TCRAP_Public/120716.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, July 16, 2012, Vol. 15, No. 140

                            Headlines


A U S T R A L I A

ADCIV PTY: Placed in Administration; 100 Jobs at Risk
DUNES PORT: Residential Golf Course Placed in Receivership
ENERGY WATCH: Fined AUD1.95MM Over Misleading Ads
NORTH GROUP: Administrators Mulls Complete Sale of Business
PERMO-DRIVE TECHNOLOGIES: Creditors Opt to Liquidate Firm

QUEENSLAND RUGBY: Owes About AUD10 Million, Liquidator Says


C H I N A

HAWKER BEECHCRAFT: Seeks Nod for Exclusive Talks With Superior
LDK SOLAR: Files Form F-3, Proposes to Sell $80MM Securities
* CHINA: Moody's Identifies Ratings Factors for RLGs


H O N G  K O N G

NGAI LIK: Final Meetings Set for Aug. 8
NGAI LIK DIGITAL: Final Meetings Set for Aug. 8
PCK LIMITED: Tso Yin Yee Appointed as Liquidator
RICH LONG: Final Meeting Set for Aug. 6
SHELL INVESTMENT: Ying and Chan Step Down as Liquidators

STRATEGIC EUROPEAN: Andrew George Hung Steps Down as Liquidator
SUPREME TASK: Kee Lap Tat Leonard Steps Down as Liquidator
TACK FAT: Annual Meetings Set for Aug. 13
TAKE ONE: Members' and Creditors' Final Meetings Set for Aug. 7
TWIN CALIBER: Ngan Lin Chun Esther Steps Down as Liquidator

WALK LEE: Ko and Wong Step Down as Liquidators
WELL FIT: Annual Meetings Set for Aug. 13
WORLDWIDE TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 7


I N D I A

B. D. AGRO: CRISIL Reaffirms 'B-' Rating on INR60MM Loans
BHARAT STEEL: Delays in Loan Payment Cues CRISIL Junk Ratings
C.L. GULHATI: CRISIL Upgrades Rating on INR252MM Loans to 'B-'
ELASTOCHEMIE IMPEX: CRISIL Places 'B' Rating on INR90MM Loans
KAIRALI EXPORTS: CRISIL Reassigns 'BB+' Rating on INR250MM Loan

MODERN CHEMICALS: CRISIL Rates INR50cr Cash Credit at 'B+'
NITHIN TEXTILES: CRISIL Places 'B' Rating on INR393.5MM Loans
PRAKASH SPONGE: CRISIL Cuts Rating on INR90cr Loans to 'D'
SECAN INVESTCAST: CRISIL Puts 'B+' Rating on INR30.6cr Loans
SHREE MAHALAXMI: Delay in Loan Payment Cues CRISIL Junk Ratings

TRILOK COTTON: CRISIL Reaffirms Junk Ratings on INR101MM Loans


J A P A N

ORIX-NRL: S&P Cuts Ratings on Class C to I Trust Certificates
* JAPAN: Fitch Lowers Three CMBS Tranches to 'Dsf' in Q212


M A L A Y S I A

* MALAYSIA: Moody's Says Banking System Outlook Stable


N E W  Z E A L A N D

INVESTMENT SOLUTIONS: SFO Case Against Exec Delayed Until October


T H A I L A N D

* THAILAND: Moody's Says Banking System Outlook Stable


                            - - - - -


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


ADCIV PTY: Placed in Administration; 100 Jobs at Risk
-----------------------------------------------------
Russell Emmerson at AdelaideNow reports that South Australian-
based civil engineering contractor ADCIV has been placed in
administration with 100 jobs likely to be lost.

On July 12, 2012, Tim Clifton and Mark Hall were appointed Joint
and Several Administrators of Adciv Pty Ltd, Adplant Hire Pty
Ltd, Adequip Hire Pty Ltd, Kerb Channel Specialists Pty Ltd, and
Charvel Pty Ltd (the ADCIV Group).

"The ADCIV Group has insufficient funds to meet its payroll and
operational costs on an on-going basis. Consequently, the
operations of the ADCIV Group are suspended immediately while the
administrators undertake an urgent assessment of the current
projects to determine whether they are financially viable to
continue," the administrators said in a statement.

AdelaideNow says all projects are on hold, including construction
of the final stage of the Seaford Industry Park.

ADCIV was awarded the State Government contract for the
$2 million siteworks in January, the report recalls.

According to the report, the Group turned over AUD50.3 million
last financial year but rising hire, material and subcontracting
costs sapped all energy, returning a loss of AUD181,376 after
tax.

The first meeting of creditors for all companies will be held on
July 24, 2012.

ADCIV -- http://www.adciv.com.au/-- is a South Australian-based
civil engineering contractor.  The Company was previously known
as Adelaide Civil Pty Ltd.


DUNES PORT: Residential Golf Course Placed in Receivership
----------------------------------------------------------
The Dunes Port Hughes, a residential golf course development on
South Australia's Yorke Peninsula, has been placed in
receivership with non-related-party debts in excess of
AUD13 million.

Ferrier Hodgson partners David Kidman and Martin Lewis have been
appointed as Receivers to manage the project and sell the
remaining allotments and nearby development properties.

The Dunes Port Hughes was being developed by Irish businessman
Peter Butterly.

More than 2,000 homes and associated leisure facilities had been
planned for the project, which has been developed around a links-
style golf course designed by Greg Norman.  Mr. Norman has no
financial involvement in the development.

Approximately 185 residential allotments have been developed,
with about 100 blocks sold and 60 homes built or under
construction around the golf course, which opened in June 2011.

Receiver, Mr. Kidman, said it would be business as usual for The
Dunes as Ferrier Hodgson appoints an agent to manage the sale of
land parcels.

"The golf course and the cafe will continue to trade and exciting
opportunities to purchase land will be announced in coming
weeks," Mr. Kidman said. "We encourage golfing enthusiasts to
either join as members or come to take advantage of the
competitively priced green fees."


ENERGY WATCH: Fined AUD1.95MM Over Misleading Ads
-------------------------------------------------
SmartCompany reports that the Federal Court on Friday found
Energy Watch and its former chief executive Ben Polis made false
and misleading representations in advertising campaigns and
ordered payment by Energy Watch of AUD1.95 million.

SmartCompany says the penalty against Energy Watch was the full
amount sought by the Australian Competition and Consumer
Commission although, as Energy Watch is now in liquidation, it is
unlikely the huge fine will ever be paid.

"The Australian people have been misled and deceived by the sharp
business practices engaged in by Energy Watch and Mr. Polis and
they would rightly expect that such conduct not be treated
lightly by the court," Justice Marshall found.

SmartCompany relates that Justice Marshall described energy
prices as "a matter of public interest" and said Energy Watch's
advertising campaign was "virtually inescapable".

"It was extremely difficult to be a Melburnian and not be aware
of Energy Watch and its advertising claims," Justice Marshall
said in his judgment cited by SmartCompany.

