TCRAP_Public/120620.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 20, 2012, Vol. 15, No. 122

                            Headlines


A U S T R A L I A

GAME GROUP: GAME Australia to Close Remaining Stores
ONE.TEL LTD: Court Removes Weston as Special Purpose Liquidator
REED CONSTRUCTIONS: Owes More Than 2,000 Creditors AUD70 Million


C H I N A

CHINA HANKING: Fitch Assigns 'BB-' Senior Unsecured Rating
CHINA TEL GROUP: Unregistered Securities Sale Exceed 5% Threshold


H O N G  K O N G

ALLSTEEL ASIA: Lau Hoi Ping Carol Appointed as New Liquidator
ASIA ADVANCED: Annual Meetings Set for June 22
CAC JEWELLERY: Creditors' Proofs of Debt Due July 16
DATAMIRROR (ASIA PACIFIC): Members' Final Meeting Set for July 20
EAST GATE: Commences Wind-Up Proceedings

POLYU TCM: Creditors' Proofs of Debt Due July 15
RAINBOW & DIAMOND: Court to Hear Wind-Up Petition on July 4
SOFTLINK (HK): Creditors' Proofs of Debt Due July 14
TRADEPOWER (HOLDINGS): Creditors Get 60% Recovery on Claims
WANTAILAI LIMITED: Court to Hear Wind-Up Petition on June 27


I N D I A

BHASKAR SHRACHI: Poor Performance Cues Fitch to Downgrade Ratings
BORAH BROTHERS: Fitch Places 'BB-' Rating on INR60-Mil. Fund
BRITEX ENGINEERING: CRISIL Ups Rating on INR56.2MM Loans to 'B+'
CHADALAVADA INFRATECH: CRISIL Puts 'D' Ratings on INR1.8BB Loans
DEV PRIYA: CRISIL Cuts Rating on INR115MM Loans to 'CRISIL B+'

GEN-X ABODE: CRISIL Assigns 'CRISIL B+' Rating on INR170MM Loans
HARSHA STONE: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loans
JET AIRWAYS: To Suspend JFK Flights from September 10
KAYGEE COMPONENTS: CRISIL Rates INR20MM Cash Credit at 'B+'
KAYGEE PROJECTS: CRISIL Puts 'CRISIL B+' Rating on INR50MM Loans

MAHABIR POLYFABS: CRISIL Puts 'CRISIL D' Rating on INR130MM Loans
OMSHREE RUBBER: Delays in Loan Payment Cue CRISIL Junk Ratings
PRAMOD TELECOM: Delays in Loan Payment Cue CRISIL Junk Ratings
ROLAND EXPORTS: CRISIL Assigns 'D' Rating on INR210MM Loans
SAI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR59MM Loans

SIGNATURE INT'L: CRISIL Puts 'CRISIL B' Rating on INR250MM Loans
SLMI INFRAPROJECTS: CRISIL Rates INR100MM Loan at 'CRISIL B+'
SOUTHERN AGRIFURANE: CRISIL Rates INR320MM Cash Credit at 'B-'
SURYA ALLOY: Delays in Loan Payment Cue CRISIL Junk Ratings


N E W  Z E A L A N D

CRAFAR FARMS: Iwi in Talks to Buy Back Two Farms
CREDIT SAILS: Commerce Commission Mulls Legal Action


S I N G A P O R E

HUMPUSS SEA: U.S. Bankr. Court Recognizes Singapore Proceeding
SEN NAUTICAL: Court Enters Wind-Up Order
SIN TYE: Creditors' Proofs of Debt Due June 29
SINGAPORE COPPER: Creditors' Proofs of Debt Due June 25
STANHOPE INVESTMENTS: Creditors' Proofs of Debt Due July 16

VISA ENGINEERING: Court to Hear Wind-Up Petition July 6
WARAKU HOLDINGS: Court to Hear Wind-Up Petition June 29


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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GAME GROUP: GAME Australia to Close Remaining Stores
----------------------------------------------------
SmartCompany reports that Game Australia will finally shut its
doors, with administrators PricewaterhouseCoopers announcing
Monday the chain will close all remaining locations.

SmartCompany notes that the decision comes after a tumultuous few
months, during which the company's British parent collapsed into
administration, while the local arm searched for a buyer under
the direction of local managing director Paul Yardley.

According to the report, PwC said 16 stores were to be shut down
immediately, while the remaining 15 will be closed over the next
few weeks -- a "difficult" decision, according to administrators
Kate Warwick and Greg Hall.

The decision had been rumored towards the end of last month, but
PwC wouldn't confirm whether any stores would close at the time,
the report says.

"In the interests of creditors, the 31 remaining Game stores are
to be closed over the coming weeks and a final closing down sale
has commenced with discounts of up to 60% available in-store and
online," SmartCompany quotes Mr. Warwick as saying in a
statement.

Game Group went into administration on March 26, 2012, after it
was unable to pay a GBP21 million quarterly rent bill, resulting
in the immediate closure of 277 of its 610 UK stores and just
over 2,000 job losses, according to The Financial Times.

PwC partners Kate Warwick and Greg Hall have been appointed
voluntary administrators of TGW Pty Limited, trading as GAME
Australia.  GAME Australia operates 92 stores across Australia,
employing 500 staff.

UK-headquartered The Game Group PLC, through its subsidiaries,
operates as a specialist retailer of PC and video game products.


ONE.TEL LTD: Court Removes Weston as Special Purpose Liquidator
---------------------------------------------------------------
Elisabeth Sexton at smh.com.au reports that the NSW Supreme Court
has removed Paul Weston as the special purpose liquidator of
One.Tel, saying he had lost objectivity "and the capacity to
properly and dispassionately focus on the purposes for which he
was appointed."

Justice Patricia Bergin yesterday appointed Stephen Parbery to
replace Mr. Weston, a partner of the accounting firm Pitcher
Partners, according to the report.

smh.com.au says Mr. Parbery, a partner of PPB Advisory, will take
over the sole task of the special purpose liquidation, pursuing a
AUD250 million damages claim against former directors of the
telephone company, including James Packer and Lachlan Murdoch.

According to the report, the case against Mr. Packer and Mr.
Murdoch has been dismissed by the NSW Supreme Court and the NSW
Court of Appeal because of a long delay in serving it on the
defendants, but Mr. Weston filed an application for special leave
to appeal to the High Court in May.

smh.com.au relates that Mr. Weston has also filed fresh
proceedings against Mr. Packer and Mr. Murdoch based on the law
of equity in the NSW Supreme Court, which he said would not be
subject to legal time limits.

