TCRAP_Public/120720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 20, 2012, Vol. 15, No. 144



RHG MORTGAGE: Refunds Customers Over AUD3.3 Million
* AUSTRALIA: Payment Delay Likely to Led More Firm Collapses


LDK SOLAR: Xinyu City to Pay Some of Firm's Debt
WINSWAY COKING: S&P Puts 'B+' Corp. Credit Rating on Watch Neg

H O N G  K O N G

AAA PROJECTS: Tadashi and Chen Step Down as Liquidators
AMERICANA INDUSTRIAL: Members' Final Meeting Set for Aug. 20
AVNET HK: Commences Wind-Up Proceedings
CASTLE PEAK: Liu and Koo Step Down as Liquidators
CHARTER (HK): Members' Final Meeting Set for Aug. 13

CHINA FUJIAN: Lo and Agnew Step Down as Liquidators
CYK PRODUCE: Seng and Cheng Step Down as Liquidators
DRAGON PROPERTY: Davies Anthony Philip Steps Down as Liquidator
ELITE CON0STRUCTION: Members' Final Meeting Set for Aug. 13
ELECTRO THERMAL: Puen and Lo Step Down as Liquidators

FOCUS MOTION: Final Meetings Set for Aug. 17
HONGKONG MACAU: Members' Final Meeting Set for Aug. 13
HOP KIN: Lo and Agnew Step Down as Liquidators
LA ROSE: Dubois and Wallis Step Down as Liquidators
SANTA INDUSTRIAL: Li King Him Steps Down as Liquidator

TAMAKI INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
THYSSENKRUPP STAINLESS: Members' Final Meeting Set for Aug. 13
UGAIN INDUSTRIAL: Members' Final Meeting Set for Aug. 13
WATFORD INVESTMENTS: Members' Final Meeting Set for Aug. 13
WELLAST INVESTMENTS: Members' Final Meeting Set for Aug. 13


ARIA HOTELS: ICRA Cuts Rating on INR422.92cr Loan to 'BB+'
DAMODAR ENGINEERS: ICRA Places 'B' Rating on INR12cr Loan
DECOLIGHT CERAMIC: Delay in Loan Payment Cues ICRA Junk Ratings
ECO RRB: ICRA Rates INR21cr Longterm Loan at '[ICRA]B+
GRESS CERAMICA: ICRA Assigns '[ICRA]B+' Rating to INR8.2cr Loan

HANUMANT FOUNDATION: ICRA Rates INR24.5cr Term Loan at 'B+'
JOHNSON JEWELLERS: ICRA Reaffirms 'BB-' Rating on INR17cr Loan
KAMALBEN SINDHAV: ICRA Rates INR6.35cr Term Loan at '[ICRA]B'
K. K. BUILDERS: Delays in Loan Servicing Cues ICRA Junk Ratings

M K ROY: ICRA Reaffirms 'BB-' Rating on INR8.63cr Loans
NAVANIDHI ELECTRONICS: ICRA Assigns Junk Ratings to INR10cr Loans
RLJ WOVEN: ICRA Reaffirms 'BB' Rating on INR16.10cr Loans
SHREE SIDHBALI: ICRA Reaffirms 'BB' Rating on INR26.14cr Loans

SINEWAVE BIOMASS: ICRA Reaffirms 'BB-' Rating on INR38cr Loan


BAKRIE SUMATERA: S&P Raises Corp. Credit Rating to 'CCC-'


* JAPAN: Moody's Says RMBS Deliquencies Hit Self-Employed

N E W  Z E A L A N D

CAPITAL + MERCHANT: Ex-Directors, CEO Found Guilty of Fraud
GOULDS FINE: Liquidators to Sell Business, 60 Workers Dismissed
HANOVER FINANCE: Fights to Get NZ$2 Million from Insurer

S R I  L A N K A

PEOPLE'S LEASING: S&P Gives 'B+/B' Issuer Credit Ratings
* SRI LANKA: Moody's Assigns 'B1' Foreign Currency Rating


* Large Companies with Insolvent Balance Sheets

                            - - - - -


RHG MORTGAGE: Refunds Customers Over AUD3.3 Million
The Australian Securities & Investments Commission said that over
6,400 consumers will be refunded more than AUD3.3 million by RHG
Mortgage Corporation Ltd, formerly known as RAMS Mortgage
Corporation Ltd, following ASIC concerns about discharge and
early termination fees charged on home loans terminated since
July 1, 2010.

RHG has also agreed to reduce its discharge fees on existing
loans and to the staggered removal of early termination fees for
thousands of customers going forward.