SmartCompany notes that Justice Marshall said Energy Watch was a
medium-sized company with "large cash flows" during the
advertising campaign.

"It is important to stress that Energy Watch should not be
published as if it had been a small business," he found.

Marshall also said the Court should not be deterred by Energy
Watch's liquidation.

"It does not matter that the $1.95 million penalty which the
Court will impose on Energy Watch will never be paid," Justice
Marshall, as cited by SmartCompany, said.

Justice Marshall found Polis also needed to be made personally
responsible as "the public face of Energy Watch" and so imposed a
AUD65,000 penalty on the former chief executive, SmartCompany
adds.

Mr. Polis told Smart Company he is the victim of a vendetta by
energy retailers, disgruntled former employees and the ACCC.

Energy Watch went into administration on May 18 with debts of
AUD8.6 million -- including AUD886,000 in employee entitlements,
AUD1.1 million to a secured creditor and AUD6.5 million to
unsecured creditors, including the tax office, smh.com.au
disclosed.

Energy Watch Pty Ltd offered an energy price comparison service.


NORTH GROUP: Administrators Mulls Complete Sale of Business
-----------------------------------------------------------
The administrators of The North Group said Friday that despite
discussions with prospective investors throughout the voluntary
administration period, the directors have been unable to put
forward a Deed of Company Arrangement proposal.

The administrators are now attempting to complete a sale with the
objective of providing for continuity of the Becasse Bakery and
Charlie & Co operations.  Becasse Restaurant and Quarter 21
traded for the last time on Saturday night, July 14, 2012.

Administrator Jim Sarantinos said that it is disappointing that a
deed of company arrangement proposal has not materialised,
however, the focus is now on securing a sale and creating an
opportunity for continued employment for as many staff as
possible.

The second meeting of creditors will be held on July 20, 2012.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2012, high-profile Sydney restaurateur Justin North
placed his portfolio of restaurants (The North Group) in
Voluntary Administration on June 7, 2012.

Becasse Restaurant Pty Ltd, North Food Catering Pty Ltd and Etch
Restaurant Pty Ltd have been placed under the administration of
Ferrier Hodgson partners Jim Sarantinos and John Melluish.

The businesses trading under those company names include:

   * Becasse Restaurant;
   * Becasse Bakery;
   * Quarter Twenty One Restaurant;
   * Quarter Twenty One Providore;
   * The Cookery School;
   * Le Grand Cafe;
   * Charlie & Co; and
   * Etch.


PERMO-DRIVE TECHNOLOGIES: Creditors Opt to Liquidate Firm
---------------------------------------------------------
ABC North Coast reports that Permo-Drive Technologies
Ltd has declined a merger offer and gone into liquidation.

ABC North Coast says Hydraulic Hybrid Technologies made the offer
last week to convert the debt to equity and share consolidation
with Permo-Drive.  But HHT director Neil Hargreaves said
creditors have instead instructed administrators to liquidate the
company.

"Permo-Drive is now in liquidation and the only offer we can make
now is for the assets of the company," the report quotes
Mr. Hargreaves as saying.  "They decided they might as well pull
the plug immediately."

ABC North Coast relates that Mr. Hargreaves said HHT would be
making an offer for the company's assets.

"We hope that we can obtain the assets and if we can do that we
will develop the Permo-Drive project in parallel to an HHT
project we've got underway now," Mr. Hargreaves, as cited by ABC
North Coast, said.

Mr. Hargreaves will also call a meeting of Permo-Drive
shareholders this weekend to discuss their options, the report
adds.

Permo-Drive Technologies Ltd -- http://www.permo-drive.com/-- is
a research and development company. It was established in 2000
and has its head office and engineering centre in Lismore,
northern New South Wales, Australia.  Permo-Drive is a public
company with over 1,900 shareholders and is currently not listed
on any exchange.

The business collapsed on June 1 and administrator Atle Crowe-
Maxwell told SmartCompany that Permo-Drive had simply run out of
money.


QUEENSLAND RUGBY: Owes About AUD10 Million, Liquidator Says
-----------------------------------------------------------
Brisbanetimes.com.au reports that Queensland Rugby Club had debts
of about AUD10 million when it collapsed and went into
liquidation last week, leaving many with little chance of
recovering deposits for events such as weddings.

Brisbanetimes.com.au notes that the future of the club had been
uncertain after it closed the doors of its main venue, the
AUD13 million Rugby Quay in Brisbane's CBD, early this month.
On July 9, the club was granted an order in the Brisbane Supreme
Court to allow the appointment of liquidators.

Michael McCann of Grant Thornton, the Sydney-based firm that is
handling the liquidation, told brisbanetimes.com.au customers who
had booked events with the rugby club were unlikely to recover
their deposits.

"Creditors are owed in the realm of [AUD10 million] but we
haven't confirmed the final amounts. It will be in that order,"
the report quotes Mr. McCann as saying.  "Creditors included the
club's estimated 3,000 members for the 'unexpired portion of
their membership', as well as the club's elite members who had
paid a one-off AUD10,000 'benefactor' fee."

The chief financier to the club was a major unnamed bank.

Michael Gerard McCann and Graham Robert Killer of Grant Thornton
were appointed liquidators of Queensland Rugby Union Club Inc on
July 9, 2012, pursuant to an order of the Supreme Court of
Queensland.



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


HAWKER BEECHCRAFT: Seeks Nod for Exclusive Talks With Superior
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hawker Beechcraft Inc. filed papers seeking formal
approval from the U.S. bankruptcy court to give Superior Aviation
Beijing Co. Ltd. the exclusive right for 45 days to negotiate a
purchase of the business.

According to the report, the company previously disclosed that
Superior, 40% owned by the Beijing municipal government, is
offering to buy most of the aircraft manufacturer for $1.79
billion.  Superior intends to buy some of the jet business that
Hawker otherwise will shut down.  To maintain operations,
Superior will pay Hawker $50 million to cover the expenses.
Assuming the bankruptcy court approves, Hawker would be obliged
to return any part of the $50 million not spent on the jet
business if Superior doesn't end up as the buyer.

Hawker wants the bankruptcy court to hold a July 17 hearing to
approve the exclusive negotiating agreement along with the
obligation to return unused portions of the $50 million.

                        Exclusivity Agreement

As reported in the July 10 edition of the Troubled Company
Reporter, Hawker Beechcraft executed an exclusivity agreement
with Superior Aviation regarding a strategic combination.
Superior intends to maintain Hawker Beechcraft's existing
operations while also investing substantial capital in the
company and its business and general aviation product line,
saving thousands of American jobs, including in Wichita, Kan. and
Little Rock, Ark.  Superior will acquire Hawker Beechcraft for
$1.79 billion and make payments over the next six weeks to
support ongoing jet-related operations, which will help Hawker
Beechcraft to sustain the jet business until the close of the
transaction, thus preserving significant future opportunity for
growth.

During the 45-day exclusivity period, Superior will perform
confirmatory diligence while the two companies negotiate
definitive documentation of the transaction.  The companies
expect to enter into definitive documentation prior to the
conclusion of the exclusivity period.