The general purpose liquidation remains under the control of
Steve Sherman, a partner of Ferrier Hodgson.

The report notes that the court action against Mr. Weston was
instigated by Optus, One.Tel's largest creditor, and was
supported by the second and third largest creditors, Telstra and
Cisco Systems.

It followed years of disharmony between Mr. Weston and the
committee of inspection representing creditors, which included
the 2009 annual meeting of creditors passing a motion of no
confidence in him, smh.com.au adds.

                         About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the Australian
telecommunications industry, most of which are currently under
external administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


REED CONSTRUCTIONS: Owes More Than 2,000 Creditors AUD70 Million
----------------------------------------------------------------
Leonie Lamont at smh.com.au reports that the administrator
appointed to the collapsed Reed construction company believes
more than 2,000 creditors are owed AUD70 million.

smh.com.au notes that Ferrier Hodgson partners John Melluish and
Ryan Eagle were officially called in by Reed Constructions
Australia on Friday, but have revealed in documents to creditors
that they have held meetings with Reed since March to look at the
finances of the company and discuss the voluntary administration
process.

At the first meeting of creditors, scheduled for next Wednesday,
creditors will ask about contracts held by Reed which were
transferred out of the construction arm to other parts of the
group just ahead of the administration, according to the report.

The report relates that Reed Construction Australia transferred a
key contract it had on work on the massive Gladstone LNG project
in the Roma area.  The contract, for earthworks and civil
construction, was entered into in December last year and is worth
up to AUD90 million, smh.com.au notes.

Reed managing director Geoff Reed blamed the "premature"
announcements by both the NSW ministers for roads, and education,
that their respective departments did not owe Reed any money as
the cause of the administration, smh.com.au adds.

                            About Reed Group

The Reed Group of companies is a privately-owned building, design
and construction group, providing construction, design and
engineering services across Australia. Reed Constructions
Australia Pty Limited has been the main building and construction
entity of the Reed Group. Other businesses within the Reed Group
will continue to operate as normal.

Reed Constructions Australia Pty Limited has been placed in
Voluntary Administration after it suffered losses through some of
its key contracts.

Ferrier Hodgson partners John Melluish and Ryan Eagle were
appointed Voluntary Administrators of Reed Constructions
Australia Pty Limited and RST Nominees Pty Limited on June 15,
2012.

Administrator John Melluish said he will be undertaking an urgent
assessment of the financial position of the company and that a
first meeting of creditors will be held on June 27, 2012.



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C H I N A
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CHINA HANKING: Fitch Assigns 'BB-' Senior Unsecured Rating
----------------------------------------------------------
Fitch Ratings has assigned China Hanking Holdings Limited a Long-
Term Foreign Currency Issuer Default Rating (IDR) of 'BB-' with
Stable Outlook, and a senior unsecured rating of 'BB-'.

Hanking's ratings are constrained by its current small scale
relative to its peers and single commodity concentration in the
cyclical iron ore market.  Hanking recorded an EBITDAR of only
around USD150m in 2011.  Its proven and probable iron ore
reserves were only 169.3 million ton (mt) at end-May 2012 but
equivalent to 28.7 years of reserve life at its 2012 planned
production rate.

The ratings are supported by Hanking's competitive cost advantage
over other Chinese iron ore producers.  Long-term structural
shortage of iron ore supply in China supports its Stable Outlook.

Hanking's low cash production cost of CNY252/ton in
2011(CNY244/ton in 2010) was driven by favorable mine geology
including a shallow ledge and low stripping ratio as well as low
deleterious elements in iron ore.  This compares favorably with
the Chinese domestic average cash production cost of CNY500/ton
in 2010.  Hanking also enjoys low logistics costs, especially
compared with those of imported seaborne iron ore, as all its
clients are located within a 35km radius of its mine site.

Fitch notes that China, which produced 46% of global crude steel
in 2011, generated only 408 mt of iron ore domestically and
imported 686 mt from overseas, mostly from Australia and Brazil.
Liaoning, where Hanking is located, sourced 38% of its iron ore
from outside of the province in 2010.  The agency does not expect
iron ore self-sufficiency in Liaoning Province to reach 100% and
therefore sees Hanking continuing to enjoy cost advantage over
iron ore suppliers from outside the province.

Hanking's ratings are also supported by its low financial
leverage with a net cash position at end-2011.  Fitch expects
Hanking's total adjusted net debt/operating EBITDAR leverage to
be below 1.0x for the next 18-24 months even though free cash
flow will be negative during this period due to capex being
incurred for capacity expansion.

Fitch may consider negative rating action if gross profit drops
below CNY300/ton (2011: CNY818/ton) or if EBITDAR margin falls
below 40% (2011: 64%), on a sustained basis.  The ratings may
also come under pressure from cash from operations margin falling
below 20% (2011: 34%) or from funds from operations-adjusted
leverage rising above 1.5x, on a sustained basis.  No positive
rating action is envisaged for the next 18-24 months given
Hanking's current operating scale.


CHINA TEL GROUP: Unregistered Securities Sale Exceed 5% Threshold
-----------------------------------------------------------------
Since its most recent report filed on any of Forms 8-K, 10-K or
10-Q, VelaTel Global Communications, Inc., formerly known as
China Tel Group Inc. has made the sales of unregistered
securities, namely shares of the Company's Series A common stock.
The Company filed a Form 8-K because the aggregate number of
Shares sold exceeds five percent of the total number of Shares
issued and outstanding as of the Company's latest filed Report,
on Form 10-Q filed on May 21, 2012.

On June 13, 2012, the Company issued 60,612,408 shares and
60,612,408 warrants to Isaac Organization, Inc., in payment of a
promissory note in the amount of $500,000 due May 15, 2012.  Each
warrant has an exercise price of $0.0085 and an exercise term of
three years.

In addition, the Company has issued 39,368,196 registered Shares
pursuant to a Form S-8 Registration Statement filed on June 1,
2012, which is incorporated by reference.

As of June 15, 2012, the Company has 986,930,829 shares of its
Series A common stock outstanding, with a par value of $0.001,
and 133,818,177 shares of its Series B common stock outstanding,
with a par value of $0.001.

                           About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 in 2011, compared with
a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.



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


ALLSTEEL ASIA: Lau Hoi Ping Carol Appointed as New Liquidator
-------------------------------------------------------------
Lau Hoi Ping Carol on May 31, 2009, was appointed as liquidator
of Allsteel Asia Limited.

Lau Hoi Ping Carol replaces Wong Man Hung Windy who stepped down
as the company's liquidator.