ASIC was concerned some of RHG's fees were unconscionable or
unjust under the National Credit Code in circumstances where:

   * early termination fees on RHG's Interest Saver products
     were increased for existing clients from AUD1,400 in the
     first year (reducing to AUD700 in the third year), to a
     flat fee of AUD2,000 in the first three years;

   * discharge fees were increased for existing clients from
     AUD590 to AUD990;

   * early termination fees were calculated by reference to
     the amount borrowed (e.g. a percentage of the amount
     borrowed); and

   * early termination fees did not reduce over time.

ASIC took action in relation to RHG after receiving a significant
level of complaint.

Early termination fees have generally been charged by lenders in
the first three to five years of a loan to recover establishment
costs. ASIC has provided guidance that, because lenders recover
some of these costs as customers make regular repayments, early
termination fees should generally reduce over time.

Discharge fees are payable irrespective of when a loan is
terminated to recover the administrative cost of terminating the
contract. Lenders must ensure these fees, and any increases to
them, are justified.

ASIC Commissioner Peter Kell said, "ASIC has been active in
monitoring early termination fees. In 2010 we published
regulatory guidance on how we would apply the National Credit
Code restrictions on fees, and we have been conducting an
industry review of early termination fees and will publish a
report with detailed findings before the end of the year."

RHG has started notifying customers who may be entitled to a
refund as well as those current customers who will have their
fees waived or reduced. This will include refunds to customers of
the portion of any discharge fee or early termination fee paid
since July 1, 2010, above the originally contracted amount that
was applicable before the fee increase. This will also include
partial refunds of early termination fees paid since July 1,
2010, on a number of other loans.

Affected customers will receive refunds ranging from AUD50 to
over AUD10,000, with the most common refund being AUD400.

Customers eligible for a refund will be contacted by RHG in the
coming weeks. Past or present RHG customers who have terminated a
loan since July 1, 2010, and who are not contacted in the weeks
ahead can also contact RHG with any queries on 1300 658 489.

RHG Limited (ASX:RHG) -- formerly RAMS
Home Loans, specializes in providing residential home loans
throughout Australia.

* AUSTRALIA: Payment Delay Likely to Led More Firm Collapses
Adele Ferguson at reports that company collapses are
likely to proliferate in coming months as the number of
businesses delaying payment on their bills continues to increase,
heaping more pressure on the struggling small business sector.

According to, the latest figures from Dun & Bradstreet
show an alarming deterioration in payment terms to 53.2 days for
small businesses, from a previous reading 51 days, three months

Given the standard repayment term is 30 days, this lengthening of
the due payment repayment is likely to push more companies to the
wall, the report notes.

By contrast, says, the average term was 45 days in
2003 and before GST was introduced in 2000, it was 41 days.

According to the latest Dun & Bradstreet Trade Payments Analysis
-- examining the ability of firms to pay their bills, and pay
them on time -- the number of payments falling within the
standard 30-day term dropped 16.5% quarter-on-quarter,
notes. relates that the analysis found that two-thirds of all
trade payments were late during the second quarter.

D&B found the number of severely delinquent payments (90+ days
overdue) also rose noticeably during the last 12 months -- up
13% since the June quarter last year, adds.


LDK SOLAR: Xinyu City to Pay Some of Firm's Debt
Bloomberg News reports that LDK Solar Co. will have part of its
debts paid by the government of the Chinese city in which it is

The city of Xinyu in eastern China's Jiangxi province has decided
to include the repayment of LDK Solar's loans from Huarong
International Trust and Investment Corp. in the municipal
government's annual fiscal budget, Bloomberg News relates citing
a statement on the website of the National People's Congress,
China's top legislative body.  Xinyu's local legislature has
approved the plan, according to the statement dated July 13,
which didn't say how much the city would pay.

LDK said in a May filing that it might be unable to remain a
"going concern" if it can't improve access to funds, Bloomberg
News adds.

                         About LDK Solar

LDK Solar Co., Ltd. -- 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.

WINSWAY COKING: S&P Puts 'B+' Corp. Credit Rating on Watch Neg
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on China-based Winsway Coking Coal
Holdings Ltd. and the 'B+' issue rating on the company's senior
unsecured notes on CreditWatch with negative implications. "We
also placed our 'cnBB' Greater China scale credit ratings on the
company and its notes on CreditWatch with negative implications,"
S&P said.

"The CreditWatch placement reflects our view that Winsway's
financial performance could further deteriorate over the next few
quarters due to weak demand for steel and pressure on coal
prices," said Standard & Poor's credit analyst Jerry Fang. "We
believe the company's financial performance for the first half of
2012 is likely to be worse than we had anticipated."

