 'BB+'. The outlook is stable.

"The rating on Avago reflects our expectations that the company's
conservative balance sheet and more consistent profitability for
a semiconductor company will enable it to maintain adequate
liquidity and lower leverage," said Standard & Poor's credit
analyst William Backus, "despite a highly competitive and
cyclical industry. The company's 'modest' financial profile is a
key support for the rating, given our 'fair' business profile."

"We expect full-year 2011 adjusted EBITDA of more than
$725 million, maintaining the company's strong credit measures,
assuming no change in capital structure," added Mr. Backus. "We
see capacity for debt to EBITDA of about 1.5x through a
semiconductor cycle."


CELLESTIS AP: Creditors' Proofs of Debt Due Dec. 5
--------------------------------------------------
Creditors of Cellestis AP Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 5,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


INTERGEN (SINGAPORE): Creditors' Proofs of Debt Due Dec. 5
-----------------------------------------------------------
Creditors of Intergen (Singapore) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 5,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


JURONG HI-TECH: Court to Hear Wind-Up Petition on Nov. 18
---------------------------------------------------------
A petition to wind up the operations of Jurong Hi-Tech Industries
Pte Ltd will be heard before the High Court of Singapore on
Nov. 18, 2011, at 10:00 a.m.

Tam Chee Chong and Keoy Soo Earn filed the petition against the
company on Oct. 25, 2011.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00
          AIA Tower
          Singapore 048542


MARBLE BAR: Creditors' Proofs of Debt Due Dec. 4
------------------------------------------------
Creditors of Marble Bar Asset Management (Singapore) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Dec. 4, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

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


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


DOT VN: Co-Founder Lee Johnson Honored by Vietnamese MIC
--------------------------------------------------------
Dot VN, Inc., announced that on Oct. 28, 2011, at the Ministry of
Information and Communications building located at 18 Nguyen Du,
Hanoi, Vietnam, Deputy Minister of MIC Nguyen Thanh Hung
presented Dr. Lee Johnson, President and Co-Founder of Dot VN and
its subsidiary Hi-Tek Multimedia, Inc., with an award from Prime
Minister, Nguyen Tan Dung's Office.  Dr. Lee Johnson is the first
overseas Vietnamese which the MIC nominated to the Prime Minister
for an award in recognition of his outstanding achievements in
strengthening and developing the Internet in Vietnam.

Beginning in 2001, Dr. Johnson returned to his native Vietnam to
study the development of the domain name system in Vietnam and
began a close cooperative relationship with the then, newly
formed, Vietnam Internet Network Information Center, which was
established to create policy and manage the Vietnamese domain
name system as well as build a master plan for the adoption of
the Vietnamese domain name globally.  One of Dr. Johnson's most
important contributions was the creation of Decision No. 92 of
Ministry of Posts and Telecommunications, which enabled domestic
Vietnamese entities, individuals as well as foreign entities to
register and use the Vietnamese domain names ".vn".

During his speech honoring Dr. Johnson, Deputy Minister of the
MIC, Nguyen Thanh Hung said: "This award is recognition of the
contribution of both HI-TEK and Phuoc Lee Johnson in his personal
capacity, to promote Vietnam's Internet in order to keep pace
with other developing countries in the region and the world."  He
also expressed hope that Dr. Johnson will continue to work
closely with VNNIC to promote Vietnam's image, culture and people
throughout the world thereby continuing the socio-economic
development of the country.

In his acceptance speech, Dr. Johnson vowed that beginning in
2012 and onward into the future, he will redouble his efforts
towards the promotion and development of the Vietnamese Domain
Name ".vn".  Additionally, he will continue to launch new
successful programs designed to drive the use and adoption of the
Vietnamese native language internationalize domain name in order
to continue building and preserving the value of Vietnamese
culture on the Internet.

                           About Dot VN

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

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

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

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

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


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


* Three U.S. Corp Defaults Last Week Raise S&P Tally to 39
----------------------------------------------------------
Three U.S.-based corporate issuers defaulted this week, raising
the 2011 global corporate default tally to 39, said an article
published Nov. 3 by Standard & Poor's Global Fixed Income
Research, titled "Global Corporate Default Update (Oct. 28 -
Nov. 2, 2011)."

Standard & Poor's Ratings Services lowered its ratings on MF
Global Holdings Ltd. to 'D' after the company filed for Chapter
11.  This is the first time a U.S.-based corporate issuer has
defaulted from an investment-grade rating since the ratings on
Washington Mutual Bank were lowered to 'D' after it was placed
into FDIC receivership and simultaneously sold to JPMorgan Chase
& Co. on Sept. 26, 2008.

The other two defaulters this week were homebuilder Hovnanian
Enterprises Inc. and Native American casino operator River Rock
Entertainment Authority.  Standard & Poor's Ratings Services
lowered its issuer credit rating on Hovnanian to 'SD' after the
company completed a distressed tender offer, and the ratings on
River Rock were lowered to 'D' following the issuer's failure
to repay principal on its existing $200 million senior notes at
maturity.

Of the total defaulters this year, 29 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, and Russia.  Of
the defaulters by this time in 2010, 53 were U.S.-based issuers,
nine were from the other developed region (Australia, Canada,
Japan, and New Zealand), eight were from the emerging markets,
and two were European issuers.

Fifteen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges--
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with seven defaults, and regulatory
actions accounted for three.  Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one
issuer had its banking license revoked by its country's central
bank, another was appointed a receiver, and three were
confidential.

By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.


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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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