TCRAP_Public/111118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 18, 2011, Vol. 14, No. 229

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Puts Rating on Two Note Classes at Low-B
ENTERPRISE IT: In Liquidation; Creditors Likely to Get Nothing
PARITECH PTY: ASIC Suspends License for Failing to File Reports


C H I N A

CHINA DU KANG: Restates 2009 Form 10-K to Correct Errors
SINO-FOREST: Says Probe Finds Muddy Waters' Allegations Incorrect


I N D I A

AIR INDIA: US Airline Group Sues Export-Import Bank Over AI Loan
AIR INDIA: Fares Are Industry 'Problem,' Jet Airways Says
AMBICO EXPORTS: CRISIL Assigns CRISIL B+ Rating to INR106MM Loan
APCONS INFRASTRUCTURE: CRISIL Rates INR40MM Cash Credit at 'BB-'
C.C.CONSTRUCTION: CRISIL Reaffirms CRISIL BB- Cash Credit Rating

EAGLE FIBRES: CRISIL Assigns CRISIL B+ Rating to INR235.4MM Loan
GVRMP WAGHDHARI: Fitch Rates INR2.13-Bil. Loans at 'BB+'
HITAISHI KK: CRISIL Places 'CRISIL B' Rating on INR12MM LT Loan
JAIMAL TRADERS: CRISIL Places 'CRISIL BB-' Rating on INR7MM Loan
KINGFISHER AIRLINES: DGCA to Check if Flight Cuts Defies Rules

KINGFISHER AIRLINES: Bank Debt Restructuring May be Only Option
KINGFISHER AIRLINES: Parent Secures INR400cr Loan from SICOM
KRISHNA CONSTRUCTIONS: CRISIL Rates INR30MM Loan at 'CRISIL BB-'
LAXMI COTSPIN: CRISIL Cuts Rating on INR240MM Loan to 'CRISIL B-'
MEHROTRA ENG'G: Delays in Loan Repayment Cues CRISIL Junk Ratings

NAVRAN ADVANCED: Delays in Loan Repayment Cues CRISIL Junk Rating
NIRMAL PUMPS: CRISIL Assigns 'CRISIL BB' Rating to INR22.5MM Loan
PEKON ELECTRONICS: CRISIL Puts 'CRISIL B' Rating on INR40MM Loan
RANBA CASTINGS: CRISIL Upgrades Rating on INR68MM Loan to 'B+'
RANGA WEAVES: CRISIL Raises Rating on INR65MM Loan to 'CRISIL B+'

SDR POLYMERS: Delays in Debt Repayment Cues CRISIL Junk Ratings
SIDDHI INDUSTRIES: CRISIL Reaffirms CRISIL B- Cash Credit Rating
SITSON INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR245MM Loan
SOHAM POLYMERS: CRISIL Assigns CRISIL BB- Rating to INR20MM Loan
SRIRAMAGIRI SPINNING: Loan Payment Delays Cue CRISIL Junk Ratings

SWARNA INDUSTRIES: CRISIL Reaffirms CRISIL BB Cash Credit Rating
* INDIA: CIC Asks Central Bank to Reveal Top Defaulters


I N D O N E S I A

PERUSAHAAN LISTRIK: Fitch Rates 10-Year Dollar Bonds at 'BB+'
TOWER BERSAMA: Moody's Notes Negotiations with Indosat


J A P A N

TOKYO ELECTRIC: Employees Stake in Tepco Up 35.6%


N E W  Z E A L A N D

DON HA REAL ESTATE: Nine Auckland Properties on Mortgagee Sale


P H I L I P P I N E S

PHILIPPINE BANK OF COMM: BSP Okays ISM PBCom Purchase


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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BELLA TRUST: Fitch Puts Rating on Two Note Classes at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned Bella Trust No. 2 Series 2011-3
automotive loan receivables-backed securitization, due May 2018,
expected ratings as follows:

  -- AUD85 million Class A1 notes: 'F1+(exp)sf'

  -- AUD365 million Class A2 (a & b) notes*: 'AAA(exp)sf';
     Outlook Stable

  -- AUD56.3 million Class B notes: 'A(exp)sf'; Outlook Stable

  -- AUD17.6 million Class C notes: 'BBB(exp)sf'; Outlook Stable

  -- AUD4.4 million Class D notes: 'BB(exp)sf'; Outlook Stable

  -- AUD10.5 million Class E notes: 'B(exp)sf'; Outlook Stable

  -- AUD12.7 million seller notes: not rated

The class A2a notes are in GBP although the amount is yet to be
determined.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

"The transaction replicates many of the collateral attributes and
structural features included in the earlier Bella Trust No.2
Series 2011-1 transaction, including sterling-denominated
'AAA(exp)sf' rated A2a notes.  This is testament to the growing
interest in this market segment from offshore investors," said
Spencer Wilson, Associate Director in Fitch's Structured Finance
team.

The notes will be issued by BNY Trust Company of Australia
Limited in its capacity as trustee of Bella Trust No. 2 Series
2011-3.  The Bella Trust No.2 Series 2011-3 is a legally distinct
trust established pursuant to a master trust and security trust
deed.

At the cut-off date, the total collateral pool consisted of
22,905 automotive loan receivables totalling approximately
AUD545.9m, with an average size of AUD23,833.  The pool comprises
loan receivables originated by Capital Finance Australia Limited
whose ultimate parent is the Lloyds Banking Group plc
('A'/Stable/'F1'), as well as amortizing principal and interest
loans for both new (61.4%) and used (38.6%) vehicles, with
varying balloon amounts payable at maturity.  For those loans
that are subject to a balloon payment the weighted average
balloon payment is 30.8%.

The ratings on the class A1 and A2 notes are based on the quality
of the collateral; the 18.4% credit enhancement provided by the
subordinate class B, C, D, E and seller notes; a liquidity
reserve account of 1% of outstanding notes, funded by issue
proceeds; an interest rate swap provided by Lloyds TSB Bank plc,
Australia branch; and CFAL's auto receivable underwriting and
servicing capabilities.

The ratings on the class B, C, D and E notes are based on all the
strengths supporting the class A notes, excluding their credit
enhancement levels.


ENTERPRISE IT: In Liquidation; Creditors Likely to Get Nothing
--------------------------------------------------------------
he Border Mail reports that Enterprise IT (Australia) and its
parent Enterprise IT Global went into liquidation on Wednesday
against the protests of former Dragnet owner and chief creditor
Chris Abbott.

Most operations of both companies will probably be sold within
days but most creditors and past and present staff stand to lose
money and might get nothing back, according to The Border Mail.

The report relates that about 13 staff are keeping the business
going in the Swift Street offices.

All or part of it could be bought by a company associated with
Platform Networks, of Sydney, one of the creditor firms, the
report relays.

According to the report, Platform Network's chief operating and
financial officer Anthony Harris voted for liquidation of the
parent company on Wednesday but wouldn't comment after the
meetings.

Mr. Abbott told BRI Ferrier administrator Andrew Cummins --
andrew.cummins@briferriernsw.com.au -- that liquidation means
"everybody gets nothing" after Mr. Cummins used his casting vote
in favour of liquidation of the parent company, where the
creditors tied 5-5.

But "nothing" might not be the case, as Mr. Cummins and his staff
have still not sorted out exactly what the business owes and is
owed, though two weeks ago they calculated the combined deficit
at AUD5.3 million, the Border Mail says.

The Border Mail recalls that Mr. Abbott's Future Network business
had proposed a deal to save the trading company, converting the
Dragnet debt to equity, selling some assets and continuing to
trade the service provider business but Mr. Cummins rejected
this.

Dragnet was "sold" to Enterprise IT Global for AUD2.25 million in
April but AUD1.4 million of that hadn't been paid when Jarrod
Case and other directors placed the companies in voluntary
administration on September 26, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2011, SmartCompany said Enterprise IT Global had
collapsed into administration despite a number of key
acquisitions and partnerships.  The Australian Securities and
Investments Commission said that Enterprise IT Australia has also
been placed into administration, with BRI Ferrier acting as
administrator for both companies.

Enterprise IT Global is a New South Wales information technology
company.


PARITECH PTY: ASIC Suspends License for Failing to File Reports
---------------------------------------------------------------
The Australian Securities and Investment Commission has suspended
the Australian financial services (AFS) license of Paritech Pty
Ltd for 12 months after the company failed to comply with a
number of its obligations as a financial services licensee.

ASIC found that Paritech:

   -- failed to lodge financial statements, auditor reports
      and auditor opinions over consecutive years, in breach
      of both its legal obligations and license conditions,
      despite repeated demands from ASIC to comply; and

   -- did not advise ASIC of these breaches.

The suspension of Paritech's AFS license is part of ASIC's
ongoing efforts to improve standards across the financial
services industry.

ASIC said it may consider revoking the suspension period in the
event Paritech lodges the outstanding reports.

Paritech has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.


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C H I N A
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CHINA DU KANG: Restates 2009 Form 10-K to Correct Errors
--------------------------------------------------------
China Du Kang Co., Ltd. filed on Nov. 2, 2011, Amendment No. 2 to
its annual report on Form 10-K for the fiscal year ended Dec. 31,
2009.

The Company discovered that its financial statements for the
years ended Dec. 31, 2010, 2009, 2008, and the periods ended
March 31, 2011, 2010, 2009; June 30, 2010, 2009, and Sept. 30,
2010, 2009, should not be relied upon due to errors in the
accounting record, accounting treatment and insufficient
recognition of related party transactions disclosures.

The Company reported a net loss of $1.4 million on $2.0 million
of revenues for 2009, compared with a net loss of $2.3 million on
$1.1 million of revenues for 2008.