"We expect Winsway's liquidity to weaken due to weakening
internal cash flow generation. Moreover, the company is exposed
to greater coal price risk than we anticipated. Winsway issued a
profit warning for its first-half 2012 financial results," S&P

"We aim to resolve the CreditWatch placement after Winsway
publishes its audited interim results in late August," said Mr.
Fang. "We will also review the company's liquidity position and
its strategy to stabilize its credit metrics over the next 12
months or so. In addition, we will consider the pending
acquisition of a stake in Winsway by Aluminum Corp. of China Ltd.
(foreign currency BBB/Negative/--; cnA-/--)."

"We could lower the rating by one notch if we believe Winsway's
operational and financial performance will not recover in the
next 12 months," S&P said.

H O N G  K O N G

AAA PROJECTS: Tadashi and Chen Step Down as Liquidators
Tadashi Hasegawa and Chen Ching-Yun stepped down as liquidators
of AAA Projects Limited on July 4, 2012.

AMERICANA INDUSTRIAL: Members' Final Meeting Set for Aug. 20
Members of Americana Industrial Company Limited will hold their
final general meeting on Aug. 20, 2012, at 11:30 a.m., at Flat F,
34th Floor, Scholastic Garden, 48 Lyttelton Road, Mid-Level West,
in Hong Kong.

At the meeting, Tong Kwong Wah Jerry, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

AVNET HK: Commences Wind-Up Proceedings
Members of Avnet Hong Kong Limited, on June 29, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong

CASTLE PEAK: Liu and Koo Step Down as Liquidators
Stephen Liu Yiu Keung and Sammy Koo Chi Sum stepped down as
liquidators of Castle Peak Issuer Company (Hong Kong) Limited on
July 5, 2012.

CHARTER (HK): Members' Final Meeting Set for Aug. 13
Members of Charter (Hong Kong) Limited will hold their final
general meeting on Aug. 13, 2012, at 11:00 a.m., at G/F, 41-47
Pak Tin Par Street, Tsuen Wan, New Territories, in Hong Kong.

At the meeting, Poon Ching Wah, the company's liquidator, will
give a report on the company's wind-up proceedings and property

CHINA FUJIAN: Lo and Agnew Step Down as Liquidators
Joseph K.C. Lo and Dermot Agnew stepped down as liquidators of
China Fujian Engineering (H.K.) Limited on June 26, 2012.

CYK PRODUCE: Seng and Cheng Step Down as Liquidators
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of CYK Produce Limited on July 10, 2012.

DRAGON PROPERTY: Davies Anthony Philip Steps Down as Liquidator
Davies Anthony Philip stepped down as liquidator of Dragon
Property Group Limited on July 9, 2012.

ELITE CON0STRUCTION: Members' Final Meeting Set for Aug. 13
Members of Elite Construction Engineering Limited will hold their
final general meeting on Aug. 13, 2012, at 4:00 p.m., at 10/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property

ELECTRO THERMAL: Puen and Lo Step Down as Liquidators
Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of
Electro-Thermal-Technologies & Components Limited on July 5,

FOCUS MOTION: Final Meetings Set for Aug. 17
Members and creditors of Focus Motion Investment Limited will
hold their final meetings on Aug. 17, 2012, at 10:00 a.m., and
11:00 a.m., respectively at Unit A, 10/F, TAL Building, 49 Austin
Road, Jordan, Kowloon, in Hong Kong.

At the meeting, Kwok Lai Ngor, the company's liquidator, will
give a report on the company's wind-up proceedings and property

HONGKONG MACAU: Members' Final Meeting Set for Aug. 13
Members of Hongkong Macau Secretarial Services Limited will hold
their final general meeting on Aug. 13, 2012, at 3:30 p.m., at
10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property

HOP KIN: Lo and Agnew Step Down as Liquidators
Joseph K.C. Lo and Dermot Agnew stepped down as liquidators of
Hop Kin Engineering Development Limited on June 26, 2012.

LA ROSE: Dubois and Wallis Step Down as Liquidators
Gerard Dubois and Richard Alan Wallis stepped down as liquidators
of La Rose Noire Boulangerie Limited on July 5, 2012.

SANTA INDUSTRIAL: Li King Him Steps Down as Liquidator
Li King Him stepped down as liquidator of Santa Industrial (HK)
Company Limited on June 30, 2012.

TAMAKI INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on July 4, 2012,
creditors of Tamaki International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong

THYSSENKRUPP STAINLESS: Members' Final Meeting Set for Aug. 13
Members of Thyssenkrupp Stainless International (Hong Kong)
Limited will hold their final general meeting on Aug. 13, 2012,
at 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's Road
East, in Hong Kong.

