TCRAP_Public/120606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 6, 2012, Vol. 15, No. 112

                            Headlines


A U S T R A L I A

APACHE SERVICES: Appoints Administrator as Owner Faces Tax Bill
ARAB BANK: Moody's Cuts Subordinated Debt Rating to '(P)Ba1'
EQUITITRUST: Receivers Auction Beachfront Site For AUD1.65MM
HASTIE GROUP: In Administration, Staff Remains Unpaid
HSU: Judge Questions Kathy Jackson Contact

MOWBRAY COLLEGE: Heads Toward Liquidation; Closes Prep to Year 10
PARKWAY PTY: Two Bridal Stores Placed in Liquidation
SMART ABS: Fitch Rates AUD12.77-Mil. Class E Notes at Low-B
TRIO CAPITAL: ASIC Provides Update On Probe


C H I N A

HONTEX INT'L: Asks Court to Halt HK Regulator's IPO Case
HOPSON DEVELOPMENT: S&P Cuts Corporate Credit Rating to 'B-'


H O N G  K O N G

1995 WESTERN: Creditors' Proofs of Debt Due July 1
BONDWAY YACHTS: Court Enters Wind-Up Order
BRINGTON ENGINEERING: Court Enters Wind-Up Order
CASTLE PEAK: Members' Final General Meeting Set for July 3
CHINA CONSTRUCTIVE: Court Enters Wind-Up Order

CHING WAH: Members' Final General Meeting Set for July 6
CORINTHIAN MARKETING: Wong and Arab Step Down as Liquidators
FIRST CHINA: Members' Final Meeting Set for July 3
FRIENDS OF WOLFSON: Creditors' Final Meeting Set for July 1
GLOBE7 HK: Court Enters Wind-Up Order

GOLD-FACE ENTERPRISES: Annual Meeting Set for June 15
GUNYA INVESTMENT: Seng and Lo Step Down as Liquidators
HAIER GROUP: Lai and Haughey Step Down as Liquidators
HOP CHEONG: Creditors' Proofs of Debt Due June 15
HONEST PORT: Court to Hear Wind-Up Petition on June 13


I N D I A

AMARSON OVERSEAS: CRISIL Rates INR45.2MM Loan at 'CRISIL BB-'
CANAAN ENG'G: CRISIL Cuts Rating on INR150MM Loans to 'CRISIL D'
DIAMOND FOOTCARE: Delay in Loan Payment Cues CRISIL Junk Ratings
D M FABRICS: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
GAUTAM TECHNOCAST: CRISIL Raises Rating on INR75.6MM Loan to BB+

HY-TUF STEELS: CRISIL Raises Rating on INR94.5MM Loans to 'BB+'
INCAP LTD: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
INDIAN ACOUSTICS: CRISIL Puts 'B+' Rating on INR42.6MM Loans
KARAN KOTHARI: Fitch Affirms Nat'l Long Term Rating at 'B+'
L-COMPS & IMPEX: CRISIL Assigns 'BB-' Rating to INR71.6MM Loans

MAYUR COLDSTORAGE: Delay in Loan Payment Cues CRISIL Junk Ratings
PHOENIX FOILS: CRISIL Upgrades Rating on INR94.6MM Loans to 'BB-'
PR ECOENERGY: Delay in Loan Payment Cues CRISIL Junk Ratings
PRAKASA SPECTRO: Fitch Puts Nat'l Long-Term Rating at 'BB(ind)'
PREET LAND: Delay in Loan Payment Cues CRISIL Junk Ratings

PRERANA PRATISTHAN: CRISIL Puts 'D' Rating on INR120MM Loans
RAJGANGA AGRO: CRISIL Puts 'CRISIL B' Rating on INR41.4MM Loans
SCOPE INGREDIENTS: CRISIL Rates INR50MM Cash Credit at 'BB+'
SRI VENKATESWARA: Fitch Assigns 'D(ind)' National LongTerm Rating


I N D O N E S I A

BAKRIE SUMATERA: S&P Puts 'CCC+' Corp. Credit Rating on Watch Neg


J A P A N

TOKYO ELECTRIC: SESC Seeks U.S. SEC Help in Insider Trading Case


N E W  Z E A L A N D

BRIDGECORP LTD: SFO Court Trial May Not Push Through
ENRICHING WELLNESS: Shuts Door After Five Years
ROCK BOX: Faces Liquidation Bid in High Court
* NEW ZEALAND: Recession Hits Nelson SMEs as 42 Firms Go Under


P H I L I P P I N E S

RURAL BANK OF BANAYOYO: Goes Into Receivership


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


APACHE SERVICES: Appoints Administrator as Owner Faces Tax Bill
---------------------------------------------------------------
Cara Waters at SmartCompany reports that administrators have been
appointed to Apache Services after the company director and
owner, John Herbert, was slapped by the Australian Taxation
Office with a penalty notice for unpaid tax.

SmartCompany relates that Glenn Franklin of Lawler Draper Dillon
was appointed as administrator for Apache Services on May 16,
2012, and placed advertisements Tuesday seeking offers for the
business.

According to the report, Lawler Draper Dillon is looking to sell
it as a going concern and the sale includes all the assets and
intellectual property of the company.  Assets include motor
vehicles, excavators, stock, drilling rigs, trucks and trailers.

Apache Services has a total of 105 creditors that are owed a
total of AUD1.1 million dollars, including AUD185,000 owed to the
ATO and AUD155,000 owed to Tasmanian State Revenue, SmartCompany
discloses.

SmartCompany relates that Mr. Franklin said there are about 30
employees at Apache Services but, for now, it is "business as
usual" as the company completes projects and the administrator is
looking at the employees moving to a new purchaser.

Lawler Draper Dillon is looking at the 30 employees moving across
to a new purchaser, but Mr. Franklin says it is unclear whether
Mr. Herbert will also stay on, adds SmartCompany.

Based in Hobart, Apache Services specializes in horizontal
directional drilling, trenching and civil services.


ARAB BANK: Moody's Cuts Subordinated Debt Rating to '(P)Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt
rating of Arab Bank Australia Limited to Baa3 from Baa2, and its
subordinated debt rating to (P) Ba1 from (P) Baa3. The short-term
rating has been downgraded to Prime-3 from Prime-2. The bank's
financial strength of D maps to ba2 on the long-term rating
scale. Concurrently, Moody's has assigned a negative outlook to
all ratings.

The rating actions conclude the review commenced by Moody's on 2
March 2012.

Ratings Rationale

"The downgrade reflects continuing asset quality pressures
relating to the bank's single large commercial loan exposures"
said Daniel Yu, an Analyst at Moody's Sydney office. "It has also
been driven by the rating downgrade of its parent, Arab Bank plc
on May 31, 2012", added Yu.

At 1Q12 non-performing loans (defined as impaired loans plus 90
day past due loans) as a percentage of gross loans was 9%, a
significant increase from 4% in FY2010. Whilst the number of
impaired customers is not high, they have grown and the impact to
reported asset quality ratios has been significant, given the
large size of these exposures. Furthermore, a large proportion of
the bank's biggest exposures relate to property development and
construction which tend to be higher risk in nature.

From a funding perspective, approximately half of ABAL's total
funding is derived from wholesale sources and includes a
AUD172 million 3-year Australian government guaranteed bond which
will mature in February 2013. While, at the time of issuance the
government guaranteed debt allowed the bank to lengthen the
duration of its wholesale funding, it does represent a mid-term
refinancing burden. Moody's notes that the bank holds sufficient
liquidity to cover this maturity. However, should the bank
extensively use existing liquid assets to repay this bond, its
liquidity position will be weaker.

The changes to ABAL's ratings are also a result of its parent's
stand alone credit profile declining from baa1 to baa2, with a
negative outlook. The change was mainly driven by a review by
Moody's affecting all banks whose standalone assessments are
higher than the rating of the government where they are
domiciled. The downward revision of Arab Bank plc's standalone
assessments reflects Moody's opinion of the extent to which the
bank's creditworthiness is correlated with that of the Jordanian
governments' credit strength.

While Moody's continues to view the potential for support from
Arab Bank plc to remain very high, the rating support provided by
the parent has weakened. Nevertheless, the potential for parental
support remains an important, positive rating factor for ABAL as
it lifts the bank's Baa3 debt rating two notches above its stand-
alone profile of ba2.

The negative outlook on ABAL's ratings reflects the negative
outlook of the parent's rating, as well as the potential for
further impairments in the bank's loan portfolio, which has yet
to show any sustainable signs of improvement and remains
challenged in the current economic environment which is seeing
pockets of stress in Australia's non-resource sectors.

There is no impact on the Aaa rating of debt securities the bank
issued under the Australian government's guarantee scheme.

A combination of the following would likely stablise the rating:

  (i) Sustainable improvement in asset quality, demonstrated by
non-performing loans (defined as impaired plus 90 day past due
loans) falling below 6% of gross loans for multiple reporting
periods

(ii) The outlook on Arab Bank plc's rating is revised to stable

A combination of the following would likely trigger a rating
downgrade:

  (i) Further unexpected and significant impairments in the loan
book

  (ii) A decline in the bank's Tier 1 % to below 8.5%

(iii) A downgrade of Arab Bank plc's rating

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Arab Bank Australia is headquartered in Sydney, New South Whales,
Australia. It reported assets of AUD1,324 million (approximately
US$1,351 million) at FY2011, for the year ending December 31,
2011.


EQUITITRUST: Receivers Auction Beachfront Site For AUD1.65MM
------------------------------------------------------------
goldcoast.com.au reports that a Palm Beach beachfront site, held
by Mark McIvor, head of troubled former merchant bank
Equititrust, has been sold under the hammer at the behest of a
receiver for $1.6525 million.