Superior has received and expects to continue receiving the full
support of the City of Beijing municipal government in completing
the transaction.

Superior is working to obtain all regulatory approvals from the
Chinese central government for this foreign investment project.
Additionally, Bankruptcy Court approval is required for Hawker
Beechcraft's agreement to negotiate exclusively with Superior and
for any definitive agreement that may be negotiated with
Superior.  The proposed combination of Hawker Beechcraft and
Superior will not require a financing condition.

                          Chapter 11 Plan

If negotiations with Superior are not concluded in a timely
manner, Hawker Beechcraft will proceed with seeking confirmation
of the Joint Plan of Reorganization it filed with the Bankruptcy
Court on June 30, 2012, which contemplates Hawker Beechcraft
emerging as a standalone entity with a more focused portfolio of
aircraft. The plan would convert secured and unsecured debt to
equity while reducing debt by $2.55 billion.

                       About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for
Chapter 11 reorganization together with 17 affiliates (Bankr.
S.D.N.Y. Lead Case No. 12-11873) on May 3, 2012, having already
negotiated a plan that eliminates $2.5 billion in debt and $125
million of annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new
stock to holders of $1.83 billion of secured debt, while 18.9% of
the new shares are for unsecured creditors.  The proposal has
support from 68% of secured creditors and holders of 72.5% of the
senior unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in
total liabilities and a $956.90 million total deficit.  Other
claims include pensions underfunded by $493 million.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the
DIP Agent and the Prepetition Agent.

The Senior Secured Lenders' legal representative is Wachtell
Lipton Rosen & Katz and their financial advisor is Houlihan
Lokey.

Superior's legal representative is Locke Lord LLP and its
financial advisor is Grant Thornton.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc
committee of holders of the 8.500% Senior Fixed Rate Notes due
2015 and 8.875%/9.625% Senior PIK Election Notes due 2015 issued
by Hawker Beechcraft Acquisition Company LLC and Hawker
Beechcraft Notes Company.  The members of the Ad Hoc Committee --
GSO Capital Partners, L.P. and Tennenbaum Capital Partners, LLC
-- hold claims or manage accounts that hold claims against the
Debtors' estates arising from the purchase of the Senior Notes.
Deutsche Bank National Trust Company, the indenture trustee for
senior fixed rate notes and the senior PIK-election notes, is
represented by Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the
case has selected Daniel H. Golden, Esq., and the law firm of
Akin Gump Strauss Hauer & Feld LLP as legal counsel.  The
Committee tapped FTI Consulting, Inc., as its financial advisor.


LDK SOLAR: Files Form F-3, Proposes to Sell $80MM Securities
------------------------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission a Form F-3 notifying the SEC that it may offer and
sell ordinary shares, including ordinary shares represented by
American depositary shares, preferred shares, warrants, stock
purchase contracts or equity-linked securities in any combination
from time to time in one or more offerings.  In addition, the
prospectus may be used to offer securities for the account of
persons other than the Company.

The proposed maximum aggregate offering price is $80 million.

The Company's ADSs are listed on the New York Stock Exchange
under the symbol "LDK."  Each ADS represents one ordinary share,
par value $0.10 each.

A copy of the filing is available for free at:

                       http://is.gd/CuBiXC

                          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, LDK Solar 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 March 31, 2012, showed US$6.63
billion in total assets, US$5.96 billion in total liabilities,
US$228.21 million in redeemable non-controlling interests and
US$447.32 million in total equity.


* CHINA: Moody's Identifies Ratings Factors for RLGs
----------------------------------------------------
Moody's Investors Service has released a report which lays out
its updated overview of the credit quality of Chinese regional
and local governments (RLGs).

The report concludes that the RLGs would fall into three rating
categories based on each entity's economic fundamentals,
financial performance, debt profile, as well as governance and
management.

In addition, an important impact on Moody's credit assessments is
the likelihood that the central government would intervene to
help out a local government experiencing a liquidity event. This
could result in an uplift to RLG ratings of 1 to 4 notches.

Moody's looks at each credit on a case-by-case basis, including
each local government's own individual credit features, while the
report provides a guide to help understanding of Moody's ratings
approach.

Key factors that affect the creditworthiness of Chinese RLGs,
according to Moody's analysis, include: supportive central-
government transfer policies; limited flexibility on the part of
the RLGs themselves for adjusting their own source revenues;
their exposures to the borrowing activities of government related
entities; and the healthy prospects for China's economy overall.

In addition, the likely intervention of the central government,
in the event that a strategically important local government
faces an extreme liquidity event, is an important credit support
that could provide potential uplift of between 1 and 4 notches to
RGL ratings on average.

The report is entitled, "Assessing Creditworthiness of Chinese
Regional and Local Governments".

The report says that the first step in assessing creditworthiness
is to determine the stand-alone credit quality of an RLG, or its
baseline credit assessment (BCA). The BCA is based on six
factors: (1) Operating Environment; (2) Institutional Framework;
(3) Economic Fundamentals; (4) Financial Performance; (5) Debt
Profile; and (6) Governance and Management.

The second step is to determine the level of extraordinary
support that is likely to come from a higher level of government
in the case of a liquidity event. These two elements together
form the key inputs into Moody's credit assessment and ultimately
rating outcomes.

Moody's initial assessment suggests that Chinese RLGs fall into
three categories:

* average to high credit quality, equating to the single-A
rating range, and possibly up to the Aa3 rating of the sovereign,
for larger, economically prosperous entities with stronger fiscal
and debt profiles, more developed, prudent fiscal management
practices and of strategic importance to the country;

* low investment grade to average credit quality, or the Baa to
low single-A rating range, for entities with similar economic
profiles, but weaker fiscal and debt positions, including greater
exposures to local government financing vehicles and less
developed fiscal management practices; and

* below investment grade to low investment grade credit quality,
for less strategic provinces and cities with weaker financial
metrics and poor fiscal management.

The Moody's report notes that the role of the capital markets in
China is expanding as private corporations, state-owned
enterprises (SOEs) and banks seek to finance an ever increasing
number of corporate and infrastructure projects, diversify away
from their traditional reliance on bank loans, and take advantage
of burgeoning investor demand.

While legal restrictions currently preclude most RLGs from
directly issuing marketable debt, participation by these entities
in the capital markets appears inevitable over the longer term.

As Chinese RLGs expand their access to the capital markets beyond
pilot programs over the longer term, and as borrowings by SOEs
(owned by RLGs) become more widespread, investors will demand
more information on their credit quality.

In this environment, Moody's is committed to playing an important
role in providing the critical credit information required for
the smooth functioning of these developing markets.

Subscribers can access this report via this link:
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
143663.



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


NGAI LIK: Final Meetings Set for Aug. 8
---------------------------------------
Creditors and contributories of Ngai Lik Capital Limited will
hold their final meetings on Aug. 8, 2012, at 2:30 p.m., and 3:00
p.m., respectively at Unit 511, Tower 1, Silvercord, 30 Canton
Road, Tsimshatsui, Kowloon, in Hong Kong.

