TCRAP_Public/120625.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

            Monday, June 25, 2012, Vol. 15, No. 125

                            Headlines


A U S T R A L I A

ES GROUP: Enters Administration; Owes Creditors AUD6 Million
GAME GROUP: GAME Australia Official Enters Liquidation
GARDEN ESTATE: In Receivership, 3 Retirement Villages in Limbo


C H I N A

CHINA MEDICAL: Bondholders File Petition for Liquidation
EVERGRANDE REAL: Denies Bribery, Insolvency Claims
EVERGRANDE REAL: Citron's Allegation Wont' Affect Fitch Ratings
LDK SOLAR: To Report First Quarter 2012 Results on June 26
PROVIEW TECHNOLOGY: Court Hears Fubon's Liquidation Appeal


H O N G  K O N G

FOND RIGHT: Creditors' Meeting Set for July 11
GERMANY MEDICAL: Creditors' Meeting Set for July 11
GERMANY MEDICAL LABORATORY: Creditors' Meeting Set for July 11
GERMANY PROPERTIES: Creditors' Meeting Set for July 11
GERMANY STEM: Creditors' Meeting Set for July 11

GREAT SUN: Members' Final General Meeting Set for July 27
HEALTH GALAXY: Creditors' Meeting Set for July 11
HEALTH X-RAY: Creditors' Meeting Set for July 11
HYPO REAL: Members' Final Meeting Set for July 16
MAY RIGHT: Creditors' Meeting Set for July 11

MIRACLE INVESTMENTS: Members' Final Meeting Set for July 16
ON RIGHT: Creditors' Meeting Set for July 11
RAINE & HORNE: Placed Under Voluntary Wind-Up Proceedings
RELIABLE CONTRACTING: Annual Meetings Set for June 29
RICOH COMPONENTS: Members' Final Meeting Set for July 16

RIGHT CORPORATION: Creditors' Meeting Set for July 11
SMART SOURCE: Creditors' Meeting Set for July 11


I N D I A

ASHIRVAD FOOD: CRISIL Assigns 'BB' Rating to INR145.6MM Loans
BHANU INTERNATIONAL: CRISIL Cuts Rating on INR160MM Loan to 'D'
DDN SFA: Delay in Loan Payment Cues CRISIL Junk Ratings
GARUDA AUTOMOBILES: CRISIL Puts 'D' Rating on INR60MM Loans
GBM MANUFACTURING: Fitch Assigns 'B+' National Long-Term Rating

GROW MAX: CRISIL Assigns 'CRISIL B+' Rating to INR137.5MM Loans
HOTEL TIPTOP: CRISIL Assigns 'CRISIL B' Rating on INR1.25BB Loans
MAA SAMLESWARI: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
MADRAS FERTILIZERS: Fitch Affirms 'D' National Long-Term Rating
NAYAAGARH SUGAR: Delay in Loan Payment Cues CRISIL Junk Ratings

PANORAMA APPARELS: Delay in Loan Payment Cues CRISIL Junk Ratings
POINT PERFECT: CRISIL Rates INR73.3MM Term Loan at 'CRISIL BB-'
POWERTECH GLOBAL: CRISIL Rates INR17.5MM Cash Credit at 'B+'
PRABHAT CABLES: CRISIL Rates INR200MM Cash Credit at 'CRISIL B'
REALTECH NIRMAN: CRISIL Rates INR50MM Long-Term Loan at 'BB'

SAUMYA MINING: Delay in Loan Payment Cues CRISIL Junk Ratings
T B S MINES: Delay in Loan Payment Cues CRISIL Junk Ratings
VELAMMAL SUBBIAH: Delay in Loan Payment Cues CRISIL Junk Ratings


J A P A N

SHINSEI BANK: Moody's Changes Outlook on Ratings to Stable


N E W  Z E A L A N D

ST LAURENCE PROPERTY: Investors to Get One More Payment


P H I L I P P I N E S

EXPORT & INDUSTRY: PDIC Taps Alba Romeo as Financial Auditor
* PHILIPPINES: Party-List Rep Seeks Probe on 41 Failed Banks


S I N G A P O R E

ADVANCED MEDIA: Creditors' First Meetings Set for June 29
BINTAN LAGOON: Creditors' Proofs of Debt Due July 2
CAIRNHILL PLACE: Creditors' Proofs of Debt Due July 23
CITIMEX INTERNATIONAL: Applies for Judicial Management
CSL M&E: Court Enters Wind-Up Order


                            - - - - -


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


ES GROUP: Enters Administration; Owes Creditors AUD6 Million
------------------------------------------------------------
SmartCompany reports that ES Group has collapsed amid claims of
bad management and excessive wages.

Administrator Giles Woodgate of Woodgate & Co told SmartCompany
the ES Group entered administration on April 12, leaving
creditors AUD6 million in the red.

Major creditors include 4ken, Crew on Call, Melrose Cranes, Mojo
Barriers, Packard Trading, Butlers Events, the Australian Tax
Office and Opera Australia, SmartCompany discloses.

According to SmartCompany, 15 staff have been let go, with two
remaining on the payroll and staff owed AUD195,000 in
entitlements.

"The cause appears to be fundamentally bad management, poor cost
control, excessive wages and salaries," the report quotes Mr.
Woodgate as saying.  "For the level of activity and for the way
it was project orientated, the ES Group was undercapitalised."

SmartCompany says the company has ceased operating and there will
be a creditors' meeting on June 29 where a deed of company
arrangement will be put forward.

If this deed is accepted, Mr. Woodgate said creditors will
receive around 16 cents in the dollar, according to SmartCompany.

Mr. Woodgate said the administrator is investigating
circumstances surrounding a change of shareholding in the ES
Group that occurred in mid-February; within seven weeks the
company was in administration, SmartCompany adds.

ES Group is a festival and event staging company.  ES Group
started in 1998 and turned over between $11 million and
$12 million last year.  It was the staging company behind the
annual ARIA Awards and music festivals including Good Vibrations,
V Festival, Future Musical Festival and Parklife.


GAME GROUP: GAME Australia Official Enters Liquidation
------------------------------------------------------
Tracey Lien at The Verge reports that GAME Australia went into
liquidation on June 19 after a meeting of creditors voted for the
business to be liquidated.

The Verge earlier reported that PricewaterhouseCoopers, GAME
Australia's administrator, made the decision to close all of the
retailer's stores in Australia.  On June 19, the administrators
Kate Warwick and Greg Hall have become the liquidators who will
overlook the selling of GAME's assets, the report notes.

"Fifteen GAME stores continue to operate. These stores have
commenced a final clearance sale whilst we continue to progress
interest in the remaining parts of the business," the report
quotes Mr. Warwick as saying in a statement.