The liquidator may be reached at:

         Lau Hoi Ping Carol
         Room 1708 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


ASIA ADVANCED: Annual Meetings Set for June 22
----------------------------------------------
Members and creditors of Asia Advanced Metal Products Company
Limited will hold their annual meetings on June 22, 2012, at
11:00 a.m., at the offices of FTI Consulting (Hong Kong) Limited,
Level 22, The Center, 99 Queen's Road Central, Central, in Hong
Kong.

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


CAC JEWELLERY: Creditors' Proofs of Debt Due July 16
----------------------------------------------------
Creditors of CAC Jewellery and Goldsmith Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 16, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 2012.

The company's liquidators are:

         Lee Yuen Han Hope
         Ng Chit Sing
         20/F, Fung House
         No. 19-20 Connaught Road
         Central, Hong Kong


DATAMIRROR (ASIA PACIFIC): Members' Final Meeting Set for July 20
-----------------------------------------------------------------
Members of Datamirror (Asia Pacific) Limited will hold their
final general meeting on July 20, 2012, at 10:00 a.m., at 10/F,
PCCW Tower, Taikoo Place, 979 King's Road, Quarry Bay, in Hong
Kong.

At the meeting, Chan Wah Tip Michael and Ho Man Kei Keith, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


EAST GATE: Commences Wind-Up Proceedings
----------------------------------------
Members of East Gate Shipping Limited, on June 5, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Anthony John Jex
         2102, Tower Two
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


POLYU TCM: Creditors' Proofs of Debt Due July 15
------------------------------------------------
Creditors of PolyU TCM Clinic Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 5, 2012.

The company's liquidator is:

         Heung Sai Kit
         11th Floor, Li Ka Shing Tower
         The Hong Kong Polytechnic University
         Hung Hom, Kowloon
         Hong Kong


RAINBOW & DIAMOND: Court to Hear Wind-Up Petition on July 4
-----------------------------------------------------------
A petition to wind up the operations of Rainbow & Diamond
Transport Limited will be heard before the High Court of Hong
Kong on July 4, 2012, at 9:30 a.m.

Chan Cheuk Ki Felix filed the petition against the company on
March 22, 2012.

The Petitioner's solicitors are:

          Christopher Li & Co.
          Room 210, 2/F
          China Insurance Group Building
          No. 141 Des Voeux Road
          Central, Hong Kong


SOFTLINK (HK): Creditors' Proofs of Debt Due July 14
----------------------------------------------------
Creditors of Softlink (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 14, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 1, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


TRADEPOWER (HOLDINGS): Creditors Get 60% Recovery on Claims
-----------------------------------------------------------
Tradepower (Holdings) Limited paid the first accrued interest
after commencement of liquidation to its creditors on or after
June 15, 2012.

The company paid 60% on claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


WANTAILAI LIMITED: Court to Hear Wind-Up Petition on June 27
------------------------------------------------------------
A petition to wind up the operations of Wantailai Limited
(formerly known as Linpo China Limited) will be heard before the
High Court of Hong Kong on June 27, 2012, at 9:30 a.m.

Walton Advanced Engineering Inc. filed the petition against the
company on Feb. 13, 2012.

The Petitioner's solicitors are:

          Sit, Fung, Kwong & Shum
          18th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong



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BHASKAR SHRACHI: Poor Performance Cues Fitch to Downgrade Ratings
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Bhaskar Shrachi Alloys
Limited's National Long-Term rating to 'Fitch B(ind)' from 'Fitch
B+(ind)'.  The Outlook is Stable.

The downgrade reflects expected deterioration in BSAL's
performance for the financial year ended March 2012.  Provisional
FY12 results show an expected EBITDA loss of INR4.7m, compared
with FY11's INR84.5m profit, due to an inability to pass on
increased raw material and power costs, and volatile end-product
prices.  This resulted in stressed liquidity which the company
has been able to manage by reducing its inventory holding period
to 83 days in FY12 from 187 days in FY11.

The ratings also reflect a 65.5% yoy growth in revenue in FY12 to
INR1,741.6 million due to higher production volumes and sales
across all products.

Positive rating guidelines would be an improvement in EBITDA
margin resulting in interest cover above 1.5x (FY11: 1.58x ) on a
sustained basis.  Conversely, negative rating guidelines would be
low EBIDTA margins leading to interest cover below 1.2x on a
sustained basis.

Incorporated in 1995, BSAL is a manufacturer of ferro alloys
(13.5 Mega Volt Amperes), SGCI inserts (6,000 metric tons) and
billets (65,000 metric tons) in Durgapur.

Fitch has also taken following action on BSAL's bank loan ratings
as follows:

  -- INR14.4m long-term loan (reduced from INR25.7m): downgraded
     to National Long-Term 'Fitch B(ind)' from 'Fitch B+(ind)'
  -- INR265m fund-based limit: downgraded to National Long-Term
     'Fitch B(ind)' from 'Fitch B+(ind)'; affirmed at National
     Short-Term 'Fitch A4(ind)'
  -- INR150m non-fund-based limit affirmed at National Short-Term
     'Fitch A4(ind)'


BORAH BROTHERS: Fitch Places 'BB-' Rating on INR60-Mil. Fund
------------------------------------------------------------
Fitch Ratings has assigned India-based Borah Brothers Private
Limited a National Long-Term Rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.  he agency has also assigned the company's
INR60m fund based limits a 'Fitch BB-(ind)' rating.

The ratings reflect BBPL's modest financial profile relative to
peers, with an EBITDA margin of 2.7% (FY10: 2.4%), net leverage
of 4.2x (FY10: 4.4x) and an interest coverage of 1.7x for FY11
and FY10.  The ratings benefit from BBPL's position as the sole
dealer of Hyundai Motors in Dibrugarh and Sivasagar districts and
its experience of 12 years in the dealership business.

Positive rating guidelines include EBITDA interest coverage
rising above 1.75x on a sustained basis and an improved liquidity
position.  Negative rating guidelines include EBITDA interest
coverage falling below 1.25x, on a sustained basis.

BBPL has been the exclusive dealer for Hyundai Motors India
Limited since June 2000.  Revenue for FY11 was INR545.2 million.
The company has two dealership outlets, with workshops in
Dibrugarh and one in Sivasagar in Assam.


