TCRAP_Public/111215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 15, 2011, Vol. 14, No. 248

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: ANZ Faces Delay in Effort to Reclaim AU$900MM
CANDETTI CONSTRUCTIONS: Chairman Requests Voluntary Administration
FLETCHER JONES: To Close 15 Retail Stores; Axes 61 Workers
PRIME RETIREMENT: Appoints Lawler Draper as Liquidators
STRATHFIELD GROUP: Creditors Approve Deed of Company Arrangement

ZOOS SA: Traded While Insolvent Before Seeking Bailout


C H I N A

CHINA CGAME: Posts US$2.9 Million Net Loss in Third Quarter


H O N G  K O N G

LEHMAN BROTHERS: Creditors' Proofs of Debt Due Jan. 3
MERRY CHANCE: Court to Hear Wind-Up Petition on Jan. 11
MILLENNIUM INT'L: Court to Hear Wind-Up Petition on Dec. 21
MORE HEALTH: Court Enters Wind-Up Order
MUTUAL FIT: Court Enters Wind-Up Order

NGAI SHING: First Meetings Set for Dec. 20
OLDMAX LIMITED: Court to Hear Wind-Up Petition on Feb. 8
SHEEN BENEFIT: Keung and Morris Step Down as Liquidators
SKY WINNING: Court Enters Wind-Up Order
STR (HONG KONG): Court Enters Wind-Up Order

SUCCESS WAY: Court Enters Wind-Up Order
SUNSHINE NEW: Court Enters Wind-Up Order
WAH KOON: Court Enters Wind-Up Order
WALITOYS & GARMENT: Court Enters Wind-Up Order
WINTEC ELECTRONICS: Court Enters Wind-Up Order

WISE RHYTHM: Court Enters Wind-Up Order


I N D I A

CHAMAN METALLICS: Delays in Loan Payment Cue CRISIL Junk Ratings
FIBRO PLAST: CRISIL Assigns 'CRISIL B+' Rating to INR140MM Loan
GAMA INFRAPROP: CRISIL Places 'CRISIL BB' Rating on INR5.84BB Loan
GARUDA INFRATECH: CRISIL Places 'CRISIL BB' Rating on INR30MM Loan
KAKUMANU SEEDS: CRISIL Upgrades Rating on INR72.5MM Loan to 'B'

KRISHNA FERRO: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
MAGBRO HEALTHCARE: CRISIL Puts 'CRISIL B-' Rating on INR20MM Loan
OUM DEVELOPERS: CRISIL Rates INR40MM Cash Credit at 'CRISIL BB'
PRASAD SEEDS: CRISIL Raises Rating on INR535MM Loan to 'CRISIL B+'
RAYALA CORPORATION: CRISIL Reaffirms 'CRISIL BB-' LT Loan Rating

SRI VANI: CRISIL Cuts Rating on INR90MM Term Loan to 'CRISIL D'
TRIMEX SANDS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating


I N D O N E S I A

ARPENI PRATAMA: Seeks Chapter 15 Protection
BERLIAN LAJU: Heightened Liquidity Risk Cues Fitch to Cut Ratings


J A P A N

OLYMPUS CORP: Meets Deadline for Revised Earnings Report
* JAPAN: Corporate Bankruptcies Up 3.2% in November 2011


N E W  Z E A L A N D

BELGRAVE FINANCE: Receivers Seek Financial Compensation from DAC
CENTURY CITY: Serepisos Allowed to Stay in Roseneath Home
KIWI FINANCE: Investors Repaid in Full
OTAHUHU ROVERS: High Court Denies Ex-Treasurer's Liquidation Bid


                            - - - - -


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


BURRUP FERTILISERS: ANZ Faces Delay in Effort to Reclaim AU$900MM
-----------------------------------------------------------------
Andrew Burrell at The Australian reports that ANZ Bank's bid to
claw back almost AU$900 million from the sale of Burrup
Fertilisers will drag into the new year after receiver PPB
Advisory admitted the process had been hindered by a dispute over
a gas supply contract and a web of litigation.

A year after ANZ put Burrup into receivership; PPB has conceded
for the first time that its attempt to sell a majority stake of
the company for up to $1 billion has been severely delayed.

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

                             *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


CANDETTI CONSTRUCTIONS: Chairman Requests Voluntary Administration
------------------------------------------------------------------
SmartCompany reports that Candetti Constructions Chairman Alex
Candetti said in a statement he requested the company be put into
voluntary administration, saying it is the best option to ensure
the company can move forward.

Candetti Constructions collapse comes as the company had just
competed the new State Aquatic Centre in Mario, for which it is
owed about $30 million, according to SmartCompany.

The report notes that administrators Stephen Duncan and Chris
Powell of Korda Mentha, a creditors' meeting is scheduled for some
time before Christmas, noting the business appears to be owed more
money that it owes.

"A priority of the joint Administrators is therefore to work with
Candetti in securing these substantial unpaid amounts for work
already completed. . . . Candetti's creditors, mainly sub-
contractors, are owed in the vicinity of $7 million and a
substantial part of that relates to the aquatic center project,"
Mr. Duncan said in a statement obtained by the news agency.

SmartCompany notes that Mr. Duncan said a main priority will be
put on pursuing these claims to help the company reclaim its
position in the industry.

The administrators can be reached at:

          Stephen Duncan
          Chris Powell
          Korda Mentha
          Level 4
          70 Pirie Street
          Adelaide 5001
          South Australia, Australia
          GPO BOX 518
          Adelaide 5001
          South Australia
          Tel: +61 8 8212 6322
          Fax: +61 8 8212 2215
          E-mail: sduncan@kordamentha.com
                  cpowell@kordamentha.com

Candetti Constructions was founded in 1958 and has remained South
Australian owned.  It has built major developments including the
GP-Plus and car park facilities at Marion, along with sulphur
storage facilities in Port Adelaide.  The business has also earned
accreditation under the Government's Building and Construction OHS
Accreditation Scheme.


FLETCHER JONES: To Close 15 Retail Stores; Axes 61 Workers
----------------------------------------------------------
The Sydney Morning Herald reports that one third of Fletcher Jones
stores will close and 61 staff made redundant as the
administrators seek the save the clothing business through a sale.

The news agency relates that administrator Cor Cordis said
15 Fletcher Jones stores across Australia would close immediately,
while 53 retail staff and eight head office staff have taken
redundancies.

A remaining 30 stores will continue to trade as normal, the report
says.

"As administrators it was important that we acted quickly to shore
up the viability of Fletcher Jones to make it an attractive
acquisition so it can keep trading," SMH quotes Cor Cordis
managing partner Bruno Secatore -- bsecatore@corcordis.com.au --
as saying.

The report relates that Mr. Secatore said the administrators had
received a better than expected response from companies interested
in buying Fletcher Jones.