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


NGAI LIK DIGITAL: Final Meetings Set for Aug. 8
-----------------------------------------------
Creditors and contributories of Ngai Lik Digital Technology
Limited will hold their final meetings on Aug. 8, 2012, at
2:45 p.m., and 3:15 p.m., respectively at Unit 511, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

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


PCK LIMITED: Tso Yin Yee Appointed as Liquidator
------------------------------------------------
Tso Yin Yee on June 25, 2012, was appointed as liquidator of PCK
Limited.

The liquidator may be reached at:

         Tso Yin Yee
         17/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


RICH LONG: Final Meeting Set for Aug. 6
---------------------------------------
Members of Rich Long Development Limited will hold their final
general meeting on Aug. 6, 2012, at 11:00 a.m., at Rm. 1321,
Leighton Centre, 77 Leighton Road, Causeway Bay, in Hong Kong.

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


SHELL INVESTMENT: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Investment Holdings (China) Limited on June 27, 2012.


STRATEGIC EUROPEAN: Andrew George Hung Steps Down as Liquidator
---------------------------------------------------------------
Andrew George Hung stepped down as liquidator of Strategic
European Center for Investment and Industrial Development Limited
on June 29, 2012.


SUPREME TASK: Kee Lap Tat Leonard Steps Down as Liquidator
----------------------------------------------------------
Kee Lap Tat Leonard stepped down as liquidator of Supreme Task
Limited on June 29, 2012.


TACK FAT: Annual Meetings Set for Aug. 13
-----------------------------------------
Creditors and members of Tack Fat International Holdings Limited
will hold their annual meetings on Aug. 13, 2012, at 4:30 p.m.,
at the office of FTI Consulting (Hong Kong) Limited, Level 22,
The Center, 99 Queen's Road Central, Central, in Hong Kong.

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


TAKE ONE: Members' and Creditors' Final Meetings Set for Aug. 7
---------------------------------------------------------------
Members and creditors of Take One Limited ("TOL") will hold their
final meetings on Aug. 7, 2012, at 4:00 p.m., and 4:30 p.m.,
respectively at Room 203, 2/F, Duke of Windsor Social Service
Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.

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


TWIN CALIBER: Ngan Lin Chun Esther Steps Down as Liquidator
-----------------------------------------------------------
Ngan Lin Chun Esther stepped down as liquidator of Twin Caliber
Limited on June 26, 2012.


WALK LEE: Ko and Wong Step Down as Liquidators
----------------------------------------------
Ko Kai Lai Dominic and Wong Man Chung Francis stepped down as
liquidators of Walk Lee Tung Land Investment Limited on June 27,
2012.


WELL FIT: Annual Meetings Set for Aug. 13
-----------------------------------------
Creditors and members of Well Fit Intimate Design & Manufacture
Limited will hold their annual meetings on Aug. 13, 2012, at
5:00 p.m., at the office of FTI Consulting (Hong Kong) Limited,
Level 22, The Center, 99 Queen's Road Central, Central, in Hong
Kong.

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


WORLDWIDE TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 7
----------------------------------------------------------
Creditors of Worldwide Technology Partners (Asia) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 7, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 26, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong



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B. D. AGRO: CRISIL Reaffirms 'B-' Rating on INR60MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of B. D. Agro
Products Pvt Ltd continues to reflect BD Agro's weak financial
risk profile, marked by 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 company's operating margin to adverse regulatory changes and
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of BD Agro's
promoters in the rice business and assured offtake of a portion
of its rice production by the Food Corporation of India, thereby
ensuring stable revenues.

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

Outlook: Stable

CRISIL believes that BD Agro will continue to benefit by
extensive experience of its partners however it's financial risk
profile will remain constrained over the medium term because of
its large, debt-funded capital expenditure (capex) programme in
the past The outlook may be revised to 'Stable' if there is
significant improvement in BD Agro's capital structure and debt
protection metrics on account of more-than-expected cash
accruals, improved profitability, or equity infusions by the
promote INR Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected revenues and profitability, or if
the company undertakes a large, debt-funded capex programme,
resulting in its financial risk profile.

Update

BD Agro achieved revenues of INR210 million in its first full
year of operations in 2011-12 (refers to financial year, April 1
to March 31), with a high operating margin of around 8 per cent.
It has large working capital requirements. Though its receivables
have remained comfortable with 90 per cent of debtors realised on
delivery, the company maintains inventory of around 80 days as it
deals in agro commodities.

The rating, however, continues to remain constrained by BD Agro's
weak financial risk profile, marked by a small net worth of less
than INR50 million as on March 31, 2012. Moreover, with reliance
on short-term borrowings for working capital needs, the company's
gearing remains at around 1.5 times. BD Agro is expected to
maintain its capital structure in the absence of any major capex
plan for the medium term. However, any large unexpected debt-
funded capex will remain a rating sensitivity factor.

For 2011-12, BD Agro booked a profit of INR8 million on net sales
of INR215 million.

                         About B. D. Agro

Based in Kolkata (West Bengal [WB]) and incorporated in June
2009, BD Agro was promoted by Mr. Mahendra Agarwal and his
brother, Mr. Rajendra Agarwal. The company began commercial
operations in November 2009. Until March 2011, BD Agro traded in
paddy and wheat. However, in 2009-10, the company set up a rice
mill with a processing capacity of 104 tonnes per day in Howrah
(WB). The plant started commercial operations at the end of March
2011.


BHARAT STEEL: Delays in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Bharat Steel Rolling Mills.

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

   Cash Credit            200        CRISIL D (Assigned)

   Term Loan               40        CRISIL D (Assigned)

The rating reflects instances of delays by BSRM in servicing its
debt; the delays have been caused by the company's weak
liquidity. BSRM's liquidity is weak on account of its large
working capital requirements.

BSRM operates in the fragmented steel industry, which is
intensely competitive. It also has a weak financial risk profile,
marked by high gearing. The firm, however, benefits from its
promoters' extensive industry experience and healthy
relationships with customers and supplier.

                         About Bharat Steel

Bharat Steel Rolling Mills, incorporated in 1966, is a
partnership firm engaged in manufacturing of Steel Products viz
Ingots, TMT Bar, Angles, Channels etc. Mr. Sharad Goel, the key
promoter & partner of the firm looks after the day-to-day
operations. BSRM has manufacturing unit at Muzzafarnagar in Uttar
Pradesh with manufacturing capacity of 54000 tones per annum. The
capacity utilization in 2010-11 was around 85 per cent.

BSRM reported a profit after tax (PAT) of INR10.3 million on net
sales of INR1263 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12.7 million on net
sales of INR1178 million for 2009-10.