The Verge notes that the purpose of liquidating a company is to
recoup as much money as possible to pay creditors such as banks,
investors, rental costs, bills and, if there is anything left
after those entities have been paid, staff members who are owed
sick leave, annual leave, and wages.

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

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

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


GARDEN ESTATE: In Receivership, 3 Retirement Villages in Limbo
--------------------------------------------------------------
Southern Times reports that residents in three retirement
villages are in limbo -- and some fearing for their life savings
-- after the group that owns their units went into receivership
last month.

Garden Estate's retirement villages at Woodcroft, Christie Downs
and Hackham have been taken over by receiver KordaMentha,
according to Southern Times.

The report notes that a decision on the company's future is
expected within a month.

Until then, Southern Times says that aged care management group
Eureka has taken over daily management of the sites.

There are more than 400 residents across the three retirement
villages, Southern Times discloses.

The report notes tat the management first learnt of the group's
financial troubles in a May 22 letter, are worried they will be
left without a roof over their heads.

KordaMentha spokesman Christopher Powell said residents had no
need to worry.

"Essentially, it is business as usual as we'll be looking to
realise the company's interests in the units and repay the
secured creditors' debts . . . .  As to the position of
individual tenants, we are reviewing that," the report quoted Mr.
Powell as saying.



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


CHINA MEDICAL: Bondholders File Petition for Liquidation
--------------------------------------------------------
Belinda Cao at Bloomberg News reports that Stroock & Stroock &
Lavan LLP said bondholders of China Medical Technologies Inc.
filed a petition for liquidation.

Debt holders of China Medical directed Wilmington Trust to file a
so-called winding-up petition with the Grand Court of the Cayman
Islands on June 15, Jayme Goldstein, a lawyer at Stroock &
Stroock & Lavan told Bloomberg News, adding his firm represents
individual bond holders in the case.  Mr. Goldstein declined to
name his clients or give further details, citing the firm's
policy, says Bloomberg.

Bloomberg News relates that Eric Schaffer, a New York-based
partner at Reed Smith LLP, confirmed that he was the U.S.
counselor for Wilmington Trust, which acts under the direction of
bond holders, while declining to provide more information before
getting consent from his client.

The company defaulted on the interest payment due Dec. 15, 2011,
for its 6.25% convertible bonds which will mature in December
2016, according to data compiled by Bloomberg.

China Medical Technologies, Inc. is a China-based medical device
company that develops, manufactures and markets advanced
immunodiagnostic and molecular diagnostic products utilizing
enhanced chemiluminescence immunoassay (ECLIA) technology,
fluorescent in situ hybridization technology (FISH) technology
and surface plasmon resonance (SPR) technology.


EVERGRANDE REAL: Denies Bribery, Insolvency Claims
--------------------------------------------------
Alex Frew McMillan at Reuters reports that Evergrande Real Estate
said on Thursday a report accusing the company of using
accounting tricks and bribes to hide the fact that it is
insolvent is "untrue."

Reuters notes that Evergrande, the second largest Chinese
developer by sales, saw its shares dive as much as 20% on
Thursday, June 21, in heavy volume.  U.S.-based short-sale
specialist Citron Research made those allegations against
Evergrande in a research note dated June 20, according to
Reuters.

Guangzhou-based Evergrande said it would issue further
clarification "in due course," Reuters relays.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.


EVERGRANDE REAL: Citron's Allegation Wont' Affect Fitch Ratings
---------------------------------------------------------------
Fitch Ratings says that allegations made by Citron Research
against Evergrande Real Estate Group Limited (Evergrande,
'BB'/Stable) do not immediately affect the company's liquidity or
broader credit profile.

Fitch notes that allegations by short sellers on Chinese
companies in the past, whether proven or otherwise, have resulted
in at least a temporary curtailment in access to capital markets.

Fitch further notes that Evergrande has begun refuting the
allegations made by Citron Research.

Fitch believes that Evergrande does not need to access offshore
capital markets in the near term as the first of its capital
market debt maturity -- the CNY5.55 billion equivalent synthetic
USD notes -- is not due until January 2014.  The agency also
notes the company's sufficient liquidity with a cash balance of
CNY20.1 billion at end-2011 and contracted sales of CNY26.8
billion for the period of January to May 2012.

Evergrande, like other homebuilders in China, continues to borrow
onshore for its working capital.  Fitch likewise believes that
access to onshore funding is not likely to be affected by the
near-term uncertainties created by the Citron Research report,
given the company's reported financial position and the asset-
based lending nature of the onshore market.


LDK SOLAR: To Report First Quarter 2012 Results on June 26
----------------------------------------------------------
LDK Solar Co., Ltd., will report financial results for the first
quarter ended March 31, 2012, before the market opens on Tuesday,
June 26, 2012.  The company will host a corresponding conference
call and live webcast at 8:00 a.m. Eastern Time (ET) the same
day.

To listen to the live conference call, please dial 877-941-1427
(within U.S.) or 480-629-9664 (outside U.S.) at 8:00 a.m. ET on
June 26, 2012.  An audio replay of the call will be available
through July 10, 2012, by dialing 800-406-7325 (within U.S.) or
303-590-3030 (outside U.S.) and entering the pass code 4545213#.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report
there is substantial doubt on the ability of LDK Solar Co., Ltd.
to continue as a going concern.  According to KPMG, the Group has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2011, showed US$6.85
billion in total assets, US$6 billion in total liabilities,
$219.69 million in redeemable non-controlling interests, and
US$624.92 million in total equity.


PROVIEW TECHNOLOGY: Court Hears Fubon's Liquidation Appeal
----------------------------------------------------------
China Daily reports that a Chinese court on June 20, 2012, heard
Fubon Insurance's appeal to liquidate Proview Technology
(Shenzhen), which has been in legal disputes with Apple Inc over
the use of the iPad trademark.

The news agency relates that the Higher People's Court of
Guangdong Province opened court on June 20 to hear the appeal
launched by Proview Shenzhen's creditor Fubon Insurance, which is
aimed at having the debt-ridden Proview Shenzhen declared
bankrupt.

China Daily recalls that an intermediate court in Shenzhen in
March rejected the liquidation request by Fubon, a subsidiary of
Taiwan-based Fubon Financial. The company later appealed the
judgment, the report notes.

During Wednesday's hearing, Proview Shenzhen insisted that the
company's fixed assets and its ownership of the iPad trademark
could help pay off the debts and asked the court to uphold the
ruling, China Daily relays.

The court did not immediately announce the verdict after the
hearing, the report notes.

According to the report, legal experts said Proview Shenzhen's
lawsuit against Apple could be halted if Fubon's liquidation
request is accepted by the court.