Indicative offers are due by December 23, and a more conclusive
picture of the future of the brand will be provided early in the
new year, Mr. Secatore, as cited by SMH, said.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2011, The Australian said Fletcher Jones has been placed
in administration becoming the latest victim of the retail slump.
Executive Director Russell Zimmerman said clothing and footwear
retailers were struggling with poor sales, which were down 2.2% on
last year.  Mr. Zimmerman, the report related, blamed
unsustainable rents, time-and-a-half and double-time rates for
weekend trade in an industry where consumers expected doors to be
open on weekends and, sometimes, around the clock.   Mr. Zimmerman
said that internet shopping was also to blame, but retailers were
evolving and moving into the online space to limit its impact.

The company owes about AUD1 million in staff entitlements and
about AUD8.5 million in debt to unsecured creditors with about
half of that owed to shareholders, according to The Sydney Morning
Herald.

Fletcher Jones -- http://www.fletcherjones.com.au/-- is an iconic
Australian clothing retailer.  The company has 240 staff and 45
stores nationally.


PRIME RETIREMENT: Appoints Lawler Draper as Liquidators
-------------------------------------------------------
Stirling Horne and Petr Vrsecky of Lawler Draper Dillon were
appointed joint liquidators of Australian Property Custodian
Holdings Ltd., as Responsible Entity for The Prime Retirement &
Aged Care Property Trust following the second creditors meeting on
Nov. 23, 2011.  Messrs. Horned and Vrsecky previously were
appointed joint administrators of the Trust on Oct. 18, 2010.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2010, SmartCompany said ten retirement villages that are
owned by Prime Retirement and Aged Care Property Trust have been
placed in the hands of receivers after banks including National
Australia Bank and Suncorp Metway lost patience with the group.
Suncorp appointed receivers from Ernst & Young to Prime Trust's
retirement villages in Bundaberg, Mackay and Townsville.  This
triggered a swag of further appointments, with Craig Shepard and
Mark Korda of KordaMentha appointed to seven further villages,
including properties in Buderim, Nambour, Noosa and Linfield.
SmartCompany recalled shares in Prime Trust have been suspended
since early August, as the company tried to convince its
financiers it could restructure its operations and deal with debts
of about AU$275 million.  Receiver Craig Sheppard said the
properties, which are currently managed by Lend Lease Primelife,
would continue to operate as normal.

                         About Prime Trust

Prime Retirement and Aged Care Property Trust (ASX:PTN) --
http://www.primetrust.com.au/-- is an Australia-based investment
company.  The principal activity of the Trust is to invest funds
in property, primarily retirement and aged care facilities.  Its
subsidiaries include APCH Aged Care Services Pty Ltd, Hibiscus RV
Properties Pty Ltd, APCH Investments Pty Ltd, Carlyle Villages Pty
Ltd and Lindfield RV Properties Pty Ltd.


STRATHFIELD GROUP: Creditors Approve Deed of Company Arrangement
----------------------------------------------------------------
Strathfield Group Ltd disclosed on Dec. 12, 2011, that at a
meeting of creditors held on Nov. 21, 2011, the company's
creditors voted to approve a Deed of Company Arrangement.

The DOCA was executed on Dec. 1, 2011. "Following the execution of
the DOCA, control of Strathfield returned to the directors and
management," Strathfield said in a statement with the Australian
Securities Exchange.

"The DOCA includes a Deed Fund of approximately AUD$650,000 which
will be applied in the first instance to cover the administrators'
costs, with the balance applied to employees as priority creditors
and any remaining amounts to unsecured creditors.  The deed funds
are to be provided by the secured creditor, who has agreed not to
participate in any distribution," the company stated.

                    Optus Master Dealer Agreement

Strathfield said Optus claimed that the Master Dealer Agreement
with Strathfield provided the right to Optus to terminate the MDA
in the event of any act of insolvency.  Optus notified the
administrators and the company on Nov. 18, 2011, that it had
terminated the MDA with immediate effect.  This was despite
Strathfield providing, on Optus' request, what it considered a
realistic and achievable forward plan to Optus.

"The Board was extremely disappointed with the actions taken by
Optus, in particular when Optus has benefited for approximately 11
years from the exclusive agreement it has had with Strathfield,
during which period Stratfield has connected hundreds of thousands
of customers to the Optus network.

"Strathfield is currently seeking legal advice in respect to the
MDA and Optus' actions, and will update the market in due course.

"Despite the cancellation of the MDA, the approval of the DOCA by
the creditors of Strathfield provides opportunity for the company
to go forward with little or no external debt on its balance
sheet.  This may enable the company to seek fresh capital or
complementary business to acquire," Strathfield said.

                      About Strathfield Group

Based in Sydney, Australia, Strathfield Group Limited (ASX:SRA) --
http://www.strathfield.com/-- is engaged in retail sales of car
entertainment, home entertainment, home office and mobile phone
products.  The Company also provides telephone connection services
to mobile carrier network and installation of car audio products
and mobile telephones.

Strathfield Group was placed into voluntary administration on
Oct. 17, 2011.  Andrew Wily and David Hurst of Armstrong Willy,
Chartered Accountants, were appointed as external administrators.


ZOOS SA: Traded While Insolvent Before Seeking Bailout
------------------------------------------------------
The Advertiser reports that Zoos SA was likely to have been
trading insolvent for at least nine months before seeking a
taxpayer bailout.

The Advertiser relates that an analysis of the zoo's finances
shows that there was "reasonable evidence" and "strong indicators"
that Zoos SA was trading insolvent from at least June 2010, even
with the support of the State Government and Westpac.

The documents, obtained by The Advertiser which have not been made
public before, reveal the zoo had more than 504 creditors owed
money earlier this year, and warned there was a risk of legal
action.

As at May this year, almost 60% of Zoos' bills were outside terms
or overdue to a total of AUD1.36 million, the report relays.

But Zoos SA president Kevin McGuinness said the zoo board was
unaware of how bad the financial situation was, and concerns were
not raised by members about its predicament, according to the
report.

According to The Advertiser, the zoo has denied knowing it was
trading insolvent, but has admitted its financial situation became
so bad it was unable to pay staff superannuation payments and some
companies stopped supply.  Last month, the report recounts,
Westpac and the State Government announced a bailout for the zoo
after it had racked up a debt of about AUD25 million that it was
unable to pay.

After negotiations with Treasury, Westpac reduced the zoo's debt
to about AUD7 million, while the Government loaned it a further
AUD2.4 million and increased its annual operating grant, the
report discloses.

Mr. McGuinness, as cited by The Advertiser, said the board had
never considered itself to be trading insolvent.

Zoos SA -- http://www.zoossa.com.au/-- operates the Adelaide Zoo,
Monarto Zoo and the Warrawong Wildlife Sanctuary.