BRITEX ENGINEERING: CRISIL Ups Rating on INR56.2MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Britex Engineering Works to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the rating on the firm's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              42.5       CRISIL B+/Stable (Upgraded
                                        from 'CRISIL B/Stable')

   Letter of Credit         20         CRISIL A4 (Reaffirmed)

   Long-Term Loan           13.7       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Packing Credit           13.8       CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in Britex's business
risk profile. The firm has diversified its revenue profile by
adding new customers in the export market while sustaining its
domestic customers. Consequently, the firm's revenues increased
by around 80 per cent in 2011-12 (refers to financial year, April
1 to March 31). Britex's liquidity has also improved, marked by
enhancement in bank limits and healthy accruals because of
moderate profitability levels.

The ratings reflect Britex's small scale of operations, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of Britex's partners
in manufacturing flanges and its above-average financial risk
profile, marked by moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that Britex will benefit from the extensive
industry experience of its promoters and maintain its above-
average financial risk profile, over the medium term. The outlook
may be revised to 'Positive' if Britex generates demand for its
new products and significantly increases its capacity
utilization. Conversely, the outlook may be revised to 'Negative'
if the firm is unable to increase its sales or if it undertakes
an additional large, debt-funded capital expenditure programme,
thereby adversely affecting its financial risk profile.

                      About Britex Engineering

Britex Engineering was established in 1973 by Mr. Yogesh Kadakia,
his two brothers, and his brother-in-law to manufacture pipe
flanges. The firm manufactures forged flanges and other
generalised pipe fitting components, which are used in various
industries, including petrochemicals, oil, fertilisers, and
infrastructure. The firm's plant in Navi Mumbai (Maharashtra) has
a capacity of 300 tonnes per month.


CHADALAVADA INFRATECH: CRISIL Puts 'D' Ratings on INR1.8BB Loans
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Chadalavada Infratech Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Negative/CRISIL A4+'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               150.0      CRISIL D

   Letter of Credit          200.0      CRISIL D

   Bank Guarantee           1450.0      CRISIL D

The rating downgrade reflects instances of CIL overdrawing its
cash credit limit and devolvement of its letter of credit (LC)
limit for more than 30 days as a result of weakening in the
company's liquidity. Liquidity weakened because of increasing
working capital requirements as a result of delays in receiving
payments from, and rescheduled timelines of projects by, its key
customers, for which the company had opened LCs for procuring raw
materials. This resulted in cash flow mismatches, thereby
constraining the company's ability to retire the LCs on the due
date.

CIL has working-capital-intensive operations and its weak
financial risk profile is marked by high gearing. However, the
company continues to benefit from its established market position
and promoter's experience in the power transmission industry.

                     About Chadalavada Infratech

Chadalavada Infratech Ltd (erstwhile Chadalavada Construction Pvt
Ltd) was incorporated in February 2000 and started as a
subcontractor to Larsen & Turbo Limited. CIL operates in the
electrical transmission and distribution infrastructure industry
-- its work involves engineering, procuring and commissioning
sub-stations and electrical transmission lines.

CIL reported a profit after tax (PAT) of INR67 million on net
sales of INR1.7 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR75 million on
net sales of INR1.4 billion for 2009-10. The company is estimated
to post revenues of around INR1 billion for the year 2011-12.


DEV PRIYA: CRISIL Cuts Rating on INR115MM Loans to 'CRISIL B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dev Priya Fibres Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable', and reassigned its 'CRISIL A4' rating to DPFPL's
short term facilities.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            85        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Term Loan              30        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of Credit        5        CRISIL A4 (Reassigned)


The downgrade reflects deterioration in DPFPL's business risk
profile and liquidity. DPFPL's business risk profile has
deteriorated because of sharp decline in its revenues in 2011-12
(refers to financial year, April 1 to March 31) to INR430 million
from INR585 million in 2010-11. The decline in revenues was
driven mainly by slowdown in the company's end-user industries
and increased competition in the paper industry. CRISIL believes
that DPFPL's business risk profile will remain exposed to risks
related to slowdown in its end-user industries because of its
small scale of operations

DPFPL's liquidity deteriorated, marked by fully utilised bank
lines and stretched receivables cycle. To compete with other big
players in the industry, the company had increased the credit
periods it offers its clients, thereby increasing its working
capital requirements -- its debtor days increased to 80 as on
March 31, 2012 from 64 as on March 31, 2011. Although DPFPL's
bank lines were enhanced by INR25 million recently, its liquidity
is expected to remain under pressure because of its large working
capital requirements over the medium term.

CRISIL's rating continues to reflect DFPFL's weak financial risk
profile, marked by high gearing and moderate debt protection
metrics, and small scale of operations. These rating weaknesses
are partially offset by the benefits that DPFPL derives from its
established clientele and its promoters' extensive experience in
the paper industry.

Outlook: Stable

CRISIL believes that DPFPL will continue to benefit from its
promoters' extensive experience in the paper industry and
established dealer network in Uttar Pradesh and the National
Capital Region (NCR). The outlook may be revised to 'Positive' if
DPFPL achieves more-than-expected growth in its scale of
operations and profitability, leading to improvement in its
business risk profile. Conversely, the outlook may be revised to
'Negative' if DPFPL's debt protection metrics deteriorate because
of more-than-expected decline in profitability or larger-than-
expected debt-funded capital expenditure.

                          About Dev Priya

Dev Priya Fibres Pvt Ltd (formerly Dev Priya Agro Fibres Pvt
Ltd), a part of the Dev Priya group of Industries, was
incorporated in 2005. The company was established in 1995-96 as a
unit of Dev Priya Papers Pvt Ltd (DPPPL). Its name was changed to
the current one when it was demerged from DPPPL in 2006.
Currently, DPFPL is managed by Mr. Surinder Gupta, his son, Mr.
Sunny Gupta, and Mr. Rakesh Gupta.

DPFPL's manufacturing facility in Meerut (Uttar Pradesh) has
capacity to manufacture 30,000 tonnes per annum of kraft paper
(on three-shift basis). The company manufactures low-quality
kraft paper with burst factor of 16 to 18. DPFPL markets its
products under the Dev Priya brand.


GEN-X ABODE: CRISIL Assigns 'CRISIL B+' Rating on INR170MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Gen-X Abode Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            100        CRISIL B+/Stable
   Proposed Long-Term      70        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects Gen-X's exposure to implementation- and
demand-related risks associated with its ongoing project and
exposure to risks and cyclicality inherent in the real estate
sector in India. These rating weaknesses are partially offset by
Gen-X's promoters' extensive experience in the real estate
sector.

Outlook: Stable

CRISIL believes that Gen-X will continue to benefit from of the
industry experience of, and funding support from, its promoters.
The outlook may be revised to 'Positive' if there is a
significant improvement in Gen-X's business and financial risk
profiles, most likely driven by timely implementation and high
saleability of its ongoing project, leading to healthy cash
accruals on sustained basis. Conversely, the outlook may be
revised to 'Negative' if Gen-X faces time or cost overrun in the
ongoing project, significant pressure on its liquidity, or delays
in receiving customer advances, leading to pressure on revenues
and profitability and consequent weakening in debt-servicing
ability.