At the meeting, Chan Mi Har and Betty Yeung Yuen, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

UGAIN INDUSTRIAL: Members' Final Meeting Set for Aug. 13
Members of Ugain Industrial Limited will hold their final general
meeting on Aug. 13, 2012, at 11:30 a.m., at Room 2, 1/F, Block A,
Sea View Estate, 2-8 Watson Road, North Point, in Hong Kong.

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

WATFORD INVESTMENTS: Members' Final Meeting Set for Aug. 13
Members of Watford Investments Limited will hold their final
general meeting on Aug. 13, 2012, at 10:30 a.m., at Room 2, 1/F,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong

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

WELLAST INVESTMENTS: Members' Final Meeting Set for Aug. 13
Members of Wellast Investments Limited will hold their final
general meeting on Aug. 13, 2012, at 11:00 a.m., at Room 2, 1/F,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong

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


ARIA HOTELS: ICRA Cuts Rating on INR422.92cr Loan to 'BB+'
ICRA has revised the long-term rating assigned earlier to the
INR422.92 crore, fund-based bank facilities of Aria Hotels and
Consultancy Services Private Limited to '[ICRA]BB+' from
'[ICRA]BBB-' earlier. Outlook on the rating continues to be

   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund-based bank       422.92    [ICRA]BB+ (Stable)/Downgraded

The rating revision factors in the significant time and cost
over-runs in AHCSPL's hotel project which together with reduction
in effective moratorium period, increase in interest rates and
anticipated pressure on operating metrics in the National Capital
Region (NCR) hospitality market is expected to adversely affect
the company's return and debt-coverage indicators going forward.
Nevertheless, the company has tied-up for funding cost over-runs
to the extent of INR50 crore considering a delay in execution by
6 months (i.e. till September 2012). Given the reduced financial
flexibility of AHCSPL's parent entity - AHWL {rated [ICRA]BBB-
(negative)), the company's ability to secure additional funding,
if required, remains to be seen. Further, the rating continues to
be constrained by the large size of AHCSPL's project in relation
to current scale of operations of the parent; and intensely
competitive scenario in the premium segment of the hotel industry
in NCR. The competition is expected to intensify further,
particularly for AHCSPL's property, because of significant room
additions planned in proximity of the project location. The
rating, however, derives strength from established track record
of AHCSPL's parent in project implementation and operating
hotels, particularly in the NCR market; favorable location of its
project; and its association with Marriott group for their up-
scale brand "JW Marriott" which besides brand recognition, will
provide it access to Marriott's global reservation systems. The
rating also favorably factors in the low regulatory risk
considering that all approvals required during the construction
phase have already been received.

In ICRA's view, the key rating sensitivity will be the company's
ability to minimize the extent of time and cost over-runs;
mobilize funds required for funding of cost over-runs beyond
current estimates if any; ensure timely launch by securing
requisite approvals; and report healthy operating metrics in the
property post-launch.

Incorporated in May 2007, AHCSPL is a subsidiary of Asian Hotels
(West) Limited that owns Hotel Hyatt Regency in Mumbai and rated
[ICRA]BBB- (negative) by ICRA. Gupta group - the promoters of
AHWL have significant experience in the hotel industry. Apart
from Hyatt Regency (Mumbai), the promoters have interests in the
Qutab Hotel (Delhi) and The Clarion Hotel (Bangalore). The
promoters, in the past, have also been associated with Hyatt
Regency (Delhi) and Hyatt Regency (Kolkata).

AHCSPL is constructing a 525-room five star deluxe hotel
property, in hospitality district of Delhi Aerocity located at
Delhi International Airport. Apart from hotel, the project also
involves construction of 110,000 square feet of retail/
commercial purpose.

DAMODAR ENGINEERS: ICRA Places 'B' Rating on INR12cr Loan
ICRA has assigned a long term rating of '[ICRA]B' to the INR13.00
crore1 fund based bank facilities of Damodar Engineers Private
Limited.  ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR14.00 crore non fund based bank facilities
of DEPL.

   Facilities               (INR Cr)   Ratings
   ----------              ---------   -------
   Fund Based Limits-        12.00     [ICRA]B assigned
   Cash Credit

   Fund Based Limits-         1.00     [ICRA]A4 assigned
   Term Loan

   Non Fund Based            14.00    [ICRA]A4 assigned
   Bank Guarantee

The ratings take into account the high working capital intensity
of operations due to an increase in the receivable levels,
especially in Government projects and the lack of mobilization
advances in many of the company's existing projects. The ratings
are also constrained by the highly competitive business
environment, characterized by the presence of large number of
players along with a tender based contract award system. DEPL's
exposure to volatility in raw material prices could have an
adverse impact on its profitability, however, ICRA notes that the
presence of built in escalation clauses in most of its contracts
mitigates this risk to an extent. The company's exposure to high
geographical concentration risks, with a significant share of the
company's ongoing projects in its order book being located in the
states of West Bengal and Odisha also have an impact on the
ratings. The ratings are however supported by the established
track record of DEPL in the infrastructure and construction
business with an experience of more than a decade and the healthy
order book position thereby offering revenue visibility in the
near to medium term, however, a major portion of the order book
is from a single customer which exposes the company to client
concentration risk.