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C H I N A
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CHINA CGAME: Posts US$2.9 Million Net Loss in Third Quarter
---------------------------------------------------------
China CGame, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$2.9 million on US$0 contract revenues
earned for the three months ended Sept. 30, 2011, compared with a
net loss of US$8.7 million on US$161,340 of contract revenues
earned for the same period of 2010.

For the nine months ended Sept. 30, 2011, the Company has reported
a net loss of US$11.0 million on US$0 contract revenues earned,
compared with a net loss of US$15.6 million on US$5.8 million of
contract revenues earned for the same period last year.

The Company's balance sheet at Sept. 30, 2011, showed
$143.4 million in total assets, US$115.3 million in total
liabilities, and stockholders' equity of US$28.1 million.

As reported in the TCR on April 26, 2011, Samuel H. Wong & Co.,
LLP, in San Mateo, Calif., expressed substantial doubt about China
CGame's ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company incurred a net loss of US$23.2 million in the current
year. "As of Dec. 31, 2010, the Company has an accumulated deficit
of US$11.2 million due to the fact that the Company continued to
incur losses over the past few years.  The Company also has
difficulty to maintain sufficient working capital for operation
activities."

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

                       http://is.gd/Pf9JWi

Changzhou, China-based China CGame, Inc. (Nasdaq: CCGM) is a self-
developer of online games and provider of high-end building
envelope architectural systems.  Through its subsidiaries,
Changzhou ConnGame Network Ltd. and Shanghai ConnGame Network
Ltd., the Company leverages its game engines, development
platforms, and production teams to develop and operate Massively
Multiplayer Online Role Playing Games.

The Company has two games under development.  The first game,
"Revolution," will allow game players to travel between Western
and Eastern cultures, including adventures at historic locations
and turf wars.  The second game, "The Warring States," is a
historic military adventure game based on the well-known period in
ancient Chinese history of the same name.

The Company also provides design, engineering, fabrication and
installation services for high-end curtain wall systems, roofing
systems, steel construction systems, and eco-energy systems.


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


LEHMAN BROTHERS: Creditors' Proofs of Debt Due Jan. 3
-----------------------------------------------------
Creditors of Lehman Brothers Asia Holdings Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Edward Middleton
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MERRY CHANCE: Court to Hear Wind-Up Petition on Jan. 11
-------------------------------------------------------
A petition to wind up the operations of Merry Chance Industries
Limited will be heard before the High Court of Hong Kong on
Jan. 11, 2012, at 9:30 a.m.

Mok Yiu Keung filed the petition against the company on Nov. 9,
2011.


MILLENNIUM INT'L: Court to Hear Wind-Up Petition on Dec. 21
-----------------------------------------------------------
A petition to wind up the operations of Millennium International
Financial Limited will be heard before the High Court of Hong Kong
on Dec. 21, 2011, at 9:30 a.m.

Ko Lai Kuen filed the petition against the company on Oct. 13,
2011.

The Petitioner's solicitors are:

          Messrs. Chan, Wong & Lam
          Suites 3009-12, 30th Floor
          Shui On Centre
          6-8 Harbour Road
          Hong Kong, SAR


MORE HEALTH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 22, 2011, to
wind up the operations of More Health Massage and Beauty Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


MUTUAL FIT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Nov. 29, 2011, to
wind up the operations of Mutual Fit Company Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


NGAI SHING: First Meetings Set for Dec. 20
------------------------------------------
Creditors and contributories of Ngai Shing Neon Light Limited will
hold their first meetings on Dec. 20, 2011, at 3:00 p.m., and
3:30 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord, at
30 Canton Road, Tsimshatsui Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


OLDMAX LIMITED: Court to Hear Wind-Up Petition on Feb. 8
--------------------------------------------------------
A petition to wind up the operations of Oldmax Limited will be
heard before the High Court of Hong Kong on Feb. 8, 2012, at
9:30 a.m.

Li Chun Keung filed the petition against the company on Nov. 18,
2011.

The Petitioner's solicitors are:

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


SHEEN BENEFIT: Keung and Morris Step Down as Liquidators
--------------------------------------------------------
Stephen Liu Yiu Keung and Robert Armor Morris stepped down as
liquidators of Sheen Benefit International Limited on Nov. 4,
2011.


SKY WINNING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 3, 2011, to
wind up the operations of Sky Winning International Limited.

The company's liquidator is Lau Siu Hung.


STR (HONG KONG): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Nov. 30, 2011, to
wind up the operations of STR (Hong Kong) Limited.

The acting official receiver is Lee Mei Yee May.


SUCCESS WAY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 1, 2011, to
wind up the operations of Success Way Engineering Limited.

The company's liquidator is Lau Siu Hung.


SUNSHINE NEW: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Nov. 30, 2011, to
wind up the operations of Sunshine New Generation School of Ballet
& Arts Limited.

The acting official receiver is Lee Mei Yee May.


WAH KOON: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2011, to
wind up the operations of Wah Koon Interior Design Limited.

The company's liquidator is Lau Siu Hung.


WALITOYS & GARMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 25, 2011, to
wind up the operations of Walitoys & Garment Limited.

The company's liquidator is Lau Siu Hung.


WINTEC ELECTRONICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Nov. 29, 2011, to
wind up the operations of Wintec Electronics Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


WISE RHYTHM: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 30, 2011, to
wind up the operations of Wise Rhythm Consultancy Limited.

The acting official receiver is Lee Mei Yee May.


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CHAMAN METALLICS: Delays in Loan Payment Cue CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facility of Chaman
Metallics Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

   Facilities                     Ratings
   ----------                     -------
   INR130 Million Term Loan       CRISIL D (Downgraded from
                                        'CRISIL BB+/Stable')

   INR130 Million Cash Credit     CRISIL D (Downgraded from
                                       'CRISIL BB+/Stable')

   INR40 Million Proposed LT      CRISIL D (Assigned)
   Bank Loan Facility

   INR40 Million Bank Guarantee   CRISIL D (Downgraded from
                                           'CRISIL A4+')

The downgrade reflects delays, ranging from 4 days to 24 days over
the past few months, by CML in servicing its debt; the delays have
been caused by the company's weak liquidity on account of high
utilisation of its bank limits, to an extent of over 98%, over the
seven months ended October 2011.

The company's cash accruals in 2011-12 (refers to financial year,
April 1 to March 31) are not expected to be sufficient to meet its
maturing term debt obligations of around INR33 million. The
shortfall is expected to be met by promoter's contribution either
in the form of unsecured loans or by way of equity infusion. CML's
operations are working-capital-intensive as indicated by highly
utilized bank limits. The company only manufactures sponge iron
and does not have any forward or backward integration of
operations. Weak industry scenario for sponge iron has resulted in
the company's turnover declining to INR236 million in 2010-11 from
INR323 million in 2009-10. CML's capacity utilization also
declined to 22% in 2010-11 from 38% for 2009-10. CRISIL believes
that CML's liquidity will remain stretched in the near term,
driven by incremental working capital requirements and
insufficiency of cash flows from operations for meeting term debt
repayment obligations.