The 597 sqm site has 10m of beach frontage at 67 Jefferson Lane
and is understood to have been purchased in 1991 for $575,000. It
was released for sale by Will Colwell -- will.colwell@fh.com.au -
- of Ferrier Hodgson, and sold on Saturday, the report says.

The report says the Palm Beach property is one of two held by
Mr. McIvor that were placed on the market in May.

The second property, Teralla, a four-bedroom house in Sydney's
Double Bay, acquired for AUD4.7 million in late 2005 via MM
Capital, also is being sold by receivers, goldcoast.com.au
relates. It sits on 746 sqm at 20 Cooper St and is being marketed
by Bart Doff, of Laing+Simmons Double Bay.

An expression of interest campaign for the property closed on
May 29, the report notes.

According to the report, Mr. McIvor's Equititrust was placed in
liquidation in April on the vote of creditors after five
receivers were appointed to the company in February.  Receivers
are realising assets for unit holders in investment funds for
which Equititrust was the responsible entity, as well as for
financiers, according to the report.

Equititrust Limited -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.  Equititrust is the responsible entity of the
Equititrust Income Fund (EIF) and Equititrust Priority Class
Income Fund (EPCIF).  EIF is a mortgage fund whose primary
business is lending retail investors' pooled funds for property
development and taking mortgages over the property.  The EPCIF is
currently dormant.


HASTIE GROUP: In Administration, Staff Remains Unpaid
-----------------------------------------------------
ABC News reports that workers had been stood down without pay
after the engineering services company Hastie Group was placed
into administration.

Workers in two states and the ACT found out about their fate
either late on May 28 or May 30, according to ABC News.  The
report relates that administrator PPB Advisory said 2,700
Australian jobs were on hold after the collapse of the company,
which employs more than 7,000 people worldwide -- 4,000 in
Australia and 3,000 overseas.

In Victoria, ABC News notes that an estimated 400 jobs at Watters
Electrical are expected to be lost.  The report relays that half
of those positions are in Melbourne, the other 200 are based
across the regions, including Bendigo, Mildura, and Shepparton.

ABC News discloses that workers cannot access redundancy payouts
until the receivers finalize the liquidation.

The report notes that the Electrical Trades Union said it has
made an application to Fair Work Australia to have a decision to
stand down 300 electrical workers employed by a Hastie group
subsidiary, reversed.

The union says the workers, employed by Watters Electrical, have
been left in limbo by the administrator's decision, ABC News
notes.

Victorian branch secretary Dean Mighell said the workers cannot
access unemployment benefits or redundancy funds while they are
still technically employed by the company, ABC News adds.


HSU: Judge Questions Kathy Jackson Contact
------------------------------------------
Margaret Scheikowski at The Sydney Morning Herald reports that a
Federal Court judge has criticized contacts made with his
chambers by Health Services Union National Secretary Kathy
Jackson and her solicitors.

Justice Geoffrey Flick, who is hearing applications for the
troubled union to be placed into administration, wants Ms.
Jackson's barrister, Brett Shields, to prepare submissions about
whether any action should be taken over the contact, according to
The Sydney Morning Herald.  The report relates that the judge
also referred to a June 1 affidavit of Ms. Jackson which
contained "potentially scandalous allegations" and unless it was
read in court, he would not allow the public access to the
document.

The judge is hearing applications to place the state union,
HSUeast, and the HSU East branch of the federal union into
administration, the report notes.  The Sydney Morning Herald
relays that they have been made by HSUeast, NSW Finance Minister
Greg Pearce, federal Workplace Relations Minister Bill Shorten,
and HSU acting national president Chris Brown and six HSU
branches.

The Sydney Morning Herald notes that Justice Flick said the
hearing will not be a Royal Commission into the union and he has
asked for a joint statement of facts to the deficiencies in the
way the bodies are functioning.

The Sydney Morning Herald says that the court was told possible
candidates for the position of administrator included former
Federal Court judge Michael Moore and Work Place Review editor
and barrister, Jeffrey Phillips.

The judge adjourned the matter until Wednesday to enable Mr.
Shields to get instructions from Ms. Jackson about her affidavit,
the report adds.


MOWBRAY COLLEGE: Heads Toward Liquidation; Closes Prep to Year 10
-----------------------------------------------------------------
skynews.com.au reports that Mowbray College will close today,
June 6, except for year 11 and 12 students, who will stay until
the end of the month.

skynews.com.au relates that the school's administrator JP Downey
said facilities for prep to year 10 students will only stay open
until 5:00 p.m. today.  It is then expected the college in the
city's outer west will enter liquidation, the report notes.

According to the report, administrator Jim Downey said the
Victorian government has provided up to AUD1 million in loan
funding, enabling more than 270 year 11 and 12 students to
continue at the school until the term's end to complete mid-year
exams and assessments.

But Mr. Downey said there was not enough money to keep the entire
college open, despite best efforts, skynews.com.au relates.

"The closure is a highly regrettable outcome," skynews.com.au
quotes Mr. Downey as saying in a statement.  "In the absence of
sufficient funding, I am left with no alternative but to
progressively close the school by the end of term two."

According to skynews.com.au, Victorian Education Minister Martin
Dixon said the further AUD1 million came despite no funding from
the federal government -- the major funder of non-government
schools -- and the National Australia Bank's refusal to extend
the school's line of credit.  It comes on top of AUD400,000 the
state government has already granted the school to cover
teachers' salaries and other bills, says skynews.com.au.

skynews.com.au says the state education department is helping to
place students at other schools.

The school's parents are examining ways to save the school and
are considering a community buyout, skynews.com.au relays.

                       About Mowbray College

Mowbray College is a Melbourne-based private school.  It has
three campuses with about 1,000 students, and 200 staff.

The college entered voluntary administration late last month with
debts of AUD18 million and is owed about AUD2 million in unpaid
fees.


PARKWAY PTY: Two Bridal Stores Placed in Liquidation
----------------------------------------------------
Anthony Warner and Steven Kugel of The Insolvency Experts - CRS
Warner Kugel were appointed joint Liquidators of Parkway (VIC)
Pty Limited by its members on May 25, 2012.

The company operated two franchise bridal wear stores:

   * Ferrari Formal & Bridal at 551 Whitehorse Rd Mitcham; and

   * Spurling Bridal & Formalwear at 231C Maroondah Highway,
     Ringwood.

Immediately upon appointment, the liquidators removed all stock,
including any items under lay-buy from the trading premises.

The liquidators are now compiling a comprehensive listing of all
lay-buy stock to determine the existence of each item said to be
under lay-buy and the amount outstanding under each lay-buy
contract.  This work will be completed on May 29, 2012.

Following this, the liquidators intend one of two courses:
writing to each customer allowing up to 28 days to complete the
lay-buy by paying the outstanding amount, in full and then
releasing the item.

The liquidators said Belgravia Clothing, the franchisor of
Spurling Bridal & Formalwear as the head lessor of the Mitcham
premises, has expressed an interest in the potential re-opening
of that store. Where Belgravia Clothing decides to re-open the
Mitcham store, it is possible that agreement may be reached
whereby Belgravia Clothing may take possession of all lay-buy
stock and complete each individual contract on the same terms and
conditions as were originally offered by Parkway (VIC) Pty Ltd.

"Both the liquidators and Belgravia Clothing understand the
potential disruption caused by the closure of the businesses and
are working towards a speedy resolution in the interests of
affected customers," the liquidators said.


SMART ABS: Fitch Rates AUD12.77-Mil. Class E Notes at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2012-2US Trust's
notes expected ratings.  The transaction is a securitization
backed by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited (Macquarie Leasing).

  -- USD100m Class A-1 notes: 'F1+(exp)sf'
  -- USD165m Class A-2 (a & b) notes: 'AAA(exp)sf'; Outlook
     Stable
  -- USD157m Class A-3 (a & b) notes: 'AAA(exp)sf'; Outlook
     Stable
  -- USD78m Class A-4 (a & b) notes: 'AAA(exp)sf'; Outlook Stable
  -- AUD11.35m Class B notes: 'AA(exp)sf'; Outlook Stable
  -- AUD15.61m Class C notes: 'A(exp)sf'; Outlook Stable
  -- AUD14.19m Class D notes: 'BBB(exp)sf'; Outlook Stable
  -- AUD12.77m Class E notes: 'BB(exp)sf'; Outlook Stable
  -- AUD8.51m seller notes: not rated

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

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2012-2US Trust.  The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

"SMART ABS Series 2012-2US Trust marks Macquarie Leasing's second
transaction to be issued in the US market this year," said Ben
Newey, Director in Fitch's Structured Finance team.  "Lease
receivables originated by Macquarie Leasing have continued to
perform well with the 30+days arrears, tracking well below 1%.
This can be attributed to the portfolio's diversification across
various industries."

The expected ratings of the Class A notes are based on the
quality of the collateral; the 11% credit enhancement provided by
the subordinate Class B, C, D, and E notes, the unrated seller
notes and excess spread.  It also reflects the liquidity reserve
account sized at 1% of the aggregate amount of the notes at
closing; the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Ltd ('A'/Stable/'F1'); and
Macquarie Leasing Pty Ltd's lease underwriting and servicing
capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 23,818 leases totalling
AUD831.3 million with an average size of AUD34,902.  The pool
comprises passenger and light commercial vehicle lease
receivables from Australian residents across the country,
consisting of amortising principal and interest leases with
varying balloon amounts payable at maturity.  The weighted
average balloon payment for the portfolio is 29.3% of the current
lease balance.  The majority of leases consist of novated
contracts (63.4%), where the lease is novated to the employer in
salary packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.6% and 1.8%, and between
0.5% and 5%, respectively.