                        About Gen-X Abode

Incorporated in 2006, Gen-X is engaged in construction of housing
and commercial projects. Its registered office is in Chandigarh.
The company has been promoted by Mr. Rakesh Kumar, Mr. Neeraj
Kansal, Mr. Naresh Joshi and Dr. Shiv Chand Kansal.

Gen-X is implementing a housing project of 168 apartments, with a
total developed area of 0.28 million square feet in Zirakpur
(Punjab). The project is coming up in three phases, with the
first phase launched in February 2011; the project is expected to
be completed by March 2014. The total project cost is of INR510
million, to be funded by bank facility of INR165 million,
promoter's contribution of INR140 million and rest through
customer advances.


HARSHA STONE: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Harsha Stone Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Term Loan      20         CRISIL B-/Stable (Assigned)
   Pre Shipment Credit     30         CRISIL A4
   Overdraft Facility      10         CRISIL B-/Stable
   Post Shipment Credit    18.5       CRISIL A4

The ratings reflect HSI's small scale of operations in the
intensely competitive stone processing industry, weak financial
risk profile marked by a small net worth, a high gearing, and
weak debt protection metrics, and highly working-capital-
intensive operations. These rating weaknesses are partially
offset by the benefits that HSI derives from its promoters'
extensive experience in the stone processing industry and its
established clientele.

Outlook: Stable

CRISIL believes that HSI will continue to benefit over the medium
term from its promoters' industry experience and its established
clientele. The outlook may be revised to 'Positive' in case the
firm scales up its operations, or reports more-than-expected
improvement in its financial risk profile because of improved
profitability or equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case HSI reports
further deterioration in its financial risk profile, especially
its liquidity, because of larger-than-expected withdrawal of
capital by its partners, or in case of larger-than-expected
working capital requirements.

                         About Harsha Stone

Harsha Stone Industries was set up in 1988 in Kota (Rajasthan) as
a partnership firm by Mr. Chanda Saraogi, Mr. Naresh Kumar
Pandya, and Ms. Sunita Jain. The firm processes slabs of
sandstone, limestone, and slate for flooring and pavement
requirements; it exports the same mainly to European countries.
HSI derives around 95 per cent of its revenues from sandstone
exports. Among the European countries, more than 80 per cent of
the firm's exports are to the UK.

HSI reported a profit after tax (PAT) of INR1.0 million on net
sales of INR85.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net
sales of INR93.3 million for 2009-10.


JET AIRWAYS: To Suspend JFK Flights from September 10
-----------------------------------------------------
The Times of India reports that Jet Airways said it would
withdraw its services to New York (JFK) from September 10, though
it would continue to operate to Newark International Airport.

The report relates that the premier airline, which posted a loss
of over INR294 crore in the quarter ended March 31, said that as
part of its "ongoing network evaluation with clear focus on
profitability, (the airline) will be redeploying its assets on
its existing route network.

"This has hence necessitated the temporary suspension of the
airline's Brussels-New York (JFK) flight effective 10th September
2012."  According to the report, an airline spokesperson said
regular daily services would "continue uninterrupted to two major
gateways in North America, Newark and Toronto, with its Mumbai-
Brussels-Newark and Delhi-Brussels-Toronto routes." Jet would
also continue to operate its daily service on the Chennai-
Brussels-Chennai route, the spokesperson, as cited by TOI, said.

TOI adds that regarding those passengers booked on the JFK flight
beyond September 10, the airline said it will "ensure that the
affected guests are offered alternative flights on our own
services to New York (Newark) or that of partner airlines" then
onwards.  The spokesperson told TOI the decision to stop the JFK
flight was taken "in view of the current global economic
conditions and its impact on business worldwide."

                           About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


KAYGEE COMPONENTS: CRISIL Rates INR20MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaygee Components Pvt Ltd.

                          Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           20.00       CRISIL B+/Stable (Assigned)
   Letter of Credit       7.50       CRISIL A4

The ratings reflect Kaygee Components' below-average financial
risk profile, marked by a relatively small net worth and weak
debt protection metrics, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of Kaygee Components' promoter.

Outlook: Stable

CRISIL believes that Kaygee Components will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company scales up its operations or increases its profitability,
leading to improvement in cash accruals and better working
capital management. Conversely, the outlook may be revised to
'Negative' in case Kaygee Components reports any significant
pressure on its profitability or undertakes any large, debt-
funded capital expenditure programme, or in case of increase in
its working capital requirements, resulting in weakening of its
financial risk profile.

                       About Kaygee Components

Kaygee Components was set up in 2007 by Mr. Kishore Gupta in
Kolkata (West Bengal). The company manufactures non-leather
components, such as rubber sheets, reinforcement boards, moulded
rubber products, and adhesives, and sells the same to leather
goods manufacturers-cum-exporters. These products are used in the
manufacture of bags, wallets, leather portfolios, and footwear.
Kaygee Components has its facility in South Tangra at Kolkata.

Kaygee Components' profit after tax (PAT) and net sales are
estimated at INR0.4 million and INR227.0 million respectively for
2011-12 (refers to financial year, April 1 to March 31), against
a PAT of INR0.4 million on net sales of INR195.8 million for
2010-11.


KAYGEE PROJECTS: CRISIL Puts 'CRISIL B+' Rating on INR50MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaygee Projects Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Cash Credit    50.00      CRISIL B+/Stable (Assigned)
   Limit

   Proposed Letter of      10.00      CRISIL A4 (Assigned)
   Credit

The ratings reflect Kaygee Projects' below-average financial risk
profile, marked by a relatively small net worth and weak debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of Kaygee Projects' promoter.

Outlook: Stable

CRISIL believes that Kaygee Projects will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company significantly scales up its operations or increases its
profitability, leading to improvement in cash accruals and better
working capital management. Conversely, the outlook may be
revised to 'Negative' in case Kaygee Projects reports any
significant pressure on its profitability or undertakes any
large, debt-funded capital expenditure programme, or in case of
increase in its working capital requirements, resulting in
weakening of its financial risk profile.

                         About Kaygee Projects

Kaygee Projects was set up in 2010 by Mr. Kishore Gupta in
Kolkata (West Bengal). The company manufactures footwear
components such as shoe uppers and insoles (both leather and non-
leather) at its factory at Tangra in Kolkata. Mr. Kishore Gupta
has been in the business of manufacturing footwear components
since 2001-02 (refers to financial year, April 1 to March 31)
under the proprietorship form of business. Since then, the
promoter has formed several companies to carry out such
activities, with each company manufacturing a slightly different
product.

