TCRAP_Public/120622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 22, 2012, Vol. 15, No. 124

                            Headlines


A U S T R A L I A

CREMA ESPRESSO: Shareholders Sold Assets Days Before Collapse
REED CONSTRUCTIONS: Prepares to Sue NSW government After Collapse


H O N G  K O N G

17 GROUP: Members' Final General Meeting Set for July 20
CARRINGTON CAPITAL: Creditors' Proofs of Debt Due June 29
DAILOY DEVELOPMENT: Tom and Lo Step Down as Liquidators
EAST ASIA: Seng and Cheng Step Down as Liquidators
EDEN TECHNOLOGY: Sole Member's Final Meeting Set for July 20

GREAT MORAL: Placed Under Voluntary Wind-Up Proceedings
HK YOUTH: Members' Final Meeting Set for July 22
HUASEN ARCHITECTURAL: Sek Steps Down as Liquidator
MAGIC LAND: Creditors' Proofs of Debt Due June 29
MANDEX MANUFACTURING: Creditors' Proofs of Debt Due July 17

NAN TOU: Lui and Chi Step Down as Liquidators
NIC LIMITED: Members' Final Meeting Set for July 16
OPTIMUS ENTERPRISES: Creditors' Proofs of Debt Due July 13
SMASHBOX HK: Members' Final Meeting Set for July 16
WINSURE COMPANY: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ANAND SOLVEX: CRISIL Assigns 'B' Rating to INR157MM Loans
ANANYA FOILS: CRISIL Rates INR60MM Cash Credit at 'CRISIL B-'
BINA UDYOG: CRISIL Rates INR95MM Cash Credit at 'CRISIL B+'
DAMATI PLASTICS: Delays in Loan Payment Cues CRISIL Junk Ratings
DHURVDESH METASTEEL: Fitch Assigns 'BB' Nat'l. Long-Term Rating

FORTUNE CARS: CRISIL Cuts Rating on INR185MM Loan to 'CRISIL C'
JOSAN INDUSTRIES: CRISIL Assigns 'B+' Rating to INR135MM Loans
JOSAN RICE: CRISIL Assigns 'CRISIL B+' Rating to INR120MM Loans
LILA DHAR: CRISIL Cuts Rating on INR60MM Cash Credit to 'BB-'
PATNA BAKHTIYARPUR: Fitch Rates INR6.8-Bil. Senior Loan 'BB+'

PCH TELECOM: Weak Liquidity Prompts CRISIL to Assign Junk Ratings
PRASANNA POWER: CRISIL Cuts Rating on INR240.5MM Loans to 'B'
RAJVI PAPER: CRISIL Assigns 'CRISIL B' Rating to INR72MM Loans
SHANKAR INDUSTRIES: CRISIL Puts 'D' Ratings on INR69.5MM Loans
SREE VAAGESWARI: Delay in Loan Payment Cues CRISIL Junk Ratings

SRI VENKATESH: Delays in Loan Payment Cues CRISIL Junk Ratings
SWASTIKA STEEL: CRISIL Places 'B-' Rating on INR86MM Loans
TIKU RAM: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit
TRIBHOVANDAS BHIMJI: Inadequate Info Cues Fitch to Migrate Rating
TRIDENT EDUCATIONAL: CRISIL Rates INR100MM Loan at 'CRISIL D'

* INDIA: Fitch Revises Outlook on Financial Institutions to Neg.


J A P A N

AIJ INVESTMENT: Targeted Troubled Corporate Pension Funds
OLYMPUS CORP: Mulls Raising JPY50-Bil. to Boost Capital
RENESAS ELECTRONICS: Shareholders, Lenders OK JPY100BB in Loan


K O R E A

SK HYNIX: S&P Keeps 'BB-' Issuer Credit Rating; Outlook Stable


N E W  Z E A L A N D

KOOKY FASHIONS: Placed in Liquidation Amid Cash Flow Issues


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CREMA ESPRESSO: Shareholders Sold Assets Days Before Collapse
-------------------------------------------------------------
gold.coast.com.au reports that the shareholders of Crema Espresso
Pty Ltd, now known as CPL, have walked away from debts of
AUD1.4 million and a potentially costly legal battle after a new
company was set up, which purchased its assets.

gold.coast.com.au notes that Crema Espresso went into voluntary
administration just days after it was renamed CEPL in early May.

According to gold.coast.com.au, creditors' reports show the
parties involved in the company did a deal before that to sell
the assets to another company, Crema Espresso IP, that was
established on April 11.

Antony Forbutt, from Benowa, is listed as a director and
shareholder of both CEPL and Crema Espresso IP and company
searches indicate shares are held in a trust for other parties,
the report discloses.

The report states that the administrator of CEPL, Glen Oldham
from Hall Chadwick in Brisbane, also acknowledged at a creditors'
meeting last month that the "buyer was a related entity."

Mr. Oldham concluded CEPL may have traded while insolvent for a
period prior to his appointment and recorded a loss of AUD434,038
in 2010 and AUD315,774 in financial year 2011, the report adds.

gold.coast.com.au meanwhile reports that the shareholders of CEPL
voted on June 15 to accept a deed of company arrangement
recommended by administrators.

Unsecured creditors such as the Australian Taxation Office, which
was claiming AUD88,000, and Gold Coast law firm OMB Solicitors,
which was claiming AUD34,833, will receive just 5 in the dollar,
the report discloses.

According to gold.coast.com.au, the agreement is likely to bring
an end to a messy legal battle with the former managing director
of Crema Espresso, Montague Benjamin Raymond, which goes back to
September 2010.

Crema Espresso Pty Ltd is a Gold Coast-based cafe business.


REED CONSTRUCTIONS: Prepares to Sue NSW government After Collapse
-----------------------------------------------------------------
Larry Schlesinger at SmartCompany reports that Reed Construction
is confident of winning a legal claim of between AUD50 million
and AUD60 million from the New South Wales government with Reed
Group owner Geoff Reed saying he will use the money to pay back
around AUD70 million owed mainly to sub-contractors.

"Reed Constructions Australia Pty Ltd was forced into voluntary
administration following the Roads and Maritime Services' (RMS)
premature and unreasonable action in terminating its contracts
with Reed Constructions, combined with both RMS and Department of
Education and Communities Ministers announcing that their
respective departments do not owe Reed any money," the report
quotes Mr. Reed as saying in a statement on the company Web site.

"This assertion by the Ministers is not only premature and an
apparent breach of the confidential Expert Panel process, but
also contrary to Reed's genuine belief that in excess of AUD60
million are owed by these Departments."

SmartCompany relates that Mr. Reed said the company's financial
difficulties have been caused by "issues solely relating to the
matters in dispute with the NSW Government".

Last month, SmartCompany recalls, Reed Constructions was dropped
as the contractor of four major NSW road projects after it failed
to meet a deadline to prove that more than AUD200 million of
works could be finished on time.

The report says Reed claims it is owed money from the road
projects as well as on work done on the government's Building for
the Education Revolution projects, a claim rejected by the NSW
Department of Education.

SmartCompany notes that problems at Reed Constructions were
highlighted as far back as February by NSW opposition leader John
Robertson, who warned that the firm was on the brink of collapse
with more than 1,500 jobs at risk.

                          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.

The administrators believe more than 2,000 creditors are owed
AUD70 million.



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


17 GROUP: Members' Final General Meeting Set for July 20
--------------------------------------------------------
Members of 17 Group of Norway Limited will hold their final
general meeting on July 20, 2012, at 6:00 p.m., at its registered
office.

At the meeting, Lau Kwok Kee and Wong Kwok Hong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CARRINGTON CAPITAL: Creditors' Proofs of Debt Due June 29
---------------------------------------------------------
Creditors of Carrington Capital Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 29, 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:

         Patrick Cowley
         Wing Sze Tiffany Wong
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


DAILOY DEVELOPMENT: Tom and Lo Step Down as Liquidators
-------------------------------------------------------
Tom Cheuk Kuen and Lo Shui San Zue stepped down as liquidators of
Dailoy Development Limited on June 11, 2012.


EAST ASIA: Seng and Cheng Step Down as Liquidators
--------------------------------------------------
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of East Asia Investment Holdings Limited on June 15,
2012.


EDEN TECHNOLOGY: Sole Member's Final Meeting Set for July 20
------------------------------------------------------------
Eden Technology (H.K.) Limited will hold a sole member's final
general meeting on July 20, 2012, at 3:00 p.m., at Room 2303,
23/F, The Centre Mark, at 287-299 Queen's Road Central, in
Hong Kong.