The Company's balance sheet at Dec. 31, 2009, showed $10 million
in total assets, $18.2 million in total liabilities, and a
stockholders' deficit of $8.2 million.

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

                       http://is.gd/hGrdU5

As reported in the Troubled Company Reporter on April 14, 2010,
Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial
doubt about China Du Kang's ability to continue as a going
concern, following the Company's 2009 results.  The independent
auditor noted that the Company has incurred an operating loss in
2009 and 2008 and has a working capital deficiency and a
shareholders' deficiency as of Dec. 31, 2009.

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.


SINO-FOREST: Says Probe Finds Muddy Waters' Allegations Incorrect
-----------------------------------------------------------------
Bloomberg News reports that Sino-Forest Corp., the Chinese timber
company whose shares slumped 74% since June, said an independent
committee refuted the "substance" of fraud allegations by Carson
Block's research firm Muddy Waters LLC.

Sino-Forest said in a statement that the committee confirmed the
company's timber assets, cash balance and titles in an interim
report released on November 16, according to Bloomberg.

The committee, which hired PricewaterhouseCoopers LLP to assist
the probe, wasn't able to verify the valuation of forestry
holdings or reconcile some revenue, Bloomberg relates.

According to Bloomberg, Sino-Forest triggered concerns that
accounting at Chinese companies listed abroad may be inaccurate,
wiping out $5.7 billion of market value since the June 1 Muddy
Waters report. Probes by the Royal Canadian Mounted Police and
Ontario's regulator are continuing after the shares were halted
in August, the report relays.

"This report proves that Sino-Forest is a real company with real
assets, real revenue and in huge stark contrast to Muddy Waters'
allegations," Judson Martin, Sino-Forest's chief executive
officer, told reporters in Hong Kong, Bloomberg reports.
"There's a basic lack of knowledge of how forestry rights work in
China, what documentations are necessary, available and
relevant."

The independent committee was chaired by William Ardell and
included James Bowland and James Hyde.  A final report will be
delivered to the board by year-end, Bloomberg notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2011, Bloomberg News said Sino-Forest Corp.'s Chief
Executive Officer and Chairman Allen Chan resigned two days after
the Ontario Securities Commission said the company may have
exaggerated timber holdings, the same charge made by short seller
Carson Block in June.

According to Bloomberg, the OSC halted trading in Sino-Forest's
shares on Aug. 26 and said the company may have misrepresented
revenue.  Bloomberg noted that Sino-Forest has plunged 67% in
Toronto since Mr. Block's Muddy Waters LLC published a report
June 2 alleging that the company was a "fraud."

Reporters from The Globe and Mail newspaper also found evidence
in China that Sino-Forest had exaggerated the amount of
timberland it owned and overstated its revenues, The New York
Times' DealBook said. The securities regulator said Sino-Forest
appeared to have engaged in self-dealing as well, the DealBook
added.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial
forest operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook
is negative. "At the same time, we lowered the issue rating on
the senior unsecured notes and convertible bonds to 'CCC-' from
'B'.  We also lowered the Greater China credit scale ratings on
the company and the notes to 'cnCCC-' from 'cnBB-'. We removed
all the ratings from CreditWatch, where they were originally
placed with negative implications on June 30, 2011. We then
withdrew all the ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


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AIR INDIA: US Airline Group Sues Export-Import Bank Over AI Loan
----------------------------------------------------------------
Tom Schoenberg at Bloomberg News reports that the Export-Import
Bank of the United States was sued by the Air Transport
Association of America Inc., which is seeking to halt the bank's
pending deal for $3.4 billion in loan guarantees for aircraft
financing to Air India.

According to the news agency, the trade association for the
largest U.S. airlines filed the lawsuit on November 16 in federal
court in Washington, claiming the bank didn't seek public
comments or consider the impact on the U.S. airline industry
before approving $1.3 billion in loan guarantees and $2.1 billion
in preliminary commitments to support the sale of 30 Boeing Co.
(BA) aircraft to Air India.

"This is yet another example of the U.S. government failing to
recognize the contribution of the U.S. airline industry to our
economy and jobs growth by creating an environment that favors
foreign competitors over domestic carriers," Bloomberg quotes
Nicholas E. Calio, president and chief executive officer of the
airline association, as saying in a statement.

U.S. District Judge Royce Lamberth on Wednesday denied the
group's request to stop the loan while its challenge is reviewed
by the court.  He ordered the bank to turn over to the court
documents related to its decision to issue the loan by Nov. 29,
the report says.

Bloomberg states that the group asked the court to find the loan-
guarantee commitments unlawful, to prevent them from being issued
and to require the Export-Import Bank to study the loan's
potential impact on U.S. industry and jobs.

"Ex-Im Bank is proud of its work on behalf of U.S companies and
believes this litigation is without merit," Maura Policelli, a
spokeswoman for the bank, said in an e-mail.

The association also sued officials of the bank including its
chairman, Fred Hochberg, Bloomberg adds.

The Export-Import Bank is a federal agency that provides loans,
loan guarantees, and insurance to foreign companies.

                          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.


AIR INDIA: Fares Are Industry 'Problem,' Jet Airways Says
---------------------------------------------------------
Bloomberg News reports that Jet Airways (India) Ltd. said state-
owned Air India Ltd. is compounding a price war that has caused
industrywide losses and prompted Kingfisher Airlines Ltd. to cut
flights.

"Air India is discounting fares and that's absolutely a problem,"
M. Shivkumar, senior vice president of finance at the Mumbai-
based carrier, told Bloomberg.  "Ideally, fares should go up when
oil-import costs go up. That's not happening and that's why
airlines are in this situation."

Jet and Kingfisher, the nation's two largest listed carriers,
have lost a combined INR63 billion ($1.2 billion) in three years
as low fares and rising fuel prices offset surging passenger
numbers.  Air India has also been unprofitable since a 2007
merger, causing it to win 32 billion rupees of state bailouts and
seek another 65 billion rupees before the end of March.

"At the fare levels that Air India has in the market, the airline
will continue to lose money and be an ongoing drain on public
funds," Bloomberg quotes Binit Somaia, a Sydney-based director at
industry adviser CAPA Centre for Aviation, as saying.  "Its low
prices are also ''destabilizing for the entire industry."

                         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.


AMBICO EXPORTS: CRISIL Assigns CRISIL B+ Rating to INR106MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ambico Exports and Imports Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR106 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR84 Million Proposed LT      CRISIL B+/Stable (Assigned)
    Bank Loan Facility

The rating reflects Ambico's limited track record coupled with
modest scale of operations, and low value addition resulting in
low profitability margins. These rating weaknesses are partially
offset by the extensive industry experience of Ambico's promoters
in diamond polishing business.

Outlook: Stable

CRISIL believes that Ambico will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company registers higher-than-expected sales and profitability in
a particular product on a sustained basis over the medium term.
Conversely, the outlook may be revised to 'Negative' if Ambico
records lower-than-anticipated net cash accruals or the working
capital requirements are greater-than-expected, resulting in
weakening in its financial risk profile.

                       About Ambico Exports

Ambico was promoted by the Patel family in 2004 to undertake
import and export trading business. Mr. Kalpesh Patel and Mr.
Harshad Patel are actively involved in the company's day-to-day
operations and handle the chemical and diamond processing
businesses, respectively. Ambico has been trading various
commodities since its incorporation. However, the company is now
expected to focus on trading in specialty chemicals and undertake
diamond processing.

Ambico reported a profit after tax (PAT) of INR 1.2 million on
net sales of INR 131 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.5 million on
net sales of INR68 million for 2008-09.


APCONS INFRASTRUCTURE: CRISIL Rates INR40MM Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Apcons Infrastructure Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR100 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect Apcons's above-average debt protection
metrics and modest order book. These rating strengths are
partially offset by Apcons's small scale of operations in the
intensely competitive construction industry and small net worth.

Outlook: Stable

CRISIL believes that Apcons will maintain its credit risk profile
marked by its above average debt protection metrics. The outlook
may be revised to 'Positive' if the company strengthens its
business risk profile during this period, while it achieves
higher-than-expected increase in its operating revenues and
margin. Conversely, the outlook may be revised to 'Negative' if
there is a time or cost overrun in Apcons's ongoing and future
projects leading to material liquidated damages, or in case of
significant increases in debt funding for investment in capital
equipment by the company, which may weaken its financial risk
profile.

                    About Apcons Infrastructure

Incorporated in 2007 and is engaged in construction of roads and
buildings (both residential and commercial) on contract basis.
Each of the two segments contributes almost equally to the
company's total revenues. Apcons has executed road projects in
Maharashtra, mainly at Nagpur (National Highway 6), and building
projects in Gujarat. Apcons is promoted by Mr. Anil Patel, Mr.
Ashok Patel and Mr. Dinesh Patel, who have more than two decades
of experience in the construction equipment industry.

Apcons reported a profit after tax (PAT) of INR9.6 million on net
sales of INR76.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net
sales of INR108.2 million for 2009-10.


C.C.CONSTRUCTION: CRISIL Reaffirms CRISIL BB- Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of C.C. Construction
continue to reflect CCC's healthy project execution capabilities,
experienced management, and moderate order book. These rating
strengths are partially offset by CCC's working-capital-intensive
operations, and geographical and customer concentration.

   Facilities                      Ratings
   ----------                      -------
   INR40.0 Million Cash Credit     CRISIL BB-/Stable (Reaffirmed)
   INR60.0 Million Bank Guarantee  CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that CCC will benefit over the medium term from
its healthy order book and its promoters' experience in the
construction industry. The outlook may be revised to 'Positive'
if CCC strengthens its business risk profile through improvement
in scale of operations, and achieves greater segmental and
geographical diversity in its revenue base. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
large, debt-funded capital expenditure (capex) programme,
weakening its capital structure, or reports a decline in its
revenues because of a delay in execution of order.