TRIO CAPITAL: ASIC Provides Update On Probe
-------------------------------------------
Australian Securities and Investment Commission provided an
update on the work relating to the collapse of Trio Capital.

                           Enforcement

ASIC has taken enforcement action on Trio against a range of
gatekeepers. This includes directors of Trio, its investment
manager, various financial planners who recommended Trio and
Trio's auditor.

As a result of ASIC's continuing Trio investigations, more than
10 individuals have either:

   - been jailed. Trio investment manager Shawn Richard has
     been jailed for 3 years and nine months with a minimum of
     2-1/2 years to serve;

   - been banned by ASIC from providing financial services;

   - been prevented from managing corporations;

   - been prevented from acting as a registered auditor; or

   - agreed to remove themselves from the financial services
     industry.

These individuals have either been jailed, banned by ASIC from
providing financial services, disqualified from managing
corporations or have agreed to remove themselves from
participating in the financial services industry for a combined
total of more than 50 years.

ASIC inquiries into Trio are continuing.

                           Jack Flader

Jack Flader is allegedly the ultimate controller of the Trio
group. Based on inquiries about Trio to date, ASIC believes there
is currently insufficient evidence to prove a breach by him of
Australian law.

ASIC will provide relevant information relating to Mr Flader to
the Australian Federal Police and the Australian Crime
Commission.

ASIC continues to communicate with overseas regulatory agencies
in relation to the Trio matter.

                          ARP Growth Fund

ASIC is investigating the conduct of persons relating to the
failure of the ARP Growth Fund, a fund associated with Trio.

ASIC's investigations indicate the reasons for ARP Growth Fund's
losses appear different from those of the Astarra Strategic Fund,
another Trio fund.

To date, the documents in ASIC's possession show the ARP Growth
Fund failed following substantial investment in an offshore fund
that had exposure to collateralised, leveraged credit default
swap agreements. The investments failed during the global
financial crisis.

                        Financial planners

ASIC said it has conducted a specific and detailed investigation
into the advice by financial planners to investors in Trio
Capital using a risk-based approach. We have taken regulatory
action against a number of financial planners where there have
been breaches of the law. Some of these actions are ongoing.

                          Trio liquidator

ASIC is providing funding under the Assetless Administration Fund
to the Trio liquidator to enable investigation of the Trio
collapse.

Forward plan

In 2010, ASIC also set out a forward plan to improve the conduct
of gatekeepers in this area. ASIC has:

   - increased the financial requirements that apply to
     managed investment schemes;

   - conducted regulatory reviews of the custodian industry.
     We will soon issue a report that highlights the need
     for clear disclosure about the role of custodians; and

   - reviewed compliance plan arrangements for managed
     investment schemes.

ASIC is also strengthening the regulatory requirements applying
to hedge funds and research houses.

Background

A pro-active ASIC surveillance into hedge funds, involving
assessing funds against indicators of potential fraud, identified
possible concerns with a Trio fund in mid-2009.

That information together with a subsequent complaint about Trio
allowed ASIC to take quick regulatory action in relation to the
Trio companies.

ASIC said it continues to conduct regular reactive and proactive
surveillances to identify hedge fund manager fraud. Our proactive
surveillance tools include analysing fund returns to identify
outlying investment performance.

The Parliamentary Joint Committee on Corporations and Financial
Services (PJC) commenced an inquiry into the Trio collapse in
June 2011 and ASIC made a comprehensive submission to that
Inquiry setting out its role, forward plan of work to help
strengthen the financial system and suggestions for law reform.

The PJC Inquiry report into Trio was released on May 16, 2012.
ASIC said it is considering the report's recommendations.

                       About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds, which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities & Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.



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


HONTEX INT'L: Asks Court to Halt HK Regulator's IPO Case
--------------------------------------------------------
Debra Mao at Bloomberg News reports that Hontex International
Holdings Co. sought to halt a lawsuit seeking compensation for
investors who, Hong Kong's securities regulator said, were misled
by the Chinese fabric maker in its listing prospectus.

Hontex's lawyer Charles Manzoni told the city's High Court that
the Securities and Futures Commission's fraud case against the
company should be tried under a criminal and not civil burden of
proof if it proceeds, according to Bloomberg.

"We don't want to adduce all the evidence that we say is
inadmissible," Mr. Manzoni said, referring to witnesses that
weren't warned about self-incrimination and potentially
privileged communications with lawyers, Bloomberg relates.

According to Bloomberg, the Securities and Futures Commission
wants to use HK$997 million ($128 million) of Hontex's frozen
assets to compensate investors in its 2009 share sale, after
saying the company is criminally liable for misstatements in its
prospectus.  In April, the SFC revoked the license of an arranger
of the sale and last year a KPMG accountant was cleared of taking
a bribe for his work on the Fujian province-based company's
prospectus, Bloomberg recalls.

"The Hontex case illustrates what can happen when things go
wrong," SFC Chief Executive Ashley Alder said on May 22, two
weeks after the regulator proposed more stringent due diligence
requirements for bankers as well as extending civil and criminal
liability to them for prospectus information, Bloomberg reports.

Bloomberg relates that Mr. Alder said the case also will be a
test of whether Hong Kong investors have recourse when a listed
company's business, directors, and legal incorporation all exist
outside of Hong Kong's legal jurisdiction.

High Court Judge Jonathan Harris, who in July ordered the Hontex
trial to proceed, ruled in a separate case that the regulator
must obtain a civil or criminal finding of culpability before the
court can order refunds, adds Bloomberg.

                      About Hontex International

China-based Hontex International Holdings Co. Limited
manufactures chemical fiber knitted fabrics, specializing in the
production of multi-functional and high quality fabrics.  The
Group develops and manufactures fabrics for sports and leisure
apparel in the PRC and produces garments on an OEM basis for some
overseas premium apparel brand owners such as Decathlon, Kappa
and Mizuno and some PRC apparel brand owners such as Li Ning and
Anta.  The Group is also engaged in the design, development and
marketing of fashion and leisure apparel and accessory products
sold under the MXN brand.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2010, the Hong Kong High Court has continued an order to
freeze assets of up to $997,400,000 in relation to Hontex
International and four of its wholly owned subsidiaries, the
Securities and Futures Commission said.

The order was made by consent and follows an interim injunction
granted to the SFC on an urgent basis on March 29, 2010.  The SFC
subsequently commenced proceedings against Hontex alleging that
the prospectus of Hontex contained materially false or misleading
information.

The interim injunction will remain in force until further order.

The amount of assets frozen by the interim injunction represents
the net proceeds raised from the investing public by Hontex in an
initial public offer (IPO) in December 2009.

Since March 29, 2010, the SFC has identified approximately $832
million held in bank accounts of Hontex and its four subsidiaries
in Hong Kong.  Funds in these bank accounts are now frozen under
the terms of the interim injunction.  The SFC is continuing to
make inquiries to identify more assets up to the value of
$997,400,000.

Hontex is alleged to have disclosed materially false or
misleading information in its prospectus dated December 14, 2009,
which was likely to have induced investors to subscribe for the
Hontex
shares.  The SFC alleges that Hontex's financial position as
outlined in its IPO prospectus has been materially overstated.


HOPSON DEVELOPMENT: S&P Cuts Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based Hopson Development
Holdings Ltd. to 'B-' from 'B'. "We also lowered our issue rating
on the company's senior unsecured notes to 'CCC+' from 'B-'. At
the same time, we lowered our Greater China credit scale rating
on Hopson to 'cnB' from 'cnBB-' and on the notes to 'cnB-' from
'cnB+'. We kept the ratings on Hopson and on the notes on
CreditWatch, where they were placed with negative implications on
April 3, 2012," S&P said.

"The downgrade reflects our expectation that Hopson's liquidity
will remain weak for the next 12 months due to the company's
significant short-term debt, substantial construction costs, and
worsening property sales," said Standard & Poor's credit analyst
Bei Fu. "We anticipate that Hopson's capital structure and cash
flows will deteriorate to levels we consider weak for a 'B'
rating. The company's borrowings are likely to be higher than we
expected. We see limited prospects that the company's financial
strength will improve because we expect property prices in China
to fall further and the government's purchase restrictions to
continue."

"We view Hopson's property sales target of Chinese renminbi (RMB)
15 billion-RMB18 billion as optimistic. In the first four months
of 2012, the company achieved contract sales of about RMB2.5
billion, less than 20% of its full-year target. In our base-case
scenario, we expect Hopson's contract sales to be between HK$12
billion and HK$15 billion in 2012 due to weak execution," S&P
said.

"We kept the ratings on CreditWatch to reflect our view that
Hopson faces heightened refinancing risk on its $350 million
offshore notes due in November 2012," said Ms. Fu. "We have low
visibility over how the company will execute its plan to meet the
repayment because it has disclosed only limited details to us.
The probability that Hopson will default will increase if the
company is unable to obtain offshore resources in the next three
months. It is unclear to us whether the company has the capacity
to repatriate cash from onshore sources to repay the notes."


S&P aims to resolve the CreditWatch status within the next three
months after it reviews Hopson's refinancing plan for its
offshore notes and assess its liquidity position.  S&P said it
may lower the rating on Hopson by one notch if:

  - the company does not have a concrete refinancing plan for its
    offshore notes or credible financing options (e.g. committed
    offshore banking facility or offshore cash on hand) by the
    end of August 2012;

  - it does not make meaningful progress in asset sales during
    the next three months; and

  - its sales are less than 40% of its budget during the first
    half of 2012. This could happen if property sales in the
    second quarter of 2012, which S&P considers to be a crucial
    period for new launches, are significantly below the
    company's expectations.