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


GREAT MORAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on June 15, 2012,
creditors of Great Moral Creation Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lam Chit Wing
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon, Hong Kong


HK YOUTH: Members' Final Meeting Set for July 22
------------------------------------------------
Members of Hong Kong Youth Science Foundation Limited will hold
their final meeting on July 22, 2012, at 11:00 a.m., at Room
1001-2A, 10th Floor, Double Building, 22, Stanley Street,
Central, in Hong Kong.

At the meeting, Chui Pui Tim, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


HUASEN ARCHITECTURAL: Sek Steps Down as Liquidator
--------------------------------------------------
Sek Wai Tong Stonely stepped down as liquidator of Huasen
Architectural & Engineering Designing Consultants Limited on
Jan. 11, 2012.


MAGIC LAND: Creditors' Proofs of Debt Due June 29
-------------------------------------------------
Creditors of Magic Land Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 29, 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:

         Patrick Cowley
         Wing Sze Tiffany Wong
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MANDEX MANUFACTURING: Creditors' Proofs of Debt Due July 17
-----------------------------------------------------------
Creditors of Mandex Manufacturing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 17, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidator is:

         Tang Wai Chuen
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon, Hong Kong


NAN TOU: Lui and Chi Step Down as Liquidators
---------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Nan Tou
Yau Lei Garment Company Limited on June 5, 2012.


NIC LIMITED: Members' Final Meeting Set for July 16
---------------------------------------------------
Members of NIC Limited will hold their final meeting on July 16,
2012, at 10:00 a.m., at Room 1509, C.C. Wu Building, at 302-8
Hennessy Road, Wanchai in Hong Kong.

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


OPTIMUS ENTERPRISES: Creditors' Proofs of Debt Due July 13
----------------------------------------------------------
Creditors of Optimus Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 11, 2012.

The company's liquidator is:

         Chong Yiu Kam
         Room D, 32/F
         Lippo Centre, Tower 1
         89 Queensway, Hong Kong


SMASHBOX HK: Members' Final Meeting Set for July 16
---------------------------------------------------
Members of Smashbox Hong Kong Limited will hold their final
general meeting on July 16, 2012, at 11:00 a.m., at 29/F,
Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


WINSURE COMPANY: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on June 8, 2012,
creditors of Winsure Company Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17th Floor, Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong



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


ANAND SOLVEX: CRISIL Assigns 'B' Rating to INR157MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Anand Solvex Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             150       CRISIL B/Stable (Assigned)
   Term Loan                 7       CRISIL B/Stable (Assigned)

The rating reflects ASL's modest scale of operations in the
intensely competitive edible oils industry, product concentrated
revenue profile, and weak financial risk profile marked by a high
gearing and a small net worth. These rating weaknesses are offset
by the benefits that ASL derives from its promoters' extensive
industry experience and its diversified customer profile.

Outlook: Stable

CRISIL believes that ASL will continue to benefit over the medium
term from its established position in the edible oils industry
and its diversified customer profile. The outlook may be revised
to 'Positive' if the company reports higher-than-expected growth
in its revenues and profitability, resulting in significant
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if ASL reports a significant
decline in its revenues and profitability, or if it undertakes a
larger-than-expected, debt-funded capital expenditure programme,
thereby further weakening its financial risk profile, especially
its liquidity.

                        About Anand Solvex

Anand Solvex Ltd, incorporated in 1998, extracts rice bran oil.
The Hyderabad (Andhra Pradesh)-based company's manufacturing unit
has capacity of 200 tonnes per day (tpd); the unit operated at an
average capacity utilisation of 60 per cent in 2011-12 (refers to
financial year, April 1 to March 31). The company proposes to
increase its capacity to 500 tpd by 2013-14; the capex cost of
around INR 40 million is likely to be funded through term loans
of INR 20 million, equity infusion of INR 15 million and the
remaining through internal accruals.ASL is managed by Mr. A
Krishna Rao along with his two sons, Mr. A Raajesh and Mr. A
Vinod.

ASL reported a profit after tax (PAT) of INR6 million on net
sales of INR668 million for 2010-11, against a PAT of INR2
million on net sales of INR218 million for 2009-10.


ANANYA FOILS: CRISIL Rates INR60MM Cash Credit at 'CRISIL B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit bank facility of Ananya Foils Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           60         CRISIL B-/Stable (Assigned)

The rating reflects AFPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, small scale of operations in the intensely competitive
steel long products industry, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that AFPL's scale of operations will remain
small, and the company's financial risk profile will remain
constrained by a small net worth and large working capital
requirements, over the near to medium term. The outlook may be
revised to 'Positive' in case AFPL reports significant
improvement in its scale of operations and profitability, leading
to better-than-expected cash accruals, while it maintains a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' in case the financial risk profile and the
liquidity of the company deteriorates further on account of any
pressure on its profitability or lower-than-expected ramp-up of
its ingot manufacturing business.

                        About Ananya Foils

Ananya Foils Pvt Ltd was set up in the 1990s by Mr. Savarmal
Goyal. In 2009, Mr. Mukesh Bansal and his wife acquired the
business of AFPL. The company initially manufactured stainless
steel sheets used in the manufacturing of utensils. In January
2011, however, AFPL entered into the business of manufacturing
ingots and discontinued its business of manufacturing stainless
steel sheets. The company undertook a capital expenditure
programme of INR15 million involving the setting up of a furnace
with a total manufacturing capacity of 900 tonnes per month at
its plant at Bhiwadi (Rajasthan).


BINA UDYOG: CRISIL Rates INR95MM Cash Credit at 'CRISIL B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bina Udyog Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            95         CRISIL B+/Stable (Assigned)
   Letter of Credit        4         CRISIL A4 (Assigned)

The ratings reflect BUPL's modest scale of operations in the
competitive polypropylene (PP) bag manufacturing business,
working-capital-intensive operations, and exposure to significant
project implementation and stabilisation risk. These rating
weaknesses are partially offset by the benefits that BUPL derives
from its promoters' extensive experience in the PP bags
manufacturing business and its established customer base.

Outlook: Stable

CRISIL believes that BUPL will continue to benefit over the
medium term from its promoters' extensive experience in the
laminated PP bags manufacturing industry, and its established
customer base. The outlook may be revised to 'Positive' in case
the company reports more-than-expected increase in its turnover
and profitability, or better-than-expected working capital
management or cash accruals, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case BUPL reports lower-than-expected profitability and
deterioration in its financial risk profile, especially its
liquidity, because of stretch in its working capital management
or considerable delays in project execution.

                         About Bina Udyog

Bina Udyog Pvt Ltd, incorporated in 2002, manufactures laminated
PP bags, which are primarily used in packaging of cement,
fertiliser, sugar, and steel products. The company currently has
capacity of 6600 tonnes per annum (tpa). Its manufacturing
facility is at Howrah (West Bengal). BUPL has a clientele of over
50 customers, including Paradeep Phosphate Ltd, Tata Chemicals
Ltd, Ambuja Cements Ltd, ACC Ltd, Ramco Industries Ltd, Haldia
Petrochemicals Ltd, and Craft & Commerce Pvt Ltd. BUPL procures
PP granules, its key raw material, directly from Haldia
Petrochemicals Ltd and Reliance Industries Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+') against spot payment, as well as from
their agents. BUPL, in 2012-13 (refers to financial year, April 1
to March 31), plans to increase its capacity by around 4356 tpa
to total capacity of around 10956 tpa, with an estimated capital
outlay of around INR205 million. The company already owns the
land required for the project.


DAMATI PLASTICS: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Damati Plastics.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Letter of Credit          10.00      CRISIL D (Assigned)
   Export Packing Credit     10.00      CRISIL D (Assigned)
   Bank Guarantee            10.00      CRISIL D (Assigned)
   Cash Credit               20.00      CRISIL D (Assigned)
   Proposed Long-Term         5.10      CRISIL D (Assigned)
    Bank Loan Facility
   Term Loan                 31.20      CRISIL D (Assigned)
   Foreign Letter of Credit  63.70      CRISIL D (Assigned)

The ratings reflect the instances of delay by DP in servicing its
debt; the delays have been caused by the firm's weak liquidity.
DP has delayed in the servicing of its term loan by two to seven
days over the past three months through April 2012.

DP also has a weak financial risk profile, small scale of
operations and large working capital requirements. The firm,
however, benefits from its promoters' extensive experience in the
plastics industry.

Damati Plastics was set up as a partnership firm in 2003 by
Mr. Sunil Parawni, his father Mr. Kanaiyalal Parawni, and other
family members. The firm manufactures injection moulded plastic
chair components and also plastic disposable food containers. It
sells plastic chair components to chair manufacturers in India.
The food containers produced by the firm are exported primarily
to Dubai, Sweden, and the UK. DP's manufacturing facility is in
Daman and Diu.