Kaygee Projects' profit after tax (PAT) and net sales are
estimated at INR0.4 million and INR195.5 million, respectively,
for 2011-12, against a PAT of INR0.1 million on net sales of
INR47.4 million for 2010-11.


MAHABIR POLYFABS: CRISIL Puts 'CRISIL D' Rating on INR130MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Mahabir Polyfabs Pvt Ltd.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit              32.50       CRISIL D (Assigned)
   Term Loan                97.50       CRISIL D (Assigned)

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

MPPL also has a weak financial risk profile, and is exposed to
risks related to stabilisation of operations at its recently
completed unit. However, the company benefits from the
considerable experience of its promoter in various other
businesses.

Mahabir Polyfabs Pvt Ltd (formerly, Kamakhaya Vinimay Pvt Ltd)
was acquired by its current promoter, Mr. Ram Dayal Maskara of
Kolkata (West Bengal), in March 2006. Since then, the company has
been non-operational. MPPL has recently set up a facility for
manufacturing polypropylene bags and leno bags at Burdwan (West
Bengal), with capacity of 3100 tonnes per annum. The trial run of
the facility commenced in May 2012. MPPL is expected to cater to
cement and cattle feed industries, and also to traders and potato
dealers.


OMSHREE RUBBER: Delays in Loan Payment Cue CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Omshree Rubber Reclaim Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             40         CRISIL D (Assigned)
   Cash Credit           10         CRISIL D (Assigned)
   Proposed Long-Term    11.2       CRISIL D (Assigned)
   Bank Loan Facility

The rating reflects the instances of delay by OSRRPL in servicing
its debt; the delays have been caused by the company's weak
liquidity arising out of depressed cash accruals because of
delays in project commissioning.

OSRRPL also has a weak financial risk profile, marked by a small
net worth and a high gearing;, risks related to the start-up
phase of its operations, and to intense competition from large
and established players in the rubber market. OSRRPL, however,
benefits from the growth prospects for the reclaimed rubber
industry.

Omshree Rubber Reclaim Pvt Ltd, incorporated in December 2009, is
promoted by Mr. Rajagopal B C, Mr. K M Prakash, and Mr. C
Bhaskar. It is currently setting up a unit for manufacturing
reclaimed rubber at Harohalli Industrial Area near Bengaluru
(Karnataka). The project envisages manufacturing crumb rubber as
well as reclaimed rubber; it is expected to have capacity of
around 12 tonnes per day for each division. Till date, OSRRPL has
completed around 85 per cent of the project. The project is
expected to commence commercial operations by August 2012.


PRAMOD TELECOM: Delays in Loan Payment Cue CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pramod Telecom Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          35         CRISIL D
   Cash Credit            125         CRISIL D
   Letter of Credit        25         CRISIL D
   Term Loan               14.7       CRISIL D

The rating downgrade reflects the instances of devolvement in
PTPL's letters of credit (LC), which were not regularised for 30
consecutive days; the latest LC which got devolved on April 19,
2012 was outstanding as of June 1, 2012. The devolvements have
been caused PTPL's weak liquidity because of stretch in
receivables from the company's major customer BSNL. The stretch
in receivable along with ongoing order execution has resulted in
significantly large working capital requirement for PTPL; this is
reflected in the company's fully utilised bank lines.

PTPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, large working capital
requirements, customer concentration in its revenue profile, and
limited pricing flexibility. The company, however, benefit from
its established track record in the wireline telecommunication
(telecom) equipment industry.

                        About Pramod Telecom

PTPL, set up in 2000 as a partnership firm by Mr. Praveen
Chandra, was reconstituted as a private limited company in 2001.
It manufactures telecom equipment such as electronic push button
telephones, caller identification phones, energy efficient
products, and solar modules and products. The company has
capacity to manufacture 2.4 million instruments per annum at its
facility in Lucknow (Uttar Pradesh). PTPL has recently begun
manufacturing light-emitting diode (LED) bulbs; its research and
development team has developed a new variety of LED bulbs in
collaboration with a foreign technology partner.


ROLAND EXPORTS: CRISIL Assigns 'D' Rating on INR210MM Loans
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Roland Exports to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               190        CRISIL D
   Letter of Credit           20        CRISIL D

The downgrade reflects instances of delay by Roland in servicing
its debt; the delays have been caused by weakening in the firm's
liquidity.

In addition to weak liquidity and debt protection metrics,
Roland's weak financial risk profile is also marked by high total
outside liabilities to total net worth (TOL/TNW) ratio and weak
debt protection metrics. The firm has limited pricing flexibility
because of the commodity-like market for its products.

Roland was established in 2004 and began operations by trading in
cotton yarn. Until March 31, 2010, the firm was managed by three
equal partners - Mr. Harish Gupta, Mr. Rajesh Gupta, and Mr.
Sanjay Goel. Mr. Harish Gupta retired from the partnership in
April 2010, with the two remaining partners having equal shares
in profits and losses. Until 2007-08 (refers to financial year,
April 1 to March 31), the firm traded in cotton yarn. It switched
to trading in polyester yarn subsequently. Currently, the firm
trades in polyester yarn (contributed 78 per cent to its
operating income in 2009-10) and is in the business of conversion
of one-ply polyester yarn into two ply-polyester yarn (22 per
cent). The firm's registered office is in Ludhiana, Punjab. It
undertakes conversion operations at its manufacturing unit in
Kathua, Jammu and Kashmir.


SAI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR59MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sai Raghavendra Rice Industries.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           29         CRISIL B/Stable (Reaffirmed)
   Long-Term Loan        30         CRISIL B/Stable (Reaffirmed)

The rating reflects SRR's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics
and its modest scale of operations in the highly fragmented and
competitive rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive
experience of SRR's management in the rice industry and steady
offtake from the Food Corporation of India (FCI; rated 'CRISIL
AAA (SO)/Stable').

Outlook: Stable

CRISIL believes that SRR will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement
in its financial risk profile, or in case of significant infusion
of capital by the promoter, resulting in an improvement in SRR's
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

                       About Sai Raghavendra

Incorporated in 2011 as a Partnership firm, Sai Raghavendra Rice
Industries (SRR) is setting up a 4 tonnes per hour (tph) of rice
mill for undertaking milling and processing of paddy into rice,
rice bran, broken rice and husk. The proposed rice mill is based
at Kolkulpally of Mahaboobnagar (district) of Andhra Pradesh. The
commercial operations are expected to commence during September
2012. The managing partner Mr.V Jagan and Mr. V Srinivas have
around 30 years of experience in similar lines of business.