Update

CCC's revenues in 2010-11 (refers to financial year, April 1 to
March 31) declined by 18 per cent as the firm could not start
executing its work order worth INR280 million from West Bengal
Railway because of problems in land accusation by North Eastern
Frontier Railways.  This has resulted in an increase in CCC's
inventory, as the firm had mobilized resources for this project;
the inventory days increased to 95 days as on March 31, 2011,
compared to 53 days as on March 31, 2010. This is expected to
revert to earlier levels of around 50 days in the near term.
Despite the decline in turnover, the firm's operating margin
stayed at healthy levels of 14.5 per cent in 2010-11. The same
levels are expected to continue over the medium term.

CCC currently has an order book of INR570 million with NFR, as on
date, to be executed over the next two years. The projects
undertaken by the firm have an escalation clause insulating the
firm from volatility in raw material prices.

CCC is a small player in the construction industry. The firm's
turnover was around INR161 million in 2010-11. Its net worth was
around INR58.2 million as on March 31, 2011. The small net worth
limits the firm's financial flexibility and makes its financial
risk profile more susceptible to small changes in profitability
and debt. Over the medium term, CCC is expected to remain exposed
to risks related to being a small scale player, with a small net
worth in the construction industry.

For 2010-11, CCC reported a profit after tax (PAT) of Rs 5.6
million on net sales of INR161 million, against a PAT of INR8
million on net sales of INR195 million for 2009-10.

                      About C.C. Construction

CCC was set up as a partnership firm in 1982 by Mr. S N Choudhary
and his relatives. Currently, the firm's second-generation
promoters are actively involved in the business. Since its
inception, CCC has been engaged in civil construction activities
in the north-eastern India involving earth cutting, earth
filling, and bridgework for NFR. Till date, CCC executed work
orders of only NFR.


EAGLE FIBRES: CRISIL Assigns CRISIL B+ Rating to INR235.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Eagle Fibres Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR235.4 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR100 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR20 Million Letter of Credit    CRISIL A4 (Assigned)
   INR10 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect Eagle Fibres group's moderate financial risk
profile, marked by modest networth and high gearing levels, and
susceptibility of its business risk profile to the commodity
nature of its products. These rating weaknesses are partially
offset by the extensive experience of the Eagle Fibres group's
promoters in the textiles business.

Analytical Approach

The team has consolidated the business and financial risk
profiles of EFPL and JPB Fibres, together referred to as Eagle
Fibres group. EFPL has 90 percent share in JPB Fibes, which is a
partnership firm. The consolidation is on account of significant
business and financial alignment between these two entities

Outlook: Stable

CRISIL believes that Eagle Fibres group will maintain its stable
business risk profile over the medium term, backed by its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company exhibits significant
improvement in its capital structure, while maintaining the
growth in revenues and profitability. The outlook may be revised
to 'Negative' if the company's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues or any large debt funded capex.

                         About the Group

EFPL, a part of Eagle group of companies, was set up in 1991 by
three brothers Mr. Ghanshyam Jaju, Mr. Radheshyam Jaju, the late
Mr. Rajesh Jaju, alongwith Mr. Srivallabh Bhandari, a business
partner. It is engaged in the spinning and sizing of polyester
filament yarn and nylon filament yarn, and weaving of fabric.
EFPL has its manufacturing facilities at Surat (Gujarat) and
Silvassa (Dadra and Nagar Haveli).

JPB Fibres is a partnership firm which has its unit at Surat,
which was acquired by EFPL in 2010, by discharging the
liabilities of the earlier promoter. The company is engaged in
manufacturing of nylon filament yarn. EFPL has 90 percent share
in JPB Fibres, while rest 10 percent is held by Mr. Amit Jaju
(son of Mr. Ghanshyam Jaju) in personal capacity. JPB Fibres has
an installed capacity of 2400 MTPA of nylon filament yarn.

EFPL reported a profit after tax (PAT) of INR30.16 million on net
sales of INR1017.88 million for 2010-11 on provisional basis
(refers to financial year, April 1 to March 31), as against a PAT
of INR3.4 million on net sales of INR761.05 million for 2009-10.


GVRMP WAGHDHARI: Fitch Rates INR2.13-Bil. Loans at 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned India-based GVRMP Waghdhari
Ribbanpally Tollway Private Limited's INR2,137.3 million senior
project bank loans a National Long-Term rating of 'Fitch
BB+(ind)'.  The Outlook is Stable.

GVRMP-WR is a special purpose company incorporated to undertake
the improvement of a 141.2km, two-lane stretch of state highway
10 (SH-10) in Karnataka under a 30-year concession from the
Karnataka Road Development Corporation Limited.  The stretch
joins Waghdhari on the Maharashtra border with Ribbanpally on the
Andhra Pradesh border.  The company is owned by GVR Infra Project
Limited (51%, 'Fitch BBB+(ind)'/Stable), RMN Infrastructures
Limited (25%) and Prathyusha Associates and Shipping Private
Limited (24%).  The project cost is estimated at INR3.14 billion,
which is being funded by a term loan of INR2.13 billion, sponsor
equity of INR506 million and a KRDCL grant of INR499.8 million.

The rating is constrained primarily by the traffic risk.  Traffic
and revenue projections based on a traffic study conducted by
Wilbur Smith Associates forecasts unprecedented yoy traffic
growth of around 17%-18% in the first year of operation.  Fitch
recognizes the possibility of extraordinary traffic growth as the
existing stretch of highway, which is in a poor condition, is
undergoing substantial improvements. However, a more moderate
growth rate of traffic -- given that it is currently a freeway --
during the first operational year will have a severe impact on
debt service coverage ratios.  Subsequent years assume more
moderate growth rates of traffic, even according to management
estimates.

The local traffic drivers are primarily agriculture, cement and
some tourism with a planned airport in Gulbarga -- a city on the
project stretch.  About 70% of the traffic is commercial, which
although may grow at higher rates than passenger traffic, is also
more susceptible to economic downturns.

The rating is also constrained by the financial risk as the
project is exposed to a variable interest rate -- already at
13.65% as against 11.65% at the time of financial closing -- and
toll rate hikes are partially linked to inflation.  Moderated
interest rate and traffic growth assumptions cause significant
stress to coverage metrics, even with high inflation rates.

The rating reflects the adequate mitigation of construction risk
through a nine-month cushion between the expected completion date
of March 2012, as per the latest independent engineer's report,
and the scheduled contractual completion date of December 2012.
The independent engineer reports that construction is on track
for timely completion, despite some monsoon-related delays from
March to June 2011.  Moreover, the engineering, procurement and
construction (EPC) contract is fixed-price and fixed-time with
GVR Infra, also the main sponsor.  GVR Infra is an experienced
EPC contractor with a track record of completing road projects on
or ahead of schedule.

The rating may be upgraded once the project becomes operational
and demonstrates first first-year traffic and revenue in line
with the expectations.  However, the risk of a technical breach
of the minimum debt service coverage ratio covenant even in
Fitch's base case scenario could limit any potential upgrade.
Significant construction delays or traffic underperformance may
result in a downgrade.


HITAISHI KK: CRISIL Places 'CRISIL B' Rating on INR12MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Hitaishi KK Manufacturing Company Pvt Ltd,
part of the Hitaishi group.

   Facilities                        Ratings
   ----------                        -------
   INR12 Million Long Term Loan      CRISIL B/Stable (Assigned)
   INR45 Million Foreign Bill        CRISIL A4 (Assigned)
    Discounting
   INR80 Million Packing Credit      CRISIL A4 (Assigned)
   INR25 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect the Hitaishi group's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the Hitaishi group's promoters in manufacturing
handicraft items.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Hitaishi Creative Enterprises Pvt Ltd
and HKK, referred to as the Hitaishi group. The consolidated
approach is because both the entities have a common management;
also, there are significant business transactions between the two
companies.

Outlook: Stable

CRISIL believes that the Hitaishi group will benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant increase in volumes or revenues, along with
improvement in its operating margin and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case the
group's operating margin deteriorates or its inventory and debtor
levels get further stretched.

                            About the Group

HKK was formed in September 2009 as a closely held company by Mr.
Om Prakash Prahladka and his family members; however, it remained
non-operational till March 2010. HKK took over the partnership
firm, Hitachi KK Manufacturing Co, with effect from April 1,
2010. The company manufactures accessories of musical instruments
and other handicraft items from wood, horn, and jute. HKK's
manufacturing unit is in Kolkata (West Bengal) and is a
recognized export house by the Government of India.

Hitaishi Creative Enterprises Pvt Ltd has been formed in 1992 and
is engaged in the manufacture of jute handicraft items.

The Hitaishi group reported a profit after tax (PAT) of INR5.67
million on net sales of INR254.39 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.46
million on net sales of INR218.46 million for 2009-10.


JAIMAL TRADERS: CRISIL Places 'CRISIL BB-' Rating on INR7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Jaimal Traders Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit        CRISIL BB- /Stable (Assigned)
   INR7 Million Proposed Long-Term  CRISIL BB-/Stable (Assigned)
     Bank Loan Facility
   INR3 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the promoters' extensive experience,
established presence in distribution of electronic goods
industry, and the company's wide network of dealers. These rating
strengths are partially offset by JTPL's weak financial risk
profile and small scale of operations, coupled with regional
concentration.

Outlook: Stable

CRISIL believes that JTPL will maintain a stable business risk
profile on the back of established market presence and extensive
experience of the promoters. The outlook may be revised to
'Positive' in case of significant increase in the revenue and
profitability coupled with capital infusion, resulting in
significant improvement in the overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant deterioration in the operating margin or working
capital cycle, or if the company undertakes a larger-than-
expected debt-funded capital expenditure plan adversely impacting
financial risk profile of the company.