C.L. GULHATI: CRISIL Upgrades Rating on INR252MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of C.L. Gulhati & Sons Ltd to 'CRISIL B-/Stable' from 'CRISIL C'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           250      CRISIL B-/Stable (Upgraded from
                                  'CRISIL C')

   Proposed Long-Term      2      CRISIL B-/Stable Upgraded from
   Bank Loan Facility             'CRISIL C')

The upgrade reflects moderate improvement in CLG's liquidity,
marked by an increase in cash accruals, driven mainly by the
improvement in the company's scale of operations. Over the past
three years, CLG's revenues have registered a compound annual
growth rate of 18 per cent, to INR2890 million in 2011-12 (refers
to financial year, April 1 to March 31) from INR1719 million in
2009-10. The liquidity is also supported by the regular infusion
of funds by the company's promoters in the form of unsecured
loans.

The rating continues to reflect CLG's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and supplier concentration. These rating weaknesses are,
however, partially offset by the company's strong track record as
dealer for Tata Motors Ltd (TML) in Jammu and Kashmir (J&K).

Outlook: Stable

CRISIL believes that CLG will maintain its business risk profile,
supported by its established market position in Jammu and
Kashmir. The outlook may be revised to 'Positive' if the company
reports further improvement in its liquidity because of more-
than-expected increase in its operating income and profitability,
thereby resulting in increase in its net cash accruals.
Conversely, the outlook may be revised to 'Negative' if CLG
reports a decline in its cash accruals, or in case a decline in
its scale of operations and profitability results in weakening of
its liquidity.

                        About C.L. Gulhati

C.L. Gulhati & Sons Ltd was set up as private limited company in
1956 by Mr. C L Gulhati and his associates; subsequently, it was
reconstituted as a limited company. Since its inception, CLG has
been a dealer for TML's entire range of commercial vehicles. CNG
added dealership of TML's passenger vehicles to its portfolio in
2000.

In 2011-12 (refers to financial year, April 1 to March 31), CLG's
profit after tax (PAT) is estimated at around INR4.6 million on
net sales of around INR2.89 billion, against a PAT of INR0.4
million on net sales of INR2.64 billion in 2010-11.


ELASTOCHEMIE IMPEX: CRISIL Places 'B' Rating on INR90MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Elastochemie Impex Pvt Ltd.

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

   Proposed Long-Term       20       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects EIPL's modest scale of operations and
susceptibility of operating margins to fluctuations in rubber
price and volatility in forex rates, working capital intensive
nature of activity and modest financial risk profile marked by
low net worth, high total outside liabilities to tangible net
worth and subdued debt protection measures. These rating
strengths are partially offset by the extensive experience of
promoters in the distribution of rubber products and well
established relationships with its suppliers and customer.

Outlook: Stable

CRISIL believes that EIPL will continue to benefit over the
medium term from its promoter's extensive experience in the
distribution of rubber products and well established relationship
with its customers and supplier The outlook may be revised to
'Positive' in case of substantial and sustained improvement in
its scale of operations and margins, while improving its capital
structure and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of decline in the company's
revenues or operating margins or an elongation of its working
capital cycle, resulting in weakening in its financial risk
profile.

                      About Elastochemie Impex

Established in 1988 by the Mumbai based Sampat family, EIPL is
engaged in the distribution of rubber products. The company is a
distributor for US based Dow Corning for silicone rubber and
German based Lanxess AG for EPDM1 Rubber in Western India. EIPL
is as also a consignment agent for Eliokem India Pvt Ltd for
nitrile rubber in Tamil Nadu.

EIPL has rented a warehouse at Bhiwandi, Maharashtra. The company
has its registered office in Mumbai, Maharashtra.

Mr. Anil Sampat, President and his brother Mr. Sunil Sampat,
Director oversee the day to day operations of the company. Mr.
Anil Sampat had served as the President of the All India Rubber
Industries Association and also as the Chairman of India Rubber
Expo.

EIPL reported on a provisional basis, a profit after tax (PAT) of
INR 5 million on net sales of INR253.1 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR11.1 million on net sales of INR194.8 million for 2010-11.


KAIRALI EXPORTS: CRISIL Reassigns 'BB+' Rating on INR250MM Loan
---------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Kairali
Exports (KE, part of the Prasanthi cashew group) to 'CRISIL
BB+/Stable' from 'CRISIL A3'.

                         Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Packing Credit        250       CRISIL BB+/Stable (Reassigned)

The rating revision reflects CRISIL's expectation of a sustained
deterioration in the Prasanthi group's financial risk profile,
caused by its increased external debt primarily to manage their
working capital requirements. The group's total indebtedness (the
ratio of total outside liability to total net worth) and interest
coverage ratio have deteriorated to 4.3 times as on March 31,
2012 and 1.25 times for the year 2011-12 respectively from 3.4
times and 1.5 times respectively as on March 31, 2011. The group
recorded revenues of INR 3.52 billion, implying a year-on-year
increase of 35 per cent, attributed to increased realizations and
moderate volume growth. CRISIL expects the group to record
revenue growth of around 10 per cent over the medium term. The
group's operating profitability however continues to remain low
in the range of 3.5 to 4.0 per cent, similar to previous yea INR
Consequently, CRISIL believes that the group's leverage ratios
and debt protection metrics are expected to remain below average,
which would constrain their financial risk profile over the
medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kairali Exports, Prasanthi cashew
Private Limited, Prasanthi cashew company (PCC), Vinayaka cashew
company and Vizag exports. The combined approach is because the
three entities are in the same line of business, are under a
common management, and share strong operational and financial
linkages.

The rating reflects Prasanthi Group's promoter's extensive
industry experience and the group's established market position
in the processing and export of cashew kernels. These rating
strengths are partially offset by the group's below average
financial risk profile marked by high total outside liabilities/
total net worth (TOL/TNW) ratio and weak debt protection metrics
and susceptibility of operating margin to volatility in cashew
prices and intense competition in the cashew processing industry.

Outlook: Stable

CRISIL believes that the Prasanthi group will benefit over the
medium term from its established market position in the cashew
processing business and the extensive industry experience of its
promote INR The outlook may be revised to 'Positive' in case of a
significant improvement in the leverage ratios and profitability,
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if records decline in
revenues or profitability on account of slowdown in key markets
or if the group undertakes any large and unexpected debt-funded
capital expenditure programme, or if the promoters withdraw
sizeable capital from the group, leading to weakening in its
capital structure.

                        About the Group

Set up in 1984 as a proprietorship concern by Mr. B Mohanchandra
Nair, PCC is the flagship entity of the group engaged in
processing and export of cashew kernels. Other group entities
include PCPL, VCC, KE and VE set up in 1996, 2005, 2010 and 2011
respectively; these entities are also engaged in similar line of
business. The group operates over 100 cashew processing units
located in Kerala and Tamil Nadu with a processing capacity of
around 250 tonnes per day. The group derives majority of its
sales from exports primarily to countries such as US and Europe;
some of their key customers include Olam International, SLD
commodities, JF Brown and Kraft foods Inc.

The Prasanthi group reported on a provisional basis a profit
after tax (PAT) of INR3.2 million on net sales of INR3.4 billion
for 2011-12 (refers to financial year, April 1 to March 31), as
against a PAT of INR14.8 million on net sales of INR2.4 billion
for 2010-11.