SIGNATURE INT'L: CRISIL Puts 'CRISIL B' Rating on INR250MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Signature International Foods India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan              150        CRISIL B/Stable (Assigned)
   Cash Credit             70        CRISIL B/Stable (Assigned)
   Proposed Long-Term      30        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects Signature's nascent stage of operations and
susceptibility to off take-related risks. This rating weakness is
partially offset by extensive experience of Signature's promoters
in the food products industry.

Outlook: Stable

CRISIL believes that Signature will benefit over the medium term
from the extensive experience of its promoters in the food
products industry. The outlook may be revised to 'Positive' if
Signature stabilises its recently started operations successfully
and reports significantly higher than expected revenues and
margins leading to improvement in its debt servicing metrics.
Conversely, the outlook may be revised to 'Negative' in case of
significantly lower than expected cash flows from operations
either due to lower revenues or subdued margins resulting in a
weakening of its liquidity profile. .

                   About Signature International

Signature International was incorporated in 2009, promoted by Mr.
William Eid and Mr. Ajay Talwar. The company manufactures fresh
and frozen flat breads such as roti, paratha, naan, kulchha,
pizza base and tortilla. Its manufacturing facilities are located
in Pimpalgaon in Nasik District, Maharashtra, with capacity of
8237 tonnes per annum. The company began commercial production in
September 2011 and operations at the plant are yet to stabilise.

Mr. William Eid has been associated with the food industry in the
UK through Honeytop Speciality Foods Ltd, which manufactured flat
breads in Europe. Mr. Ajay Talwar has been in the food industry
for almost three decades through his company, Taste'l Fine Foods
Pvt Ltd, which manufactures ready-to-eat meals, dip-in sauces,
spices, and frozen flat breads.


SLMI INFRAPROJECTS: CRISIL Rates INR100MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SLMI Infraprojects Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee         420        CRISIL A4 (Assigned)
   Overdraft Facility     100        CRISIL B+/Stable (Assigned)

The ratings reflect SLMI's large working capital requirements,
resulting in stretched liquidity, and its exposure to intense
competition in a highly fragmented roads construction industry.
These rating weaknesses are partially offset by SLMI's moderate
financial risk profile, marked by moderate gearing and healthy
debt protection metrics, moderate order book, and promoters'
extensive experience in the roads construction segment.

Outlook: Stable

CRISIL believes that SLMI will continue to benefit over the
medium term from the extensive experience of its promoters in the
roads construction industry and its moderate order book. The
outlook may be revised to 'Positive' if SLMI generates more-than-
expected cash flows, resulting from earlier-than-expected
completion of projects and receipt of payments from customers, or
if there is increased revenue visibility, while it sustains its
healthy capital structure. Conversely, the outlook may be revised
to 'Negative' in case of any delays in completion of projects or
receipt of payments from customers, or if the company undertakes
any large debt-funded capital expenditure programme, resulting in
weakening in its financial risk profile.

                      About SLMI Infraprojects

Established in 1992 as a proprietorship firm, Sree Lakshmi Metal
Industries and Constructions, SLMI was reconstituted as a private
limited company and acquired its current name in 2011. The
company, based Secunderabad (Andhra Pradesh [AP]), undertakes
roads construction. SLMI operates mainly in AP. The company's
day-to-day operations are managed by the managing director, Mr.
Venkat Reddy, and his three brothers, Mr. Lakshma Reddy, Mr.
Neelkanta Reddy, and Mr. Narasimha Reddy.

SLMI's promoters also own a proprietorship entity, Sree Lakshmi
Metal Industries, which is engaged in stone crushing. Currently,
Sree Lakshmi Metal Industries has minimal operations.

SLMI's profit after tax (PAT) and net sales are estimated at
INR30 million and INR600 million, respectively, for 2011-12
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR30 million on net sales of INR560 million
for 2010-11.


SOUTHERN AGRIFURANE: CRISIL Rates INR320MM Cash Credit at 'B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit bank facility of Southern Agrifurane Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           320       CRISIL B-/Stable (Assigned)

The rating reflects SAFL's working capital intensive operations,
below-average financial risk profile, marked by high gearing and
weak debt protection metrics. The rating also factors in SAFL's
susceptibility to regulatory risks in the Indian-made foreign
liquor (IMFL) sector in Tamil Nadu (TN). These rating weaknesses
are partially offset by the healthy demand prospects for IMFL in
TN and SAFL's established track record and semi integrated
operations in the IMFL market in the state.

Outlook: Stable

CRISIL believes that SAFL will benefit over the medium term from
the healthy demand prospects for IMFL in TN and its established
market position and from the industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company improves its working capital management and profitability
on a sustained basis. Conversely, the outlook may be revised to
'Negative' if company's revenues and margins decline or if the
company undertakes a larger-than-expected debt-funded capital
expenditure programme, leading to weakening in its financial
profile.

                     About Southern Agrifurane

Southern Agrifurane Industries Pvt Ltd. was acquired in 2002 by
the Tamil Nadu based MGM group. SAFL has an installed capacity to
distil 4.95 million cases of IMFL per annum. SAFL also has an in-
house distillery with a capacity of 6 million liters and meets 30
per cent of its captive requirements. The company manufactures
and markets its own brands of liquor, in addition to bottling of
IMFL manufactured by other companies, such as Sipping Spirits Pvt
Ltd, Radico Khaitan Ltd, Tilaknagar Industries Ltd, and United
Spirits Ltd. SAFL also has tie-ups with other distilleries in
Karnataka, West Bengal, Andhra Pradesh, Orissa, and Bihar for
selling its own brand in the region. MGM group, which has
diversified business interests in logistics, hospitality,
international trading, real estate and distillery, is promoted by
Dr. M.G.Muthu.

SAFL reported a loss of INR5.6 million on net sales of INR2.07
billion for 2010-11 (refers to financial year, April 1 to
March 31), as against a loss of INR4.7 million on net sales of
INR1.86 billion for 2009-10.


SURYA ALLOY: Delays in Loan Payment Cue CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Surya
Alloy Industries Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BBB/Stable/CRISIL A3'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee             80        CRISIL D
   Cash Credit               774.5      CRISIL D
   Letter of Credit          150        CRISIL D
   Long-Term Loan            523.9      CRISIL D

The downgrade reflects delays by Surya Alloy in servicing its
debt; the delays have been caused by the company's weak
liquidity. The weak liquidity stems from reduced cash accruals
due to increased raw material prices and intense pricing
pressures. Surya Alloy is in discussions with its lenders for
restructuring its debt.