The rating also reflects CML's working-capital-intensive
operations and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by CML's
above-average capital structure and interest coverage ratio and
promoter's extensive experience in steel industry.

                      About Chaman Metallics

Incorporated in 2003, CML manufactures sponge iron with capacity
of 75,000 tonnes per annum (tpa). The company, promoted by Mr.
Suresh Kumar Agarwal, is a part of the MSP group based in Kolkata
(West Bengal). CML enhanced its capacity to 75,000 tpa from 30,000
tpa during 2009-10 at a total project cost of around INR230
million, funded at a debt-equity ratio of 1:1. The company has
been allotted a coal block in Maharashtra and is expected to start
mining operations from the second-half of 2012-13. The expenditure
towards the same is expected to be around INR400 million, likely
to be funded in a debt-equity ratio of 2:1.

CML reported a profit after tax (PAT) of INR1.5 million on net
sales of INR236.1 million for 2010-11, as against a PAT of INR2.3
million on net sales of INR323.5 million for 2009-10.


FIBRO PLAST: CRISIL Assigns 'CRISIL B+' Rating to INR140MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Fibro Plast Corporation).

   Facilities                        Ratings
   ----------                        -------
   INR140 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR160 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect FPC's weak financial risk profile, marked by a
small net worth and high total outside liabilities to tangible net
worth ratio (TOL/TNW), supplier concentration risk, and moderate
scale of operations. These rating weaknesses are partially offset
by the extensive industry experience of FPC's partners.

Outlook: Stable

CRISIL believes that FPC will benefit over the medium term from
the extensive industry experience of its partners in polymers
trading business. The outlook may be revised to 'Positive' if
there is significant improvement in the firm's capital structure
resulting in comfortable TOLTNW ratio and improvement in debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if there is deterioration in FPC's business risk
profile on account of adverse changes in its supplier
relationships or significant loss arising out of foreign exchange
risk further deteriorating its financial risk profile.

                         About Fibro Plast

FPC is a partnership firm that trades in polymers, glass materials
procured from Dupont Ltd, and fibre-reinforced glass from Owen
Cornings Ltd. The firm is currently managed by Mr. Bhavesh Valia
and his family members, who handle its day-to-day operations.
Furthermore, it also has a group company, Valia Impex Pvt Ltd
(Valia Impex; rated CRISIL BB/Stable/CRISIL A4+), which was
incorporated in 1989 and began operations as a del credere agent
for Reliance Industries Limited (RIL) for nearly two decades.
Currently, Valia Impex is one of the largest del credere agents
for RIL in India and sells more than 16,000 tonnes of polymer
products on average each month.

FPC reported a profit after tax (PAT) of INR 14 million on net
sales of INR 950 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 7 million on net
sales of INR 368 million for 2009-10.


GAMA INFRAPROP: CRISIL Places 'CRISIL BB' Rating on INR5.84BB Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' rating to
the long-term bank facilities of Gama Infraprop Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   Rs.5842.5 Million Term Loan       CRISIL BB/Stable (Assigned)
   Rs.180.0 Million Bank Guarantee   CRISIL A4+ (Assigned)

The rating reflects the timely financial closure that GIPL
achieved for its project and its minimum exposure to
implementation risk as demonstrated in the satisfactory progress
of its project. These rating strengths are partially offset by the
vulnerability of GIPL's business risk profile to timely and
adequate procurement of gas and limited revenue visibility with no
power purchase agreement (PPA) in place.

Outlook: Stable

CRISIL believes that GIPL will benefit over the medium term from
the healthy growth depicted in the implementation of its power
plant, assured funding for the project, and tie-up for part-
requirement of fuel. The outlook may be revised to 'Positive' if
the company ties up the remaining fuel requirement and also enters
into PPA for assured offtake. Conversely, the outlook may be
revised to 'Negative' if there are time and cost overruns in its
projects, the fuel supply is not as expected, thus affecting the
plant load factor, or lack of PPA results in GIPL selling power at
reduced prices.

                        About Gama Infraprop

GIPL is a special-purpose vehicle (SPV) floated by the RL Goyal
group (RLG Group) to develop a 225-megawatt power plant using the
combine cycle gas technology near Kashipur (Uttarakhand).  The
company was incorporated in May 2010 with the purpose of
developing and running the proposed power plant.  Though the
promoters have limited experience in running a power plant, GIPL's
management includes a team of qualified professionals having core
power sector experience with specific credentials pertaining to
operations of gas-based power plant.

Over the years, the RLG group has established itself in the
chemicals industry by setting a number of manufacturing units for
producing chemicals, such as acetic anhydride, monochloro acetic
acid, acetanilide, power alcohol, aniline oil, and nitro benzene.
Luna Chemicals Industries Pvt Ltd, GD Dyestuff Industries Ltd and
Jay Jee Enterprises; (part of the RLG Group) are rated at 'CRISIL
BBB+/Negative/ CRISIL A2'. The group's day-to-day operations are
managed by Mr. R L Goyal and his sons, Mr. Rahul Goyal and Mr.
Raman Goyal.


GARUDA INFRATECH: CRISIL Places 'CRISIL BB' Rating on INR30MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Garuda Infratech India Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR30 Million Proposed Cash    CRISIL BB/Stable (Assigned)
     Credit Limit
   INR40 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect GIIPL's above-average financial risk profile,
marked by moderate gearing and healthy debt protection metrics,
and promoters' extensive experience in civil engineering industry.
These rating strengths are partially offset by GIIPL's limited
track record of operations, project concentration in revenue
profile, and susceptibility to risks related to fragmented nature
of civil construction industry.

Outlook: Stable

CRISIL believes that GIIPL will benefit over the medium term from
its promoters' extensive industry experience and healthy capital
structure. The outlook may be revised to 'Positive' if GIIPL
significantly increases its scale of operations, led by increased
project diversity and revenue visibility, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of any delays in completion of
projects or receipt of payments from customers, or if the company
contracts larger-than-expected quantum of debt to capital
expenditure.

                       About Garuda Infratech

Incorporated in December 2010 and based in Hyderabad (Andhra
Pradesh), GIIPL undertakes civil construction work for residential
projects. The company is promoted by Mr. Sreenivas Babu Kode along
with his four friends - Mr. Ancha Chittaranjan, Mr. Satya Lakshmi
Narayana Gottipati, Mr. Raju Venkata Manthena, and Mr. Satya
Sekhar Boppanna. As on November 30, 2011, GIIPL has an order book
of close to INR800 million, which is expected to be executed over
the next 15 months. The entire order book is towards execution of
civil construction of residential colony for Karnataka Power
Corporation Ltd's upcoming power plant in Bellary (Karnataka).