DP's profit after tax (PAT) and net sales are estimated at INR6.1
million and INR70 million respectively for 2011-12 (refers to
financial year, April 1 to March 31); it reported a net loss
after tax of INR2.8 million on net sales of INR60 million for
2010-11.


DHURVDESH METASTEEL: Fitch Assigns 'BB' Nat'l. Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Dhruvdesh Metasteel Private
Limited a National Long-Term rating of 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings are constrained by Dhruvdesh's high financial
leverage of 7.16x based on provisional results for the financial
year ended March 2012 (FY11: 7.24x).  This is attributed to the
company's recently completed INR750m debt-funded capex for a 10MW
waste heat recovery-based power plant in Karnataka and low EBIDTA
margins of 5.6% in FY12 in the sponge iron business on a
standalone basis.  However, consolidated EBITDA margins for FY12
were higher at 9% (FY11: 8.1%) due to additional cash inflows
from the sale of power from December 2011 onwards.

The ratings also reflect the sponge iron segment's exposure to
commodity price fluctuations and the company's limited bargaining
power with customers and suppliers.  Though Dhruvdesh has applied
for an iron ore mining lease to gain access to low-cost raw
materials, there could be delays in obtaining statutory
clearance.

Fitch expects Dhruvdesh's leverage to decrease from FY13 onwards
from a sustained improvement in profitability through additional
income from the power plant and higher productivity in the sponge
iron business due to the use of iron pellets instead of sized
iron ore since November 2011.  Iron pellets reduce the overall
cost of production and lead to lower generation of low-value by-
products of the sponge iron manufacturing process.  The absence
of further capex plans in the medium term should also aid the
company's deleveraging.

The ratings are, however, supported by Dhruvdesh's seven years of
track record as a supplier of sponge iron to steel manufacturing
companies and its ability to maintain capacity utilisation over
95%.

Negative rating action may result from financial leverage being
sustained at 5.0x or above due to continued low EBITDA margins.
Conversely, financial leverage below 3.5x due to a sustained
improvement in EBIDTA margins would be positive for the ratings.

Dhruvdesh has a 60,000 million tonnes per annum sponge iron
manufacturing unit in Koppal District, Karnataka.  Provisional
results for FY12 indicate revenue of INR1,239m (FY11: INR811m)
and EBIDTA of INR112.1m (INR65m).

Rating actions on Dhruvdesh's bank facilities:

  -- INR567.5m outstanding term loans: assigned 'Fitch BB(ind)'
  -- INR200m fund-based working capital: assigned 'Fitch BB(ind)'
  -- INR70m non-fund-based working capital limits:
     assigned 'Fitch A4+(ind)'


FORTUNE CARS: CRISIL Cuts Rating on INR185MM Loan to 'CRISIL C'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Fortune Cars Pvt Ltd to 'CRISIL C' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            185        CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade follows substantial weakening in FCPL's
liquidity owing to reduced offtake and rising inventory levels,
which often result in cash flow mismatches. This is expected to
continue over the medium term owing to a weakening in economic
indicators, and shall continue to impact FCPL's liquidity. The
company's ability to service its debt on time remains a key
rating sensitivity factor.

The rating reflects FCPL's weak financial risk profile, marked by
high total outside liabilities to tangible net worth ratio and
inadequate interest coverage ratio, and exposure to risks related
to limited bargaining power with principal and intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by the benefits that FCPL derives
from its established position in the automobile dealership market
and the extensive industry experience of its promoters.

For this rating exercise, CRISIL has not combined the business
and financial risk profiles of FCPL and Unitech Automobiles Pvt
Ltd (UAPL) as no financial support is being extended by UAPL to
FCPL, even though FCPL is facing liquidity issues. Also, there
are no operational and financial linkages between the two
companies as against earlier expectations.

                        About Fortune Cars

Fortune Cars Pvt Ltd was incorporated in 1997 by Mr. Vinod
Sharma, Mr. R P Mungikar, Mr. S Premkumar, and Mr. N Subramanian.
FCPL is an authorised commercial vehicle dealer for Tata Motors
Ltd's (TML's) commercial vehicles for Mumbai, Thane, and the
Raigad region (all three in Maharashtra) since 2000. FCPL is a
part of the Unitech group of companies, which, in addition to
being a dealer of TML's passenger vehicles and commercial
vehicles, is into transport and logistics and educational
services. UAPL, incorporated in 1986, is a dealer of TML's
commercial vehicles.

For 2010-11 (refers to financial year, April 1 to March 31), FCPL
reported a profit after tax (PAT) of INR8.2 million on revenues
of INR2 billion, against a PAT of INR9.1 million on revenues of
INR1.9 billion for 2009-10.


JOSAN INDUSTRIES: CRISIL Assigns 'B+' Rating to INR135MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Josan Industries (JI; part of the Josan
group).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Warehouse Financing      50       CRISIL B+/Stable (Assigned)
   Cash Credit              75       CRISIL B+/Stable (Assigned)
   Term Loan                10       CRISIL B+/Stable (Assigned)

The rating reflects the Josan group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, small scale of operations, and large working capital
requirements. The rating also factors in the susceptibility of
the group's operating margin to adverse changes in regulations on
paddy and rice prices. These rating weaknesses are partially
offset by the benefits that the Josan group derives from the
integrated nature of its operations, and its promoters' extensive
industry experience and financial support.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JI and Josan Rice Mills (JRM),
together referred to as the Josan group. This is because both the
firms have common promoters and management, are in the same line
of business, and derive considerable operational and business
synergies from each other. JI and JRM have also given cross
corporate guarantee for each other's bank facilities.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit
over the medium term from its promoters' extensive industry
experience and financial support. CRISIL, however, believes that
the group's financial risk profile will remain weak during this
period, because of weak capital structure and low operating
profitability. The outlook may be revised to 'Positive' if the
Josan group reports improvement in its financial risk profile,
most likely driven by improvement in its operating margin and
infusion of funds by its promoter. Conversely, the outlook may be
revised to 'Negative' in case the Josan group reports larger-
than-expected working capital requirements or if its
profitability is lower than expected, leading to further
weakening in its financial risk profile.

                            About the Group

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121 and Pakistani basmati. In the non-basmati segment,
it processes PR 11 variety.

JRM was established in 1988. The firm derives its entire revenues
from the domestic market. Recently, it has received the export
license, and is expected to start exporting rice in 2012-13
(refers to financial year, April 1 to March 31). The firm's
facility, based in Jalalabad, has milling capacity of 4 tonnes
per hour (tph). JRM's operations are managed by Mr. Hukam Chand
and his nephew, Mr. Jashan Preet Josan.

JI was established in 1995. The firm derives over 60 per cent of
its revenues through export to regions such as the UAE and Iran.
JI's facility is based in Jalalabad, with milling capacity of 4
tph and sorting capacity of 10 tph. The firm's operations are
managed by Mr. Hukam Chand's brothers, Mr. Harbhagwan Josan, Mr.
Raj Kumar Josan, and Mr. Surinder Kumar Josan.

JI reported a book profit of INR0.9 million on net sales of
INR326 million for 2010-11, against a book profit of INR0.5
million on net sales of INR190 million for 2009-10. JI's revenues
are estimated at INR350 million in 2011-12.


JOSAN RICE: CRISIL Assigns 'CRISIL B+' Rating to INR120MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Josan Rice Mills (JRM; part of the Josan
group).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            70        CRISIL B+/Stable (Assigned)
   Warehouse Financing    50        CRISIL B+/Stable (Assigned)

The rating reflects the Josan group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, small scale of operations, and large working capital
requirements. The rating also factors in the susceptibility of
the group's operating margin to adverse changes in regulations on
paddy and rice prices. These rating weaknesses are partially
offset by the benefits that the Josan group derives from the
integrated nature of its operations, and its promoters' extensive
industry experience and financial support.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Josan Industries and JRM, together
referred to as the Josan group. This is because both the firms
have common promoters and management, are in the same line of
business, and derive considerable operational and business
synergies from each other. JI and JRM have also given cross
corporate guarantee for each other's bank facilities.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit
over the medium term from its promoters' extensive industry
experience and financial support. CRISIL, however, believes that
the group's financial risk profile will remain weak during this
period, because of weak capital structure and low operating
profitability. The outlook may be revised to 'Positive' if the
Josan group reports improvement in its financial risk profile,
most likely driven by improvement in its operating margin and
infusion of funds by its promoter. Conversely, the outlook may be
revised to 'Negative' in case the Josan group reports larger-
than-expected working capital requirements or if its
profitability is lower than expected, leading to further
weakening in its financial risk profile.

                         About the Group

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121 and Pakistani basmati. In the non-basmati segment,
it processes PR 11 variety.