China Daily notes that Proview Shenzhen has been suing Apple in
court over the rights to use the iPad trademark commonly
associated with Apple's popular tablet computer.

In December 2011, the report recalls, the Intermediate People's
Court in Shenzhen rejected a lawsuit by Apple that accused
Proview Shenzhen of infringing on the iPad trademark.

Apple has appealed to the Higher People's Court of Guangdong
province, and the case is still pending, the report notes.

Proview Technology (Shenzhen) Co., Ltd., is a Shenzhen-based
maker of computer screens and LED lights.



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


FOND RIGHT: Creditors' Meeting Set for July 11
----------------------------------------------
Creditors of Fond Right International Limited will hold their
meeting on July 11, 2012, at 2:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


GERMANY MEDICAL: Creditors' Meeting Set for July 11
---------------------------------------------------
Creditors of Germany Medical X-Ray Centre Limited will hold their
meeting on July 11, 2012, at 9:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


GERMANY MEDICAL LABORATORY: Creditors' Meeting Set for July 11
--------------------------------------------------------------
Creditors of Germany Medical Laboratory Limited will hold their
meeting on July 11, 2012, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


GERMANY PROPERTIES: Creditors' Meeting Set for July 11
------------------------------------------------------
Creditors of Germany Properties Limited will hold their meeting
on July 11, 2012, at 2:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


GERMANY STEM: Creditors' Meeting Set for July 11
------------------------------------------------
Creditors of Germany Stem Cells Medical Diagnostics Limited will
hold their meeting on July 11, 2012, at 4:00 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


GREAT SUN: Members' Final General Meeting Set for July 27
---------------------------------------------------------
Members of Great Sun Textile Industrial Co., Limited will hold
their final general meeting on July 27, 2012, at 9:30 a.m., at
Room 901 Yip Fung Building, 2-12 D'Aguilar Street, Central, in
Hong Kong.

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


HEALTH GALAXY: Creditors' Meeting Set for July 11
-------------------------------------------------
Creditors of Health Galaxy Privilege Club Limited will hold their
meeting on July 11, 2012, at 11:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


HEALTH X-RAY: Creditors' Meeting Set for July 11
------------------------------------------------
Creditors of Health X-Ray & Medical Laboratory Limited will hold
their meeting on July 11, 2012, at 1:30 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.


HYPO REAL: Members' Final Meeting Set for July 16
-------------------------------------------------
Members of Hypo Real Estate Capital Hong Kong Corporation Limited
will hold their final meeting on July 16, 2012, at 10:00 a.m., at
8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road
Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MAY RIGHT: Creditors' Meeting Set for July 11
---------------------------------------------
Creditors of May Right International Limited will hold their
meeting on July 11, 2012, at 4:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.


MIRACLE INVESTMENTS: Members' Final Meeting Set for July 16
-----------------------------------------------------------
Members of Miracle Investments Limited will hold their final
general meeting on July 16, 2012, at 10:00 a.m., at Room 2102,
21/F, Multifield Centre, 426 Shanghai Street, in Kowloon.

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


ON RIGHT: Creditors' Meeting Set for July 11
--------------------------------------------
Creditors of On Right International Limited will hold their
meeting on July 11, 2012, at 3:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.


RAINE & HORNE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on June 5, 2012,
creditors of Raine & Horne Projects Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Raod
         Central, Hong Kong


RELIABLE CONTRACTING: Annual Meetings Set for June 29
-----------------------------------------------------
Members and creditors of Reliable Contracting Company Limited
will hold their annual meetings on June 29, 2012, at 2:00 p.m.,
and 2:30 p.m., respectively at the offices of FTI Consulting,
Level 22, The Center, 99 Queen's Road, Central, in Hong Kong.

At the meeting, Simon Richard Blade, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


RICOH COMPONENTS: Members' Final Meeting Set for July 16
--------------------------------------------------------
Members of Ricoh Components (HK) Limited will hold their final
meeting on July 16, 2012, at 11:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


RIGHT CORPORATION: Creditors' Meeting Set for July 11
-----------------------------------------------------
Creditors of Right Corporation Limited will hold their meeting on
July 11, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.


SMART SOURCE: Creditors' Meeting Set for July 11
------------------------------------------------
Creditors of Smart Source Enterprises Limited will hold their
meeting on July 11, 2012, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.



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


ASHIRVAD FOOD: CRISIL Assigns 'BB' Rating to INR145.6MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
Ashirvad Food Products Pvt Ltd.'s bank facilities.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              9.7       CRISIL BB/Stable (Assigned)
   Proposed Long-Term
    Bank Loan Facility    7.3       CRISIL BB/Stable (Assigned)
   Cash Credit          128.6       CRISIL BB/Stable (Assigned)
   Letter of Credit       1.2       CRISIL A4+ (Assigned)
   Bank Guarantee         3.2       CRISIL A4+ (Assigned)

The ratings reflect AFP's established position in the wheat based
products market in West Bengal coupled with strong customer base.
This rating strength is partially offset by AFP's modest
financial risk profile marked by a small capital base, highly
levered capital structure and subdued debt protection indicators.

Outlook: Stable

CRISIL believes that AFP will maintain its stable business risk
profile over the medium term, supported by its established market
position in wheat based products market. The outlook may be
revised to 'Positive' if AFP achieves higher-than-expected
revenue growth, while improving its profitability and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes larger-than-expected, debt-
funded, capital expenditure (capex) programme, leading to
weakening in its debt protection metrics or capital structure.

                       About Ashirvad Food

AFP, incorporated in 2003, manufactures wheat products like atta,
maida, suji and bran. In July 2011, there was a change in
ownership and the Poddar family, comprising Mr. Lalit Poddar,
Mr. Jitendra Poddar and Mr. Sarvesh Poddar, wholly acquired AFP.
AFP's manufacturing facility is in Purulia (West Bengal) and has
manufacturing capacity of 103,500 tonnes per annum.

AFP reported a profit after tax (PAT) of INR0.09 million on net
sales of INR239 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.62 million on net
sales of INR 296.8 million for 2009-10.


BHANU INTERNATIONAL: CRISIL Cuts Rating on INR160MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bhanu
International Resorts and Hotels Pvt. Ltd. to 'CRISIL D' from
'CRISIL B/Stable.'

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Long-Term Loan          160.00       CRISIL D (Downgraded from
                                        CRISIL B/Stable)

The downgrade in rating reflects instances of delays by Bhanu in
servicing its term debt interest obligations. The delays have
been caused due to the weak liquidity since the company is yet to
complete its project construction and generate cash flows. Due to
the construction phase of its hotel, the company has not been
able to service interest obligations on the term loans because of
insufficient funds.