"Hopson's rising construction costs due to its strategy to
accelerate construction and property sales will weaken its
liquidity, in our view. As of Dec. 31, 2011, the company has
about HK$13.63 billion in debt due in the next 12 months, against
an unrestricted cash balance of HK$2.62 billion. At the same
time, committed outstanding land premiums totaling HK$1.40
billion are due before the end of 2012," S&P said.

"In our base-case scenario, Hopson is likely to maintain its
total debt in 2012. We expect the company's debt-to-EBITDA ratio
to recover to 7x-8x in 2012 from 17.2x in 2011. EBITDA interest
coverage is also likely to improve to 1.5x-2x from 0.9x," S&P
said.



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


1995 WESTERN: Creditors' Proofs of Debt Due July 1
--------------------------------------------------
Creditors of 1995 Western Pacific Orthopaedic Association
Congress Limited, which is in creditors' voluntary liquidation,
are required to file their proofs of debt by July 1, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2012.

The company's liquidator is:

         Wong Wa Sun Thomas
         Suite 1201, Tower 2
         The Gateway, 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


BONDWAY YACHTS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Bondway Yachts Limited.

The official receiver is Teresa S W Wong.


BRINGTON ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Brington Engineering Limited.

The official receiver is Teresa S W Wong.


CASTLE PEAK: Members' Final General Meeting Set for July 3
----------------------------------------------------------
Members of Castle Peak Issuer Company (Hong Kong) Limited will
hold their final general meeting on July 3, 2012, at 3:00 p.m.,
at 62/F, One Island East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, Stephen Liu Yiu Keung and Sammy Koo Chi Sum, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CHINA CONSTRUCTIVE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of China Constructive and Engineering
Project Limited.

The official receiver is Teresa S W Wong.


CHING WAH: Members' Final General Meeting Set for July 6
--------------------------------------------------------
Members of Ching Wah Enterprises Limited will hold their final
general meeting on July 6, 2012, at 3:00 p.m., at Flat B, 7/F, On
Hing Building, at 1 On Hing Terrace, Central, in Hong Kong.

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


CORINTHIAN MARKETING: Wong and Arab Step Down as Liquidators
------------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Corinthian Marketing HK Limited on May 22, 2012.


FIRST CHINA: Members' Final Meeting Set for July 3
--------------------------------------------------
Members of First China Property Management Limited will hold
their final general meeting on July 3, 2012, at 10:00 a.m., at
36th Floor, Tower Two, Times Square, at 1 Matheson Street,
Causeway Bay, in Hong Kong.

At the meeting, Sy Mei Ling, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


FRIENDS OF WOLFSON: Creditors' Final Meeting Set for July 1
-----------------------------------------------------------
Creditors of The Friends of Wolfson College (H.K.) Limited will
hold their final meeting on July 1, 2012, at 5:30 p.m., at Room
202, 2/F, Conwell House, at 34-38 Stanley Street, Central, in
Hong Kong.

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


GLOBE7 HK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Globe7 HK Limited.

The official receiver is Teresa S W Wong.


GOLD-FACE ENTERPRISES: Annual Meeting Set for June 15
-----------------------------------------------------
Member and creditors of Gold-Face Enterprises Limited will hold
their annual meeting on June 15, 2012, at 11:00 a.m., at 62nd
Floor, One Island East, 18 Westlands Road, Island East, in Hong
Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GUNYA INVESTMENT: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Gunya Investment Company Limited on May 26, 2012.


HAIER GROUP: Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Haier Group Limited on May 3, 2012.


HOP CHEONG: Creditors' Proofs of Debt Due June 15
-------------------------------------------------
Creditors of Hop Cheong Building Products Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 15, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

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


HONEST PORT: Court to Hear Wind-Up Petition on June 13
------------------------------------------------------
A petition to wind up the operations of Honest Port Investment
(Holding) Limited will be heard before the High Court of Hong
Kong on June 13, 2012, at 9:30 a.m.

Yip Wang Kwong filed the petition against the company on Jan. 20,
2012.

The Petitioner's solicitors are:

          Francis Kong & Co.
          Suite 903, 9th Floor
          Kowloon Building
          No. 555 Nathan Road
          Kowloon, Hong Kong



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


AMARSON OVERSEAS: CRISIL Rates INR45.2MM Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Amarson Overseas Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                45.2     CRISIL BB-/Stable (Assigned)
   Bill Discounting         20       CRISIL A4+
   Packing Credit           10       CRISIL A4+

The ratings reflect the extensive industry experience of AOPL's
promoter and moderate financial risk profile, marked by above-
average debt protection metrics. These rating strengths are
partially offset by AOPL's working-capital-intensive operations
and end-user industry concentration.

Outlook: Stable

CRISIL believes that AOPL will continue to maintain its credit
risk profile backed by promoter's extensive industry experience
and moderate financial risk profile. The outlook may be revised
to 'Positive' if there is a significant improvement in its scale
of operations and higher-than-expected accruals while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if AOPL undertakes debt-funded capital expenditure
(capex) programme or its profitability decline, leading to
weakening in its financial risk profile.

                      About Amarson Overseas

Incorporated in 1988, AOPL prints and exports bar codes,
stickers, hand tags, and mono cartons. The company, based in New
Delhi, is promoted by Mr. Yogesh Kakar. In 2010-11 (refers to
financial year, April 1 to March 31), About 90 per cent of its
revenues are derived from barcode stickers and the remaining from
other products. AOPL is a nominated vendor of the USA-based
retailer GAP Inc, through which it derives 90 per cent of its
revenues. AOPL undertook a capex programme to move its
manufacturing unit to single premises in Noida (Uttar Pradesh)
from two locations in New Delhi.

AOPL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR150 million for 2010-11, as against a PAT of INR7.12
million on net sales of INR150 million for 2009-10.


CANAAN ENG'G: CRISIL Cuts Rating on INR150MM Loans to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Canaan Engineering Pvt Ltd to 'CRISIL D' from 'CRISIL C', and
has assigned its 'CRISIL D' rating to CEPL's short-term bank
facility.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               110.0     CRISIL D (Reassigned)

   Term Loan                 110.0     CRISIL D (Downgraded from
                                       'CRISIL C')

    Bank Guarantee            30.0     CRISIL D (Downgraded from
                                       CRISIL C')

The downgrade reflects instances of delay by CEPL in servicing
term debt and overdrawing of its cash credit account for more
than 30 days - this has been caused by weakening in the company's
liquidity. Liquidity weakened because of increase in the
company's project cost.

CEPL has set up a fabrication unit at Wada, Thane (Maharashtra)
for fabrication of heat exchangers, pressure vessels and
reactors. The original estimated project cost for setting up the
unit was around INR140 million and the project was to be
completed by June 2010. The completion got delayed till December
2011 and the project cost increased to INR210 million. CEPL
funded the additional cost of INR 70 million through cash credit
limits of around INR40 million; this has led to continuous
overdrawing of its cash credit limits for more than 30 days,
which led to the delays in debt servicing. Moreover CEPL's cash
accruals for 2011-12 (refers to financial year, April 1 to March
31), estimated at around INR18 million, remains small vis-a-vis
its annual repayments of INR27.6 million.

CEPL's weak financial profile is marked by low net worth and high
gearing in addition to weak liquidity. Also, the company has
small scale of operations. However, it continues to benefit from
the extensive experience of its promoters in the fabrication
industry.

                       About Canaan Engineering

Established in 2005 by Mr. Victor Baby, CEPL is engaged in
fabrication of medium- to heavy-sized equipment, such as heat
exchangers, pressure vessels and columns, for the petrochemical
and fertiliser industries.

CEPL reported a profit after tax (PAT) of INR3 million on net
sales of INR178 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR152 million for 2009-10. The company reported, on
provisional basis, revenues of around INR275 million for 2011-12.


DIAMOND FOOTCARE: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Diamond Footcare Udyog Pvt Ltd.  The ratings
reflect instances of delay by DFUPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               170       CRISIL D (Assigned)
   Letter of Credit        110       CRISIL D
   Bank Guarantee           20       CRISIL D
   Cash Credit             250       CRISIL D

Diamond Footcare Udyog Pvt Ltd also has a small scale of, and
working-capital-intensive, operations. These rating weaknesses
are partially offset by DFUPL's above-average financial risk
profile, marked by moderate gearing and debt protection metrics,
and promoter's extensive experience in the footwear industry.

DFUPL (formerly, Diamond Toys Company Pvt Ltd) was incorporated
in 1978 by Mr. O P Gupta, who is the company's chairman. DFUPL
manufactures non-leather based footwear comprising hawai
chappals, polyvinyl chloride footwear, and ethyl vinyl acetate
footwear, which includes sports shoes, floaters, school shoes,
bathroom slippers, and canvas shoes. The plant of the company is
located at Mayapuri, New Delhi.

DFUPL reported a profit after tax (PAT) of INR9.3 million on net
sales of INR 762 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 4.6 million on net
sales of INR421 million for 2009-10.


D M FABRICS: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of D M Fabrics Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Cash Credit                70      CRISIL B+/Stable (Assigned)

The rating reflects DMF's weak financial risk profile, marked by
small net worth, high total outside liabilities to tangible
networth ratio, and weak debt protection metrics, large working
capital requirements, limited pricing flexibility, and exposure
to risks related to intense competition in the saree segment.
These rating weaknesses are partially offset by the established
track record of DMF's promoters in the saree trading business.