Incorporated in 1999, DEPL is engaged primarily in the
construction business. DEPL's core area of operation includes
projects in building construction and road works primarily
located in the states of West Bengal and Odisha for various
Government agencies and PSUs.

Recent Results

DEPL reported a net profit of INR1.23 crore (provisional) in FY12
on the back of an operating income of INR41.37 crore
(provisional) as against a net profit of INR1.05 crore on an
operating income of INR36.55 crore during FY11.

DECOLIGHT CERAMIC: Delay in Loan Payment Cues ICRA Junk Ratings
ICRA has assigned an '[ICRA]D' rating to the INR29.00 crore cash
credit facility and INR4.50 crore term loan facilities of
Decolight Ceramic Limited. ICRA has also assigned an '[ICRA]D'
rating to the INR2.50 crore short-term non-fund based facilities
of DCL.

   Facilities                 (INR Cr)    Ratings
   ----------                 ---------   -------
   Long Term Fund based-        29.00     [ICRA]D assigned
   Cash Credit

   Long Term Fund Based-         4.50     [ICRA]D assigned
   Term Loan

   Short Term Non Fund Based-    2.50     [ICRA]D assigned
   Bank Guarantee

The assigned ratings reflect the delays in debt servicing by the
company owing to tight liquidity position arising out of highly
working capital intensive nature of the operations and weak
financial profile characterized by operating losses and weak
coverage metrics. The ratings also take into account the highly
competitive business environment and single product portfolio of
the company restricting sales prospects from large distributors
and institutional players. Further, the susceptibility to
availability and rising prices of gas remains a concern with gas
being major source of fuel. However, the ratings consider the
extensive experience of the promoters in the tiles industry and
locational advantage due to its presence in Morbi (Gujarat),
leading tiles manufacturing state in India.

Decolight Ceramics Limited is a vitrified tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was
incorporated in March 2000 and is managed by Mr. Kanti Pethapara
who has more than two decades of experience in the tiles
industry. In June 2007, the company went public through initial
public offer and is listed on BSE and NSE. The company has an
installed capacity of 12000 sq meters and manufactures vitrified
tiles of size 605x605 mm with the current set of machineries at
its production facilities.

Recent Results

During FY 2012, DCL reported an operating income of INR59.28
Crore and net loss of INR10.66 Crore as against an operating
income of INR145.20 Crore and net profit of INR0.78 Crore in FY

ECO RRB: ICRA Rates INR21cr Longterm Loan at '[ICRA]B+
ICRA has assigned '[ICRA]B+' rating to INR21.00 crore long term
fund based bank facilities of Eco RRB Infra Private Limited.

   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Long Term: Fund Based Limits     21.00     [ICRA]B+/assigned

The assigned rating is constrained by the early expiry of the
lease agreement (March 2013) vis--vis the tenure of the term
loan (April 2021) which could strain the debt servicing capacity
of the company in case the lease is not renewed in a timely
manner or in case of reduction in the lease rentals. The cover of
monthly lease rentals in relation to the repayment obligations is
also modest at 1.01 times for FY 2013, though it has improved
from a cover of 0.84 times in FY 2012, due to reduction in the
monthly repayment post the increase in tenure of the term loan
and the scheduled annual increase in the lease rentals during
FY13. ICRA notes that there is a high rental concentration risks
as the debt servicing ability is contingent on a single property
with the entire leasable area being leased to a single group.
Moreover, there had been minor delays in the receipt of rentals
beyond the due date, which could temporarily stretch the cash
flows in case of extended delay, given the limited cover
available for debt servicing. Further, the support from the
company's wind power operations is expected to remain limited due
to its modest scale of operations, partial utilisation of these
receipts towards general & administrative expenses & repayment of
other terms loans and the weak credit profile of the counter-
parties i.e. state electricity boards. The assigned rating also
takes into account the sizeable contingent liabilities of the
company arising out of the corporate guarantee extended by ERIPL
to its associate company, RRB Energy Limited, whose bank limits
have been recently restructured under the CDR (Corporate Debt
Restructuring) mechanism. The rating is however supported by the
attractive location of the property in Jasola District Center,
New Delhi, which is a developed commercial area with presence of
a number of leading companies in the vicinity and the experience
of the group in the field of wind power, given the focus of the
company on providing EPC (Engineering, Procurement and
Commissioning) services for setting up of wind power plants in
future. The rating also takes into account the DSRA equivalent to
one month of debt obligation which shall be maintained by the
company during the tenure of the term loan which shall ensure
availability of funds for timely debt servicing in case of
temporary cash flow mismatch.