Bhanu is exposed to risks related to funding, implementation, and
commercialisation of its ongoing hotel project in Porur (Tamil
Nadu), and its vulnerability to cyclicality in the hospitality
industry. Bhanu however benefits from the experience of its
management in the construction business and the favourable
location of its hotel.

Incorporated in 2008, Bhanu is developing a 68-room, mid-market
hotel on the Chennai-Bengaluru highway in Porur. The hotel's main
customers will primarily be business travellers to Chennai. The
expected project cost is around INR237.7 million, which is being
funded in a debt-to-equity mix of 2:1. Construction of the hotel
commenced in December 2010 and the hotel is expected to start
commercial operations in January 2013.

Bhanu is promoted by two families - Mr. Madhava Rao and family
and Shri Voora family, who have 70% and 30% shareholding
respectively in the company. Mr. Madhav Rao and family are the
owners of the land on which the hotel project is coming up. The
day-to-day operations of the company are managed by the Shri
Voora family, represented by Mr. Suman Voora, director of Bhanu.


DDN SFA: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of DDN SFA Ltd.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               100        CRISIL D (Assigned)
   Term Loan                 150        CRISIL D

The rating reflects instances of delay by DDN SFA in servicing
its interest obligations on its term loans in the past few
months; the delays have been caused by the company's weak
liquidity as a result of large working capital requirements. The
company has now cleared its dues, with a delay of over 2 months,
and the principal repayments are being made on time.

DDN's working capital requirements are large, driven by its high
peak inventory level; the company needs to maintain a stock of
finished goods after carrying out production in the peak
sugarcane seasons, which exposes the company to fluctuations in
the price of jaggery. The company, however, benefits from its
promoter's extensive experience in the sugar and jaggery
segments.

                          About DDN SFA

Latur (Maharashtra) based DDN SFA Ltd was incorporated in 2010,
and has started operations in December 2011. Promoted by Mr.
Dilip Nade, the company is a manufacturer of jaggery powder. It
operates a production plant with a processing capacity of about
1000 tonnes crushed per day (tcd). Prior to the incorporation of
DDN, the promoter was involved in the jaggery business through a
family enterprise in jaggery trading.


GARUDA AUTOMOBILES: CRISIL Assigns 'D' Rating on INR60MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Garuda Automobiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                15         CRISIL D (Assigned)
   Cash Credit              40         CRISIL D (Assigned)
   Standby Line of Credit    5         CRISIL D (Assigned)

The rating reflects the instances of delay by GAPL in servicing
its debt and the company's overdrawn working capital limits,
which have been caused by the company's weak liquidity.

GAPL also has a weak financial risk profile, marked by a highly
leveraged capital structure; moreover, it has a weak interest
coverage ratio, and a weak business risk profile because of the
expected restructuring of its existing operations.

Garuda Automobiles Pvt Ltd was set up in 2009 by Mr. Shaligram
Tiwari. The company is an authorised automobile dealer for Ford
India Pvt Ltd's passenger cars in Dhanbad (Jharkhand). GAPL is in
the process of restructuring its current operations.

For 2011-12 (refers to financial year, April 1 to March 31), GAPL
reported a net loss estimated at INR4.29 million on net sales of
INR86.5 million, against a net loss of INR3.91 million on net
sales of INR155.7 million for 2010-11.


GBM MANUFACTURING: Fitch Assigns 'B+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India-based GBM Manufacturing Private
Limited a National Long-Term Rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings reflect the small size of GBM's operations and its
moderate credit profile.  Revenue for the financial year ended
March 2011 was only INR118.3 million, while EBITDAR margins were
6.9%.  Net adjusted leverage was 5.6x and EBITDAR interest
coverage was 1.7x.  The ratings, however, benefit from GBM
management's 30 years of experience in manufacturing couplings
and an established customer base.

Positive rating guidelines include EBITDAR interest coverage
above 2x and negative rating guidelines include EBITDAR interest
coverage below 1.25x, on a sustained basis.

GBM is engaged in manufacturing various types of couplings
including hi-torque resilient, gear, tyre, pin bush couplings.
It has a manufacturing facility in Shalimar, West Bengal and its
second plant in Jangalpur, West Bengal is expected to be
operational by end-2012.  Provisional results for FY12 indicate
revenue of INR126.2 million.

Fitch has also assigned ratings to GBM's bank facilities as
below:

  -- INR25 million long term loan: 'Fitch B+(ind)'
  -- INR40.2 million fund based limits: 'Fitch B+(ind)'
  -- INR9 million non fund based limits: 'Fitch A4(ind)'


GROW MAX: CRISIL Assigns 'CRISIL B+' Rating to INR137.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Grow Max India Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B+/Stable (Assigned)
   Term Loan               87.5     CRISIL B+/Stable (Assigned)

The rating reflects Grow Max's weak financial risk profile,
marked by a high gearing, and customer concentration. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive industry experience
and its relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that Grow Max will continue to benefit over the
medium term from its long-standing track record of operations in
the plastic industry and its established customer base. The
outlook may be revised to 'Positive' if the company successfully
stabilises its recently expanded capacities, resulting in higher-
than-expected accruals and improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case Grow
Max reports lower-than-expected increase in its operating margin
or sub-optimal capacity utilisation, resulting in insufficient
cash accruals to service its term debt on time.

                          About Grow Max

Grow Max manufactures plastic buckets for paint manufacturers.
The promoter Mr. Pavan Aggarwal and his father traded in plastic
granules since 1989, before setting up Grow Max in 1998 for
manufacturing plastic buckets; they set up the company's first
plant at Narela (New Delhi). Mr. Pavan Aggarwal, Grow Max's key
promoter and director, looks after the day-to-day operations of
the company. Grow Max's registered office is at New Delhi, and
its manufacturing facilities are at Narela and Rohtak (Haryana)
with total manufacturing capacity is 600 tons per month.

Grow Max reported a profit after tax (PAT) of INR3.7 million on
net sales of INR416 million for 2010-11, as against a PAT of INR3
million on net sales of INR339 million for 2009-10.


HOTEL TIPTOP: CRISIL Assigns 'CRISIL B' Rating on INR1.25BB Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hotel TipTop International Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Proposed Long-Term       690       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Term Loan                560       CRISIL B/Stable (Assigned)

The rating reflects HTTIPL's exposure to risks related to project
implementation and revenue off-take. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' experience in the hospitality industry.

Outlook: Stable

CRISIL believes that HTTIPL will benefit from its promoters' in
the hospitality industry. There is an expected time overrun in
constructing the hotel, which will weaken the company's debt-
repayment ability, with only three months of operations before
repayment begins in December 2012. The outlook may be revised to
'Negative' if there is a further delay in implementation of the
project, or if the company is unable to generate stable accruals
from operations, thereby weakening its debt-repayment ability
more than expected. Conversely, the outlook may be revised to
'Positive' if the company completes the project without any
further cost overrun, generates sufficient accruals to meet its
debt obligations.