                        About Jaimal Traders

JTPL was incorporated in 1973 by Mr. Subhash Malhotra and late
Mr. Surender Mohan Malhotra. The company is in the business of
distribution of electronic goods like televisions, LCDs,
refrigerators, and mobile phones. It has association with leading
brands in consumer goods like Samsung, LG mobiles, Philips,
Videocon and Electrolux. JTPL has nine warehouses and two retail
outlets in and around Nagpur with strong presence in the Vidarbha
region of Maharashtra.

JTPL is estimated to have reported on a provisional basis a
profit after tax (PAT) of INR3.7 million on net sales of INR484.8
million for 2010-11 (refers to financial year, April 1 to March
31), as against a PAT of INR2.9 million on net sales of INR382.7
million for 2009-10.


KINGFISHER AIRLINES: DGCA to Check if Flight Cuts Defies Rules
--------------------------------------------------------------
Nikhil Gulati at Dow Jones Newswires reports that India's
aviation regulator said Thursday it will look into dozens of
flight cuts by Kingfisher Airlines Ltd. to check if the carrier
flouted the country's laws of structuring flight network.

"Any airline is bound by route disbursement guidelines," Director
General of Civil Aviation E.K. Bharat Bhushan told reporters on
the sidelines of an event, Dow Jones reports.

Dow Jones states that according to Indian aviation rules, all air
carriers have to deploy a fixed share of their total flights to
remote locations to ensure proper air connectivity. Such flights
are sometimes unprofitable and cumbersome due to the lack of
proper airport infrastructure in some areas.

Kingfisher recently said it has cut down at least 40 daily loss-
making flights from its network, as it struggles to reduce
losses, according to Dow Jones.

The regulator had questioned the airline on the sudden cutdown
and Kingfisher said it has provided clarification on the matter,
the report relays.

Dow Jones notes that an official from the civil aviation ministry
recently said the airline has cut as many as 75 daily flights
from its network.  It has also not utilized any of 94 new flights
allocated to it by the government recently.

                         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.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KINGFISHER AIRLINES: Bank Debt Restructuring May be Only Option
---------------------------------------------------------------
Business Standard reports that lenders to Kingfisher Airlines
Ltd. may have no option other than restructuring the carrier's
loans again.  In case of a second restructuring, banks have to
classify the asset as non-performing, which requires higher
provisioning, the report says.

According to the news agency, bankers are working on a formula
that would aim to keep the re-payment period and the net present
value of the asset specified during the first restructuring
intact, by increasing the interest rate.  In this case, there
would be no increase in the provisioning requirement.  However,
such an exercise can only be carried out if the asset is
standard, and not slipped into the sub-standard category.  Banks'
loan to Kingfisher is still in the standard category, since the
company is servicing the loan by paying interest.

"Even if we keep the net present value intact, while carrying out
the second restructuring, we would need the regulator's
permission to classify the loan as standard," a banker told
Business Standard.

Business Standard relates that bankers said a second round of
restructuring was the only way out, even if this meant
classifying the loan as non-performing asset.

"If we do not restructure, it would be difficult to recover the
loan. In case we want to sell the assets, it can only happen at a
discount," the report quotes an official of a bank with exposure
to the airline as saying.

Business Standard notes that banks have total exposure of close
to INR7,000 crore in the airline, and INR4,000 crore of this is a
term loan.  Banks also have equity exposure in the airline, the
report discloses.

According to Business Standard, Pratip Chaudhuri, chairman, State
Bank of India, the leader of the lenders' consortium to
Kingfisher, said it was difficult for the bank to stop fresh
loans to airline companies.

On whether the bank would extend fresh loans to airline
companies, Mr. Chaudhuri said, "It depends . . . .  Maybe new
companies no (fresh loans), but for existing companies, you
cannot walk out because then, the existing exposure becomes a
jeopardy," reports Business Standard.

Mr. Chaudhuri, as cited by Business Standard, said the aviation
sector was suffering from over-capacity.  Kingfisher had not
requested for any fresh loan, he added.

                      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.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KINGFISHER AIRLINES: Parent Secures INR400cr Loan from SICOM
------------------------------------------------------------
The Economic Times reports that SICOM, the non-banking finance
company partly owned by the Maharashtra government, is understood
to have emerged as a source of some of the funds being raised by
the UB Group to support Kingfisher Airlines.

The Economic Times relates that four companies linked to
Kingfisher and the UB Group have collectively borrowed
INR400 crore from SICOM, in which the state government holds 49%
equity.  The loans, raised in July-end, assume significance
against State Bank of India Chairman Pratip Chaudhuri's statement
that Kingfisher has arranged INR400 crore out of the INR800 crore
banks have asked the promoter companies to bring in, according to
the report.

Meanwhile, UB Group President and CFO Ravi Nedungadi told ET that
Kingfisher's parent, UB Holdings, has raised INR763 crore
unsecured loans for Kingfisher since the beginning of the year.
Neither SICOM nor the UB Group confirmed whether the loan from
SICOM was part of the INR763 crore raised to support the airline,
the report notes.

"UB Holdings, the principal promoter of Kingfisher Airlines, has
facilitated funding of INR763 crore till date since the beginning
of the year," the report quotes Mr. Nedungadi as saying.

It was a clear demonstration of the UB Group's commitment to the
airline, Mr. Nedungadi said, adding, these funds had been
inducted as unsecured loans into Kingfisher Airlines, ET reports.

The report states that the loans to Kingfisher in July, along
with an earlier loan to UB Holdings, comprise 60% of SICOM's
2010-11 net worth and 9% of the finance company's sanctioned
loans. In terms of its net worth, SICOM has higher exposure to
the group than some of the large public sector banks, ET
discloses.

                        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.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KRISHNA CONSTRUCTIONS: CRISIL Rates INR30MM Loan at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Krishna Constructions, part of the KC
group.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR80 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the KC group's established position in the
construction industry and moderate financial risk profile, marked
by a comfortable gearing and moderate debt protection metrics.
These rating strengths are partially offset by the KC group's
small scale of, and working-capital-intensive, operations,
revenue concentration and exposure to risks related to tender-
based business in a highly fragmented industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KC, Chidipotu Krishnamurthy (CK), and
Kanakadurga Highway Builders, together referred to as the KC
group. The consolidated approach is because all the three
entities are in the same line of business, have fungible cash
flows among them, and also have the same promoters.

Outlook: Stable

CRISIL believes that KC group will maintain a stable business
risk profile backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the group
strengthens its business risk profile by extending its
geographical reach, and if its revenues and profitability
increase significantly while maintaining its comfortable capital
structure. Conversely, the outlook may be revised to 'Negative'
if KC group's revenues and profitability decline significantly,
there are considerable delays in realization of receivables, or
if the company undertakes more-than-expected debt-funded capital
expenditure programme, thereby weakening its financial risk
profile and liquidity.

                           About the Group

KC was incorporated in May 2008 as a partnership firm. The firm
started commercial operations in December 2008 and is in the
business of laying bitumen and concrete roads. Mr. C
Krishnamurthy holds 75 per cent stake in the firm and his son,
Mr. C Kartik, holds the remaining 25 per cent.

CK, a proprietorship firm and the group's flagship entity, was
established 25 years ago and is managed by Mr. C Krishnamurthy.
CK has been in the business of laying bitumen roads since its
inception. The firm is registered as a special class contractor
with the National Highways Authority of India (NHAI). Roads and
Buildings(R&B), Vijayawada (Andhra Pradesh), NHAI, Vijayawada
Municipal Corporation, and Panchayatraj, Vijayawada, have been
its key customers. CK's operations have been restricted mainly to
Andhra Pradesh. CK has transferred all its bidding eligibilities,
such as its special contractor status, experience, and works
executed in the past to KC. KHB, a partnership firm is also in
the business of executing bitumen roads. The firm is registered
as a Class 1 contractor with R&B, Andhra Pradesh. This entity is
specially focussed on bidding for smaller jobs. The KC group has
an order book of around INR210 million.

KC reported a profit after tax (PAT) of INR4.8 million on net
sales of INR104.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR14.3 million on net
sales of INR279.6 million for 2009-10.


LAXMI COTSPIN: CRISIL Cuts Rating on INR240MM Loan to 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Laxmi
Cotspin Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR240 Million Term Loan          CRISIL B-/Stable (Downgraded
                                        from 'CRISIL BB-/Stable')

   INR107.5 Million Cash Credit      CRISIL B-/Stable (Downgraded
                                        from 'CRISIL BB-/Stable')

   INR30 Million Bank Guarantee      CRISIL A4 (Downgraded from
                                                'CRISIL A4+')

The rating action follows severe pressure on LCSL's liquidity
amidst sharp fall in the prices of cotton from the highs
witnessed till March 2011, and sizeable inventory losses for the
company. The domestic prices of cotton crashed by around 40% to
INR100 per kg in August 2011 from INR168 per kg in March 2011.
The prices of cotton yarn, too, collapsed by around 41 per cent
to INR152 per kg in August 2011 from INR258 per kg in March 2011.
With LCSL's working capital stuck in inventory and receivables
amidst falling prices, its liquidity has deteriorated sharply.

The ratings on LCSL's bank facilities reflect its weak liquidity,
exposure to volatility in cotton prices, and below-average
financial risk profile marked by high gearing. The ratings also
factor in LCSL's modest scale of operations, and limited track
record in the cotton yarn industry. The aforementioned weaknesses
are partially offset by benefits that LCSL derives from its
healthy operational efficiencies because of its fully automated
manufacturing facilities.