JRM was established in 1988. The firm derives its entire revenues
from the domestic market. Recently, it has received the export
license, and is expected to start exporting rice in 2012-13
(refers to financial year, April 1 to March 31). The firm's
facility, based in Jalalabad, has milling capacity of 4 tonnes
per hour (tph). JRM's operations are managed by Mr. Hukam Chand
and his nephew, Mr. Jashan Preet Josan.

JI was established in 1995. The firm derives over 60 per cent of
its revenues through export to regions such as the UAE and Iran.
JI's facility is based in Jalalabad, with milling capacity of 4
tph and sorting capacity of 10 tph. The firm's operations are
managed by Mr. Hukam Chand's brothers, Mr. Harbhagwan Josan, Mr.
Raj Kumar Josan, and Mr. Surinder Kumar Josan.

JRM reported a book profit of INR0.8 million on net sales of
INR254 million for 2010-11, against a book profit of INR0.4
million on net sales of INR161 million for 2009-10. JRM's
revenues are estimated at INR360 million for 2011-12.


LILA DHAR: CRISIL Cuts Rating on INR60MM Cash Credit to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Lila Dhar Devki Nandan to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            60.0     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Bank Guarantee        100.0     CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The downgrade reflects deterioration in LDDN's liquidity because
of its more-than-expected working capital requirements resulting
from its stretched receivables cycle. Its bank limit utilisation
has been high in 2011-12 (refers to financial year, April 1 to
March 31). Its receivables level has increased to 145 days (INR75
million), estimated as on March 31, 2012, vis-a-vis 100 days
(INR51 million) a year ago. Its gross current assets level is
estimated to be high at around 262 days as on March 31, 2012.
Receivables level increased because of delays in payments by
LDDN's customer, Bikaner Public Works Department (PWD). The
downgrade also reflects deterioration in LDDN's business risk
profile because of its limited order execution. LDDN's revenues
have reduced to around INR190 million in 2011-12 from INR310
million in 2008-09, caused mainly by reduced order inflow and
delays in land clearances by the Bikaner PWD.

The ratings continue to reflect LDDN's small scale of operations,
large working capital requirements, geographical concentration,
and small net worth. These rating weaknesses are partially offset
by LDDN's promoter's industry experience.

Outlook: Stable

CRISIL believes that LDDN will continue to benefit from its
promoter's industry experience in the road construction segment
in Rajasthan. The outlook may be revised to 'Positive' if there
is considerable improvement in LDDN's operating income, driven
most likely by expansion of its operations outside Bikaner
(Rajasthan). Conversely, the outlook may be revised to 'Negative'
if there is further increase in LDDN's working capital
requirements or significant decline in its profitability, or if
the firm undertakes larger-than-expected, debt-funded, capital
expenditure programme, thereby further weakening its liquidity
and debt protection metrics.

                        About Lila Dhar

Lila Dhar Devki Nandan, a sole proprietorship firm, is promoted
by Mr. Devki Nandan Golyan. It is a Class AA civil contractor and
undertakes road construction and road resurfacing projects in
Rajasthan (mainly in the Bikaner district); it primarily caters
to the Bikaner PWD. LDDN procures its key inputs, bitumen and
emulsion, from companies such as Indian Oil Corporation Ltd and
Essar Oil Ltd.

LDDN reported a profit after tax (PAT) of INR8.6 million on net
sales of INR186 million for 2010-11, against a PAT of INR11
million on net sales of INR147 million for 2009-10. The firm's
revenues for 2011-12 are estimated at around INR189 million.


PATNA BAKHTIYARPUR: Fitch Rates INR6.8-Bil. Senior Loan 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned India-based Patna Bakhtiyarpur Tollway
Limited's INR6,810 million long-term senior project bank loan a
National Long-Term rating of 'Fitch BB+(ind)'.  The Outlook is
Stable.

PBTL is an SPV incorporated to implement a 50.65km lane expansion
(four-laning) between Anisabad in Patna and Bakhtiyarpur on the
National Highway 30 (NH-30) in the state of Bihar under an 18-
year concession from National Highways Authority of India (NHAI,
'Fitch AAA(ind)'/Stable).  PBTL is a 50:50 JV between BSCPL
Infrastructure Limited and C&C Constructions Limited (along with
their subsidiaries).  The project cost is estimated at INR9,080m,
to be funded by a term loan of INR6,810m, sponsors' equity of
INR1,136m and an NHAI grant of INR1,134m.

The rating is constrained by traffic risk. Traffic and revenue
estimates are based on an independent traffic study, which notes
the presence of two potential alternate routes.  One of these is
on the State Highway (SH-78) and being upgraded to two lanes;
while the other is a green field bridge alignment (expected to be
tolled in future) on NH-28.  Owing to the threat of traffic
leakages on account of these alternate routes in the vicinity,
the traffic study assumes that 10% of vehicles may be diverted
from the project road and the same has been factored in Fitch's
base case projections.  Should the diversion be more severe, PBTL
may struggle to service debt from its cash flows in the early
years of operations.

Traffic on the project road is likely to be predominantly driven
by vehicles travelling within Bihar, comprising 94% of passenger
traffic and around 79% of freight traffic.  Commercial traffic is
expected to make up about 60% of vehicles, making revenue profile
more susceptible to economic cycles.  However, toll rates are
partially linked to inflation, which mitigates price risk.

The project is exposed to completion risk since the project is in
very initial stages of construction.  However, the fact that
around 83% of land has already been handed over to PBTL and that
commercial operations (scheduled for April 2014) may be permitted
even if construction is 75% complete, provided there is no delay
by the project company, provide some comfort.

The company has a fixed-price engineering, procurement and
construction (EPC) contract with the sponsors who have jointly
executed several EPC contracts in the past.  The sponsors also
have one operational toll road project and six road projects in
the construction stage in the build, operate and transfer space.
Although the existence of a sponsor undertaking to fund project
cost overruns and delay in receipt of NHAI grants is a credit
positive, Fitch notes that the construction contract is
relatively large compared with the contractors' financial
capacity.

As financial margin and coverage ratios are thin (1.11x), PBTL's
ability to service its debt depends upon its achievement of the
forecasted (based on the traffic advisor's study) levels of
patronage and growth rates.  The actual usage of the road in
terms of traffic demand and growth will become clear only once
the project road is operational.

The project debt will amortise from June 2015 to September 2026,
with a small three-year tail. The project is exposed to variable
interest rates and any spike in this may impact the debt
servicing obligations of the company.  Fitch notes that creating
a debt service reserve (equivalent to six months debt service
obligations) out of operational cash flows may pose a challenge,
if traffic is weaker than expected.


PCH TELECOM: Weak Liquidity Prompts CRISIL to Assign Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
PCH Telecom (India) Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee             20        CRISIL D (Downgraded from
                                        CRISIL A4+)

   Cash Credit               370        CRISIL D (Downgraded from
                                        CRISIL BB/Stable)

   Letter of Credit           30        CRISIL D (Downgraded from
                                        CRISIL A4+)

   Proposed Cash Credit      130        CRISIL D (Downgraded from
   Limit                                CRISIL BB/Stable)

The downgrade reflects PCHTPL's overdrawn bank limits; the bank
limits have been overdrawn because of the company's weak
liquidity, and instances of devolvement of letter of credit.

PCHTPL is also susceptible to intense competition in the mobile
handset market, and has large working capital requirements and a
short track record of operations. The company, however, benefits
from its promoters' extensive industry experience in distribution
and retailing of electronic products, and the healthy growth
prospects of the Indian mobile phone industry over the medium
term.

                         About PCH Telecom

PCH Telecom (India) Pvt Ltd was set up by Mr. Balvinder Singh and
his wife, Mrs. Baljit Kaur in 2010; it is a distributor of G'Five
mobile phones in Andhra Pradesh (AP), Orissa, Bihar, and
Jharkhand, and Spice mobile phones in AP and Tamil Nadu. PCHTPL
is the exclusive distributor of G'Five in the aforementioned
states. The company commenced commercial operations in January
2011. It has a network of around 150 distributors in its region
of operations for its sales.

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


PRASANNA POWER: CRISIL Cuts Rating on INR240.5MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prasanna Power Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            5.5        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Long-Term Loan       235          CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects PPL's lower-than-expected revenues
and cash accruals, leading to deterioration in the company's
financial risk profile, particularly its liquidity. CRISIL
believes that PPL's cash accruals will remain inadequate over the
medium term and the company will have to rely on timely infusion
of funds by its parent company for meeting its debt obligations
in a timely manner.

The rating also reflects PPL's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, and exposure to hydrology risks. These rating weaknesses
are partially offset by PPL's revenue stability because of the
company's long-term, fixed-price, power purchase agreement (PPA)
with Bangalore Electricity Supply Company Ltd (BESCOM), and the
extensive experience of PPL's promoters in the power generation
industry.