                        About Hotel TipTop

HTTIPL was incorporated in 1999 as Tiptop Enterprises Pvt Ltd,
promoted by Mr. Jayant Ramanlal Shah and Mr. Rohit Ramanlal Shah.
HTTIPL is currently engaged in the construction of a three-star
hotel, Tip Top International, at Wakad, Pune, along the Mumbai-
Pune Expressway. The hotel will come up on a 3.2-acre plot at
Wakad and will house 140 rooms, besides other facilities such as
restaurants, coffee shop and meeting rooms. The total cost of the
project is estimated at INR900 million, and is proposed to be
funded by promoter's contribution of INR340 million and term loan
of INR560 million from banks. The facility is expected to start
operations from October 2012 with a delay of nine months.


MAA SAMLESWARI: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Maa Samleswari Industries Private Limited.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4+ (Assigned)
   Cash Credit             80       CRISIL BB-/Stable (Assigned)

The ratings reflect MSIPL's small scale of operations along with
susceptibility to intense competition in steel industry,
volatility in input prices and cyclicality in steel industry.
These rating weaknesses are partially offset by the promoters
experience in the steel industry-and moderate financial risk
profile.

Outlook: Stable

CRISIL believes that Maa Samleswari Industries Pvt Ltd's business
risk profile will benefit over the medium term by its promoters
experience in the steel industry. The outlook may be revised to
'Positive' in case of a more-than-expected increase in MSIPL's
revenues, driven by more-than-expected capacity utilisation or
greater integration of operations, leading to substantial
improvement in MSIPL's cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected capacity
utilisation, which may deteriorate its operating margin, or in
case of any significant debt-funded capex.

Maa Samleswari Industries Private Limited was set up in 2004. In
2007, it was acquired by JPM group of Rourkela (Odisha).  The
affairs of the company is managed by Mr. Sunil Agarwal and his
family members. Its plant in Sambalpur (Odisha) has a
manufacturing capacity of 200 tonnes per day (tpd) of sponge
iron.


MADRAS FERTILIZERS: Fitch Affirms 'D' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Madras Fertilizers
Limited's National Long-Term rating at 'Fitch D(ind)'.

The ratings continue to reflect MFL's status of a "sick company"
registered with the Board for Industrial and Financial
Reconstruction (BIFR) since 2009.  The Debt Rehabilitation Scheme
(DRS) is yet to be approved by the Board.  However, there have
been no irregularities in the use of working capital facilities
during the past year.

De-registration from BIFR and implementation of DRS would be
positive for the ratings.

MFL is a Chennai-based public sector enterprise.  The company
manufactures urea and NPK fertilizers at its facilities in
Chennai.  The government of India has about 59.5% stake in the
company.  For FY12 (year end March), revenue was INR22,078
million (FY11: INR16,228.3 million), operating EBITDA was
INR2,001 million (INR1,304.9 million) and net income was
INR1,120m (INR1,698.6 million).

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

  -- INR1,914 million fund-based working capital limits: affirmed
     at 'Fitch C(ind)'/'Fitch A4(ind)'

  -- INR300 million non-fund based working capital limits:
     affirmed at 'Fitch C(ind)'/'Fitch A4(ind)'


NAYAAGARH SUGAR: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nayaagarh Sugar Complex Ltd to 'CRISIL D' from 'CRISIL
B/Negative'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit          108.60      CRISIL D (Downgraded from
                                    'CRISIL B/Negative')

   Term Loan             30.00      CRISIL D (Downgraded from
                                    'CRISIL B/Negative')

   Proposed Long-Term    54.10      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Negative')

The downgrade reflects instances of delay by NSCL in servicing
its debt; the delays have been caused by the company's weak
liquidity and less-than-adequate cash accruals vis-a-vis maturing
term debt obligations.

NSCL has weak debt protection metrics and is susceptible to
shortage of sugarcane. This rating weakness is partially offset
by the benefits that NSCL derives from its promoters' experience
in the sugar industry.

                       About Nayaagarh Sugar

NSCL was set up by the promoters of ECP Industries, an Orissa-
based industrial house, through the acquisition of a sick sugar
unit in 2004. NSCL has an installed crushing capacity of 1250
tonnes of sugarcane per day. The ECP group has business interests
in the valve, pressure regulator, and domestic liquefied
petroleum gas cylinder segments.

NSCL reported a provisional profit after tax (PAT) of INR14
million on net sales of INR340.7 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR7
million on net sales of INR246.9 million for 2010-11.


PANORAMA APPARELS: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Panorama Apparels India Pvt Ltd to 'CRISIL D' from
'CRISIL A4', while assigning its 'CRISIL D' rating to the
company's long-term bank facilities.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee             0.5       CRISIL D
   Cash Credit               20.0       CRISIL D
   Export Packing Credit     40.0       CRISIL D
   Working Capital Term      40.0       CRISIL D
   Loan

The rating downgrade reflects instances of delay by Panorama in
servicing its term loan due to its weak liquidity, and the fact
that the company's working capital limits were overdrawn by more
than 30 days.

Panorama also has a small scale of operations, below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and susceptibility to revenue concentration
risks. These rating weaknesses are partially offset by the
extensive experience of Panorama's promoter in the textile
industry and its established customer relationships.

                      About Panorama Apparels

Based in Tirupur (Tamil Nadu), Panorama manufactures ready-made
garments, and has a capacity of 2.19 million pieces per annum.
The company derives its revenues from exports to Europe.
Panorama's promoter-director, Mr. K Narendran, has an industry
experience of more than 30 years.

For 2010-11 (refers to financial year, April 1 to March 31),
Panorama reported a profit after tax (PAT) of INR1.3 million on
net sales of INR151 million, against a PAT of INR0.7 million on
net sales of INR131 million for 2009-10.


POINT PERFECT: CRISIL Rates INR73.3MM Term Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the term
loan bank facility of Point Perfect Transcription Services India
Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               73.3       CRISIL BB-/Stable

The rating reflects the benefits that PPTSIPL derives from its
promoters' extensive experience in the knowledge process
outsourcing industry and PPTSIPL's above average financial risk
profile marked by modest gearing and strong debt protection
metrics. These rating strengths are partially offset by PPTSIPL's
modest scale of operations and significant dependence on two
clients namely Informa Plc and Citeline Inc.

Outlook: Stable

CRISIL believes that PPTSIPL will benefit over the medium term
from its promoter's extensive experience in the knowledge process
outsourcing industry and its well-established customer
relationships. The outlook may be revised to 'Positive' in case
of significant scale-up of its operations while diversifying its
clientele base and maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a sharp
decline in the company's revenues or operating margins or a
significant debt-funded capital expenditure, resulting in
weakening in its financial risk profile.