Outlook: Stable

CRISIL believes that DMF will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. However, its financial risk profile will remain weak
because of low margins owing to the trading nature of business
and large working capital requirements. The outlook may be
revised to 'Positive' if DMF improves its operating margin and
scales up its operations, simultaneously improving its financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the company's operating margin declines sharply, or
it undertakes a larger-than-expected debt-funded capital
expenditure programme.

                        About D M Fabrics

Set up in 1996 by Mr. B N Agarwal, DMF trades in printed cotton
sarees. Based in Kolkata (West Bengal), DMF purchases sarees from
Mumbai (Maharashtra) and Surat (Gujarat). The company has about
50 wholesalers as its customers across Kolkata, Bihar, and
Orissa.

DMF reported a profit after tax (PAT) of INR4.2 million on net
sales of INR433.6 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR382.6 million for 2010-11.


GAUTAM TECHNOCAST: CRISIL Raises Rating on INR75.6MM Loan to BB+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gautam Technocast to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable', while reaffirming the rating on the short-term bank
facilities at 'CRISIL A4+'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Cash Credit               70       CRISIL BB+/Stable (Upgraded
                                      from 'CRISIL BB/Stable')

   Rupee Term Loan            5.6     CRISIL BB+/Stable (Upgraded
                                      from 'CRISIL BB/Stable')

   Letter of Credit          20       CRISIL A4+ (Reaffirmed)


The upgrade reflects CRISIL's belief that Gautam's business risk
profile will improve significantly over the medium term,
following improved offtake from its key customer Mahindra &
Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+'). The
firm is expected to post a healthy business growth of around 50
per cent in 2011-12 (refers to financial year, April 1 to
March 31), and is expected to maintain the same over the medium
term. Gautam will also be enhancing its capacity to 1000 tonnes
per month to help sustain its growth momentum. CRISIL also
believes that Gautam's financial risk profile will also remain
healthy, marked by an expected gearing of around 1.5 times over
the medium term, despite the firm's debt-funded capital
expenditure. Sustenance of Gautam's capital structure will be
aided by the firm's healthy cash accruals and low capital
withdrawals by its partners.

The ratings continue to reflect the benefits that Gautam derives
from its established experience in the automotive castings
industry and its established relationship with its key customer,
M&M; the ratings also factor in the firm's moderate financial
risk profile marked by above average debt protection metrics.
These rating strengths are partially offset by Gautam's customer
concentration, and exposure to intense competition in the
automotive castings industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Gautam and its group concern, Ganesh
Engineering (Ganesh). However, Ganesh, which used to undertake
job-work activity for Gautam, was merged with Gautam in March
2012 (consequently both the entities are now referred to as
Gautam).

Outlook: Stable

CRISIL believes that Gautam will continue to benefit over the
medium term from its established relationship with M&M. The
outlook may be revised to 'Positive' if the firm reports
significantly higher-than-expected revenue growth and
significantly diversifies its customer profile, while it
maintains its working capital cycle. Conversely, the outlook may
be revised to 'Negative' if Gautam undertakes a larger-than-
expected, debt-funded, capex programme, thereby weakening its
capital structure, or if its offtake from M&M reduces
significantly or there is pressure on its profitability because
of increasing raw material costs.

                       About Gautam Technocast

Gautam was set up in 1995 by Mr. Praful Dhami, Mr. Dharmesh
Dhami, and Mr. Mishal Javia as a partnership firm. The firm
manufactures grey iron casting and ductile iron casting, which
are used in agricultural equipment, power sector, mining sector,
and in pumps and valves. Gautam has cast manufacturing capacity
of 700 tonnes per month at its plant in Rajkot (Gujarat). Ganesh
was a partnership firm, which used to undertake jobwork for
Gautam involving machining and grinding work for automotive
casting.

For 2010-11 (refers to financial year, April 1 to March 31),
Gautam reported a book profit of INR14.5 million on net sales of
INR374.2 million, against a book profile of INR10.3 million on
net sales of INR242.3 million for 2009-10.


HY-TUF STEELS: CRISIL Raises Rating on INR94.5MM Loans to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Hy-Tuf Steels Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable', and has reaffirmed the short-term rating at 'CRISIL
A4+'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Bank Guarantee             5       CRISIL A4+ (Reaffirmed)

   Cash Credit               55       CRISIL BB+/Stable (Upgraded
                                       from CRISIL BB/Stable)

   Rupee Term Loan           39.5     CRISIL BB+/Stable
                                      (Upgraded from CRISIL
                                      BB/Stable)

The upgrade reflects expected improvement in HTSPL's financial
risk profile over the medium term because of expected improvement
in its capital structure. Despite HTSPL's debt-funded capital
expenditure (capex) plan for buying a windmill, its gearing is
expected to improve to around 2.5 times as on March 31, 2013 from
3.2 times as on March 31, 2010. The improvement in gearing is
expected to be driven by expected improved accruals. Furthermore,
the company's business risk profile has improved, driven by
compound annual growth rate of around 37 per cent in its topline
between 2009-10 (refers to financial year, April 1 to March 31)
and 2011-12 along with improvement in its operating margin to
over 6 per cent in 2011-12 from 4.8 per cent in 2009-10. CRISIL
believes that HTSPL will maintain its business risk profile,
supported by its established track record in the steel industry,
over the medium term.

The ratings continue to reflect HTSPL's established business risk
profile, marked by improving operating efficiencies, promoters'
experience in the steel industry, and moderate financial risk
profile marked by healthy debt protection metrics. These rating
strengths are partially offset by the company's small scale of
operations in a highly competitive industry, and susceptibility
of its operating margin to volatility in raw material prices.

Outlook: Stable

CRISIL believes that HTSPL will maintain its business risk
profile, supported by promoters' industry experience and improved
operating efficiencies, over the medium term. Its financial risk
profile is expected to improve, driven by improvement in capital
structure, over the medium term. The outlook may be revised to
'Positive' if HTSPL's financial risk profile improves beyond
expectations, most likely driven by more-than-expected
improvement in topline, cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens, most likely caused by a
decline in profitability, an increase in working capital
requirements, or larger-than-expected, debt-funded capital
expenditure.

                       About Hy-Tuf Steels

HTSPL was established in 1994 by Mr. Sarabjit Singh Chawla. The
company manufactures thermo-mechanically treated (TMT) steel
bars, in diameters ranging from 8 millimetres (mm) to 32 mm. Its
manufacturing unit, in Vadodara (Gujarat), has capacity of 39,000
tonnes per annum. The company has a 0.8 megawatt-(MW) windmill in
Rajkot (Gujarat), and is in process of installing another 0.8 MW
windmill at Lapur, Jamnagar (Gujarat).

HTSPL reported a net profit of INR22 million on net sales of
INR1008 million for 2011-12, against a net profit of INR7 million
on net sales of INR709 million during 2010-11.


INCAP LTD: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its ''CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Incap Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              8.8       CRISIL B+/Stable (Assigned)
   Proposed Long-Term     6.2       CRISIL B+/Stable (Assigned)
   Cash Credit           65         CRISIL B+/Stable (Assigned)
   Letter of Credit      40         CRISIL A4 (Assigned)
   Bank Guarantee        50         CRISIL A4 (Assigned)

The ratings reflect Incap's modest scale and working capital
intensive nature of its operations. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' extensive industry experience and from the
diversification in its insulation business.

Outlook: Stable

CRISIL believes that Incap will continue to benefit over the
medium term from its promoters' extensive experience in the
electrical components industry. The outlook may be revised to
'Positive' if the company significantly improves its
profitability and scale of operations, leading to improvement in
its business risk profile. Conversely, the outlook may be revised
to 'Negative' in case the incremental working capital
requirements cycle gets stretched further, leading to
deterioration of business and financial risk profile of the
company.

                           About Incap Ltd

Incap was set up in 1993 by Mr. C Bhagvantha Rao; it manufactures
aluminium electrolyte capacitors and silicon rubber insulators.
The company imports most of its raw material requirements from
countries such as Taiwan, Japan, and Korea. Incap has capacity to
manufacture 100 million units of capacitors per annum, which it
utilises at around 70 per cent. Incap purchased a private limited
company named Uma Maheshwari Electrical Components Pvt Ltd in
2010 through its 100 per cent subsidiary, Incap Insulators Pvt
Ltd, so as to enter into the business of manufacturing silicon
rubber insulators. The subsidiary was amalgamated in Incap in
2011. Incap has manufacturing capacity of around 1.8 million
units per annum in its insulator business; the unit commenced
operations in 2011-12 (refers to financial year, April 1 to
March 31).

Incap's profit after tax (PAT) is estimated at INR2.1 million on
net sales of 176.0 million for 2011-12, against a net loss of
INR4.4 million on net sales of INR155.4 million for 2010-11.


INDIAN ACOUSTICS: CRISIL Puts 'B+' Rating on INR42.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indian Acoustics Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               12.6      CRISIL B+/Stable (Assigned)
   Cash Credit             30        CRISIL B+/Stable (Assigned)
   Packing Credit          50        CRISIL A4 (Assigned)
   Foreign Bill            70        CRISIL A4 (Assigned)
   Discounting

The ratings reflect IAPL's small scale of and working capital
intensive operations. The ratings are further constrained on
account of low operating profitability due to fragmented industry
and weak financial risk profile marked by small net worth, high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the benefits that IAPL derives from its
promoters' extensive experience and their funding support and an
established customer network.