Outlook: Stable

CRISIL believes that LCSL's credit risk profile will remain
constrained over the medium term on account of its weak
liquidity, leveraged capital structure, and the muted demand
scenario for cotton yarn. The outlook may be revised to
'Positive' if there is sizeable equity infusion to correct the
capital structure and relieve the liquidity pressure. Conversely,
the outlook may be revised to 'Negative' if the liquidity and
financial profile weakens further in case of large inventory
losses.

                        About Laxmi Cotspin

Laxmi Cotspin Ltd is a joint venture (JV) between Rajuri Steel
Pvt Ltd, Kalika Steel Alloys Pvt. Ltd., and Gujarat Tea Traders
Pvt Ltd. The JV was set up in 2005 as Mauli Cotspin Pvt Ltd; the
name was changed to Laxmi Cotspin Pvt Ltd in 2007. In February
2011, the company was reconstituted as a closely held public
limited company and was named LCSL. LCSL has a ring spinning
facility with 16,800 spindles (production capacity: 3 million
kilograms (kg) per annum) and a ginning facility (production
capacity: 33.5 million kg per annum). LCSL manufactures 100 per
cent combed cotton warp and hosiery yarns in counts of 30s, 36s,
and 40s. These yarns are used in the manufacturing of grey cloth
and knitted fabric. The company has capacity utilisation of 80
per cent for its spinning unit and 35 per cent for its ginning
unit.

LCSL has received an eligibility certificate from the Directorate
of Industries (DOI), Government of Maharashtra for Package Scheme
of Incentives. The scheme entitles the company to avail up to 100
per cent of the eligible investment (determined by the DOI)
through tax incentives over a period of seven years.

LCSL reported a profit after tax (PAT) of INR25 million on net
sales of INR1 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on net
sales of INR631.8 million for 2009-10.


MEHROTRA ENG'G: Delays in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Mehrotra Engineering Works Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR0.7 Million Term Loan           CRISIL D (Assigned)
   INR40.0 Million Cash Credit        CRISIL D (Assigned)
   INR2.6 Million Working Capital     CRISIL D (Assigned)
     Demand Loan
   INR10.0 Million Bill Discounting   CRISIL D (Assigned)
   INR20.0 Million Letter of Credit   CRISIL D (Assigned)
   INR13.0 Million Bank Guarantee     CRISIL D (Assigned)

The ratings reflect instances of delay by MEWPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

MEWPL also has a small scale of operations in a fragmented
engineering industry with low entry barriers, vulnerability to
volatility in raw material prices, and weak financial risk
profile, marked by weak debt protection metrics, a small net
worth, and moderate gearing. These rating weaknesses are
partially offset by the extensive industry experience of MEWPL's
promoters.

                     About Mehrotra Engineering

Mehrotra Engineering Works Pvt Ltd was originally set up in 1972
by Mr. Dwarka Nath Mehrotra as a partnership firm; the firm was
reconstituted as a private limited company in 1994. In the same
year, Mr. Sunil Mehrotra, son of Mr. Dwarka Nath Mehrotra, joined
the company. MEWPL is engaged in fabrication and galvanising of
various components for railway overhead electrification systems
(OHE) and power transmission towers. The company mainly caters to
contractors of state electricity boards (SEBs) and Central
railways, and does not participate in tenders directly. It has a
facility based in Muzaffarpur (Bihar).

MEWPL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR269 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.1 million on net
sales of INR179 million for 2008-09. MEWPL is estimated to report
PAT of INR2.1 million on net sales of INR224 million in 2010-11.


NAVRAN ADVANCED: Delays in Loan Repayment Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Navran Advanced Nanoproducts Development International Pvt Ltd
to 'CRISIL D' from 'CRISIL BB+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Million Cash Credit       CRISIL D (Downgraded from
                                          'CRISIL BB+/Stable')

   INR245.0 Mil. Rupee Term Loan     CRISIL D (Downgraded from
                                           'CRISIL BB+/Stable')

The downgrade reflects instances of delay by NAND ipl in
servicing its debt. The delays have been caused by the company's
weak liquidity, which, in turn, is due to the depressed revenues
and cash accruals on account of the delay in commencement of its
commercial plant as well as lower-than-expected demand for its
key product, polymerised toners (PTs). Demand for the PTs made by
NAND ipl has been significantly lower-than-expected owing to
longer than expected approval process at the customers' end as
well as due to the changes that NAND ipl has been required to
make in its initial product offering in order to align the same
with the demands of the customers. Moreover, the polymerised
toners market is currently dominated by large global players,
such as Fuji Film Imaging Control and Mitsubishi Chemicals which
makes it difficult for a new entrant like NAND ipl to establish
itself in this market. The downgrade also reflects CRISIL's
belief that NAND ipl's liquidity will continue to remain weak
over the medium term owing to significantly smaller-than-expected
scale of operations, leading to inadequate cash accruals to meet
maturing term debt obligations.

NAND ipl also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and also faces intense
competition from established and financially strong players in
the industry. These rating weaknesses are partially offset by the
extensive industry experience of NAND ipl's promoters and
successful commercialisation of polymerised toner and other
nanotechnology-based applications.

                       About Navran Advanced

NAND ipl was incorporated by Dr. Abhinava Kumar Srivastava (based
in the USA) and Mr. Kumar Binit on April 13, 2008. The company
has set up a 400-tonnes-per-annum plant in Una (Himachal Pradesh)
to manufacture polymerised toners using nanotechnology. The
construction of the plant started in October 2008 and was
completed by December 2010. NAND ipl, after launching its
products in Paper World, a trade fair held in January-February
2010 in Frankfurt (Germany), has received orders from cartridge
manufacturers such as Diakon Chemicals and Static Control Inc.
Under its unit, Nanotech Solutions, NAND ipl is also an exclusive
distributor of Eco-neev, which is a diesel additive based on
nanotechnology.

NAND ipl reported a net loss of INR25.0 million on net sales of
INR9.6 million for 2010-11 (refers to financial year, April 1 to
March 31).


NIRMAL PUMPS: CRISIL Assigns 'CRISIL BB' Rating to INR22.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Nirmal Pumps Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR9 Million Standby Line of       CRISIL BB/Stable (Assigned)
    Credit
   INR60 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR22.5 Million Long-Term Loan     CRISIL BB/Stable (Assigned)
   INR5 Million Proposed Long-Term    CRISIL BB/Stable (Assigned)
    Bank Loan Facility

The rating reflects the benefits that NPPL derives from its
established relationships with its customers and its promoters'
extensive experience in the pumps industry; the rating also
factors in NPPL's moderate financial risk profile, marked by
comfortable capital structure and debt protection metrics. These
rating strengths are partially offset by NPPL's small scale of
operations, marked by low product diversity and large working
capital requirements.

Outlook: Stable

CRISIL believes that NPPL will continue to benefit over the
medium term from the healthy demand prospects for the household
pumps segment and its established relationships with its
customers. The outlook may be revised to 'Positive' if NPPL
scales up its operations, supported by an increase in its product
portfolio or in case of any significant share capital infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' if the company contracts more-than-expected debt to
fund its incremental working capital requirements or capital
expenditure programmes, or if its revenues or margins decline
sharply resulting in lower cash accruals.

                      About Nirmal Pumps

Set up in 1987 as a proprietorship concern, NPPL was
reconstituted as a private limited company in 2007. The company
is a contract manufacturer of household pumps for pump
manufacturers such as CRI Pumps Pvt Ltd (CRI pumps; rated 'CRISIL
A/Stable/CRISIL A1'). The company's produces centrifugal jet self
priming pumps, which are used in household applications. NPPL is
based in Coimbatore (Tamil Nadu) and has a manufacturing capacity
of 30,000 pumps per month. The company's promoters are relatives
of the directors of CRI pumps. Mr. D Soundarajan, one of the
shareholders and directors of NPPL is the son-in-law of the late
Mr. Gopal , the promoter of CRI pumps. NPPL's day-to-day are
managed by the director, Mr. D Soundararajan.

NPPL reported a profit after tax (PAT) of INR12.99 million on net
sales of INR280.8 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR61.98 million on net
sales of INR297.5 million for 2009-10.


PEKON ELECTRONICS: CRISIL Puts 'CRISIL B' Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Pekon Electronics Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR50.0 Million Letter of Credit   CRISIL A4 (Assigned)
   INR10.0 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect PEL's below-average financial risk profile,
marked by high gearing and small net worth, small scale of
operations, and susceptibility to intense market competition.
These rating weaknesses are partially offset by PEL's promoters'
extensive industry experience, diversified product profile, and
steady cash accruals from lease rental income.

Outlook: Stable

CRISIL believes that PEL will continue to benefit from its
promoters' industry experience and will maintain the diversity of
its product portfolio and its stable cash accruals from lease
rentals over the medium term. The outlook may be revised to
'Positive' if PEL's financial risk profile improves, most likely
driven by improvement in operating profitability, equity infusion
by promoters, or increase in accretion to reserves. Conversely,
the outlook may be revised to 'Negative' if PEL undertakes
larger-than-expected debt-funded capital expenditure programme,
thereby weakening its debt protection metrics, or if competitive
pressure leads to a decline in its profitability.

                      About Pekon Electronics

PEL was incorporated in 1985 as a public limited company (closely
held) and was listed on Calcutta Stock Exchange in 1987. It is
promoted by Mr. Purshottam Bhagchandka, Mr. Dhiraj Bhagchandka
and Mr. Suresh Kumar Jalani.