GIIPL reported a profit after tax (PAT) of INR2.54 million on net
sales of INR58.19 million for 2010-11 (refers to financial year,
April 1 to March 31).


KAKUMANU SEEDS: CRISIL Upgrades Rating on INR72.5MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kakumanu
Seeds to 'CRISIL B/Stable' from 'CRISIL D'.

   Facilities                    Ratings
   ----------                    -------
   INR72.5 Million Term Loan     CRISIL B/Stable (Upgraded from
                                                  CRISIL D)

The rating upgrade reflects improvement in the firm's liquidity
and adequate financial discipline, resulting in timely debt
servicing by Kakumanu Seeds over the past five months. CRISIL also
believes that Kakumanu Seeds' cash accruals, though small, will
remain stable over the medium term, backed by healthy
profitability and assured off take from its customer.

The rating reflects Kakumanu Seeds' small scale of operations,
seasonal nature of revenues, customer concentration in its revenue
profile, and working-capital-intensive operations. These rating
weaknesses are partially offset by Kakumanu Seeds' moderate
financial risk profile marked by comfortable gearing albeit
constrained by a small net worth and promoters' extensive
experience in seed processing business.

Outlook: Stable

CRISIL believes that Kakumanu Seeds will continue to benefit over
the medium term from its experienced management and assured off
take from its customer Devgen N.V. The outlook may be revised to
'Positive' if the firm diversifies its revenue profile and
achieves a sustainable increase in its scale of operations while
maintaining its healthy profitability levels. Conversely, the
outlook may be revised to 'Negative' if Kakumanu Seeds undertakes
a larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its capital structure, or if its
volumes or margins decline steeply, leading to deterioration in
its financial risk profile.

                         About Kakumanu Seeds

Set up by Ms. Karumanchi Karthika as a sole proprietorship concern
in 2009, Kakumanu Seeds manufactures and markets hybrid seeds. It
has an agreement with Devgen N.V., a Belgium-based seeds company,
to undertake seed processing and seed conditioning. The firm's
facilities are located in Medak district in Andhra Pradesh.

Kakumanu Seeds reported a provisional profit after tax (PAT) of
INR12 million on net sales of INR44 million for 2010-11 (refers to
financial year, April 1 to March 31), against a provisional PAT of
INR10 million on net sales of INR46 million for 2009-10.


KRISHNA FERRO: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Krishna Ferro Product
Ltd continues to reflect instances of delay by KFPL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Cash Credit            CRISIL D (Reaffirmed)
   (Enhanced from INR65.00 Million)

   INR19.5 Mil. Standby Line of Credit   CRISIL D (Assigned)
   INR30 Million Letter of Credit and    CRISIL D (Reaffirmed)
   Bank Guarantee

   (Enhanced from INR20.00 Million)      CRISIL D (Reaffirmed)
   INR40 Million Long-Term Loan
   (Reduced from INR65.00 Million)

   INR60.5 Million Proposed Long-Term    CRISIL D (Assigned)
   Bank Loan Facility

The ratings also factor in KFPL's working-capital-intensive
operations and a weak financial risk profile, marked by a small
net worth and high gearing. These rating weaknesses are partially
offset by KFPL's moderate business risk profile.

                       About Krishna Ferro

Established in 1985, KFPL is engaged in the casting of iron,
steel, and alloys of various grades. The company's facility in
Mandiakudar (Orissa) has capacity to manufacture 9600 tonnes per
annum of cast iron, steel, and alloys. KFPL is managed by Mr. H K
Agarwal. The company recently concluded its capital expenditure
programme of adding high-quality machines and equipment to improve
the overall capacity utilisation of its plant. In addition to
catering to core sectors such as steel, aluminium, and cement,
KFPL has added new products, such as slip seal rings, ductile
castings, and centrifugal castings to cater to the automotive and
shipping industries; it has also started manufacturing low-margin
products, such as manhole covers.

KFPL reported a profit after tax (PAT) of INR14.92 million on net
sales of INR265.19 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.67 million on net
sales of INR213.46 million for 2009-10.


MAGBRO HEALTHCARE: CRISIL Puts 'CRISIL B-' Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Magbro Healthcare Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR20 Million Term Loan        CRISIL B-/Stable (Assigned)
   INR40 Million Cash Credit      CRISIL B-/Stable (Assigned)

The rating reflects MPL's below-average financial risk profile,
marked by high gearing and small net worth, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of MPL's promoters in the pharmaceutical
industry.

Outlook: Stable

CRISIL believes that MPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if the company
reports higher-than-expected growth in revenues and earnings,
while improving its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates because of substantially lower-than-
expected profitability or revenues or larger-than-expected debt-
funded capital expenditure programme or stretched working capital
cycle.

                    About Magbro Healthcare

MPL was incorporated in 2006 as a private limited company. MPL
manufactures, markets, and trades in pharmaceuticals formulations
under its own brands and also carries out contract manufacturing
work for companies, such as Unichem Laboratories Ltd and Microlabs
Ltd. MPL is promoted by Mr. Sudhir Maingi and his brother, Dr.
Sukhdev Maingi, along with a group of professionals. Its
manufacturing facilities are located in Village Mehsa Tibba
(Punjab). The company's registered office is in Phillaur (Punjab).

MPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR181.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.0 million on net
sales of INR132.2 million for 2009-10.


OUM DEVELOPERS: CRISIL Rates INR40MM Cash Credit at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of OUM Developers.

   Facilities                     Ratings
   ----------                     -------
   INR40 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects OUM's low offtake risk in the ongoing project
and the extensive experience of the firm's partners in the real
estate industry. These rating strengths are partially offset by
moderate implementation risk in the on-going project, along with
vulnerability to cyclicality in the real estate sector.

Outlook: Stable

CRISIL believes that OUM will continue to benefit over the medium
term from its partners' industry experience and low offtake risk
in the on-going project. The outlook may be changed to 'Positive'
if OUM receives more-than-expected customer advances for its
ongoing project, thereby substantially improving its overall
liquidity. The outlook may be revised to 'Negative' if there is
time or cost overrun in the project execution.

                       About OUM Developers

OUM is a partnership firm engaged in real estate development in
Surat (Gujarat). The firm was set up by Mr. Manjibhai Lathiya and
Mr. Udaybhai Chhasiya in 2009 to undertake real estate development
activity in Surat. It has been established specifically to
construct a single residential project in Surat under the name,
Vimalnath Residency. The project cost is estimated to be around
INR105.3 million. The promoters have about 10 to 15 years of
experience in the real estate industry, and have executed several
small-sized projects in Surat, Ankleshwar (Gujarat), and Mumbai
(Maharashtra).