Outlook: Stable

CRISIL expects Indian Acoustics Private Limited (IAPL) to
continue to benefit from the long standing experience of the
promoters and the established customer network. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations and profitability leading to higher than
expected cash accruals along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of larger than expected working capital requirements or
lower than expected cash accruals resulting in further pressure
on the liquidity profile of the company.

                      About Indian Acoustics

Incorporated in 2010, Indian Acoustics Private Limited is engaged
in the manufacturing and assembly of public address systems and
its various components which includes products like loud
speakers, amplifiers, microphones, woofers and etc. and other
related electronic and electrical equipment. The product
portfolio comprises of about 25 products and their variants. The
company commenced its operations around November 2011 and its
manufacturing facilities are located at Noida. IAPL derives
majority of its revenues from exports. It markets is products
under the brand name 'Five Core'.


KARAN KOTHARI: Fitch Affirms Nat'l Long Term Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed India-based Karan Kothari Jewellers
Pvt Ltd's National Long-Term rating at 'Fitch B+(ind)' with a
Stable Outlook.

The ratings continue to reflect KKJPL's high geographic
concentration as all its showrooms are based in Nagpur.  The
ratings are constrained by the company's low operating EBITDA
margins (3.5%-4.5% in FY08-FY11) and thus high net financial
leverage (total adjusted net debt/ operating EBITDAR: 7.25x in
FY11, 6.3x in FY10) and low interest coverage (FY11: 1.34x, FY10:
1.43x).

The ratings are further constrained by the working capital
intensive nature of the company's business as reflected in the
high utilisation (76.1%) of its fund-based limits in FY12.  This
is attributed to the consistently high inventory holding period
of 220 days leading to negative cash flow from operations over
the past three years.  Fitch notes that KKJPL's founders infused
equity (INR71.5m) and unsecured loans (INR80.3m) into the company
over 2011-2012.

The ratings, however, draw support from KKJPL's robust revenue
growth of 78% yoy in FY12 to INR1,911m (provisional) due to
additional revenue from its new store launched in West Nagpur
during the year.  As per provisional results for FY12, EBIDTA
margin improved to 4.7%, with net financial leverage of 6.1x and
interest cover of 1.4x.  The company had undertaken capex of
INR46.5m in 2011 for the store, which was funded by way of equity
(INR28.5m) and debt (INR18m).  This showroom premise was
purchased outright by the company.

The ratings are also supported by over four-decade-long
experience of its founders in the domestic jewellery industry.
Fitch also notes that KKJPL's mitigates gold price volatility by
replenishing stock outflow on a daily basis.

Negative rating action may be triggered by interest coverage
below 1.1x on a sustained basis. Conversely, interest coverage
above 1.75x on a sustained basis may result positive rating
action.

KKJPL, a jewellery retailer, owns four jewellery stores in
Nagpur, Maharashtra.

Rating actions on KKJPL's bank loans are as follows:

  -- INR18m term loans: assigned at 'Fitch B+(ind)'
  -- INR430m fund-based cash credit limits (enhanced from
     INR220m): affirmed at 'Fitch B+(ind)'
  -- INR50m non-fund based limits: affirmed at 'Fitch A4(ind)'


L-COMPS & IMPEX: CRISIL Assigns 'BB-' Rating to INR71.6MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' rating to
the bank facilities of L-Comps & Impex Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              2.6      CRISIL BB-/Stable (Assigned)

   Standby Line of        4        CRISIL BB-/Stable (Assigned)
   Credit

   Proposed Cash Credit  20        CRISIL BB-/Stable (Assigned)
   Limit

   Cash Credit           45        CRISIL BB-/Stable (Assigned)

   Letter of Credit      30        CRISIL A4+ (Assigned)

   Proposed Letter of    10.2      CRISIL A4+ (Assigned)
   Credit

The rating reflects LCIPL's established relationship with
principals and average financial risk profile, marked by modest
total outside liabilities to tangible net worth ratio and average
debt protection metrics. These rating strengths are partially
offset by LCIPL's small scale of operations in fragmented
industry and weak liquidity due to working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that LCIPL will continue to benefit from its
established relationship with its key suppliers, over the medium
term. The outlook may be revised to 'Positive' in case LCIPL
scales up its operations, while prudently managing its working
capital cycle thereby improving its liquidity profile.
Conversely, the outlook may be revised to 'Negative' in case the
company's liquidity weakens significantly, its working capital
cycle lengthens, or its revenues and profitability come under
pressure.

                       About L-Comps & Impex

LCIPL was set up in 1997 by father of Mr. Puneet Gupta. LCIPL
trades in FMCG products like cheese, juices, yoghurt and ice
creams. The company is the sole distributor of numerous brands
like CERES fruit juices, ConAgra Foods in India.

LCIPL reported a profit after tax (PAT) of INR7.3 million on net
sales of INR305 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 0.1million on net
sales of INR 224 million for 2009-10. LCIPL is expected to report
net sales of INR385 million for 2011-12.


MAYUR COLDSTORAGE: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Mayur Coldstorage Private Limited.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                  65       CRISIL D
   Cash Credit                10       CRISIL D
   Proposed Long-Term         25       CRISIL D
    Bank Loan Facility

The rating reflects instances of delays by MCPL in servicing its
debt obligations. MCPL had availed a term loan of INR65 million
to modernize its cold storage facility at Nerul. The project
suffered time and cost overruns and the actual operations
commenced in June 2011 as against June 2010 as per initial plans.
Since the repayment of the term loan commenced in October 2011,
the company has not been able to attain the optimal volumes and
cash accruals required to sustain the debt servicing commitments.

MCPL also has below-average financial risk profile, marked by
modest net worth, high gearing, and weak debt protection
indicators, and modest scale of operations. These weaknesses are
partially offset by the extensive experience of MCPL's promoters
in the cold storage industry.

                      About Mayur Coldstorage

Mayur Coldstorage Private Limited was incorporated in 2000, by
the Shaikh family, alongwith business acquaintances Mr. Esmail
Ebrahim Kharodia and Mr. Mohammad Muld Haroon Khan. The company
is engaged in providing cold storage facilities to various
wholesalers and distributors located in and around APMC market at
Vashi (Navi Mumbai). The company has an installed capacity of
10,000 metric tonnes of goods. Mr. Esmail Kharodia oversees the
day-to-day operations of the company. The company has its
registered office located at Nerul (Navi Mumbai).


PHOENIX FOILS: CRISIL Upgrades Rating on INR94.6MM Loans to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Phoenix
Foils Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Cash Credit                75      CRISIL BB-/Stable (Upgraded
                                      from CRISIL B+/Stable)

   Long-Term Loan             19.6    CRISIL BB-/Stable (Upgraded
                                      from CRISIL B+/Stable)

   Letter of Credit           90      CRISIL A4+ (Upgraded from
                                      CRISIL A4)

The upgrade reflects improvement PFPL's business risk profile,
driven by substantial and sustained improvement in profitability
and modest revenue growth, in 2011-12 (refers to financial year,
April 1 to March 31). The company's operating margin is estimated
to have improved to 9.8 per cent in 2011-12 from 6.4 per cent in
2009-10 and is expected to not decline over the medium term
because of the company's enhanced focus on manufacturing higher-
margin, value-added products. The upgrade also factors in that
fact that PFPL's capital structure will remain moderate, at
around 1.5 times, over the medium term, supported by the absence
of any major debt-funded capital expenditure (capex) plan for the
same period. The company's liquidity continues to be supported by
infusion of funds by its promoters to support its large working
capital requirements - unsecured loans from promoters have
increased to around INR25.0 million as on March 31, 2012 from
Rs11.7 million as on March 21, 2009.

The ratings continue to reflect PFPL's promoters' extensive
experience in the steel products industry. This rating strength
is partially offset by PFPL's average financial risk profile,
marked by moderate gearing and modest debt protection metrics,
and small scale of operations and exposure to intense completion
in the steel products industry.

Outlook: Stable

CRISIL believes that PFPL will maintain its established market
position in the iron and steel industry over the medium term,
supported by its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is an improvement in PFPL's
working capital management or there is a substantial increase in
its net worth as a result of equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if there is
there is a steep decline in the company's profitability or there
is significant weakening in its capital structure as a result of
larger-than-expected working capital borrowings or debt-funded
capex.

                       About Phoenix Foils

Established in 2005 by Mr. Mukesh Bhandari and his son, Mr. Kapil
Bhandari, PFPL manufactures thin-gauge stainless-steel, cold-
rolled coils and foils. The company's plant in Umbergaon
(Gujarat) has capacity to manufacture 5000 tonnes of coils and
foils per annum.


PR ECOENERGY: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of PR Ecoenergy Private Limited.  The rating reflects
the instances of delay by PREPL in servicing its debt; the delays
have been caused by the company's stretched liquidity due to
working capital intensive nature of operations.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                   45      CRISIL D (Assigned)
   Bank Guarantee               5      CRISIL D (Assigned)
   Cash Credit                 30      CRISIL D (Assigned)

Further, PREPL's small scale of operations and high volatility in
raw material prices constrains the business risk profile. PREPL,
however, benefits from established relations with its customers,
and its moderate financial risk profile marked by above average
debt protection measures.

PR Ecoenergy Private Limited, started in 2003-04, deals in the
business of power generation through bio-mass (mainly sugarcane
bagasse, sugarcane trash, cotton stalk etc) based co-generation.
The company was earlier into cotton trading business and were
also providing consultancy regarding renewable energy till 2006-
07; however promoters stopped the trading business and started
providing services of energy production by using bio-mass from
2008-09 onwards. The company is managed by Mr. Pawankumar Agarwal
and is located at Vapi, Gujarat.