PEL trades in home electronic appliances, plastic granules,
cotton fabrics, and manufactures jute bags. The company used to
deal in the products of Kenwood India. After Kenwood India was
taken over by DeLonghi, Italy PEL became its sole distributor in
India. The company started trading in plastic granules in 2008-09
(refers to financial year, April 1 to March 31). PEL imports
these granules from Thailand and other South-East Asian
countries; after adding colour to them and repackaging, the
granules are sold to local plastic manufacturers. PEL trades in
cotton fabric sporadically, only when it sees an opportunity. It
also procures raw jute and gets the processing done at Konark
Jute Ltd (Government of Orissa Company). PEL manages the day-to-
day operations at Konark Jute Ltd and has signed a contract with
the Government of Orissa for this.

PEL reported a profit after tax (PAT) of INR1 million on net
sales of INR331.6 million for 2010-11; the company reported a PAT
of INR0.2 million on net sales of INR324 million for 2009-10.


RANBA CASTINGS: CRISIL Upgrades Rating on INR68MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Ranba Castings Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR68 Million Cash Credit          CRISIL B+/Stable (Upgraded
   (Enhanced from Rs45.00 Million)       from 'CRISIL B/Stable')

   INR120.6 Million Long-Term Loan    CRISIL B+/Stable (Upgraded
   (Enhanced from INR19.30 Million)     from 'CRISIL B/Stable')

   INR55 Million Foreign Letter of    CRISIL A4 (Assigned)
   Credit
   INR1.7 Million Bank Guarantee      CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in RCL's business risk profile,
driven by higher-than-expected growth in revenues and improvement
in profitability. In 2010-11 (refers to financial year, April 1
to March 31), RCL recorded INR561.48 million in revenues, as
against CRISIL's expectation of INR470 million, 56 per cent
higher than its revenues of INR359.80 million in 2009-10,
primarily because of diversification of its customer base.
Previously, RCL derived 80 per cent of its revenues from the
textiles industry; however, from the last two quarters of 2010-
11, RCL has consciously diversified its customer base by adding
clients in the automotive (auto) components, pump, and
agricultural equipment industry. Driven by healthy demand from
these industries, the company achieved net sales of INR348.40
million for the six months ended September 30, 2011, and is
expected to report a growth of 30 per cent in revenues in 2011-
12. Furthermore, in 2010-11, RCL set up a highly automated new
green sand moulding plant. The new plant has brought about
savings in manpower and consumables, thereby resulting in an
improvement in its operating margin to 8.45 per cent in 2010-11
from 7.38 per cent in 2009-10. CRISIL believes that RCL's
operating margin will remain at current levels of 8.5 percent
over the medium term.

In 2010-11, RCL successfully expanded its capacity to 24,000
tonnes per annum (tpa) from 18,000 tpa by setting up the new
green sand moulding plant at a cost of INR150 million, which was
funded with INR115.2 million of term loan and INR34.8 million of
unsecured loans from its promoters. The company's gearing remains
high, at 2 times as on March, 31 2011. However, RCL has no major
capital expenditure plan for the medium term and hence its
gearing is expected to improve to 1.3 times over the medium term.
RCL's liquidity is supported by the company's moderately utilised
bank lines, averaging at 86 per cent, over the nine months
through July 2011. The bank lines were enhanced from INR45
million to INR68 million in July 2011 which is likely to further
facilitate working capital funding. Hence, CRISIL believes that
RCL will continue to have adequate liquidity over the medium
term.

The ratings also reflect RCL's below-average financial risk
profile, marked by a high gearing and a small net worth, and
exposure to intense competition in the castings and forgings
industry. These rating weaknesses are partially offset by RCL's
experienced management, healthy customer relationship, and
planned diversification of its customer base.

Outlook: Stable

CRISIL believes that RCL will continue to be benefit over the
medium term from its experienced management and its established
relationships with its major customers. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves with significant increase in its profitability on a
sustained basis and if there is improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if RCL undertakes a large, debt-funded capital expenditure
programme or in case of significant withdrawal of capital by the
promoter, leading to weakening in its capital structure, or if
its volumes or margins decline steeply.

                        About Ranba Castings

Set up in 1995 by Mr. V Rajendran in Coimbatore (Tamil Nadu), RCL
manufactures rough iron castings; it has a production capacity of
24,000 tpa. Mr. V Rajendran also owns a partnership firm, VR
Foundaries, which produces grey iron casting for the engineering,
automobile, and industrial sectors. VR Foundaries is
independently managed and does not engage in financial
transactions with RCL.

RCL reported a profit after tax (PAT) of INR13.35 million on net
sales of INR561.48 million for 2010-11, against a PAT of INR2.29
million on net sales of INR359.80 million for 2009-10.


RANGA WEAVES: CRISIL Raises Rating on INR65MM Loan to 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Ranga
Weaves India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'; the rating on the short-term bank facility has been
reaffirmed at 'CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR65.0 Million Long-Term Loan    CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   INR53.2 Mil. Cash Credit Limit    CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   INR8.0 Million Bank Guarantee     CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in RWIPL's scale of operations,
supported by increase in the company's customer base. The company
registered revenue growth (year-on-year) of 90 per cent in 2010-
11 (refers to financial year, April 1 to March 31), compared to
CRISIL's expectation of 60 per cent. CRISIL believes that RWIPL
will continue to improve its business risk profile over the
medium term, driven by sustained improvement in its scale of
operations. The company's operating margin of 11.2 per cent in
2010-11 was lower than CRISIL's expectation, because of its
participation in fabric trading. CRISIL believes that RWIPL's
operating margin will be around 10 per cent over the medium term
because of the company's increased contribution from fabric
trading. However, with the growth in revenues, the company is
expected to register revenues of INR400 million in 2011-12 and
RWIPL's cash accruals are expected to increase over the medium
term. The upgrade also reflects improvement in the company's
liquidity, marked by moderate bank limit utilization and
sufficient cash accruals to meet debt obligations over the medium
term. RWIPL has cancelled its capital expenditure (capex) plan to
set up 12,000 spindles at a cost of INR200 million in 2011-12.
Instead, the company intends to double its current capacity of
power jet looms, with a capex of INR180 million, funded in a
debt-to-equity mix of 2:1 during the second half of 2012-13.
Though the capital structure is expected to deteriorate because
of the capex to around 2 times, it is better than CRISIL's
expectation because of steady cash accruals.

The ratings also reflect RWIPL's below-average financial risk
profile, marked by an aggressive capital structure and average
debt protection metrics, small scale of operations, and exposure
to intense competition in the textile industry. These rating
weaknesses are partially offset by RWIPL's promoters' experience
and the company's established regional market position in the
cotton grey fabric industry with comfortable operating
efficiencies.

Outlook: Stable

CRISIL believes that RWIPL will continue to benefit over the
medium term from its promoter's established track record in the
cotton grey fabric business. The outlook may be revised to
'Positive' if the company significantly scales up its operations,
resulting in better-than-expected cash accruals, while it
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if RWIPL's financial risk profile
deteriorates because of larger-than-expected debt-funded capital
expenditure or lower-than-expected operating margin.

                         About Ranga Weaves

Incorporated in 2005, RWIPL manufactures 100 per cent grey cotton
fabric. The company's day-to-day affairs are managed by its
promoter-director Mr. E L Giri. Mr. Giri has experience of more
than a decade in similar lines of business. The company has 36
air-jet power looms imported from Toyota, Japan, with
manufacturing capabilities of both wide width grey fabric and
narrow width grey fabric. It intends to double its existing
capacity of power looms at a capex of INR180 million, funded in a
debt-to-equity ratio of 2:1. RWIPL mainly caters to textile
players in the domestic market.

RWIPL reported a profit after tax (PAT) of INR8.7 million on net
sales of INR289.5 million for 2010-11, against a PAT of INR1
million on net sales of INR154 million for 2009-10.


SDR POLYMERS: Delays in Debt Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of SDR Polymers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        CRISIL D (Assigned)
   INR84 Million Long-Term Loan     CRISIL D (Assigned)
   INR9.8 Million Proposed LT       CRISIL D (Assigned)
   Bank Loan Facility
   INR16 Million Letter of Credit   CRISIL D (Assigned)

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

SDR also has a below-average financial risk profile, marked by
high gearing, and weak debt protection metrics. These weaknesses
are partially offset by the extensive entrepreneurial experience
of SDR's promoters.

                        About SDR Polymers

Incorporated in May 2010 and promoted by Mr. S D R Vijayseelan
and his wife, Ms. Reena Seelan, SDR manufactures high density
polyethylene and polypropylene (HDPE/PP) circular woven sacks and
flexible intermediate bulk carrier (FIBC) bags. The company is
based in Tuticorin (Tamil Nadu) and has a manufacturing capacity
of 125 metric tonnes per annum. In August 2010, SDR took over the
business of a proprietorship concern, SDR Polymers, set up in
2008 and owned by Mr. S D R Vijayseelan.

SDR reported a profit after tax (PAT) of INR0.6 million on net
sales of INR61.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.7 million on net
sales of INR58 million for 2009-10.


SIDDHI INDUSTRIES: CRISIL Reaffirms CRISIL B- Cash Credit Rating
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Siddhi Industries
reflects Siddhi's below-average financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, and susceptibility to adverse regulatory changes.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Cash Credit      CRISIL B-/Stable (Reaffirmed)
    Facility
   INR4.2 Million Rupee Term Loan   CRISIL B-/Stable (Reaffirmed)
   INR25.0 Million Proposed Long-   CRISIL B-/Stable (Reaffirmed)
    Term Bank Loan Facility

These rating weaknesses are partially offset by the experience of
Siddhi's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that Siddhi will continue to benefit from its
promoters' experience in the cotton ginning industry, over the
medium term. The outlook may be revised to 'Positive' if Siddhi's
financial risk profile and capital structure improve
significantly, most likely through increase in accruals or
infusion of equity. Conversely, the outlook may be revised to
'Negative' if material decline in Siddhi's operating margin
results in reduced cash accruals, or if the firm's working
capital cycle deteriorates, increasing its dependence on debt.