Outlook: Stable

CRISIL believes that PPL will continue to benefit over the medium
term from the support that it receives from its parent company
and the healthy prospects for hydel power generation. The outlook
may be revised to 'Positive' if the company reports significant
and sustained increase in its cash flows, leading to improvement
in its financial risk profile, especially its liquidity.
Conversely, the outlook may be revised to 'Negative' if PPL's
cash flows are adversely affected by unplanned outages or
prolonged drought in the Aniyur River, resulting in a low plant
load factor for the company's power generating unit, or if PPL's
capital structure weakens because of larger-than-expected, debt-
funded capital expenditure.

                      About Prasanna Power

Prasanna Power Ltd, incorporated in 1998, generates electricity
from its mini hydroelectric power plant on the Aniyur River in
Belthangadi Taluk of the Dakshin Kannad District (Karnataka). The
run-of-the-river plant has a total power generation capacity of 6
megawatts. PPL commenced commercial production in August 2009.
There was also a cost overrun of INR18.0 million, increasing the
cost of the project to INR461.5 million; the promoters had
extended unsecured loans to the company to partly fund the
overrun. PPL is a subsidiary of International Power Corporation
Ltd, which was promoted by Mr. George Sakellaris, an American
resident with around four decades of experience in the power
sector. PPL was allotted the project on a build-own-operate-and-
transfer basis by the Government of Karnataka for a period of 30
years. PPL has entered into a PPA with BESCOM for offtake of the
entire power output.

PPL reported a net loss of INR23.26 million on operating revenues
of INR40.28 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net loss of INR17.25 million on
operating revenues of INR13.35 million for 2009-10. The company's
net loss is estimated at INR14.7 million on operating revenues of
INR35.13 million for 2011-12.


RAJVI PAPER: CRISIL Assigns 'CRISIL B' Rating to INR72MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Rajvi Paper Traders Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             33       CRISIL B/Stable (Assigned)
   Term Loan               39       CRISIL B/Stable (Assigned)

The rating reflects RPT's modest scale of operations, coupled
with the nascent stage of operations of its agro shade nets unit.
The rating is also constrained by RPT's modest financial risk
profile marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of RPT's promoters in the industry.

Outlook: Stable

CRISIL believes that RPT will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if RPT scales up its operations while
improving its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case there is
significant decline in RPT's revenues or profitability, or by
delays in stabilisation of operations at its new plant,
significantly impacting its financial risk profile.

                         About Rajvi Paper

Rajvi Paper Traders Pvt Ltd. was incorporated in November 2000 to
take over the business of Rajvi Paper Traders, a sole
proprietorship concern of Mr. Suresh S Velaydhan, a Vapi based
entrepreneur. .

RPT was promoted by Mr. Suresh S Velaydhan, Mr. Jayendrasinh P
Parmar and Mrs. Tejalba J Parmar. In 2011, Mr. Suresh S.
Velaydhan resigned from the company. The company is currently
managed by Mr. Jayendrasinh P Parmar and two employee directors-
Mr. Kirtikumar Prajapati and Mr. Zakirhussen Madari.

RPT started with trading in waste papers, scrap items and kraft
paper. In 2011, the company ventured into manufacturing of agro
shade nets. The manufacturing facility is located in Vapi
(Gujarat).

RPT reported, on provisional basis, a profit after tax (PAT) of
INR1.3 million on net sales of INR154.5 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR0.9 million on net sales of INR156 million for 2010-11.


SHANKAR INDUSTRIES: CRISIL Puts 'D' Ratings on INR69.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shankar Industries Rice Mill.  The rating reflects
instances of delay by SIRM in servicing its debt; the delays have
been caused by its weak liquidity.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Term Loan                9.4        CRISIL D (Assigned)
   Cash Credit             60          CRISIL D (Assigned)
   Proposed Long-Term       0.1        CRISIL D (Assigned)
   Bank Loan Facility

SIRM is also exposed to small scale of operations in highly
fragmented rice industry; exposure to unfavourable changes in
government policies and below average financial risk profile.
These rating weaknesses are partially offset by the experience of
SIRM's promoters in the rice industry.

Incorporated in 1977 and promoted by Mr. Raghavendra Shetty and
his family, Shankar Industries Rice Millers is engaged in rice
milling. The firm has a paddy milling capacity of 120 tonnes per
day (tpd) at its facility at Manvi (Karnataka).


SREE VAAGESWARI: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan bank
facility of Sree Vaageswari Educational Society.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               60         CRISIL D (Assigned)

The rating reflects instances of delay by SVES in servicing its
debt. SVES had availed two term loans, amounting to INR110
million (currently outstanding INR61.38 million) to fund the
establishment of its various institutions. The delays were mainly
on account of delays in the reimbursement of fee receivables from
the Andhra Pradesh Government towards minority students
(SC/ST/BC) thereby causing a strain on the liquidity.

SVES is also susceptible to adverse regulatory changes and,
intense competition in the educational sector. These rating
weaknesses are partially offset by the diversified revenue
profile, and promoters' extensive experience in the education
sector.

Founded by Mr. G Samba Reddy in 2003, SVES is an education group
based in Karimnagar, near Hyderabad (Andhra Pradesh). The society
provides courses in engineering and also offers other
professional courses. SVES has established seven institutes
offering courses across engineering, pharmacy, business
management, computer applications, and ayurvedic studies. The
trust is actively managed by Mr. G Samba Reddy and his son, Dr. G
Srinivasa Reddy. The Reddy family also has interests in the hotel
business and petrol filling stations.

SVES reported a profit after tax (PAT) of INR34.9 million on net
sales of INR138.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR32.6 million on net
sales of INR116.5 million for 2009-10.


SRI VENKATESH: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of Sri Venkatesh Granites Pvt Ltd. The ratings reflect
the instances of delays by SVGPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Foreign Discounting       50         CRISIL D (Assigned)
   Bill Purchase

   Packing Credit            50         CRISIL D (Assigned)

SVGPL also has a moderate financial risk profile, marked by
moderate gearing and networth, large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of SVGPL's promoters' in the granite
industry.

Sri Venkatesh Granites Pvt Ltd was reconstituted as a private
limited company with its current name on April 1, 2009; it was
earlier a partnership firm named Sri Sri Balaji Granites, which
was established in 2007, with Mr. Bhagwandas Karwa, Mrs. Santosh
Karwa, and Mrs. Manju Karwa as the partners. On April 1, 2010,
SVGPL acquired Sri Venkatesh Granites, a partnership firm, which
was set up in 2002, with Mr. Santosh Kumar, Mr. Venugopal Karwa
(brother of Mr. Bhagwandas Karwa), Mr. T Ravinder Rao, and Mr. R
Thirupathi Goud as partners. SVGPL drills and extracts rough
granite from quarries. The company has ten quarries on lease in
Karimnagar (Andhra Pradesh). SVGPL caters to 50 customers,
majority of which are located in China. The company's sales
mainly include tan brown and dragon red varieties of granite.

SVGPL reported a profit after tax (PAT) of INR11.5 million on net
sales of INR496.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net
sales of INR82.8 million for 2009-10. SVGPL reported provisional
net sales of INR414.7 million in 2011-12.


SWASTIKA STEEL: CRISIL Places 'B-' Rating on INR86MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Swastika Steel & Allied Products Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       1         CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              85        CRISIL B-/Stable (Assigned)

   Bank Guarantee           41        CRISIL A4 (Assigned)

   Bill Discounting        120        CRISIL A4 (Assigned)

The ratings reflect SSAPPL's weak financial risk profile marked
by highly leveraged capital structure, working-capital-intensive
operations, modest scale of operations, and susceptibility to
intense industry competition. These rating weaknesses are
partially offset by the extensive experience of SSAPPL's
promoters in steel industry.

Outlook: Stable

CRISIL believes that SSAPPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if SSAPPL reports
significant improvement in its profitability, and in case equity
infusion results in improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company reports deterioration in its capital structure because of
large, debt-funded capital expenditure, there is significant
decline in its profitability, or its capacity utilisation becomes
lower because of weakening demand.

                       About Swastika Steel

Swastika Steel & Allied Products Pvt Ltd. was established as a
partnership firm in 1959 by nine members from the Mota and Sharda
families with manufacturing facilities in Liluah, West Bengal.
Since 1992, Mr. Shiv Kumar Sharda and Mr. Sushil Kumar Sharda
have been managing the business. The firm was incorporated as a
private limited company on 1st April 2011. SSAPPL manufactures
and trades in structured steel products such as mild-steel
angles, channels and flats. Its plant has annual production
capacity of around 22,500 tonnes -- the average capacity
utilisation of the plant is nearly 100 per cent.