PREPL reported a profit after tax (PAT) of INR7.4 million on net
sales of INR130 million (refers to financial year, April 1 to
March 31) as against PAT of INR4.6 million on net sales of
INR90 million. PREPL is expected to achieve sales of around
INR150 million in 2011-12.


PRAKASA SPECTRO: Fitch Puts Nat'l Long-Term Rating at 'BB(ind)'
---------------------------------------------------------------
Fitch Ratings has assigned India's Prakasa Spectro Cast Pvt Ltd a
National Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.

The ratings are constrained by Prakasa's small size of operations
and low operating margins due to the fixed price nature of
orders, raw material price volatility, and intense competition.
In the financial year ended March 2011 (FY11), revenue was
INR666m and EBIDTA margin was 4.3%.  The ratings are also
constrained by the company's stretched liquidity position as
reflected by its full working capital utilisation in the 12
months ended 30 April 2012 due to the working capital intensive
nature of its business.

The ratings, however, draw strength from the four-decade-long
experience of Prakasa's founders in castings industry, the
company's strong clientele with whom it has long and established
relationships, and its moderate credit metrics.  In FY11, net
financial leverage (net debt/EBITDA) was 2.98x and interest cover
was 3.43x.

Positive rating action may result from interest coverage above
3.5x on a sustained basis.  Conversely, interest coverage below
2.0x on a sustained basis may result in negative rating action.

Based in Vijayawada, Prakasa is an 18-year-old manufacturer of
steel castings and ingots with a production capacity of 3,000
metric tonnes per annum (mtpa) and 28,000 mtpa, respectively.
Provisional results for 10MFY12 indicate revenue of INR655.71m,
EBITDA margin of 4.0%, net financial leverage of 4.21x, and
interest cover of 2.61x.

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

  -- INR70m fund-based working capital loans: assigned 'Fitch
     BB(ind)'/'Fitch A4+(ind)'
  -- INR10m non-fund-based working capital loans: assigned 'Fitch
     A4+(ind)'


PREET LAND: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Preet Land Promoters and Developers Pvt Ltd. The
rating reflects instances of delay by PLPD in servicing its debt;
the delays have been caused by weakening in PLPD's liquidity.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                300      CRISIL D

PLPD is susceptible to risks related to implementation of its
ongoing project and to slowdown in the real estate industry. The
company also depends significantly on customer advances for its
projects. However, company benefits from its business model,
which is focussed on sale of plots, leading to early receipt of
customer advances from bookings and low construction-related
risks.

Incorporated in 2005, PLPD is developing Preet City in Mohali
(Punjab). Preet City is PLPD's first real estate project. PLPD
commenced land acquisition for the project in 2006-07 (refers to
financial year, April 1 to March 31). The project cost is
estimated at INR5454 million, to be funded primarily by customer
advances. PLPD is promoted by Mr. Kanwal Jit Singh Walia and
family, Mr. Charan Singh Saini and Mr. Narendar Singh.


PRERANA PRATISTHAN: CRISIL Puts 'D' Rating on INR120MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Prerana Pratisthan. The rating reflects instances
of delay by PP in servicing its debt; the delays have been caused
by the trust's weak liquidity.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                   82      CRISIL D (Assigned)
   Proposed Term Loan          30      CRISIL D (Assigned)
   Cash Credit                  5      CRISIL D (Assigned)
   Proposed Cash Credit         3      CRISIL D (Assigned)
   Limit

PP also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics due to
large debt funded capex, small scale due to start-up nature of
operations, and exposure to regulatory risks associated with
educational institutions. These rating weaknesses are partially
offset by the extensive industry experience of PP's trustee and
healthy demand prospects for the educational industry.

PP was established in 2006 by Mr. S P Deshmukh. The trust
operates an engineering college, Universal College of Engineering
and Research (UCER) in Sadewadi, District Pune. The trustee - Mr.
Sajjan Deshmukh has extensive experience in education industry.
Prior to starting PP, he was associated with Jayawant Shikshan
Prasarak Mandal (an educational institute) for nearly ten years.
UCER was started in 2010 (refers to Academic year (AY), July 1 to
June 30) and at present, it offers engineering courses in five
streams - mechanical, civil, computers, electronics and
telecommunication, and electrical. UCER current has intake
capacity for first year - 360 students and additional intake
capacity in second year - 132 students. In AY 2011, for first
year, UCER admitted only 180 students against intake capacity of
360 students. From academic year AY 2012, UCER will offer a
diploma course in polytechnic with sanctioned intake capacity of
120 students.

PP reported a net loss (NL) of INR17million on net income of
INR12 million for 2010-11 (refers to Financial year, April 1 to
March 31), as against a NL of INR1 million on nil net income for
2009-10.


RAJGANGA AGRO: CRISIL Puts 'CRISIL B' Rating on INR41.4MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Rajganga Agro Product Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                26.4     CRISIL B/Stable (Assigned)
   Cash Credit              15       CRISIL B/Stable (Assigned)
   Foreign Bill Purchase    25       CRISIL A4 (Assigned)
   Packing Credit           20       CRISIL A4 (Assigned)

The ratings reflect RAPPL's small scale of operations, weak
financial risk profile, and vulnerability of operating margins to
fluctuation in raw material process. These weaknesses are
partially offset by healthy demand prospects for its product and
locational advantage marked by its proximity to raw material
sources.

Outlook: Stable

CRISIL believes that RAPPL's business risk profile will continue
to be benefit from the healthy demand prospects of pysllium husk
along with its diverse customer base and its locational
advantage. The outlook could be revised to 'Positive' in case of
a significant improvement in scale of operations along with
profitability resulting in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
larger than expected debt funded capex or a lower profitability
resulting in deterioration of financial risk profile.

                        About Rajganga Agro

Rajganga Agro Product Private Limited was incorporated in 2008 as
a private limited company by Mr. Sundeep Kumar and Mr. Sunil
Kumar Sarogi. The company is engaged in processing and sale of
pysllium husk from its seeds which is popularly known as
'Isabgol' in India. RAPPL's manufacturing unit is located in
Jodhpur, Rajasthan which is a hub for Isabgol manufacturing. JOPL
has installed capacity of 2000 metric tonnes per annum (mtpa) for
crushing of seeds and is currently operating at 80-90 per cent
utilization (based on three shift basis). The company has
obtained certification from HACCP, WHO-GMP & UKAS. The company
started trading operations in 2010-11 and manufacturing in 2011-
12.

RAPPL reported a net loss of INR0.02 million on net sales of
INR5.4 million for 2010-11 (refers to financial year, April 1 to
March 31).


SCOPE INGREDIENTS: CRISIL Rates INR50MM Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned 'CRISIL BB+/Stable/CRISIL A4+' ratings to the
bank facilities of Scope Ingredients Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         50.0     CRISIL A4+ (Assigned)
   Cash Credit              50.0     CRISIL BB+/Stable (Assigned)

The ratings reflect SIPL's promoters' extensive experience in the
pharmaceutical excipient industry, their established
relationships with customers and suppliers, diversified customer
base, and healthy financial risk profile, marked by a moderate
net worth, comfortable total outside liabilities to tangible net
worth ratio, and healthy debt protection metrics. These rating
strengths are partially offset by SIPL's exposure to risks
related to supplier concentration and susceptibility to
volatility in raw material prices and foreign exchange (forex)
rates.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit from its
promoter's experience in the pharmaceutical excipient industry
and its established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if SIPL
improves its scale of operations and profitability, while
maintaining its healthy capital structure. Conversely, the
outlook may be revised to 'Negative' in case SIPL reports
deterioration in its financial risk profile, most likely because
of significant increase in its working capital requirements or
pressure on its profitability.

                        About Scope Ingredients

Kawarlal Excipients Pvt Ltd was established in 2007, promoted by
Mr. K Vijaylal Jain and his three sons. The company was renamed
SIPL in April 2011. SIPL imports excipients which are used to
manufacture tablets, syrups, sunscreen lotions, creams, gels, and
other pharmaceutical products. Prior to incorporation of SIPL,
the promoters were part of Kawarlal & Company, a proprietary
concern, which was established in the 1960s by Mr. Kawarlal
(father of Mr. K Vijaylal Jain). The business of Kawarlal &
Company is currently owned and managed by Mr. Ramlal Jain
(brother of Mr. K. Vijaylal Jain). The promoters have been in the
same line of business for over five decades.

SIPL's profit after tax (PAT) and net sales are estimated at
INR62 million and INR1106 million respectively for 2011-12
(refers to financial year, April 1 to March 31); it reported a
PAT of INR40 million on net sales of INR917 million for 2010-11.


SRI VENKATESWARA: Fitch Assigns 'D(ind)' National LongTerm Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Sri Venkateswara Theatre a
National Long-Term rating of 'Fitch D(ind)'.  Fitch has also
assigned SVT's INR80m term loan a 'Fitch D(ind)' rating.

The ratings reflect several instances of delay in debt repayments
by SVT in the last two years.  This is a result of the delayed
commencement of commercial operations of the company's hotel-cum-
commercial complex in May 2011.

The ratings may be upgraded upon timely servicing of debt
obligations for the next six months.

SVT is a Vijayawada-based firm, operating a hotel-cum-commercial
complex.  Three floors of the commercial complex are leased out
to Tata Consultancy Services and FIITJEE.  The hotel is operating
under the name of Hotel Midcity. Provisional results for 8MFY12
(financial year ending March) indicate revenue of INR20.56m and
EBITDA margin of 54%.