Update

Siddhi's topline increased year-on-year to INR323 million in
2010-11 (refers to financial year, April 1 to March 31). The
growth was in line with CRISIL's expectations and was driven by a
combination of the cotton ginning division, with capacity of 100
tonnes per day (tpd) which was commissioned during the year, and
the incremental volumes from cotton seed oil and cakes. The
firm's profitability remained under pressure with an operating
margin just over 2.5 per cent in 2010-11, a decline from close to
3 per cent in 2009-10 mainly because of the lower margins from
the cotton ginning unit due to lower value additions in this
business. Siddhi's average inventory levels reduced to less than
a month for the year ended March 31, 2011, a decline from around
two months a year ago, because of high volatility in prices of
cotton during the year. In 2010-11, the firm expended a capital
of over INR15 million, which was primarily debt funded, because
of which its gearing deteriorated to about 3.75 times as on March
31, 2011. The firm's working-capital-intensive operations would
lead to continuance of aggressive gearing over the medium term.
Siddhi plans to expand its ginning unit for which it will have to
expend a capital of INR3.5 million; the funding for which would
be done by equity infusion by the promoters. The firm's liquidity
is weak with tightly matched cash accruals versus debt repayment
which remains a key rating sensitivity factor. Siddhi had an
average bank limit utilisation of over 85 per cent over the 12
months through August 2011.

                       About Siddhi Industries

Set up in 2007 as a proprietorship firm by Mr. Rajesh Thakkar in
Patan (Gujarat), Siddhi manufactures cotton seed oil and cotton
cakes, with current capacity of 80 tonnes per day. The firm has
now diversified into cotton ginning and has set up a plant with
capacity of 100 tpd.

Siddhi reported a profit after tax (PAT) of INR1 million on net
sales of INR323.7 million for 2010-11, against a PAT of INR0.8
million on net sales of INR160.5 million for 2009-10.


SITSON INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR245MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sitson India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Proposed Cash       CRISIL BB/Stable (Assigned)
    Credit Limit

   INR245 Million Proposed Term      CRISIL BB/Stable (Assigned)
    Loan

   INR180 Million Proposed Bank      CRISIL A4+ (Assigned)
    Guarantee

The ratings reflect SIPL's established position and extensive
experience of its promoters in the boiler industry. These rating
strengths are partially offset by the increasing working capital
intensity of SIPL's operations and susceptibility of its
performance to the flow of orders and execution of projects.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over medium
term from its promoters' extensive experience in the boiler
manufacturing industry and setting up power generation and sugar
mill plants. The outlook may be revised to 'Positive' if the
company reports a steady growth in its revenues and accruals
while improving its operating cycle. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates due to larger-than-anticipated debt-funded capex
programmes or lengthening of its operating cycle or if the
company suffers a significant decline in its revenues or
profitability.

                        About Sitson India

SIPL was set up as a partnership firm in 1978 by two technocrats
Mr. Dilip Bhamare and Mr. Ramarao Nandris. It was reconstituted
as a private limited company in 1999. SIPL manufactures boilers
and its auxiliary products, such as soot blowers. The company has
also diversified into undertaking turnkey projects for power
generation, co-generation and setting up sugar plants.

The company's manufacturing unit is at Dombivali near Mumbai
(Maharashtra). Mr. Dilip Bhamare is the managing director of the
company.

SIPL reported a profit after tax (PAT) of INR41.33 million on net
sales of INR660.11 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR75.17 million on net
sales of INR1352.71 million for 2009-10.


SOHAM POLYMERS: CRISIL Assigns CRISIL BB- Rating to INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Soham Polymers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Proposed LT        CRISIL BB-/Stable (Assigned)
    Bank Loan Facility

   INR35 Mil. Overdraft Facility    CRISIL BB-/Stable (Assigned)

   INR60 Million Foreign Letter     CRISIL A4+ (Assigned)
    of Credit

   INR50 Million Proposed ST Bank   CRISIL A4+ (Assigned)
    Loan Facility

The ratings reflect SPPL's established track record, long-
standing relationship with customers and suppliers, and
promoter's extensive industry experience. These rating strengths
are partially offset by SPPL's working-capital-intensive, and
small scale of operations. The rating also factors in the
vulnerability of the company's operating margin to volatility in
raw material prices.

Outlook: Stable

CRISIL believes that Soham Polymers Pvt Ltd (SPPL) will continue
to maintain stable business risk profile largely supported by its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company is able to improve its
profitability on a sustained basis, leading to a better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if SPPL undertakes a larger-than-expected debt-funded
capex programme, provides significant funding support to its
group company, or if its revenues decline sharply resulting in a
decline in profitability and leading to a weakening of its
financial risk profile.

                        About Soham Polymers

SPPL was promoted by Mr. Satish Modak in Mumbai (Maharashtra) in
1995 as a private limited company. The company manufactures
acrylic emulsion (binders) and other specialty chemicals which
are used in various industries, such as textiles, construction,
paint, leather, and adhesives. SPPL has a monthly production
capacity of 600 tonnes and is currently utilising almost 100 per
cent of its capacity. The company's management established Vrusha
Organics Pvt Ltd (VOPL) in 2009-10 (refers to financial year,
April 1 to March 31) and purchased a plot in MIDC (Maharashtra
Industrial Development Corporation) to enhance the current
installed capacity of SPPL by another 600 tonnes per month.
However, VOPL will function without any operational or financial
fungibility with SPPL.

SPPL reported a profit after tax (PAT) of INR7.4 million on net
sales of INR419.5 million for 2010-11, as against a PAT of INR5.2
million on net sales of INR256.4 million for 2009-10.


SRIRAMAGIRI SPINNING: Loan Payment Delays Cue CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sriramagiri Spinning Mills Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL D (Downgraded from
                                         'CRISIL BB-/Stable')

   INR250.0 Million Long-Term       CRISIL D (Downgraded from
   Loan                                  'CRISIL BB-/Stable')

The downgrade reflects SSML's continuously overdrawn cash credit
limits for over 30 days and delays in servicing its debt; the
delays have been caused by the company's weak liquidity owing to
its large, slow-moving, high-cost inventory and small scale of
operations.

SSML also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, small scale of
operations, and susceptibility of margins to volatility in raw
material prices. These rating weaknesses are partially offset by
SSML's moderate business risk profile.

                      About Sriramagiri Spinning

Incorporated in July 2006, SSML manufactures cotton yarn. SSML is
the erstwhile Sriramagiri Cold Storage Ltd, which was
incorporated on August 14, 2001, to set up cold storage business;
however, it remained a shell company until the setting up of the
spinning unit and subsequent change of name. SSML's manufacturing
unit is located in Nalgonda (Andhra Pradesh). The company
commenced operations in April 2010 with 16,800 ring spindles. It
manufactures yarn in counts of 36s to 42s, but largely
manufactures yarn in counts of 40s. The mill has capacity to
manufacture 6000 kilograms of cotton yarn per day. Tirupur (Tamil
Nadu) and Maharashtra are SSML's major markets. The company is
promoted by Mr. S Ramachandra Rao and his family members.

For 2010-11 (refers to financial year, April 1 to March 31), on a
provisional basis, SSML reported a profit after tax of INR22.3
million on net sales of INR287.1 million; 2010-11 was the first
year of the company's commercial operations.


SWARNA INDUSTRIES: CRISIL Reaffirms CRISIL BB Cash Credit Rating
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Swarna Industries Ltd
continues to reflect the benefits that Swarna derives from its
promoters' experience in the cattle feed and edible oils
businesses and its easy access to raw material.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     CRISIL BB/Stable (Reaffirmed)
   INR18.4 Million Term Loan        CRISIL BB/Stable (Reaffirmed)

These rating strengths are partially offset by Swarna's below-
average financial risk profile, marked by a small net worth, a
high gearing, and weak debt protection metrics, high working
capital intensity, exposure to intense competition, and
vulnerability to volatility in raw material prices.

Outlook: Stable

CRISIL believes that Swarna's financial risk profile will remain
weak over the medium term because of working-capital-intensive
operations. Furthermore, the company's scale of operations is
expected to remain small over this period because of large
industry competition. The outlook may be revised to 'Positive' if
the company significantly scales up its operations while it
maintains its current profitability and capital structure, or if
its financial risk profile improves, most likely because of an
increase in its net worth as a result of equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on Swarna's cash accruals, or if the company undertakes
any unanticipated debt-funded capex.

Update

Swarna's management consciously reduced its trading volumes in
the wake of volatile cotton prices and has maintained flattish
growth in its manufacturing volumes, resulting in a sharp decline
in its revenues over the past two years through 2010-11 (refers
to financial year, April 1 to March 31). In 2010-11, Swarna
generated INR472 million of revenues from trading, which
comprised 40 per cent of its overall sales. The overall sales
declined to INR1184 million in 2010-11 from INR1574 million in
2008-09. Lower volumes meant reduced reliance on external debt
which ensured that the bottom line was protected. Swarna's
gearing improved to 1.52 times as on March 31, 2011, from 1.91
times as on March 31, 2010. In the absence of any major capital
expenditure (capex) and flattish turnover growth, the company's
gearing is expected to remain close to the current levels over
the medium term. In 2011-12, Swarna has achieved a turnover of
INR510 million (revenues of INR290.7 million from manufacturing)
till August 2011, of which, 40 per cent were from trading. The
company has adequate liquidity, with moderate bank limit
utilisation of around 60 per cent and net cash accruals enough to
meet its debt obligations

Swarna reported a profit after tax (PAT) of INR4.7 million on net
sales of INR1184 million for 2010-11. The company reported a PAT
of INR4.4 million on net sales of INR1282 million for 2009-10.