PRASAD SEEDS: CRISIL Raises Rating on INR535MM Loan to 'CRISIL B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Prasad
Seeds Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL D'.

   Facilities                    Ratings
   ----------                    -------
   INR535 Million Term Loan      CRISIL B+/Stable (Upgraded from
                                                     'CRISIL D')

   INR15 Million Cash Credit     CRISIL B+/Stable (Upgraded from
                                                   'CRISIL D')

The upgrade reflects improvement in PSPL's liquidity resulting in
timely servicing of its term loan obligations. The improvement in
the company's liquidity is driven by increase in its scale of
operations because of increase in its seed processing capacities
and sale of hybrid seeds. CRISIL also believes that PSPL's cash
accruals will remain healthy over the medium term, backed by
healthy profitability and assured off take from its key customers.

The rating reflects the seasonal nature of PSPL's revenues, and
the capital-intensive nature of its business. These rating
weaknesses are partially offset by PSPL's above-average financial
risk profile, marked by moderate gearing and comfortable debt
protection metrics, extensive experience of its promoters in seed
processing and established customer relationships.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its experienced management and long term supply
contracts with its key customers. The outlook may be revised to
'Positive' if the company diversifies its revenue profile and
achieves a sustainable increase in its scale of operations, while
maintaining its healthy profitability. Conversely, the outlook may
be revised to 'Negative' if PSPL undertakes a larger- than-
expected debt-funded capital expenditure programme, leading to
deterioration in its capital structure, or if its volumes or
margins decline steeply leading to deterioration in its financial
risk profile.

                        About Prasad Seeds

Set up in 1975, PSPL undertakes processing, conditioning, and
drying of seeds for various seed companies, including Monsanto
India Ltd and Bayer BioScience Pvt Ltd (rated CRISIL AA-
/Stable/CRISIL A1+ by CRISIL). PSPL also develops and markets
hybrid seeds. It was set up by Mr. Karumanchi Prasad, who hails
from an agrarian family and has been in the seeds business for the
past four decades.

PSPL reported a profit after tax (PAT) of INR67 million on net
sales of INR810 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR34 million on net sales
of INR601 million for 2009-10.


RAYALA CORPORATION: CRISIL Reaffirms 'CRISIL BB-' LT Loan Rating
----------------------------------------------------------------
CRISIL's rating on Rayala Corporation Pvt Ltd's bank facility
continues to reflect the benefits RCPL drives from the prime
locations of its properties and its stable cash flows from its
lessee base.

   Facilities                     Ratings
   ----------                     -------
   INR380.00 Million LT Loan      CRISIL BB-/Stable (Reaffirmed)

These rating strengths are partially offset by RCPL's exposure to
risks related to commercialisation of its ongoing hotel project,
and its constrained financial risk profile because of its large,
ongoing, debt-funded capital expenditure (capex) programme towards
the hotel project.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit from steady
cash flows from lease rentals over the medium term. The outlook
may be revised to 'Positive' if RCPL generates expected level of
revenues from the project upon timely stabilisation of the hotel,
together with sustained improvement in the company's capital
structure and cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company faces significant time and
cost overruns in the ongoing project, if its existing lease
agreements get cancelled unexpectedly, or if the company
undertakes larger-than-expected debt-funded capex programme.

Update

RCPL's cash flows from commercial lease of its three properties
continue to be stable, amounting to around INR111 million per
annum. The total hotel project cost is estimated at about INR580
million, which is being funded in a debt-equity ratio of 66:34.
Capex till September 31, 2011 (on the hotel's outer structure) has
been around INR165 million, funded by a term loan of INR100
million and equity capital of INR65 million. The hotel project is
expected to be operational by June 30, 2012, as per the original
schedule; the term loan repayment on the hotel project is to start
from September 2012. Cash accruals from the hotel operation is
expected to be subdued during the first year of operations and any
shortfall in term loan repayment is expected to be met out of
promoter's funds in a timely manner. RCPL's marginal increase in
revenues from lease rentals from its three already operational
properties was on back of rental hikes.

RCPL reported, on provisional basis, a profit after tax (PAT) of
INR22.6 million on net revenues of INR123.4 million for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR4.01 million on net revenues of INR102.2
million for 2009-10.

                        About Rayala Corp

Set up in 1948 and promoted by Mr. Rajagopal Naidu, RCPL, part of
the Rayala group, is in the business of leasing out commercial
spaces in Chennai. The company currently owns three commercial
properties - Rayala Tower, Rayala Techno Park, and factory
premises - all located at prime locations across Chennai (Tamil
Nadu). The company has leased out commercial space of about
270,000 square feet to five corporate clients, Computer Age
Management Service Pvt Ltd, K7 Computing Pvt Ltd, C-Dot Alcatel
Lucent Research Centre Pvt Ltd, Buroe, R Systems, and Rialto
Enterprises Pvt Ltd. RCPL is currently setting up an INR580-
million four-star hotel (excluding land cost) at Old Mahabalipuram
Road, Chennai, funded in a debt-equity mix of 66:34. The hotel is
expected to commence operations in 2012-13. The Rayala group is a
diversified group and is into multiple businesses, including
manufacturing automobile parts, developing real estate, food
processing, and manufacturing household appliances. The group is
currently led by Mr. Ranjit Pratap, the grandson of Mr. Rajagopal
Naidu.


SRI VANI: CRISIL Cuts Rating on INR90MM Term Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sri
Vani Educational Society to 'CRISIL D' from 'CRISIL BB-
/Stable'.

   Facilities                        Ratings
   ----------                       -------
   INR10.00 Million Cash Credit     CRISIL D (Downgraded from
                                         'CRISIL BB-/Stable')

   INR90.00 Million Term Loan       CRISIL D (Downgraded from
                                          'CRISIL BB-/Stable')

The downgrade reflects instances of delay by SVES in servicing its
debt in the past two months; the delays have been caused by SVES's
weak liquidity. The weak liquidity is primarily because of delays
in reimbursement of tuition fee receipts from the Andhra Pradesh
government under the tuition fee reimbursement scheme, resulting
in full utilization of the society's bank lines over the past two
months through November 2011. CRISIL believes that SVES's
liquidity will remain weak over the medium term, because of
expected delays in reimbursement of tuition fee receipts.

SVES also has a below-average financial risk profile because of a
small net worth and low cash accruals on account of a limited
track record in the education sector; moreover the society also
has a geographically concentrated revenue profile, and is
vulnerable to adverse regulatory changes in the educational
sector. SVES, however, benefits from its promoters' funding
support.