                        About Point Perfect

PPTSIPL, set up in 2004 by Mr. Premnath K. and his wife Mrs.
Rachel Premnath, is engaged in the field of clinical trials data
management and medical transcription. PPTSIPL provides internet
research and analytics support to US based Citeline Inc and UK
based Informa Plc for building and maintenance of clinical trial
data. PPTSIPL provide specialized transcription services in
Cardiology, Psychiatry, Orthopedics, and General Medicine. The
company is based in Coimbatore and employs around 160 employees.

The company is looking to further expand and diversify its scope
of operations to enter into data mining and analytics operations,
to cater to other sectors like legal services, real estate, banks
and financial institutions.

PPTSIPL reported a profit after tax (PAT) of INR20.6 million on a
turnover of INR60.2 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR17.7 million on a
turnover of INR47.6 million for 2009-10.


POWERTECH GLOBAL: CRISIL Rates INR17.5MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit bank facility of Powertech Global Pvt Ltd.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit         17.5       CRISIL B+/Stable (Assigned)

The rating reflects PTGPL's weak financial risk profile marked by
high gearing, weak debt protection metrics and low networth,
large working capital requirements, and exposure to intense
competition in power cable laying segment. These rating
weaknesses are partially offset by PTGPL's promoter's extensive
experience in the cable laying industry and the company's
established clientele.

Outlook: Stable

CRISIL believes that PTGPL will benefit over the medium term from
its established customer base. The outlook may be revised to
'Positive' if PTGPL increases its scale of operations and
profitability significantly, leading to improvement in its
financial risk profile over the medium term. Conversely, the
outlook may be revised to 'Negative' if PTGPL's financial risk
profile weakens, most likely caused by decline in revenues and
margins, large debt-funded capital expenditure, or delays in
receipt of bills from its various customers.

                       About Powertech Global

PTGPL, incorporated in 2003, is in the business of laying,
jointing and supervision of underground cables (ranging from 11
kilovolts [kV] to 220 kV). The company is promoted by Mr. Piyush
Saraf, who has experience of nearly a decade in laying
underground cable lines. The company has current unexecuted order
book of around INR840 million to be executed in next 6 months.

PTGPL, on a provisional basis, reported a profit after tax (PAT)
of INR2.4 million on net sales of INR326.8 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR 0.6 million on net sales of INR63.3 million for 2010-11.


PRABHAT CABLES: CRISIL Rates INR200MM Cash Credit at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Prabhat Cables Pvt Ltd.
                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit               200       CRISIL B/Stable (Assigned)

The rating reflects PCPL's below-average financial risk profile
marked by a small net worth, a high total outside liabilities to
tangible net worth ratio, weak debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that PCPL derives from its
promoters' extensive experience in the cable distribution
industry and its established relationships with its customers and
suppliers.

Outlook: Stable

CRISIL believes that PCPL will maintain its stable business risk
profile over the medium term, backed by promoters' extensive
experience in the cable distribution industry. The outlook may be
revised to 'Positive' if the company exhibits higher-than-
expected growth in revenues and profitability, while improving
its capital structure and working capital cycle. Conversely, the
outlook may be revised to 'Negative' if PCPL reports further
decline in its profitability margin or if its financial risk
profile deteriorates because of lengthening of its working
capital.

                        About Prabhat Cables

PCPL was set up as a partnership firm in 1958 between Mr. Praveen
Kacharia along with his friend Mr. N.H. Desai; it was later
reconstituted as a private limited company in 2010. PCPL
exclusively distributes products of Polycab Cables Pvt Ltd.
PCPL's product profile includes coaxial cables, polyvinyl
chloride heavy cables, and submersible cables, among others. Mr.
Amrish Kacharia, Mr. Manoj Kacharia and Mr. Rickin Kacharia look
after the day-to-day operations of the company. PCPL has its
registered office at Lohar Chawl in Mumbai, and a warehouse in
Bhiwandi (both in Maharashtra).

PCPL reported a profit after tax (PAT) of INR 13.7 million on net
sales of INR1307.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.4 million on net
sales of INR72.2 million for 2009-10.


REALTECH NIRMAN: CRISIL Rates INR50MM Long-Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Realtech Nirman Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Proposed Long-Term        50       CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that RNPL derives from the
healthy initial bookings received in, and the locational
advantage of, its projects, and its promoters' extensive
experience in the real estate industry. These rating strengths
are partially offset by the company's susceptibility to funding
risks accentuated by the high reliance on customer advances, and
to risks and cyclicality inherent in the Indian real estate
industry, and geographic concentration.

Outlook: Stable

CRISIL believes that RNPL will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate industry. The outlook may be revised to 'Positive' in case
RNPL reports better-than-expected customer advances on account of
further booking of unsold units, leading to higher-than-expected
cash inflows. Conversely, the outlook may be revised to
'Negative' in case the company reports deterioration of its
liquidity, either because of delays in project completion or cost
over runs in the same or delays in receipt of customer advances.

                      About Realtech Nirman

RNPL was set up in 2007 by Mr. Shishir Gupta and Mr. S K Nasir.
The company undertakes real estate activities, primarily in
residential construction, in Kolkata (West Bengal). It is
currently executing seven real estate projects in Kolkata,
namely, Emerald Phase-I, Emerald Phase-II, Fortune Square Phase-
I, Fortune Square Phase-II, Sapphire Garden, Maya, and Titli. The
company's promoters have over 15 years of real estate industry
experience in Kolkata, through their group concerns.


SAUMYA MINING: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Saumya Mining Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+.'

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit          195.00       CRISIL D (Assigned)
   Letter of credit &   675.00       CRISIL D (Assigned)
   Bank Guarantee

The downgrade reflects instances of delay by SML in servicing its
term debt; the delays have been caused by weakening in liquidity
because of increase in its working capital requirements. The
company's gross current asset level is estimated to be high at
220 days of sales as on March 31, 2012. Its high debtor level and
large inventory (in the form of work-in-progress) have
contributed to the increase in its working capital requirements.
Moreover, the company gets limited credit period for its purchase
of raw material, which has also added to the pressure on its
liquidity. CRISIL expects SML's liquidity to remain weak over the
medium term, as its operations are expected to remain working-
capital-intensive.

SML has large working capital requirements, customer and
geographical concentration, and capital-intensive operations.
However, the company benefits from its established position in
the mining industry and its robust project-execution skills.