                      About Swarna Industries

Swarna was set up by Mr. Vinod Gupta and his family in 2004; the
company acquired the business of Swarna Industries, a firm
operated by the family, in the same year. Swarna manufactures de-
oiled cake (DOC) and cotton seed oil. It trades in cattle feed,
DOC, pulses, and grains. Trading contributed to 40 per cent of
Swarna's revenues in 2010-11, with the rest being contributed by
manufacturing. The company currently operates 52 oil expellers
with a crushing capacity of 400 tonnes per day at Chhindwara
(Madhya Pradesh). The Gupta family has extensive experience in
trading in cattle feed and agricultural commodities. Mr. Vinod
Gupta looks after the marketing of the products. He is also
involved in the financial and administrative decision-making
aspects of the company (along with his brother, Mr. Rajesh Gupta,
and father, Mr. Satpal Gupta).


* INDIA: CIC Asks Central Bank to Reveal Top Defaulters
-------------------------------------------------------
The Times of India reports that the Central Information
Commission has asked the Reserve Bank of India to make public the
names and other details of top 100 industrialists of the country
who have defaulted on loans from public sector banks.

The news agency relates that the commission also directed the
central bank to post on its Web site complete information on all
such industrialists as part of suo motu disclosure mandated under
section 4 of the RTI Act before December 31 and update it every
year.  The Times of India says RBI had objected to making this
information public saying it was held by it in fiduciary capacity
and disclosing it would adversely affect economic interests of
the state.

Information commissioner Shailesh Gandhi agreed that information
was fiduciary in nature but said such exemption did not stand
when there was larger public interest in the disclosure, the
report relays.

According to the report, the order was in response to an RTI
application filed by Haryana-based P P Kapoor, who had sought
details of default in loans taken from PSU banks by various
industrialists besides list of defaulters, top 100 defaulters,
name of the businessman, address, firm name, principal amount,
interest amount, date of default and date of availing loan.


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


PERUSAHAAN LISTRIK: Fitch Rates 10-Year Dollar Bonds at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(exp)' rating to PT Perusahaan
Listrik Negara's 10-year US-dollar bonds to be issued under its
USD2bn global medium term notes (GMTN) program.  The final rating
of the proposed notes is contingent upon the receipt of documents
conforming to information already received.

The net proceeds from the bond issuance will be used for PLN's
capex and general corporate purposes. As per Fitch's parent-
subsidiary linkage methodology, the company's ratings (Long-Term
Foreign Currency Issuer Default Rating: 'BB+'/Positive) are
equalised with those of its parent, the Indonesian sovereign,
based on the strong ties between the two.


TOWER BERSAMA: Moody's Notes Negotiations with Indosat
------------------------------------------------------
Moody's Investors Services says that it will continue to monitor
developments between PT Tower Bersama Infrastructure Tbk ("TBI"
-- Ba2 stable) and PT Indosat Tbk ("Indosat -- Ba1 stable) with
regard to the recent announcement that the two have entered into
an exclusive, non-binding Memorandum of Understanding with regard
to the purchase of a portion of Indosat's existing tower assets.

Moody's understands that Indosat owns approximately 11,000
cellular communications towers across Indonesia and that it has
been examining various commercial arrangements for a portfolio of
up to 4,000 towers. At this stage, it is unclear what the scope
of any transaction would be, although should a full sale to TBI
transpire then Moody's would expect that Indosat would be the
anchor tenant on each of the towers under a long term contract
and that TBI would then actively pursue collocation agreements
with other operators as a means of enhancing income.

"TBI is currently Indonesia's second largest independent tower
operator with a portfolio of approximately 3,100 towers (plus
around 1,400 other sites such as distributed antenna systems),
and a deal with Indosat would propel it towards being the largest
independent operator by some margin and so leave it well placed
to benefit from the growing collocation trend," says Laura Acres,
a Moody's Vice President -- Senior Credit Officer. Adding, "In
addition, any purchase would increase TBI's Tier 1 revenue stream
(revenues derived PT Telekomunikasi Indonesia (Baa1/stable), PT
Telekomunikasi Selullar (Baa1/stable), PT XL Axiata Tbk
(Ba1/stable) and Indosat) to around 70%."

"However, an outright debt-funded purchase of the tower portfolio
would clearly place a financial burden on TBI. As at LTM
September 2011, adjusted debt/ebitda stood at 4.4x (this compares
with 3.2x under bank agreements which use annualized run rate
ebitda as the denominator)," says Acres, also Moody's lead
Analyst for TBI. Adding, "Notwithstanding this, Moody's believes
TBI management to be prudent in terms of managing financial
leverage and would not expect this to change as a result of any
deal with Indosat."

Typically, tower companies can withstand a high degree of
leverage for the rating level given the quality and reliability
of cash flows received and the ebitda accretive nature of the
underlying business model.

At this stage, it is too early to give any guidance on any likely
rating outcome as a result of the deal. As such, Moody's will
continue to monitor developments with regard to any possible
commercial arrangement between TBI and Indosat and keep the
market informed as such.

The principal methodology used in rating PT Tower Bersama
Infrastructure Tbk was the Global Communications Infrastructure
Rating Methodology published in June 2011.

TBI is the holding company of the Tower Bersama Group ("TBG"),
one of the 2 leading independent tower operators in Indonesia,
with 4,508 telecommunication sites serving 6,409 tenants as of
30th September 2011. It leases space on its communications towers
to cellular telecommunications operators on long-term contracts.


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


TOKYO ELECTRIC: Employees Stake in Tepco Up 35.6%
-------------------------------------------------
Bloomberg News reports that among Tokyo Electric Power Co.'s
biggest shareholders, only one increased its holdings in the
utility that faces massive liabilities after the Fukushima
disaster -- its employees.

Citing securities reports to the Tokyo Stock Exchange, the news
agency says the Tokyo Electric Employee Shareholding Association
became the fifth biggest stakeholder in the company known as
Tepco with 30.1 million shares, up 35.6%, as of Sept. 30, 2011.
The association was ranked eighth on the same date last year, the
report notes.

According to Bloomberg, three other large shareholders cut their
stakes, including Japan Trustee Services Bank Ltd., which dropped
to sixth, and Master Trust Bank of Japan Ltd. to seventh.  Five,
including Sumitomo Mitsui Banking Corp., left their stakes
unchanged, Bloomberg relays.  TEPCO shares have slumped 86% since
the day before the March 11 earthquake and tsunami wrecked its
Fukushima Dai-Ichi nuclear plant, forcing thousands to evacuate,
reports Bloomberg.

The utility said it will slash 7,400 jobs by the end of the year
ending March 2014 and reduce salary and bonuses in a cost-
cutting plan approved by the government on Nov. 4.

                       About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


DON HA REAL ESTATE: Nine Auckland Properties on Mortgagee Sale
--------------------------------------------------------------
BusinessDay.co.nz reports that a portfolio of nine Auckland
properties previously owned by failed high-profile property
player Don Ha are being marketed for mortgagee sale by real
estate agency Bayleys.

BusinessDay.co.nz relates that the properties for sale are spread
across the South Auckland region and include five three bedroom
houses, a four bedroom property and a two bedroom house. There
are also two 10-bedroom boarding houses that had been rented out
commercially as temporary accommodation.

According to the report, Bayleys residential mortgagee manager
Hayden Butler said the portfolio, the largest to be brought to
the market in recent years, was likely to be sold off
individually.  Eight of them were currently tenanted.

Mr. Butler told BusinessDay he couldn't put an approximate figure
on the combined total of the properties.

The properties will be auctioned on November 30.

As reported in the Troubled Company Reporter-Asia Pacific on
May 23, 2011, BusinessDay.co.nz said the receivers of Don Ha Real
Estate, the south Auckland real estate agency owned by Don Ha,
have sold the company for NZ$1.35 million -- back to another
company of which he is the principal.  Receivers Tim Downes --
Tim Downes -- and David Ruscoe -- david.ruscoe@nz.gt.com -- of
Grant Thornton were appointed in March by Kiwibank which had a
general security agreement over Don Ha Real Estate in relation to
NZ$7 million worth of mortgage debts to other companies within
the Don Ha group.  The debts were over 50 investment properties
in south Auckland that Mr. Ha owned and rented out, but had
fallen behind on the payments for, BusinessDay.co.nz noted.


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


PHILIPPINE BANK OF COMM: BSP Okays ISM PBCom Purchase
-----------------------------------------------------
GMANews.TV reports that the Bangko Sentral ng Pilipinas has
approved Ongpin-led ISM Communications Corp.'s bid to buy
troubled Philippine Bank of Communications (PBCom).

In separate statements to the Philippine Stock Exchange
Wednesday, PBCom and ISM said they received the BSP letter
regarding the deal, the report relates.

In July, GMANews recalls, ISM Communications and the three major
shareholders of the bank - the Chung, Luy and Nubla groups -
signed an agreement covering the sale of 97.28% of PBCom's
outstanding capital for PHP4.68 billion.

"On 7 September 2011, the Philippine Deposit Insurance Corp.
confirmed the selection of ISM, Mr. Roberto V. Ongpin and Mr.
Eric O. Recto as the qualified STPI [Strategic Third Party
Investor] for the bank.  The MB [Monetary Board] approval
completes the regulatory approvals required before the
transaction may be consummated," PBCom said, GMANews.TV reports.

ISM Communications is led by Roberto Ongpin, the former Trade
minister of then strongman Ferdinand Marcos.

According to GMANews.TV, the disposition of PBCom was a requisite
under the PHP7.6-billion assistance given by the Philippine
Deposit Insurance Corp. to the ailing bank in 2006.

                           About PBCom

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

                          *     *     *

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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