Going forward, ERIPL's ability to timely renew the lease
agreement without any reduction in rentals for the entire
leasable area and timely collection of the rentals, will be the
key rating sensitivities.

ERIPL was incorporated in 1984, initially as RRB Consultants and
Engineers Pvt. Ltd. and was primarily engaged in providing
consultancy services in the field of wind energy involving site
identification, compilation of wind data, analyzing
characteristics of the terrain and micrositing etc. With a change
in the focus from providing consultancy services to undertaking
infrastructure projects such as setting up of wind power plants
and undertaking EPC projects in the field of wind energy , the
name of the company was changed in May 2010 from RRB Consultants
and Engineers Pvt. Ltd. to ERIPL. The company is presently
primarily an Independent Power Producer with an aggregate wind
power capacity of 5.25 MW in Tamil Nadu (4.05 MW) and Rajasthan
(1.2 MW) as on March 31, 2012. In addition, the company has also
leased out a commercial office space which provides a regular
source of income to the company. The lease rentals from this
property have been securitized to partly fund the purchase of
FCDs of an associate company, RRB Energy Limited.

GRESS CERAMICA: ICRA Assigns '[ICRA]B+' Rating to INR8.2cr Loan
ICRA has assigned an '[ICRA]B+' rating to the INR6.20 crore term
loan and INR2.00 crore cash credit facility of Gress Ceramica
Private Limited. ICRA has also assigned an '[ICRA]A4' rating to
INR2.15 crore letter of credit facility (sublimit of term loan)
and INR1.00 crore bank guarantee facility of GCPL.

   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Cash Credit               2.00      [ICRA]B+ assigned
   Term Loan                 6.20      [ICRA]B+ assigned
   Bank Guarantee            1.00      [ICRA]A4 assigned
   Import Letter of Credit  (2.15)     [ICRA]A4 assigned

The assigned ratings reflect the risks associated with the
stabilization of the plant's operations, as per expected
parameters post commencement, disadvantages arising from the
single product portfolio as well as intense competition with
presence of large established organized tile manufacturers and
unorganized players. The ratings also take into account the
vulnerability of GCPL's profitability to the cyclicality
associated with the real estate industry and increasing prices of
gas with gas being the major fuel. The ratings further take into
account the adverse capital structure resulting from debt funded
capex undertaken by GCPL.

The ratings, however, favorably consider the long experience of
the promoters in ceramic industry, anti dumping duty on Chinese
imports which could reduce competitive pressures and location
advantage enjoyed by the company resulting in ease of access to
raw material sources.

Incorporated in 2011, GCPL commenced the commercial operations
from June 2012. It is promoted by Mr. Nitin Panchotiya and other
family members who have decade of experience in ceramic industry.
It is currently engaged in manufacturing of ceramic wall glazed
tiles of size 12"X18", 12"X24", 12"X36" and 14" X30" with an
installed capacity of 24,000 MTPA. The plant of the company is
located in Morbi, Gujarat.

HANUMANT FOUNDATION: ICRA Rates INR24.5cr Term Loan at 'B+'
ICRA has assigned the long term rating of '[ICRA]B+' to INR24.50
crore1 term loans of Hanumant Foundation.

   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Fund based limits-         24.50     [ICRA]B+ assigned
   Term loan

The assigned rating takes into account the extensive experience
of promoters in operating educational institutions and schools,
the society's agreement with reputed DPS society that lends the
project an established brand name and operational support, and
favorable location for the school. The rating is however
constrained by high financial risk, since a sizeable portion of
the equity is yet to be infused, and execution risk as the
project is in initial stages of construction. Any delay in
commencement of the school in academic year 2013-14 would place
further liquidity pressure on HF in the initial years of debt
repayment. The rating also factors in the risks related to the
ability of the school to attract new students during the initial
phase of operations which coupled with high project cost may lead
to long duration of break-even period.

Timely completion of the project within the budgeted cost and the
ability of the promoters to fund equity requirements and any cash
shortfalls in the initial years would be key rating sensitivities
going forward.

Hanumant Foundation, part of the Shail Group, is constructing a
Delhi Public School in Sector 81, Faridabad. The proposed school
is under construction with March 2013 as the scheduled COD and
2013-14 as the first academic session. The group is managed by
Mr. Rohit Jain (Chairman) who has have extensive experience in
educational sector and currently operates six colleges in Indore
and DPS, Raipur under three societies.