                         About Saumya Mining

SML was established by Mr. Anoopchand Jain in 1955. The company
executes turnkey projects for mining and extraction minerals such
as coal, limestone, and uranium. The company had orders of around
INR7 billion as on December 31, 2011, to be executed over the
next two to three years. SML's area of expertise is coal mining
and excavation; it has been executing projects for Coal India Ltd
(CIL; rated 'CRISIL AAA/Stable/CRISIL A1+' by CRISIL) for the
past 10 years, and derives around 50 per cent of its revenues
from CIL. The nature of its work includes drilling, control
blasting, excavation, transportation, and dumping.

For 2011-12 (refers to financial year, April 1 to March 31), SML
reported, on provisional basis, a net profit of INR48 million on
net sales of INR2.55 billion. The company reported a net profit
of INR33.6 million on net sales of INR2.00 billion for 2010-11.


T B S MINES: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of T B S Mines & Minerals Pvt Ltd (TBS; part of the TBS group) to
'CRISIL D' from 'CRISIL B/Stable'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               40         CRISIL D (Downgraded from
                                        CRISIL B/Stable)

   Working Capital Term      30         CRISIL D (Downgraded from
   Loan                                 CRISIL B/Stable)


   Proposed Long-Term        10         CRISIL D (Downgraded from
   Bank Loan Facility                   CRISIL B/Stable)

The rating downgrade reflects instances of delay by the TBS group
in servicing its term loan and its current over dues; the delays
have been caused by the group's weak liquidity.

The TBS group also has a below-average financial risk profile,
marked by small net worth and weak debt protection metrics, and
is susceptible to volatility in the prices of iron ore and to
adverse regulatory changes in the iron ore industry. These rating
weaknesses are partially offset by the TBS group's diversified
revenue profile and extensive industry experience of its
promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TBS and TBS Logistics (TBSL), together
referred to as the TBS group. This is because both the entities
are in the same line of business and have a common management and
fungible funds.

                           About the Group

The TBS group is promoted by Mr. Suresh Solanki. TBSL, a
proprietorship firm, commenced operations in 2003 and provides
logistics services for iron ore traders and exporters in Bellary
(Karnataka). The firm owns a railway siding in Bellary. TBSL also
traded in iron ore.

TBS, incorporated in 2009-10 (refers to financial year, April 1
to March 31), traded in iron ore, mainly in Bellary. Currently,
owing to the ban on mining in Karnataka, the TBS group is engaged
in providing logistic services to (sand transport) Trimax Sands
Pvt Ltd (rated 'CRISIL BB+/Stable/CRISIL A4+'). The group's iron
ore mining and trading-related activities have been suspended for
now. The TBS group is expected to acquire Tawakkal Stores, which
owns an iron ore mine in Maharashtra's Gadchiroli district in the
next two years. The group is expected to start mining activities
in Maharashtra in 2012-13.

For 2010-11, the TBS group reported, on a provisional basis, a
profit after tax (PAT) of INR19.1 million on net sales of
INR492.4 million; the group reported a PAT of INR10.3 million on
net sales of INR247.5 million for 2009-10.


VELAMMAL SUBBIAH: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Velammal Subbiah Educational Trust. The rating
reflects instances of delay by VSET in servicing its debt; the
delays have been caused by the trust's weak liquidity.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Long-Term Loan            120       CRISIL D (Assigned)

VSET is also exposed to regulatory risks and intense competition
in the educational segment. These rating weaknesses are partially
offset by the industry experience of its trustees and the healthy
demand prospects for the education industry.

Established in 2009 as a trust registered under the Indian Trust
Act (1881) by Mr.S.Chandrasekaran, Velammal Subbiah Educational
Trust (VSET) is involved in managing four educational
institutions in Coimbatore (Tamil Nadu). The trust offers
undergraduate and post graduate courses in the fields of
engineering, computer application, management and architecture
with a total approved intake of 878 students per year.

SNGCT reported a surplus of INR10.2 million on operating income
of INR92.8 million for 2010-11 (refers to financial year, April 1
to March 31), as against a surplus of INR8.4 million on operating
income of INR43 million for 2009-10.



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


SHINSEI BANK: Moody's Changes Outlook on Ratings to Stable
----------------------------------------------------------
Moody's Japan K.K. has revised to stable from negative the
outlooks assigned on all ratings of the following issuers.

- Shinsei Bank, Limited (Shinsei, long-term bank deposit
   ratings Ba1; standalone credit strength D-/ba3),

- Shinsei Finance (Cayman) Limited, and

- Shinsei Finance II (Cayman) Limited.

The change in the outlook reflects Moody's view that additional
large losses from the bank's current exposures are unlikely and
Moody's expectation that the rate of decline in asset balances
should start to slow.

Following an increase in provisions in FYE3/2012 for grey-zone
interest repayments in its consumer finance business, Moody's
considers that the need for significant additional provisioning
is unlikely because of the declining trend in the number of
claims for excess interest repayment, a common trend across all
major consumer finance companies.

In another sign of asset quality improvement, non-recurring
credit costs from Shinsei's domestic real estate non-recourse
finance business more than halved to JPY8 billion in FYE3/2012
from JPY19.5 billion in FYE3/2011.

Given the bank's success in increased coverage ratios in both
these businesses, additional large losses from these areas are
unlikely. As a result, Moody's expects that the bank can achieve
a modest increase in earnings in the current fiscal year and that
there will be no immediate pressure on its capital. In this
context, Moody's expects continued improvement in the Tier 1
ratio, which has improved to 8.8% at March 31, 2012 compared to
6.4% two years earlier due to capital raising, earnings retention
and reductions in risk-weighted assets.

However, Shinsei Bank's credit profile remains weak compared to
other Japanese banks, partly due to the structural challenge it
faces in having a higher cost funding profile compared to major
banks and most regional banks which have more stable funding
bases. Upward ratings pressure in the next one to two years is
unlikely, in view of the still weak top-line earnings generation
capacity, the result both of its disposal of non-core assets, as
well as the continued decline in the balance of consumer loans
outstanding.

At the same time, Moody's understands that Shinsei's large
consumer finance business is one of the few areas in which the
bank still has competitive advantages.

Looking ahead, Moody's considers that increasing loan balances in
the consumer finance business -- without raising credit expenses
-- is the only way for Shinsei to enhance profits from this
sector. Although the rate of decline should start to slow, a
return to growth remains a longer-term project.

Upward ratings pressure will require the stabilization of revenue
and profits through the establishment of a sustainable business
model -- including the stabilization of its assets balances --
with contributions particularly from its consumer finance
business. Given that stabilization in asset balances remains some
quarters in the future, upward pressure is unlikely within the
next one to two years.

Downward rating pressure would come from a failure to establish
and expand its consumer finance business with stable and
sufficient profitability, the emergence of a bottom-line annual
loss, a return to higher risk -- higher return business segments
(including overseas) where the bank lacks clear competitive
advantages, and a downgrade of the Japan sovereign rating.