Surya Alloy remains susceptible to volatility in raw material
prices and to intense competition in the fragmented steel
industry, and its operations remain working-capital-intensive.
However, the company benefits from the backward integration of
its operations.

                         About Surya Alloy

Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr.
Motilall Rungta in 1990. The Rungta group has been mainly
manufacturing railway track material for the Indian Railways for
the past 25 years. Surya Alloy mainly manufactures and supplies
railway track material, including spheroidal graphite cast iron
inserts, elastic railway clips, grooved rubber pads, and fish
plates. The company is approved by Research Design & Standards
Organisation. Over the years, Surya Alloy has expanded its
product profile to include ingots and billets and alloy/non alloy
steel and special spring steel rounds and rolled products, such
as angles, channels, joists, Z-section bars, and flats. The
company has also set up a ferro-alloys division.

For 2010-11 (refers to financial year, April 1 to March 31),
Surya Alloy reported a profit after tax (PAT) of INR91.69 million
on net sales of INR3874.8 million, against a PAT of INR56.52
million on net sales of INR2999.5 million for 2009-10.



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


CRAFAR FARMS: Iwi in Talks to Buy Back Two Farms
------------------------------------------------
stuff.co.nz reports that New Zealand Prime Minister John Key said
the return of sacred Maori sites on two of 16 Crafar dairy farms
are part of deal to sell them to a Chinese company.

The report notes the Government has approved the sale to Shanghai
Pengxin following a recommendation by the Overseas Investment
Office but a court is now considering whether the correct process
was followed after an appeal by New Zealand-based rival bidders,
Fay consortium.

According to stuff.co.nz, Maori Affairs Minister Pita Sharples
said Monday two iwi with ancestral links to two of the farms were
in negotiations to buy back the farms.

stuff.co.nz says the chair of Tiroa and Tehape Trusts in the
North Island, Hardie Peni, told TVNZ's Marae Investigates
programme that documents were being drawn up regarding farmland
containing its sacred sites, or wahi tapu, but the details of the
deal were still confidential.

The report relates that Mr. Key said he hadn't had any official
advice on the deal with iwi but he understood it was already part
of Shanghai Pengxin's agreement.

                          About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.


CREDIT SAILS: Commerce Commission Mulls Legal Action
----------------------------------------------------
Stuff.co.nz reports that the Commerce Commission has written to
investors who lost millions in defunct Credit Sails notes asking
if they wish to take part in any legal action to recover money.

The report recalls that the notes were marketed to investors in
May 2006 offering interest of at least 8.5% with capital
protection, but the complex structure failed in 2008 with losses
of virtually 100 per cent.

Stuff.co.nz relates that the public invested $91.5 million in the
2006 note issue, but selected investors were offered a chance to
exit in 2007 through a $25 million buyback facility from Credit
Sails arranger Calyon, a subsidiary of giant French bank Credit
Agricole.

According to the report, the commission has been pursuing an
investigation of Credit Sails under the Fair Trading Act, which
prohibits misleading and deceptive conduct, including the making
of false or misleading representations.

Stuff.co.nz notes that the investigation is at an advanced stage
and the commission has given its views in writing to parties
involved in the offer.  A response is due early next month.

The offer was promoted by Calyon, now known as Credit Agricole
Corporate and Investment Bank, and lead managed and underwritten
by sharebroker Forsyth Barr, the report discloses.

The commission said legal action would require it to identify
investors who had suffered loss, so it was inviting them to
provide information in support of a legal claim, the report
relays.



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


HUMPUSS SEA: U.S. Bankr. Court Recognizes Singapore Proceeding
--------------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York, upon the verified petition for
recognition and Chapter 15 relief of Cosimo Borrelli and Jason
Aleksander Kardachi, in their capacity as joint and several
liquidators of Humpuss Sea Transport PTE LTD, granted recognition
of HST's winding up proceedings pending before the High Court of
the Republic of Singapore as a foreign main proceeding pursuant
to Sections 1515 and 1517 of the Bankruptcy Code.

The Singapore is the country where the Debtor has the center of
its main interests.

Humpuss Sea Transport PTE LTD is a company based in Singapore
that operated a fleet of oil tanker ships and provides charter
services in the shipping industry.  It stopped shipping at the
end of 2009.  The joint liquidators are seeking U.S. court
recognition of the winding up proceeding initiated in the High
Court of the Republic of Singapore.

Jason Aleksander Kardachi and Cosimo Borrell at Borrelli Wash, as
joint liquidators, petitioned for Chapter 15 proceeding for
Humpuss Sea Transport PTE LTD (Bankr. S.D. N.Y. Case No. 12-
11086) on March 19, 2012.

Bankruptcy Judge Shelley C. Chapman presides over the case.  The
Debtor estimated assets and debts at $100 million to $500
million.

The petitioners are represented by Curtis C. Mechling, Esq.,
Atstroock & Stroock & Lavan, LLP.


SEN NAUTICAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Sen Nautical Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


SIN TYE: Creditors' Proofs of Debt Due June 29
----------------------------------------------
Creditors of Sin Tye Construction Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
June 29, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o VA Planner Pte. Ltd.
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


SINGAPORE COPPER: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
Creditors of Singapore Copper Technologies Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 25, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Neo Ban Chuan
          Cameron Duncan
          c/o KordaMentha Pte Ltd
          30 Robinson Road
          Robinson Towers, #12-01
          Singapore 048546


STANHOPE INVESTMENTS: Creditors' Proofs of Debt Due July 16
-----------------------------------------------------------
Creditors of Stanhope Investments Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by July 16, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


VISA ENGINEERING: Court to Hear Wind-Up Petition July 6
-------------------------------------------------------
A petition to wind up the operations of Visa Engineering Pte Ltd
will be heard before the High Court of Singapore on July 6, 2012,
at 10:00 a.m.

Hock Hin Leong Timber Trading (Pte) Ltd filed the petition
against the company on June 8, 2012.

The Petitioner's solicitors are:

         M/s David Ong & Co, Advocates & Solicitors
         151 Chin Swee Road
         #08-14 Manhattan House
         Singapore 169876


WARAKU HOLDINGS: Court to Hear Wind-Up Petition June 29
-------------------------------------------------------
A petition to wind up the operations of Waraku Holdings Pte Ltd
will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on June 5, 2012.

The Petitioner's solicitors are:

         Khattarwong LLP
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624



===============
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.





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