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


BAKRIE SUMATERA: S&P Puts 'CCC+' Corp. Credit Rating on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit rating on Indonesian plantation company Agri
International Resources Pte. Ltd. on CreditWatch with negative
implications. "We also placed our 'CCC+' issue rating on the
company's guaranteed $150 million senior secured notes due
July 15, 2012, on CreditWatch with negative implications. AI
Finance B.V., a wholly owned subsidiary of Agri International,
issued the notes," S&P said.

"At the same time, we placed our 'CCC+' long-term corporate
credit rating on Indonesian plantation company PT Bakrie Sumatera
Plantations Tbk. on CreditWatch with negative implications," S&P
said.

"We placed the ratings on CreditWatch because BSP is taking
longer than we had expected to finalize a loan to repay the $150
million guaranteed notes of its subsidiary Agri International,"
said Standard & Poor's credit analyst Vishal Kulkarni. "A further
delay would increase the risk of default by Agri International.
Due to a cross default clause in BSP's syndicated bank loan
documents, a default on Agri International's notes would
tantamount to a default by BSP."

BSP has management control over Agri International.

"Both Agri International and BSP have 'weak' liquidity, as our
criteria define the term. We expect Agri International's sources
of liquidity to likely fall short of its uses over the next six
months. We anticipate that BSP's ratio of sources of liquidity to
its uses will remain less than 0.5x in 2012 and 2013," S&P said.

"We aim to resolve the CreditWatch placements within the next two
weeks. We could lower our rating on BSP as well as on Agri
International by multiple notches to 'CC' if BSP fails to arrange
for the loan during this time," S&P said.

"At this point, an upgrade of either BSP or Agri International is
unlikely even if BSP refinances the upcoming notes," said Mr.
Kulkarni. "This is because of the companies' tenuous operating
efficiency and weak cash flows. In addition, BSP has sizable debt
amortization."



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


TOKYO ELECTRIC: SESC Seeks U.S. SEC Help in Insider Trading Case
----------------------------------------------------------------
The Japan Times Online reports that the Securities and Exchange
Surveillance Commission has requested cooperation from its U.S.
counterpart to probe an American investor suspected of insider
trading related to Tokyo Electric Power Co.'s 2010 public
offering, sources said Saturday.

According to the report, sources said the U.S. investor earned a
profit on trading in TEPCO shares after receiving information
about the utility's move to issue new shares before it was
announced.

The Japan Times Online relates that sources said the financial
watchdog has asked the U.S. Securities and Exchange Commission to
help with questioning of concerned parties and other matters in
investigating the case.

If the probe uncovers any irregularities, the SESC plans to
recommend that the Financial Services Agency issue a fine, the
report relays.

The report notes that the investor is believed to have obtained
information on TEPCO's capital hike plan from Nomura Securities
Co., which lead-managed the share issue, through an agent,
according to other sources.  Based on the insider information,
The Japan Times Online says, the investor allegedly used the
insider information to sell TEPCO shares short with the
expectation that their price would fall after the announcement.

The SESC decided to launch an investigation into the investor
following recent incidents in which stock prices of Japanese
companies have plunged on short-selling by foreign investors,
including hedge funds, based on yet-to-be announced details of
share issues, according to the report.

                     About Tokyo Electric

Tokyo Electric Power Company 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
May 11, 2012, Bloomberg News said Japan's government took control
of TEPCO and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


BRIDGECORP LTD: SFO Court Trial May Not Push Through
----------------------------------------------------
The New Zealand Herald reports that Bridgecorp Ltd director
Rod Petricevic's Serious Fraud Office trial may not go ahead.

Mr. Petricevic and fellow Bridgecorp boss Rob Roest have pleaded
not guilty to criminal charges laid by the SFO involving
NZ$5.2 million, the Herald relays.

The pair have served less than two months of the 6-year jail
sentences they were given in a separate case for misleading
investors.

According to the report, the SFO said last week the trial would
proceed "as planned" in September, but a source close to the case
said it may not get to the courtroom.

The Herald relates that a criminal defence lawyer also said he
did not think it was worth the SFO proceeding with the case, as a
conviction, if the pair were found guilty, would not increase
their total sentences by much.

Messrs. Petricevic and Roest have been charged by the SFO over
the purchase of the luxury vessel Medici, the report notes.

It was allegedly bought and its operating costs paid with
NZ$1.8 million in Bridgecorp money but was owned by Poseidon, a
firm Mr. Petricevic directed and owned, the Herald relates.

Of the seven charges laid, two are solely against Mr. Petricevic,
says the Herald.

The Herald also says the SFO alleges Mr. Petricevic used
Bridgecorp money to pay NZ$1.2 million to a "sham" business run
by former beauty-product distributor Janita Wright.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


ENRICHING WELLNESS: Shuts Door After Five Years
-----------------------------------------------
nelsonmail.co.nz reports that Milton St's Enriching Wellness Day
Spa shut last week after five years in business.  Founder and
wellness industry advocate Katie Thurston said she would continue
to offer wellness services in Nelson, the report says.

The report says Ms. Thurston and Warren Hoy opened Enriching in
October 2006 with the goal of providing local residents and
visitors to Nelson with a complete, organic, wellness experience.

Ms. Thurston has had more than 25 years in the wellness industry
and Mr. Hoy has more than 20 years' experience in eco-tourism,
predominately in management at Awaroa Lodge. They say that
closing the Milton St spa was a "courageous call".

"The model we set up in 2006 was for a wellness/tourism based-
business, and since that time the decline in visitors to Nelson
has been visible, and this model is now outdated," they said.
"Working closely with our business consultant, we have decided to
close Enriching on Milton St, for now."

nelsonmail.co.nz adds that Ms. Thurston said there was an over-
capacity of wellness and beauty treatments available in Nelson.


ROCK BOX: Faces Liquidation Bid in High Court
---------------------------------------------
nelsonmail.co.nz reports that an application has been made in the
High Court in Nelson to put Rock Box Ltd, which has a shop at
Fashion Island and another in Hardy St, into liquidation and it
is due to be heard on June 27.

That application is from an Auckland business put into
liquidation in February, Urban Creative, which owns a number of
fashion brands it sells to retailers.

Solicitor Brent Norling said Rock Box owed money to Urban
Creative for the purchase of clothing that was not paid for. Rock
Box co-owner Jennifer Gray declined to comment.

Rock Box Ltd operates a fashion shop at Fashion Island and
another in Hardy St.


* NEW ZEALAND: Recession Hits Nelson SMEs as 42 Firms Go Under
--------------------------------------------------------------
nelsonmail.co.nz reports that fallout from the economic recession
is showing in an increasing number of business failures in
Nelson.

The report says the High Court in Nelson had 42 bankruptcy and
company liquidations in the year to the end of April, up from 29
in the previous year.

nelsonmail.co.nz says the latest indications of the squeeze
include Robbie's Bar and Bistro in Richmond shutting on May 31,
Milton St's Enriching Wellness Day Spa closing this week, and
fashion shop Rock Box facing an application in court to put it
into liquidation.

According to the report, Nelson liquidator Geoff Falloon, of Biz
Rescue, said he normally handled six or seven liquidations at a
time but he expected that number to go up.  "It's not looking too
good out there at the moment," the report quotes Mr. Falloon as
saying.

On average, the failed businesses owed between $120,000 to
$150,000 to unsecured creditors, Mr. Fallon, as cited by
nelsonmail.co.nz, said.



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


RURAL BANK OF BANAYOYO: Goes Into Receivership
----------------------------------------------
BusinessMirror reports that the Monetary Board of the Bangko
Sentral ng Pilipinas has placed the Rural Bank of Banayoyo
(Ilocos Sur), Inc. under receivership by the Philippine Deposit
Insurance Corporation (PDIC).

The bank is the third to go under in two weeks, according to
BusinessMirror.  The report relates that PDIC earlier placed
under receivership on May 18 the New Rural Bank of Tagkawayan
Inc. in Quezon province, and the Millennium Bank Inc. in Nueva
Ecija on May 24.

The Rural Bank of Banayoyo is a single-unit bank located in
Poblacion, Banayoyo, Ilocos Sur.  Latest available records show
that as of March 31, 2012, the Bank had 324 accounts with total
deposit liabilities of PHP4.26 million, BusinessMirror notes.

BusinessMirror says that the latest General Information Sheet
filed by RB Banayoyo with the Securities and Exchange Commission
shows that the bank is majority-owned by Saturnino L. Mangugan
(39.36 percent) and Daniel M. Galang (16.86 percent). Its
Chairman and President is Franklin L. Mangugan.

PDIC took over the bank on June 1, 2012 by virtue of MB
Resolution No. 870 dated May 31, 2012, the report discloses.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated, BusinessMirror says.
The report relates that the state deposit insurer assured
depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.

BusinessMirror notes that PDIC said that depositors with valid
account balances of PHP10,000 and below, who have no outstanding
obligations with RB Banayoyo and who have updated their addresses
with the bank in the past year, need not file deposit insurance
claims.  PDIC targets to start mailing payments to the depositors
with small balances to their last known addresses recorded in the
bank by early July 2012, the report says.

BusinessMirror notes that depositors whose accounts have balances
of more than PHP10,000 and those who have outstanding obligations
regardless of the amount of their balances or who have failed to
update their addresses should file their deposit insurance
claims.

The inclusive dates and schedule of the claims settlement
operations for these accounts will be announced in August 2012
through notices to be posted in the bank premises and other
public places, the report adds.

Depositors' Forums will be conducted on Thursday, June 7, 2012 to
inform depositors of the requirements and procedures for filing
deposit insurance claims, BusinessMirror says.



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


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


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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

Copyright 2012.  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
Peter Chapman at 240/629-3300.





                 *** End of Transmission ***