MODERN CHEMICALS: CRISIL Rates INR50cr Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Modern Chemicals.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Bank Guarantee           5        CRISIL A4 (Assigned)
   Cash Credit             50        CRISIL B+/Stable (Assigned)
   Import Letter of       145        CRISIL A4 (Assigned)
   Credit Limit

The ratings reflect MC's small scale of operations with low
operating margin, susceptibility to volatility in raw material
prices, and weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of MC's partners in trading in petroleum products.

As on March 31, 2011, MC's partners and their associates extended
about INR24 million as unsecured loans to the firm, which will be
retained in the business until the bank loans are repaid.
Therefore, for arriving at its ratings, CRISIL has treated these
loans as neither debt nor equity.

Outlook: Stable

CRISIL believes that MC will continue to benefit over the medium
term from the extensive industry experience of its partne INR The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile, driven by
higher-than-expected cash accruals or capital infusion by the
partners, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected working capital requirements or lower-than-
expected cash accruals, resulting in pressure on MC's liquidity.

                      About Modern Chemicals

Modern Chemicals has been trading in petroleum products and
chemicals, such as heavy cut oil, crude glycerine, and crude
benzol since 2003. The firm trades in about 10 products and
imports about 60 per cent of its requirements primarily from
Dubai and Singapore. MC is expected to derive about 35 per cent
of its revenues for 2012-13 (refers to financial year, April 1 to
March 31) from sale to its group companies -- Paswara Chemicals
Ltd (rated CRISIL BB-/Stable) and Paswara Impex Ltd -- with the
balance expected to be derived from sale to external customer MC
was established in 1980 and produced lime, limestone, and coal
paints till the commencement of its trading operations in 2003.


NITHIN TEXTILES: CRISIL Places 'B' Rating on INR393.5MM Loans
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nithin Textiles Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on Nithin's short-term
facilities 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit             75.0      CRISIL B/Stable (Assigned)

   Long-Term Loan         318.5      CRISIL B/Stable (Assigned)

   Bank Guarantee          30.0      CRISIL A4 (Assigned)

The downgrade reflects significant deterioration in Nithin's
financial risk profile, especially liquidity, caused by a sharp
decline in its profitability. Profitability declined because of
decline in cotton yarn realisations during 2011-12 (refers to
financial year, April 1 to March 31) and high cost of inventory
carried forward from the previous year. CRISIL believes that
Nithin's financial risk profile will remain constrained over the
medium term by high gearing and below-average debt protection
metrics.

Nithin reported, on provisional basis, a negative operating
margin of 2 per cent on operating revenues of INR652 million for
2011-12.

The ratings reflect Nithin's weak financial risk profile, marked
by high gearing and below-average debt protection metrics, and
its susceptibility to volatility in raw material prices and to
power shortage. These rating weaknesses are partially offset by
the benefits that the company derives from its promoters'
experience in the textile business.

Outlook: Stable

CRISIL believes that Nithin will maintain its business risk
profile over the medium term, supported by its promoters'
industry experience. The outlook may be revised to 'Positive' if
Nithin improves its profitability and increases its cash accruals
on a sustained basis, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large debt-funded capital expenditure
(capex) programme or reports further decline in margins, thereby
further adversely affecting its debt protection metrics.

                        About Nithin Textiles

Nithin was established in 2006 by Mr. K Jaikumar and his wife, M
INR J. Vanitha. The company began commercial operations in 2008.
It undertakes spinning of cotton and viscose yarn at its unit at
Dindigul (Tamil Nadu), which has capacity of 23,808 spindles.


Nithin reported a profit after tax of INR16 million on net sales
of INR711 million for 2010-11, against a net loss of INR1.4
million on net sales of INR375 million for 2009-10.


PRAKASH SPONGE: CRISIL Cuts Rating on INR90cr Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prakash Sponge Iron and Power Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit             60        CRISIL D (Downgraded from
                                     CRISIL BB-/Stable)

   Letter of Credit        30        CRISIL D (Downgraded from
                                     CRISIL BB-/Stable)

   Long-Term Loan         200        CRISIL D (Downgraded from
                                     CRISIL A4+)

The rating downgrade reflects instances of delay by PSIPPL in
servicing its debt due to its weak liquidity. PSIPPL's liquidity
has come under pressure on account of large working capital
requirements arising from advances of more than INR83 million
given to suppliers that could not be recovered, and also due to
unsteady cash flows from reduced business volumes following the
ban on mining in the Bellary region of Karnataka.

PSIPPL also has a below-average financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics. This rating weakness is partially offset by the
extensive experience of PSIPPL's promoters in the steel industry.

                        About Prakash Sponge

Prakash Sponge Iron and Power Pvt Ltd was incorporated in
February 2008 by Mr. Srinivasulu Metri and his family member.
The promoters planned to operate a 600-tonne-per-day (tpd) sponge
iron manufacturing unit and a 45-megawatt power plant. As a part
of the project plan, in the first phase, the company began
commercial operations in June 2010 through a sponge iron
manufacturing unit at its plant in Chitradurga (Karnataka) with
an initial capacity of 100 tpd; in the second phase, the capacity
was doubled to 200 tpd in March 2012.


SECAN INVESTCAST: CRISIL Puts 'B+' Rating on INR30.6cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Secan Investcast India Pvt. Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan               28.1      CRISIL B+/Stable (Assigned)
   Cash Credit             25.0      CRISIL B+/Stable (Assigned)
   Bank Guarantee           2.5      CRISIL A4 (Assigned)
   Letter of Credit         2.5      CRISIL A4 (Assigned)

The ratings reflect SIPL's modest scale of operations, customer
concentration risks, and susceptibility of revenues and margins
to cyclicality in the end-user industries. These rating
weaknesses are partially offset by the extensive experience of
SIPL's promoters in the castings industry.

Outlook: Stable

CRISIL believes that SIPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the castings industry. The outlook may be
revised to 'Positive' in case the company scales up its
operations, while diversifying its clientele base and maintaining
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if SIPL faces a slowdown in offtake from
key customers, thereby adversely affecting its revenues and
margins, or if it undertakes a large debt-funded capital
expenditure programme, thereby affecting its financial risk
profile.

                      About Secan Investcast

Incorporated in 2005 by Mr. Velusamy, a Coimbatore-based
entrepreneur, Secan Investcast India Pvt. Ltd. is engaged in the
manufacturing of stainless steel castings and valve spares, which
have applications in the cement, motor pump, petroleum, and paper
industries. The company has its manufacturing facility at
Coimbatore (Tamil Nadu) with an installed capacity of about
1800MT per annum. Before starting SIPL, Mr. Velusamy has been
associated with castings manufacturing units at Neco Schubert &
Salzer Ltd. and Karthik Steels Ltd. and has an experience of more
than two decades in the industry.

SIPL's clientele base includes established players such as FL
Smidth Ltd., ACC Ltd., KHD Humboldt, Thyssenkrupp Industries.
etc. The company has also set up 2 windmills located around 100
kms from Coimbatore and has a power purchase agreement (PPA) with
Tamil Nadu State Electricity Board (TNSEB). The day-to-day
operations of the company are managed by Mr. Veluswamy.