TIKU RAM: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tiku Ram Gum and Chemicals Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Standby Line of Credit     40      CRISIL A4 (Assigned)
   Foreign Bill Purchase     120      CRISIL A4 (Assigned)
   Cash Credit                20      CRISIL B+/Stable (Assigned)
   Export Packing Credit      8       CRISIL A4 (Assigned)

The rating reflects TRGCPL's exposure to risks related to
volatility of guar gum prices, and weak liquidity marked by high
bank limit utilisation and high gearing. These rating weaknesses
are partially offset by the benefits that the company derives
from its promoters' extensive experience in the guar gum industry
and its established relationships with its large global
customers.

Outlook: Stable

CRISIL believes that TRGCPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' in case the company
reports efficient working capital management, higher-than-
expected ramp up in its scale of operations and profitability,
and stability in its guar gum prices. Conversely, the outlook may
be revised to 'Negative' in case TRGCPL's liquidity is
constrained by larger-than-expected working capital requirement,
lower-than-expected cash accruals, or further debt-funded capital
expenditure.

                          About Tiku Ram

Tiku Ram Gum and Chemicals Pvt Ltd was set up by Mr. Pawan
Agarwal in 2006. The company is currently managed by its founder
and his son, Mr. Vipin Agarwal. Mr. Vipin Agarwal is a graduate
from St. Joseph's College of Commerce, Bengaluru (Karnataka). The
promoter has experience of over three decades in the same line of
business; he previously was a director at Jai Bharat Gum and
Chemicals Pvt Ltd. The promoters do not have any other business
entities.


TRIBHOVANDAS BHIMJI: Inadequate Info Cues Fitch to Migrate Rating
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Tribhovandas Bhimji Zaveri
(Delhi) Pvt Ltd's 'Fitch BB+(ind)' National Long-Term rating with
Stable Outlook to the non-monitored category.  This rating will
now appear as 'Fitch BB+(ind)nm' on the agency's Web site.  Fitch
has also migrated TBZPL's INR240m fund-based working capital
limit (including INR20m adhoc limit) to 'Fitch BB+(ind)nm'/'Fitch
A4+(ind)nm' from 'Fitch BB+(ind)'/'Fitch A4+(ind)'.

The ratings have been migrated to the non-monitored category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of TBZPL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing Information during this six-month
period, the ratings could be re-instated and any rating action
will be communicated through a Rating Action Commentary.


TRIDENT EDUCATIONAL: CRISIL Rates INR100MM Loan at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan bank
facility of Trident Educational Trust (Regd.). The rating
reflects the instances of delay by TET in servicing its debt; the
delays have been caused by the trust's short-term mismatch of
funds.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               100        CRISIL D (Assigned)

TET is also exposed to intense industry competition, and to
regulatory restrictions hampering its revenue growth; moreover,
the trust has a limited track record in the educational segment,
and a weak financial risk profile marked by a high gearing, a low
corpus fund, and weak debt protection metrics. TET, however,
benefits from the healthy demand prospects for the education
sector.

Trident Educational Trust, established in 2009, operates
institutes in the fields of engineering and management at its
campus in Ghaziabad (Uttar Pradesh), with intake capacity of 360
and 120 respectively. The trust's campus is spread over an area
of 12.5 acres and its institutes are affiliated to Mahamaya
Technical University (MTU). MTU was formed in 2010 on the
bifurcation of Uttar Pradesh Technical University.

TET reported a surplus of INR3.9 million on fee income of INR36.7
million for 2010-11 (refers to financial year, April 1 to March
31), against a deficit of INR15.5 million on fee income of
INR13.0 million for 2009-10.


* INDIA: Fitch Revises Outlook on Financial Institutions to Neg.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on the 'BBB-' Long-Term
(LT) Foreign Currency (FC) Issuer Default Rating (IDR) of India-
based financial institutions to Negative from Stable, while
affirming the rating.  These include six government banks
(including an international banking subsidiary of a government
bank), two private banks, two wholly owned government
institutions and one infrastructure finance company.

A list of affected entities is as follows: -
State Bank of India (SBI), Punjab National Bank (PNB), Bank of
Baroda (BOB), Bank of Baroda (New Zealand) Limited (BOBNZ),
Canara Bank (Canara), IDBI Bank Ltd. (IDBI), ICICI Bank Ltd.
(ICICI), Axis Bank (Axis), Export-Import Bank of India (EXIM),
Housing and Urban Development Corporation Ltd. (HUDCO),
Infrastructure Development Finance Company Ltd. (IDFC).

The rating action follows Fitch's revision of the Outlook on
India's LT Foreign- and Local-Currency IDRs to Negative from
Stable.  The Outlook revision of the financial institutions
reflects their close linkages with the sovereign by virtue of
their high exposure to domestic counterparties and holdings of
domestic sovereign debt.

Should the Sovereign Long-Term IDR be downgraded, the banks with
Viability Ratings (VR) of 'bbb-' would also be affected given the
previously mentioned linkages.  Separately, Fitch is also of the
opinion that pressures are building generally on the stand-alone
credit profile of these institutions which will negatively impact
VRs, given India's weakening economic and fiscal outlook, slowing
business reforms and inflationary pressures that in turn could
put further pressure on their future asset quality.  VRs of banks
with concentrated exposures to problematic sectors could be
impacted more.

Fitch derives some comfort from the banks' reasonable customer
deposit base, established domestic franchises and adequate
capitalisation. The non-banks, however, lack the funding
advantage, which puts them more at risk during times of increased
market volatility.

In the agency's opinion, sovereign support for both the large
banks and policy-type institutions is expected to remain strong,
with the former benefiting from their large share of system
assets and deposits and the latter from their association with
the government.  Consequently, Fitch expects the LT IDRs for the
above two categories to be aligned to the sovereign's rating and
also provide a Support Rating Floor close to, or at, the
sovereign rating.

A list of outstanding ratings (including the above) is provided
below:

SBI:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- USD5bn MTN programme: 'BBB-'
  -- USD400m perpetual tier 1 bonds: 'B'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable

PNB:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- National Short-Term rating: 'Fitch A1+(ind)'
  -- INR10bn lower tier 2 subordinated bonds: 'Fitch AAA(ind)'
  -- INR150bn certificates of deposits programme: 'Fitch
     A1+(ind)'

BOB:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- USD500m senior notes under MTN programme: 'BBB-'
  -- USD350m senior notes under MTN programme: 'BBB-'
  -- USD300m upper Tier 2 notes under MTN programme: 'B+'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- National Short-Term rating: 'Fitch A1+(ind)'
  -- INR25bn lower Tier 2 debt programme: 'Fitch AAA(ind)'
  -- Deposit programme rating: 'Fitch tAAA(ind)'
  -- Short-term debt: 'Fitch A1+(ind)'

BOBNZ:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Support Rating: '2'

Canara:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- USD1bn MTN programme: 'BBB-'
  -- FC senior debt under MTN programme: 'BBB-'
  -- USD350m of senior notes under MTN programme: 'BBB-'
  -- USD250m upper Tier 2 notes under MTN programme: 'B+'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable

IDBI:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bb'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- National Long-Term rating: 'Fitch AA+(ind)'; Outlook Stable
  -- National Short-Term rating: 'Fitch A1+(ind)'
  -- National Long-Term deposit rating: 'Fitch tAAA(ind)'
  -- INR159.15bn senior debt: 'Fitch AA+(ind)'
  -- INR49.08bn lower tier 2 notes: 'Fitch AA+(ind)'
  -- INR25bn senior and lower tier 2 bonds: 'Fitch AA+(ind)'
  -- INR3.5bn upper tier 2 subordinated bond programme: 'Fitch AA
     (ind)'
  -- INR160bn certificates of deposit programme: 'Fitch A1+(ind)'

ICICI:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- USD4.46bn senior notes: 'BBB-'
  -- SGD200m senior notes: 'BBB-'
  -- USD750m Upper Tier 2 bonds: 'B+'

Axis:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB+'
  -- FC senior debt: 'BBB-'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- INR57bn subordinated lower tier 2 debt programme: 'Fitch
     AAA(ind)'
  -- INR6.53bn subordinated upper tier 2 debt programme: 'Fitch
     AA+(ind)'
  -- INR2.14bn perpetual tier 1 debt programme: 'Fitch AA+(ind)'

EXIM:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- JPY24bn senior unsecured notes: 'BBB-'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- Domestic deposit programme: 'Fitch AAA(ind)'
  -- INR47bn bank loans: 'Fitch AAA(ind)'