JOHNSON JEWELLERS: ICRA Reaffirms 'BB-' Rating on INR17cr Loan
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to INR17.00
crore1 cash credit facility of Johnson Jewellers.  The outlook on
the long term rating is stable.

   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Cash Credit             17.00     [ICRA]BB-(Stable) reaffirmed

The rating continues to be constrained by the weak financial
profile of the firm as reflected by the highly leveraged capital
structure, weak coverage indicators and high working capital
intensity. The rating are also constrained by the low value
addition nature of the business as well as the highly competitive
industry structure which results in low profitability; the
profitability is further vulnerable to gold price volatility due
to the absence of formal hedging policy. ICRA also notes that JJ
being a proprietorship concern, any significant withdrawal from
capital account will affect its capital structure. However, the
rating positively considers the extensive experience of the
promoters in the gold jewellery business and sustained growth in
operating income in the past few years.

Established in 1991, Johnson Jewellers is a proprietorship firm
started by Mr. Anil P Soni. The firm is engaged in selling of
gold chains, pendants, gold coins on wholesale and retail basis.
JJ has a showroom at the prime commercial location of C G Road in
Ahmedabad since 2005. Besides sales through its retail outlet in
Ahmedabad, a major portion of the company's sales are on
wholesale basis to jewellers in Ahmedabad, as well as other parts
of Gujarat and Mumbai. While JJ possesses its own manufacturing
facility at Wadaj (Gujarat) with a production capacity of 150 Kg
per month, the production is outsourced to Swaminarayan Chains

Recent Results

During the FY 12, JJ reported an operating income of INR117.53
crore and profit after tax of INR0.30 crore (unaudited results)
as against operating income of INR101.65 crore and profit after
tax of INR0.29 crore during FY11.

KAMALBEN SINDHAV: ICRA Rates INR6.35cr Term Loan at '[ICRA]B'
The rating of '[ICRA]B' has been assigned to the INR6.35 crore
term loan of M/s. Kamalben Sindhav.

   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Term Loan                 6.35     [ICRA]B assigned

The assigned rating is constrained by the firm's modest scale of
planned operations, limited scope for growth in revenues as
against expected increase in operational expenses leading to
negative impact on profitability and the risk of delay in
commencement of operations in case of delay in project execution
which could result in delay in cash accruals for the firm in
addition to reduction in tenure of guarantee period. ICRA also
notes that the capital structure and credit metrics are expected
to remain stretched given the debt funded nature of project
undertaken and executed by the firm. While assigning the ratings
ICRA has also noted the risks of capital withdrawals that are
inherent in proprietorship firms.

The assigned rating, however, favorably factors in the stable
source of expected revenue for the firm on account of agreement
with CWC for a period of ten years as well as lower counter party
credit risk with CWC being a GoI enterprise.

M/s. Kamalben Sindhav was incorporated in the year 2011 and has
entered into an agreement with Central Warehousing Corporation (A
government of India undertaking) to provide storage space of
25,000 MT for storage of food grains required for Public
Distribution System (PDS). KS is setting up a godown on a land
area of 35,512 sq mtrs, owned by the proprietor and located at
Maliya Hatina taluka in Junagadh district.

K. K. BUILDERS: Delays in Loan Servicing Cues ICRA Junk Ratings
ICRA has assigned a long term rating of '[ICRA]D' to the INR31.0
crore1 term loans and fund based working capital facilities of K.
K. Builders. ICRA has also assigned a short term rating of
'[ICRA]D' to the INR14.0 crore non-fund based bank limits of KK.

   Facilities                (INR Cr)    Ratings
   ----------                ---------   -------
   Long term, Term Loans       14.70     [ICRA]D assigned

   Long term, Fund based       15.00     [ICRA]D assigned

   Long term, Proposed          1.30     [ICRA]D assigned

   Short term, Non fund         14.00    [ICRA]D assigned
   based facilities

The ratings reflect the delays in the servicing of debt
obligations by the firm in the recent past due to stretched
liquidity and lax credit culture. The ratings are also
constrained by the high working capital intensity of the
contracting business with a large amount of receivables pending
from the Kerala Public Works Department and the high percentage
of retention money retained by the clients. The ratings are
further stressed by the consistent losses made by the Kannur
Central bus stand complex BOT project due to the high interest
expenses. The ratings, however, consider the longstanding
experience of the partners in the construction and Hotels
business; the healthy orderbook of the firm's contract division
and increased revenue contribution from the Hotels division on
the back of robust demand for Indian Made Foreign Liquor. The
ratings further take into account the strong profitability and
capital structure of the firm with high margins, moderate gearing
and healthy coverage indicators.