SIPL reported a profit after tax (PAT) of INR7.7 million on net
sales of INR98.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.0 million on net
sales of INR80.1 million for 2009-10.


SHREE MAHALAXMI: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shree Mahalaxmi Himghar Pvt Ltd. The rating
reflects the instances of delay by the company in servicing its
working capital term loan; the delays have been caused by the
company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     ------
   Cash Credit            24.00       CRISIL D (Assigned)
   Cash Credit            34.00       CRISIL D (Assigned)
   Cash Credit            45.00       CRISIL D (Assigned)
   Working Capital         8.00       CRISIL D (Assigned)
   Term Loan
   Bank Guarantee          3.00       CRISIL D (Assigned)

SMHPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and is exposed to the
highly regulated and intensely competitive cold storage industry
in West Bengal. The company, however, benefits from its
promoters' extensive industry experience.

SMHPL was initially set up as a partnership firm in 1979 named
Shree Mahalaxmi Cold Storage, with a cold storage facility, in
Kolkata (West Bengal) by Mr. Madan Dolui and his family; it was
subsequently reconstituted as a private limited company under its
current name. SMHPL is being managed by Mr. Madan Dolui and his
sons, Mr. Arup Dolui and Mr. Anup Dolui. The company has cold
storage facilities in Paschim Mednipur (West Bengal) for the
potato traders and farmers of West Bengal. SMHPL has a cold
storage capacity of 421,093 quintals with 7 chamber.  The
facility's average utilisation during the storage season was 90
to 95 per cent over the past three years through 2010-11 (refers
to financial year, April 1 to March 31). However, during the
storing season in 2012 (February to March), the utilisation was
lower, at 60 per cent.


TRILOK COTTON: CRISIL Reaffirms Junk Ratings on INR101MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Trilok Cotton
Pvt Ltd continues to reflect Trilok's continuously overdrawn cash
credit limit for more than 30 consecutive days in recent months,
because of weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit            71         CRISIL D (Reaffirmed)
   Rupee Term Loan        30         CRISIL D (Reaffirmed)

Trilok also has a weak financial profile, marked by high gearing
and low net worth, and is vulnerable to adverse changes in
government policy. The company, however, benefits from its
promoters' extensive experience in related industries.

Trilok, set up in 2008, is promoted by Mr. Sunil Kumar Patni, Mr.
Vinod Kumar Patni, and Mr. Dinesh Kumar Patni. The company is
engaged in cotton ginning business since October 2010; its plant
is located near Parbhani (Maharashtra). Trilok has capacity to
manufacture over 11 million cotton bales per annum.

Trilok reported, on a provisional basis, a net profit after tax
(PAT) of INR5.5 million on a net sales of INR635 million for
2011-12 (refers to financial year, April 1 to March 31), against
a PAT of INR4.1 million on net sales of INR429 million for 2010-
11.



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


ORIX-NRL: S&P Cuts Ratings on Class C to I Trust Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on the
class C to I trust certificates issued under the ORIX-NRL Trust
15 transaction, and affirmed its ratings on the class A, B, and
interest-only class X trust certificates issued under the same
transaction.

Of the nonrecourse loans and specified bonds extended to/issued
by nine obligors that initially backed the transaction, only five
loans remain, all of which have defaulted. The five loans
originally represented a combined 66% or so of the total initial
issuance amount of the trust certificates.

"We have reviewed our assessments of the values of the properties
backing the transaction's five remaining loans after considering
the performance of these properties, as well as the status of
their sales, which the servicer is undertaking," S&P said.

"We base the downgrades primarily on the following factors: One
remaining loan, which has defaulted, is backed by a retail and
office complex in Osaka Prefecture.  The loan originally
represented about 14.4% of the total initial issuance amount of
the trust certificates. Following the departure of a major tenant
in March 2011, renovation work was completed at the premises to
ensure that the vacant space could be leased up," S&P said.

However, the renovation significantly reduced the amount of space
available for lease.

"We currently assume the property value to be about 18% of our
initial underwriting value, down from about 43% when we last
reviewed our ratings in November 2010. Another remaining loan,
which defaulted at maturity in May 2012, is backed by a retail
building located in Shibuya Ward, Tokyo," S&P said.

The loan originally represented about 4.5% of the total initial
issuance amount of the trust certificates.

"We have lowered our assessment of the value of the retail
building because we expect rent levels at the property to decline
in the foreseeable future. We currently assume the property value
to be about 40% of our initial underwriting value, down from
about 69% when we last reviewed our ratings in November 2010,"
S&P said.

"Meanwhile, we affirmed our ratings on classes A and B because:
(1) two of the transaction's underlying loans repaid at maturity
after we last reviewed our ratings in November 2010 class C to I
trust," S&P said.

The loans originally represented a combined 19% or so of the
total initial issuance amount of the trust certificates; and (2)
some of the properties backing another of the transaction's
remaining loans have been sold. Thus, the redemption of the rated
tranches, which is made in sequential order, has progressed.
Accordingly, in our view, a certain level of credit support is
available to the transaction.  ORIX-NRL Trust 15 is a
multiborrower commercial mortgage-backed securities (CMBS)
transaction.

The trust certificates were initially secured by nonrecourse
loans and specified bonds extended to/issued by nine obligors.
The loans and bonds were, in turn, originally backed by 33 real
estate certificates and real estate properties.

The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in June
2014 for the class A trust certificates, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to I certificates, and the timely
payment of available interest for the class X certificates," S&P
said.

Ratings Lowered
ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014
Class     To            From         Initial issue amount
C         B- (sf)       BB- (sf)     JPY3.4 bil.
D         CCC (sf)      B- (sf)      JPY3.0 bil.
E         CCC- (sf)     CCC (sf)     JPY1.3 bil.
F         CCC- (sf)     CCC (sf)     JPY0.4 bil.
G         CCC- (sf)     CCC (sf)     JPY0.4 bil.
H         CCC- (sf)     CCC (sf)     JPY0.2 bil.
I         CCC- (sf)     CCC (sf)     JPY0.2 bil.

Ratings Affirmed

Class     Rating       Initial issue amount
A         AA+ (sf)     JPY25.4 bil.
B         A- (sf)      JPY3.5 bil.
X*        AAA (sf)     JPY37.8 bil. (initial notional principal)


* JAPAN: Fitch Lowers Three CMBS Tranches to 'Dsf' in Q212
----------------------------------------------------------
Fitch Ratings said that a total of 27 Japanese structured finance
(SF) tranches were affirmed in Q212, while three Japanese CMBS
tranches were downgraded to 'Dsf'.

The affirmations reflected sufficient available credit
enhancement levels to support the current ratings or that sales
of underlying properties were proceeding in line with Fitch's
expectations.  Downgrades to 'Dsf' resulted from realised losses
following the final conclusion of work-outs.

Two tranches from two CMBS transactions were removed from Rating
Watch Negative (RWN) in May and July 2012, respectively, after
the progress of property sales activity removed uncertainty over
the timing of full redemption despite the approach of the final
legal maturity.