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology, published on
September 30, 2010, and Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: Global Methodology, published on
April 9, 2012.

Shinsei Bank, Limited, headquartered in Tokyo, had consolidated
total assets of approximately JPY8.6 trillion as of March 31,
2012.



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


ST LAURENCE PROPERTY: Investors to Get One More Payment
-------------------------------------------------------
Businessdesk reports that some 9,400 investors owed
NZ$212 million plus interest by failed lender St Laurence will
get one more payment before the receivers retire.

Businessdesk relates that receivers Barry Jordan and David Vance
of Deloitte said in their latest report that they have "one more
challenging asset to realise" and expect to make "a final
distribution towards the end of 2012 or early 2013 once all the
final aspects of the receivership are resolved."

The report says the last loan involved a glass/metal recycling
operation in New South Wales and has led to the downgrade of
overall realisations.

According to BusinessDesk, investors have been paid 14 cents in
the dollar in three payments, the latest being made in March this
year.  Once the final distribution has been made, the receivers
will retire.

"The total distribution available to secured investors will
almost certainly be at the lower end of the receivers' projected
range of 15 cents to 22 cents," the receivers, as cited by
BusinessDesk, said.

In December, BusinessDesk recalls, former St Laurence boss Kevin
Podmore was declared bankrupt after the failed lender's trustee
Perpetual Trust called on a $20 million personal guarantee he
made to the firm.

BusinessDesk relates that the receivers said the liquidator of
the three companies associated with Mr. Podmore's guarantee is
reviewing historical transactions for the firms.

Messrs. Vance and Jordan said they have not factored in any
recovery from the liquidations and guarantee, BusinessDesk adds.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995, it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

On April 29, 2010, St. Laurence Limited was placed into
receivership, owing 9,000 investors NZ$245 million.  The
company's trustee, Perpetual Trust appointed Barry Jordan and
David Vance of Deloitte as receivers of St. Laurence and some of
its subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.



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


EXPORT & INDUSTRY: PDIC Taps Alba Romeo as Financial Auditor
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), Receiver of
the closed Export & Industry Bank, announced the engagement of
Alba Romeo & Co. as financial auditor for EIB, to determine the
financial condition of the closed bank.

Alba Romeo & Co. is the Philippine affiliate of Binder Dijker
Otte International, a UK company and one of the largest
accounting and consulting organizations in the world with more
than 600 offices in 100 countries. As financial auditor of EIB,
the Firm is expected to take full accounting of the assets and
liabilities of the bank and ascertain the reasonableness of
valuation and recoverability of assets and accuracy of
liabilities.

The PDIC said that the Invitation for interested parties to
commence due diligence of EIB was released on June 22.  Due
diligence will commence on July 2, 2012 while the bidding for the
rehabilitation of EIB is tentatively scheduled for August 2012.

The PDIC said that the rehabilitation of EIB shall involve no
additional cost to PDIC.

As with any closed bank, a rehabilitation proposal for EIB should
address the requirements for capital strengthening, liquidity,
sustainability and viability, and governance. The PDIC is tasked
to determine the rehabilitation proposal that is most
advantageous to depositors, creditors and taxpayers. It is
exerting all efforts to benefit uninsured depositors.

Meanwhile, PDIC has started the payout operations for EIB
depositors with account balances of PHP10,000 and above on
June 19. The payout operations are being conducted in three
batches to cover all 50 banking units of EIB. Earlier, PDIC began
mailing postal money order (PMO) payments last May 22 to
depositors with valid accounts amounting to PHP10,000 and below.
This represents those with complete addresses in the bank's
records and have no outstanding obligations with EIB. The PDIC
said that total PMO payments amounted to P34.17 million involving
22,636 accounts or about 47% of the total deposit accounts
maintained with EIB. Total estimated i

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, The Philippine Deposit Insurance Corporation
(PDIC) took over the Export & Industry Bank on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.


* PHILIPPINES: Party-List Rep Seeks Probe on 41 Failed Banks
------------------------------------------------------------
Cynthia D. Balana at the Philippine Daily Inquirer reports that a
party-list lawmaker has asked the House of Representatives to
investigate the collapse of 41 banks in the last 18 months, which
affected more than 547,000 depositors and displaced 2,000 bank
employees.

According to the Inquirer, LPG Marketers Association Rep. Arnel
Ty, a member of the committee on banks and financial
intermediaries, said the bank failures sent a bad message on the
soundness of the banking system.

"We have to ascertain whether existing laws are adequate to
discourage unsafe, unsound and fraudulent banking practices,
protect depositors, promote savings, support responsible credit,
and reinforce public confidence in the (banking) industry," the
Inquirer quotes Mr. Ty as saying.

The Inquirer relates that Mr. Ty has also sought the help of the
Department of Labor and Employment (DOLE) in finding new jobs for
the displaced bank employees.



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


ADVANCED MEDIA: Creditors' First Meetings Set for June 29
---------------------------------------------------------
Advanced Media Technologies Pte Ltd, which is in compulsory
liquidation, will held their first meeting for its creditors on
June 29, 2012, at 9:30 a.m., at 6 Shenton Way, #32-00 DBS
Building Tower Two, in Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update from the Liquidators; and

   b. to consider any other matters that may be brought before
      the meeting.

The company's liquidator is Lim Loo Khoon.


BINTAN LAGOON: Creditors' Proofs of Debt Due July 2
---------------------------------------------------
Creditors of Bintan Lagoon Resort Ltd, which is in liquidation,
are required to file their proofs of debt by July 2, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Peter Chay Fook Yuen
         c/o KPMG Services Pte Ltd
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


CAIRNHILL PLACE: Creditors' Proofs of Debt Due July 23
------------------------------------------------------
Creditors of Cairnhill Place (1999) Limited, which is in members'
liquidation, are required to file their proofs of debt by July
23, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

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


CITIMEX INTERNATIONAL: Applies for Judicial Management
------------------------------------------------------
An application to place Citimex International (S'pore) Pte Ltd
under judicial management will be heard before the High Court of
Singapore on July 12, 2012, at 10:00 a.m.

Chee Yoh Chuang and Abuthahir Abdul Gafoor, both of Stone Forest
Corporate Advisory Pte Ltd, have been nominated as joint and
several judicial managers.

The Applicant's solicitors are:

          Bernard & Rada Law Corporation
          143 Cecil Street
          #18-00 GB Building
          Singapore 069542


CSL M&E: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on June 15, 2012, to
wind up the operations of CSL M&E Pte Ltd.

Aten Pte Ltd filed the petition against the company.

The company's liquidator is:

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



                             *********

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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