                         About the Society

SVES was registered in 2008; with its first academic year being
2009-10 (refers to June 1 to April 30). The society has an
integrated campus with three institutions: Sri Vani School of
Engineering, Sri Vani School of Pharmacy, and Sri Vani School of
Management. The institutes are at Chevuturu (AP). SVES has 25
members with Mr. Kolli Venkata Ravi Kumar being the president and
chairman. The society has an ongoing capital expenditure (capex)
of INR126 million to set up buildings and laboratories in its
campus. The capex is being funded in a debt-to-equity ratio of
2.6:1.

SVES posted a reported income in excess of expenditure of INR2.1
million on income of INR266 million for 2010-11 (refers to
financial year, April 1 to March 31), against income in excess of
expenditure of INR6 million on income of INR21 million for
2009-11.


TRIMEX SANDS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
Trimex Sands Pvt Ltd at 'CRISIL BB+/Stable/CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR1.4055 Billion Long-Term Loan    CRISIL BB+/Stable
   INR100 Million Cash Credit          CRISIL BB+/Stable
   INR147 Million Proposed LT Bank     CRISIL BB+/Stable
     Loan Facility
   INR200 Mil. Export Packing Credit   CRISIL A4+
   INR100 Million Bank Guarantee       CRISIL A4+

The rating continues to reflect improvement in TSPL's capital
structure and successful ramp-up of operations in its newly
commenced sand mineral separation unit during 2010-11 (refers to
financial year, April 1 to March 31). TSPL has converted INR330
million worth of preference shares into common equity, during
2010-11 which has led to an improvement in its capital structure.
The company's gearing has improved from over 10 times as on
March 31, 2010 to 3.2 times as on March 31, 2011. The rating
reflects the successful stabilization of operations at TSPL's
beach sand mineral separation unit which started commercial
production in the fourth quarter of 2009-10. The company reported
sales of INR1.3 billion in 2010-11 and is expected to continue its
strong revenue growth over the near term as well. TSPL has
achieved sales of over INR450 million in the first quarter of
2011-12. With a healthy operating margin of 35 to 40%, the strong
growth in sales is expected to result in comfortable cash accruals
over the near term.

The ratings also reflect the Trimex group's comfortable business
risk profile, and its promoter's extensive experience in the
mining industry. These rating strengths are partially offset by
the Trimex group's average financial risk profile, marked by high
gearing and susceptibility to offtake risks.

For arriving at its ratings, CRISIL has combined the financials of
TSPL and Trimex Heavy Minerals Pvt Ltd, collectively referred to
as the Trimex group; this is because THMPL is a direct subsidiary
of TSPL and both the entities share a common management. Moreover,
the management has indicated that TSPL would financially support
THMPL over the medium term as the latter undertakes a debt-funded
capital expenditure (capex) for setting up a beach sand mining
project.

Outlook: Stable

CRISIL believes that the Trimex group will maintain its business
risk profile over the near term backed by successful stabilisation
of its operations in 2010-11 and improving net cash accruals. The
outlook may be revised to 'Positive' if the group increases its
scale of operation significantly while maintaining its operating
margins, leading to an improvement in cash accruals and financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the group undertakes larger-than-expected debt-funded capex
programme, leading to a deterioration of its capital structure, or
if the Trimex group increases its exposure with other group
companies leading to deterioration in its liquidity profile.

                        About Trimex Sands

TSPL, setup in 2007, is promoted by Mr. Pradeep Koneru. The
company extracts heavy minerals such as ilmenite, rutile,
sillimanite, zircon, and garnet, from beach sand. The company's
beach sand mineral separation unit at Srikakulam district of
Andhra Pradesh, which was initially planned to start commercial
production in January 2009, was finally commissioned only in
January 2010. The total project cost of the same was around INR2.4
billion.

THMPL is a direct subsidiary of TSPL and has obtained a
prospecting mining license over an area of 17.95 square kilometres
in Bhavanapadu district in Andhra Pradesh for mining beach sand
minerals. The company currently does not have any operations but
plans to set up its mining operations through a INR5 billion capex
over the medium term.

The Trimex group reported a profit after tax (PAT) of INR57.5
million on net sales of INR1.3 billion for 2010-11, as against a
net loss of INR138.5 million on net sales of INR74.7 million for
2009-10.


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


ARPENI PRATAMA: Seeks Chapter 15 Protection
-------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Arpeni Pratama
Ocean Line filed for bankruptcy protection in the U.S. in an
effort to block a group of dissident note holders from torpedoing
its debt restructuring in its home country.

Based in Jakarta, Indonesia, PT Arpeni Pratama Ocean Line Tbk --
http://www.apol.co.id/-- is a marine shipping company.  The
company's activities include bulk and liquid transportation
services.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.


BERLIAN LAJU: Heightened Liquidity Risk Cues Fitch to Cut Ratings
-----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia's Berlian Laju Tanker Tbk's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'CCC' from 'B-'.  The rating on BLT's USD400m senior
unsecured notes due 2014, issued by BLT Finance B.V. and
guaranteed by BLT, have also been downgraded to 'CC' from 'CCC'
based on a recovery rating of 'RR5'.  No rating Outlooks have been
assigned.

The downgrades reflect BLT's heightened liquidity risk as it has
yet to secure refinancing for the IDR1,153bn (USD127.4m) domestic
bonds that are maturing in May and July 2012.  While the company
had USD105.7m of unencumbered cash and USD88.9m as debt-oriented
mutual fund investments at end-September 2011, Fitch notes that it
is required to maintain a minimum cash balance of USD75m to comply
with bank loan covenants.  The agency estimates that these
balances and projected operating cash flows are inadequate to
repay the bonds falling due in 2012, especially in light of
committed capex.  Limited unencumbered asset balance -- USD9m as
at end-September 2011 -- makes refinancing a difficult
proposition.

Even if BLT is able to refinance the 2012 notes, it faces looming
debt maturities in 2013 and 2014.  The company's USD125m
convertible bond has a put option exercisable in February 2013 and
is currently out-of-the-money.  USD400m notes fall due in May
2014.  In addition, BLT has USD297.2m of debt -- mostly secured --
that needs to be refinanced between 2012 and 2014.

Fitch notes that the outlook for BLT's key business of chemical
tankers is stable and that the company has the advantage of being
an early entrant in the profitable Indonesian cabotage business.
The agency expects BLT's cash flow from operations to improve over
the medium term given its significant presence in the chemical
tanker and Indonesian cabotage businesses, though rising fuel
costs may temper that.

Given that the 'CCC' rating is driven by primarily by refinancing
risks, no outlook has been assigned.  A positive rating action may
be taken if BLT secures fresh long-term financing to address its
impending capital market maturities.  A failure to refinance the
IDR bonds maturing in mid-2012 will lead to further rating
downgrades.


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


OLYMPUS CORP: Meets Deadline for Revised Earnings Report
--------------------------------------------------------
Bloomberg News reports that Olympus Corp. beat the deadline to
avoid automatic delisting from the Tokyo Stock Exchange by filing
financial results and restating five years of earnings, delayed
after the camera maker admitted to covering up losses.