Ten tranches from six Fitch-rated Japanese CMBS transactions were
paid in full during the quarter via refinancing of underlying
loans or sales of collateral properties.  Eight ratings from four
Japanese CMBS were withdrawn as the transactions were terminated
following the completion of work-out activity on all remaining
underlying loans.



===============
M A L A Y S I A
===============


* MALAYSIA: Moody's Says Banking System Outlook Stable
------------------------------------------------------
Moody's Investors Service says the outlook for Malaysia's banking
system in the next 12 to 18 months is stable.

"Moody's expects the Malaysian government's expansionary policies
to support credit growth, despite a slowing economy due to lower
demand for exports from the country's main trading partners --
the US, Europe and China," says Simon Chen, a Moody's Analyst.

Chen was speaking at the release of a new Moody's report titled,
"Banking System Outlook: Malaysia," which is based on the central
scenario that Malaysia's economy will grow at a slower, yet
robust pace of 4.0% this year, from 5.1% last year.

"Government spending this year will total 26% of GDP, on
commercial and fiscal projects that will attract private sector
investment, and provide support to domestic business activities
and employment. We expect loans to grow by between 9% and 11%,
which is slightly lower than the 14% growth recorded in 2011,"
explains Mr. Chen.

Risk-adjusted profits for Malaysian banks are expected to fall
modestly, due to moderating credit growth, lower net interest
margins, and rising cost pressures for those banks aiming to
boost their offshore operations.

However, Moody's believes the banks will continue to expand
regionally because of intense domestic competition, high credit
penetration and abundant liquidity.

They will also try to compensate for lower loan growth by taking
up opportunities from the retreat of European banks in the
region, expanding their opportunities in Islamic banking, and
focusing on stable fee-generating businesses like wealth
management and bancassurance.

Meanwhile, Moody's expects asset quality to remain resilient,
supported by low unemployment, continued growth in household
incomes and low corporate leverage.

Should the operating environment deteriorate further than
expected, however, sectors vulnerable to loan delinquencies would
include export-oriented manufacturers, highly-leveraged
households and mortgages with high loan-to-valuations relating to
speculative segments of the property market.

But Moody's believes banks will have relatively strong capacity
to absorb related losses under a deteriorating environment.

Capitalization is strong. With the system's Tier 1 capital ratio
of 12.9% at end-April 2012, capital would be sufficient to
support asset growth over the next 12-18 months and absorb a
significant deterioration in operating conditions and asset
quality.

"Under our adverse scenario, which corresponds to a cyclical
recession with the impaired loans ratio rising to an average of
8% from current level of 2.7% across the entire loan book, our
rated banks would maintain Tier 1 capital at above 10%," says
Mr. Chen.

Moody's rates 8 commercial banks in Malaysia, which together
accounted for 81% of total banking system assets as of 31
December 2011.



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


INVESTMENT SOLUTIONS: SFO Case Against Exec Delayed Until October
-----------------------------------------------------------------
stuff.co.nz reports that Evan Cherry, the sole director of
Albany-based Investment Solution Limited, must wait until October
to enter a plea as lawyers argue over details of his case.

stuff.co.nz recalls that Mr. Cherry was charged in April by the
Serious Fraud Office with seven counts of theft and providing
false investment details for his Investment Solutions group of
companies.

He appeared in the North Shore District Court on July 12, 2012.

According to the report, Mr. Cherry's lawyer, Matthew Dixon, told
the court negotiations between the SFO and his client were
continuing.

"We're close, but regrettably not in a position to seal the deal,
to speak colloquially. It's a specific particular and I expect
we'll have it resolved shortly," the report quotes Mr. Cherry as
saying.

If convicted, the maximum penalty Mr. Cherry faces is 10 years in
prison, adds stuff.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2012, the Serious Fraud Office had laid charges in the
North Shore District Court against Evan Paul Cherry, the sole
director (prior to July 11, 2011) of Albany-based investment and
financial advisors -- Investment Solutions Limited, ISL Nominees
Limited, Trading Strategies Limited, ISL Strategic Investments
Limited, and ISL Strategic Investments 100 Limited.

Mr. Cherry is facing seven charges under the Crimes Act relating
to the alleged theft of investor funds and false statements in
investor reports.

Mr. Cherry had initially sought and was granted name suppression,
but this was lifted on June 8, 2012.

The ISL companies were advertised as providing returns or finding
solutions that "generally outperform the market".

The ISL companies received approximately NZ$9 million from an
estimated 175 investors.

The SFO allege that at least NZ$5 million of these funds were not
invested in accordance with investment instructions.



===============
T H A I L A N D
===============


* THAILAND: Moody's Says Banking System Outlook Stable
------------------------------------------------------
Moody's Investors Service says the outlook for Thailand's banking
system over the next 12 to 18 months is stable.

"The stable outlook is underpinned by our view that
reconstruction and inventory replenishment activities will
generate the rebound as firms normalize production and the
government implements programs introduced after last year's
massive floods," says Karolyn Seet, a Moody's Assistant Vice
President and Analyst.

Seet was speaking on the release of Moody's latest outlook on
Thailand's banking system which is based on the central scenario
that Thailand's economy will grow by 5.0% in 2012, and 5.6% in
2013, up from 0.1% for the whole of 2011.

Moody's expects annual loan growth of 5%-10% -- with the
infrastructure and manufacturing sectors accounting for the bulk
of the new loans -- versus 15% a year ago.

And Thai banks have the financial flexibility to withstand a
substantial deterioration in asset quality, according to Moody's
stress tests.

Under Moody's adverse scenario, in which non-performing loans
(NPLs) reach an average of 10% throughout their loan books, the
capital levels of all Moody's-rated banks will remain within a
7%-16% range.

"It would take our highly adverse scenario, with average NPLs of
20%, to cause Tier 1 ratios to erode to levels that would require
some banks to raise capital by Basel II standards," says
Ms. Seet.

The banking system's overall funding and liquidity profile is
also stable, with liquid assets accounting for 30% of total
assets, while customer deposits make up 75% of total funding,
however the system's headline average loan-to-deposit ratio was
relatively high, at 122% at end-2011.

Moody's does not expect any material change in the banks'
dependence on the capital markets.

However, the significant foreign currency reserves accumulated at
the central bank, which serve as a buffer against the risk of an
external liquidity crisis, will ensure their continued access to
US dollars in extreme conditions.

And despite the floods, the profitability of Thai banks will stay
strong on the back of solid loan growth.

"We expect net interest margins to be somewhat under pressure
owing to the competition for deposits, which may increase
interest expenses," says Seet.

But Moody's notes that there is potential for an increase in loan
rates in areas where demand is strongest, as well as for higher
fee income.

Moody's rates 10 banks in Thailand, including eight commercial
banks and two policy banks. The eight commercial banks accounted
for approximately 89% of total banking system assets as at end-
2011.



                             *********

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

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

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


                            *********


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

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

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





                 *** End of Transmission ***