HUDCO:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- Short-Term FC IDR: 'F3'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- National Long-Term rating: 'Fitch AA+(ind)'; Outlook Stable
  -- National Short-Term rating: 'Fitch A1+(ind)'
  -- INR60bn domestic bonds (partly taxable and partly tax-free):
     'Fitch AA+(ind)'
  -- INR80bn bank loans: 'Fitch AA+(ind)'
  -- INR90bn domestic bonds: 'Fitch AA+(ind)'
  -- INR15bn short-term debt: 'Fitch A1+(ind)'
  -- INR23.5bn domestic bonds issued under a letter of comfort
     (dated 8 February 2003) from the government: 'Fitch AAA(ind)
     (SO)'
  -- Domestic term deposit: ' Fitch tAA+(ind)'

IDFC:

  -- LT FC IDR: 'BBB-'; Outlook Negative
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- INR90bn non-convertible debentures: 'Fitch AAA(ind)'
  -- INR15bn zero-coupon bonds: 'Fitch AAA(ind)'
  -- INR29.3bn long-term infrastructure bonds: 'Fitch AAA(ind)'
  -- INR470bn long-term debt programme: 'Fitch AAA(ind)'



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


AIJ INVESTMENT: Targeted Troubled Corporate Pension Funds
----------------------------------------------------------
The Japan Times Online reports that AIJ Investment Advisors Co.
President Kazuhiko Asakawa, arrested Tuesday for alleged
investment fraud, is believed to have targeted corporate pension
funds in bad financial condition, sources said.

According to the report, sources said Mr. Asakawa, and others
arrested are believed to have contacted most of the 81 "kosei
nenkin kikin" pension funds across Japan that were officially
designated as poorly performing.

An official at a designated pension fund said the fund signed a
contract with AIJ because it was "desperate for any help," The
Japan Times Online relates.

Investigation sources said Tokyo police suspect Mr. Asakawa's
group took advantage of the weakness of the pension funds by
providing fake investment performance records, according to the
report.

The report, citing Health, Labor and Welfare Ministry, says
designated kosei nenkin kikin funds are forced to increase their
premiums or cut their pension payments unless they quickly
improve their performance.

The Japan Times Online's sources said Mr. Asakawa and his cohorts
allegedly cheated client funds by telling them AIJ would be
certain to earn investment returns.  As a result, AIJ won
contracts with 14 of the 81 funds.

The Yomiuri Shimbun relates that Mr. Asakawa and three others
were arrested Tuesday on suspicion of having defrauded customers
of about JPY7 billion.

The four arrested by the Metropolitan Police Department include
Hideaki Nishimura, president of ITM Securities Co., which is
affiliated with AIJ.  The others arrested Tuesday were AIJ board
member Shigeko Takahashi, and ITM board member Yasukazu Kosuge,
The Yomiuri Shimbun reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


OLYMPUS CORP: Mulls Raising JPY50-Bil. to Boost Capital
-------------------------------------------------------
Mariko Yasu and Takashi Amano at Bloomberg News report that
Olympus Corp. is considering raising about JPY50 billion to boost
capital that declined by more than half after the Japanese camera
maker admitted to a 13-year accounting fraud.

President Hiroyuki Sasa said in an interview that the amount is a
"rough guideline" as Olympus seeks new funding through a capital
alliance or a public share sale, Bloomberg relates.  Olympus
resumed talks in May on possible alliances with companies
including Sony Corp. (6758), Panasonic Corp. (6752), Terumo Corp.
and Fujifilm Holdings Corp., and hasn't narrowed the number of
candidates, Mr. Sasa, as cited by Bloomberg News, said.

"We must take measures," Sasa said. The chances Olympus will form
an alliance or sell shares to the public are '50-50',"
respectively, he said.

Foregoing an alliance would allow Olympus to pursue a business
strategy independently, while a tie-up may help accelerate growth
in its camera and medical businesses, Sasa said. The president,
who took office in April, is cutting 2,700 jobs and restructure
plants to revive the company after the scandal.

"We haven't set the date for making decisions," Sasa said June 19
at Olympus's headquarters in Tokyo. "We want to come up with a
conclusion as soon as possible, even tomorrow if that's
possible."

Olympus restated earnings last year, taking a $1.3 billion cut in
its total equity, after admitting it paid inflated fees on
takeovers and overpaid for three Japanese companies to conceal
past investment losses. Net assets fell to 43.8 billion yen as of
Dec. 31, from 151 billion yen reported in the previous quarter,
according to data compiled by Bloomberg.

                        About Olympus Corp.

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


RENESAS ELECTRONICS: Shareholders, Lenders OK JPY100BB in Loan
--------------------------------------------------------------
Jiji Press reports that three key shareholders of Renesas
Electronics Corp. and the ailing chip-maker's four major banks
have agreed to extend additional assistance of JPY100 billion to
avert its bankruptcy.

Jiji Press relates that the new financial aid will allow Renesas
to slash more than 12,000 jobs -- or about 30% of its workforce,
halve the number of its domestic plants and refinance loans due
by the end of June.

According to the report, the shareholders -- NEC Corp., Hitachi
Ltd. and Mitsubishi Electric Corp. -- will provide about
JPY50 billion of the assistance and the four banks will maintain
existing credit lines of up to JPY50 billion.

Hitachi and Mitsubishi will provide JPY34 billion in aid and
though NEC, Renesas' largest shareholder, will not provide loans
as its own business is struggling, the company will waive
payments over information systems and other products already sold
to the chip-maker, Jiji Press relays citing an unnamed executive.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of JPY883.11
billion.  In the previous fiscal year when the company was
created, it reported a net loss of JPY115.02 billion, The Wall
Street Journal said.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.  The company employs
about 44,000 workers world-wide.



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


SK HYNIX: S&P Keeps 'BB-' Issuer Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'A' rating to
Korea-based semiconductor maker SK Hynix Inc.'s (BB-/Stable/--)
guaranteed $100 million senior unsecured bond issuance due June
20, 2017. Shinhan Bank (Shinhan; A/Stable/A-1) has guaranteed the
issuance. "Our equalization of the rating on the issuance with
the ratings on Shinhan reflects our view that the guarantee is
irrevocable, unconditional, addresses timely payment, and
therefore qualifies for our rating substitution treatment," S&P
said.



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


KOOKY FASHIONS: Placed in Liquidation Amid Cash Flow Issues
-----------------------------------------------------------
William Mace at stuff.co.nz reports that Kooky Fashions has been
placed into liquidation.

stuff.co.nz relates that a liquidators' report compiled by
Waterstone Insolvency's Damien Grant said the company's director
Suzanne Dunn attributed the failure to a downturn in the economy
which "expended the cash flow of the business".

"Cash flow that was tied up in the stock of the company also
contributed to the business failure," the liquidators' report
said.

ANZ National Bank holds a general security agreement over the
business, and along with six other secured creditors is owed
NZ$1.88 million, the report discloses.

All up creditors are believed to be owed NZ$2.7 million with only
NZ$1.6 million of assets likely to be available to meet those
commitments, according to the report.

Some NZ$900,000 worth of stock is sitting on Kooky's shelves,
much of which the company will attempt to shift through a half-
price liquidation sale ending June 26, stuff.co.nz relays.

stuff.co.nz relates that the liquidator said there is potential
for the business to be sold as a going concern, although an
attempt to sell the business immediately before liquidation was
not successful.

There is unlikely to be any distribution to unsecured creditors,
the liquidator, as cited by stuff.co.nz, said.

Kooky Fashions is a Kiwi-owned clothing chain with 14 stores
between Whangarei and Christchurch.  The company was formed in
2004 and is now owned by Suzanne, Jason and Anthony Dunn.