The TSE removed the company from its watchlist for automatic
ejection from the world's second-largest bourse, Bloomberg says.

Bloomberg says the 92-year-old company needs to show its problems
were confined to a "rotten" core of senior management, and that
there are no more significant revisions after net assets fell by
JPY105 billion ($1.3 billion).  Law enforcement agencies in Japan,
the U.K. and the U.S. are probing the company, and it may still be
delisted pending a review by the TSE, the report notes.

Olympus had net assets of JPY46 billion as of Sept. 30, according
to financial report for the second-quarter of the fiscal year,
compared with an unrevised JPY151 billion reported in August for
three months ended June 30, Bloomberg discloses.

                  Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

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


* JAPAN: Corporate Bankruptcies Up 3.2% in November 2011
--------------------------------------------------------
Xinhua News Agency reports that Tokyo Shoko Research Ltd the
number of corporate failures in Japan increased 3.2% in November
to 1,095 companies, marking the first rise in four months.

According to the report, the research agency said downward
pressure from a strong yen and a global economic slowdown have
outweighed safety net injections of liquidity from state
facilities and corporations ' earnings have marked a downward
trend, despite bankruptcies dropping 14.1 percent to 976 companies
a month earlier.

Xinhua relates that the research agency said that the amount of
outstanding debts left by bankrupt companies in November dropped
31.5% from a month earlier to total JPY187.68 billion, with the
number of failures with liabilities in excess of JPY1 billion
dropping by almost 50% to 30 companies.


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


BELGRAVE FINANCE: Receivers Seek Financial Compensation from DAC
----------------------------------------------------------------
Hawkes Bay Today reports that Waipukurau law firm DAC Legal is
being pursued for financial compensation by the receiver of
Belgrave Finance.

DAC (Davidson, Armstrong and Campbell) acted on behalf of
Belgrave.

The report relates that receiver KordaMentha is also seeking
compensation from former Belgrave directors, Shane Buckley and
Stephen Smith, along with associate Raymond Tasman Schofield.  It
has instructed Bruce Stewart QC, the report notes.

In September this year, the Serious Fraud Office laid 60 charges
against Messrs. Buckley, Smith and Schofield.  The SFO alleged the
defendants misrepresented to investors how their investments in
Belgrave Finance would be used, and subsequently used those funds
in an unauthorized manner.

The charges relate to more than NZ$18 million of loans made by
Belgrave Finance to various entities allegedly related to
Mr. Schofield and the company, between June 2005 and March 2008.

The charges have been brought under the Crimes Act and, if
convicted, the defendants face penalties of up to ten years
imprisonment.  The Financial Markets Authority has also laid
charges against the three under the Securities Act and Companies
Act.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- is engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham -- ggraham@kordamentha.com -- & Brendan Gibson --
bgibson@kordamentha.com -- from KordaMentha as receivers.  The
company was liquidated in April 2010.


CENTURY CITY: Serepisos Allowed to Stay in Roseneath Home
---------------------------------------------------------
The Dominion Post reports that bankrupt Wellington property
developer Terry Serepisos has been allowed to stay in his
Roseneath home, despite a court order requiring him to have left
by Sunday.

The report relates that a spokeswoman for Asteron Trust Services,
which won the order, said he remained at the property by agreement
with the company.

"He's complying with Asteron Trust Services' requirements. He's
currently at the property and will vacate at a later date," the
spokeswoman said.

She said the court order gave Asteron the ability to enforce it,
but it was quite standard to agree on a different date, says The
Dominion Post.

According to the report, Asteron also has a NZ$1.4 million court
order against Mr. Serepisos and a trustee of the T Serepisos
Family Trust on the house at 11 Robieson St and another at No 17.

Meanwhile, The Dominion Post reports that two other prominent
former Serepisos properties are expected to come on the market
soon -- the Farmers/ Deka buildings on the corner of Cuba and
Dixon streets, and the IBM buildings in Petone.

Both properties were financed by the Bank of Scotland
International, the report notes.

                       *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In August,
BusinessDesk recalled, Mr. Serepisos was granted adjournment to
put forward a proposal to creditors that would sell down his
property portfolio in an orderly fashion, in a bid to meet the
entirety of the NZ$204 million owed to his lenders.  The
portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk said.  The Serepisos-owned companies include Century
City Hunter Street, Century City Investments, Century City
Developments, Century City Management, and Century City Football,
which previously owned the Wellington Phoenix football team.


KIWI FINANCE: Investors Repaid in Full
--------------------------------------
Business Day reports that former Kiwi Finance Director Rhys
Greensill said his family is repaying the full reparation of
AU$1.2 million to investors out of a "sense of moral obligation.'

The Financial Markets Authority said the payment covers all
remaining principal owed to secured debenture investors, plus
interest outstanding up until Kiwi Finance went into receivership,
according to Business Day.  The small Taranaki finance firm went
under in April 2008 owing investors AU$1.7 million, the report
recalls.

Business Day discloses that Three of Kiwi Finance's four former
directors, Rodney Greensill, Chris Simkin and Barry Lambert, have
also undertaken not to act as managers of an issuer of debt
securities for five years.  Given the Greensill family is paying
all of the reparation, Rhys Greensill has a shorter management
undertaking than the others -- for just three years, the report
notes.

Mr. Greensill, Business Day relates, said that none of the
directors have any intention of becoming finance directors again
in the future.

Ideally, the deposits would have been repaid earlier but it was
necessary to await the outcome of the receivership, the report
adds.


OTAHUHU ROVERS: High Court Denies Ex-Treasurer's Liquidation Bid
---------------------------------------------------------------
Fairfax Media reports that Rhys Cullen, treasurer of Otahuhu
Rovers Rugby League Football Club, has failed in his attempt to
have the club liquidated in the High Court.

The news agency relates that Mr. Cullen worked as treasurer for
the Otahuhu Rovers for six months from November 2010, but resigned
after it was revealed he had allegedly cashed a cheque for
NZ$3,450 of club funds and could not account for where it would be
used.

Mr. Cullen resigned days after the cheque was cleared on April 7
this year and his membership to the club was cancelled, the report
recounts.

A month later, Mr. Cullen invoiced the club for NZ$4,830 for work
he claimed his company was owed and seven days later served a
statutory demand on the club, Fairfax Media relates.

According to the report, the club went to the Disputes Tribunal
about the matter and it was found that the club was not liable for
the amount.

Mr. Cullen then applied to the High Court for the club to be
liquidated because it couldn't pay its debts, the report says.

The application was opposed by the club which argued Mr. Cullen
had no right to apply for liquidation as he was neither a member
nor a financial contributor to the club.


                             *********

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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