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


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

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


AUSTRALIA


AAT CORP LTD               AAT            32.50       -13.46
ALTIUM LTD                 ALU            24.26        -3.62
APN EUROPEAN PRO           AEZ           321.75      -106.88
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BIRON APPAREL LT           BIC            19.71        -2.22
CLARITY OSS LTD            CYO            31.64        -5.75
CNPR GROUP                 CNP        15,483.44      -349.73
MACQUARIE ATLAS            MQA         1,671.52      -842.29
MISSION NEWENER            MBT            22.05       -27.72
NATIONAL LEISURE           NLG           154.59       -34.49
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORN            10.91        -0.31
RANGE RIVER GOLD           RNG            13.53       -22.79
RENISON CONSOLID           RSN            10.15       -22.74
RENISON CONSO-PP           RSNCL          10.15       -22.74
RIVERCITY MOTORW           RCY           386.88      -809.14
STERLING BIOFUEL           SBI            31.12        -7.52
SVC GROUP LTD              SVC            13.47        -1.66


CHINA

ACHENG RELAY-A             922            54.63        -0.83
ANHUI GUOTONG-A            600444         72.38        -2.15
BAOCHENG INVESTM           600892         38.24        -4.15
CHANG JIANG-A              520         1,396.09        -3.63
CHENGDE DALU -B            200160         35.27        -4.01
CHENGDU UNION-A            693            29.46       -22.21
CHINA KEJIAN-A             35            100.91      -192.82
CONTEL CORP LTD            CTEL           59.32       -45.72
DONGXIN ELECTR-A           600691         13.73       -28.65
GUANGDONG ORIE-A           600988         14.53        -3.97
GUANGXIA YINCH-A           557            64.02       -81.42
GUANGZHOU IRON-A           600894        542.50       -70.92
HEBEI BAOSHUO -A           600155        110.77       -78.03
HEBEI JINNIU C-A           600722        250.44       -85.87
HUASU HOLDINGS-A           509            91.19       -18.53
HUNAN ANPLAS CO            156            48.17       -43.11
HUNAN TIANYI-A             908            65.87        -1.55
JILIN PHARMACE-A           545            30.17        -6.95
JINCHENG PAPER-A           820           179.74      -114.18
QINGDAO YELLOW             600579        188.23       -59.95
SHANDONG DACHE-A           600882        206.33       -10.84
SHANDONG HELON-A           677           860.38      -154.31
SHANG BROAD-A              600608         43.41        -6.72
SHANXI GUANLU-A            831           299.13        -7.60
SHENZ CHINA BI-A           17             21.55      -267.13
SHENZ CHINA BI-B           200017         21.55      -267.13
SHENZ INTL ENT-A           56            281.74       -60.20
SHENZ INTL ENT-B           200056        281.74       -60.20
SHIJIAZHUANG D-A           958           213.66      -111.34
SICHUAN GOLDEN             600678        152.07       -87.92
TAIYUAN TIANLO-A           600234         64.35       -10.61
TIANJIN MARINE             600751         86.23       -89.05
TIANJIN MARINE-B           900938         86.23       -89.05
TIBET SUMMIT I-A           600338         71.21        -8.42
TOPSUN SCIENCE-A           600771        129.64      -106.79
WUHAN BOILER-B             200770        255.82      -182.03
WUHAN LINUO SOLA           600885         97.03       -23.36
XIAMEN OVERSEA-A           600870        214.41      -136.52
XIAN HONGSHENG-A           600817         15.81      -278.59
XINJIANG CHALK-A           972           693.71        -4.07
YANBIAN SHIXIA-A           600462         96.06      -134.10
YIBIN PAPER IN-A           600793        131.24        -4.84
YOUCAN FOODS INT           YCAN          102.82        -9.02
YUEYANG HENGLI-A           622            32.62       -25.60


HONG KONG

BEP INTL HLDGS L           2326           11.98        -1.14
BUILDMORE INTL             108            16.57       -57.57
CHINA HEALTHCARE           673            46.24        -3.08
CHINA OCEAN SHIP           651           408.06       -51.68
CHINA SEVEN STAR           245            90.25        -2.25
CNI 23 INT'L               611            68.05       -67.58
CROSBY CAPITAL             8088           25.70       -17.43
CYPRESS JADE               875            38.61       -10.78
FIRST NTUL FOODS           1076           17.14       -56.90
FU JI FOOD & CAT           1175           73.43      -389.20
ICUBE TECHNOLOGY           139            25.54        -2.12
MELCOLOT LTD               8198           39.21       -76.03
MITSUMARU EAST K           2358           24.72       -18.95
PALADIN LTD                495           175.99       -12.97
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            15.64       -34.61
SUNCORP TECH LTD           1063           11.78        -8.30
SUNLINK INTL HLD           2336           15.63       -36.91
SURFACE MOUNT              SMT            86.34        -8.13
U-RIGHT INTL HLD           627            10.86      -204.99


INDONESIA

ARPENI PRATAMA             APOL          466.54      -308.89
ASIA PACIFIC               POLY          386.26      -814.44
ERATEX DJAJA               ERTX           17.57       -10.49
HANSON INTERNATI           MYRX           96.12        -0.89
HANSON INT-PREF            MYRXP          96.12        -0.89
JAKARTA KYOEI ST           JKSW           31.61       -44.38
MATAHARI DEPT              LPPF          196.31      -290.04
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.57       -20.41
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           10.65       -20.85
SUMALINDO LESTAR           SULI          180.19        -1.15
TOKO GUNUNG AGUN           TKGA           12.27        -0.93
UNITEX TBK                 UNTX           18.41       -18.45


INDIA

ALPS INDUS LTD             ALPI          288.11        -7.01
AMIT SPINNING              AMSP           20.43        -1.96
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          191.87       -68.03
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CELEBRITY FASHIO           CFLI           36.61        -6.76
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.03       -18.42
DISH TV INDI-SLB           DITV/S        517.03       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            12.15       -15.81
GANESH BENZOPLST           GBP            49.24       -21.14
GEM SPINNERS LTD           GEMS           14.58        -1.16
GSL INDIA LTD              GSL            29.86       -42.42
HARYANA STEEL              HYSA           10.83        -5.91
HENKEL INDIA LTD           HNKL           69.07       -31.72
HIMACHAL FUTURIS           HMFC          406.63      -210.98
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           15.21        -3.78
HMT LTD                    HMT           133.66      -500.46
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JAGSON AIRLINES            JGA            11.31        -0.41
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             18.05       -86.40
JIK INDUS LTD              KFS            20.63        -5.62
JOG ENGINEERING            VMJ            50.08       -10.08
KALYANPUR CEMENT           KCEM           33.31       -30.53
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KRAP           13.97        -1.69
KIDUJA INDIA               KDJ            14.85        -1.71
KINGFISHER AIR             KAIR        1,935.94      -661.89
KINGFISHER A-SLB           KAIR/S      1,935.94      -661.89
KITPLY INDS LTD            KIT            37.68       -45.35
LLOYDS FINANCE             LYDF           21.65       -11.39
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            65.26       -56.77
MADRAS FERTILIZE           MDF           143.14       -99.28
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS          110.32       -14.04
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            38.41        -0.45
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           32.23       -71.91
NK INDUS LTD               NKI           141.35        -7.71
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIRAMAL LIFE SC            PLSL           51.20       -64.85
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           425.22       -21.31
RELIANCE MED-SLB           RMW/S         425.22       -21.31
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           18.88       -81.42
SADHANA NITRO              SNC            18.21        -0.73
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE KRISHNA              SHKP           19.89        -0.71
SHREE RAMA MULTI           SRMT           62.15       -42.08
SIDDHARTHA TUBES           SDT            75.90       -11.45
SOUTHERN PETROCH           SPET          407.16      -200.86
SQL STAR INTL              SQL            10.58        -3.28
STELCO STRIPS              STLS           14.90        -5.27
STERLING HOL RES           SLHR           66.77        -2.85
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA ADV             SPADV          17.41       -13.07
SUPER FORGINGS             SFS            17.83        -6.37
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TOTAL EXPORTS              TTL         1,069.83      -154.99
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           19.13       -16.31
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIMERS INDIA LT           HDU            18.05        -5.87
UNITED BREWERIES           UB          3,067.32      -137.09
UNIWORTH LTD               WW            169.51      -155.79
UNIWORTH TEXTILE           FBW            20.57       -37.60
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08
WIRE AND WIRELES           WNW           110.69       -14.26


JAPAN

CREST INVESTMENT           2318           65.01        -3.55
HIMAWARI HD                8738          412.87       -13.56
ISHII HYOKI CO             6336          151.15       -28.05
KANMONKAI CO LTD           3372           59.00       -10.08
L CREATE CO LTD            3247           42.34        -9.15
MEIHO ENTERPRISE           8927           80.76       -11.33
MISONOZA THEATRI           9664           71.18        -4.66
NIS GROUP CO LTD           8571          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
TOYO KNIFE CO              5964           75.99        -3.68
WORLD LOGI CO              9378          119.36        -2.48


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            46.16        -3.53
HO HUP CONSTR CO           HO             48.52       -13.65
LINEAR CORP BHD            LINE           14.01        -6.45
LUSTER INDUSTRIE           LSTI           18.37        -7.57
MITHRIL BHD                MITH           23.78        -5.65
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZELAND

NZF GROUP LTD              NZF NZ Eq     142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.31      -100.17
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           164.26       -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA            18.83        -9.25
HL GLOBAL ENTERP           HLGE           89.50       -11.36
LINDETEVES-JACOB           LJ             25.10        -8.96
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TT INTERNATIONAL           TTI           232.83       -79.27


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.60        -1.13
BEHAVIOR TECH CO           2341           30.60        -1.13
BEHAVIOR TECH-EC           2341O          30.60        -1.13
CHIEN TAI CEMENT           1107          203.00       -60.11
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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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