K.K. Builders, a partnership firm formed in 1994, is a Kerala
based civil construction contractor and is primarily involved in
the execution of road and bridge construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department and has obtained ISO 9001:2008 and
ISO 14001:2004 certifications. The firm also owns and manages
three hotels, namely KK Residency, Hotel Broad Bean, KK Tourist
Home (Iritty) and also owns KK Tourist Home (Kannur; which offers
just boarding & lodging) in Kannur district. Apart from the
contract division and Hotels, the firm is involved in the Kannur
bus stand BOT project, operates two stone crusher units and owns
a division called KK fashion Retail which is involved in garments
and textile retailing.

ICRA has assigned a long term rating of '[ICRA]B' for INR14.50cr
working capital facilities of Livingstones Jewellery Private

   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   EPC                      5.47     [ICRA] B (assigned)
   PSC                      5.83     [ICRA] B (assigned)
   CC                       3.20     [ICRA] B (assigned)

The rating factors in the vast experience of promoters in the
jewellery business and advantages derived from integrated
operations through presence across value chain, through group
concern and moderate gearing levels at present.

The rating is, however, constrained by small scale of operations
of the company, stretched financial profile on account of the
high working capital intensity of the business and modest
profitability resulting in weak debt protection indicators. ICRA
also notes that LJPL has ventured into domestic retail operations
from 2004, scaling of the same, remains challenging given the
intense competition in the retail business. This along with
growth in sales as well as profitability levels in its
conventional exports business, through better product mix remains
the key from credit perspective.

Livingstones jewellery Private Limited was incorporated was
incorporated in 1989 by Mr. Sandip Kothari and Mr. Pankaj
Kothari. The company is engaged in the manufacture and selling of
diamond studded gold/ platinum jewellery. LJPL has its
manufacturing facility in SEEPZ, Mumbai.

Recent results:

LJPL reported, on a provisional basis, a profit before tax (PBT)
of INR0.41 crore on net sales of INR32.73 crore for 2011-12.

M K ROY: ICRA Reaffirms 'BB-' Rating on INR8.63cr Loans
ICRA has re-affirmed the '[ICRA]BB-' rating to the INR0.23 crore
term loan and INR4.40 crore fund based bank facilities of M K Roy
& Bros Projects Private Limited. The outlook on the long term
rating is stable. ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR4.00 crore non fund based bank facilities of MKRPL
completely interchangeable between short and long term, for which
ICRA has reaffirmed the [ICRA]BB- rating.

   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund Based Limit-Term    0.23      [ICRA]BB- (Stable)
   Loan                               reaffirmed

   Fund Based Limit-Cash    4.40      [ICRA]BB- (Stable)
   Credit                              reaffirmed

   Non Fund Based Limit-    4.00      [ICRA]BB- (Stable)/
   Bank Guarantee                     [ICRA]A4 reaffirmed

The reaffirmation of the ratings factor in the long experience of
the promoters in the business of fabrication and erection of high
pressure stainless steel tanks and pipelines used for the storage
and transportation of petrochemical products and MKRPL's
established customer base, which includes large public sector
undertakings (PSUs), thereby reducing counter party risks. MKRPL
is protected against the volatility in raw material prices to a
large extent as a major portion of the raw material is supplied
by the customers. The ratings are, however, constrained by
MKRPL's small scale of current operations, notwithstanding an
increase in the revenue in the last two years, high working
capital intensive nature of its operations because of a long
receivable cycle impacting liquidity, and the competitive nature
of the industry with a tender based contract awarding system
followed by PSUs, which keep the profitability of players
including MKRPL at a moderate level. ICRA notes that MKRPL is
exposed to significant customer concentration risks and has
limited bargaining power against its larger and stronger

MKRPL was incorporated in 1983 by Mr. M. K. Roy as a
proprietorship firm under the name of 'M K Roy & Bros'. In 1994,
the company was converted into a partnership firm. Subsequently
in 2000, the firm was converted into a private limited company
and the name was changed to 'M K Roy & Bros Projects Private
Limited'. The company is primarily engaged in the design,
fabrication and erection of high pressure stainless steel tanks
and pipelines used for the storage and transportation of
petrochemical products.

NAVANIDHI ELECTRONICS: ICRA Assigns Junk Ratings to INR10cr Loans
ICRA has assigned a long term rating of '[ICRA]D' for INR6.00
crore1 fund based limits and a short term rating of '[ICRA]D' for
INR4.00 crore non-fund based limits of Navanidhi Electronics
Private Limited.

   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund based limits         6.00     [ICRA]D Assigned
   Bank Guarantee            4.00     [ICRA]D Assigned
The assigned ratings factor in the delays in debt servicing (term
loans) by the company. The ratings are also constrained by NEPL's
relatively modest scale of operations in its core activity of
developing defence technologies, its continuing dependence on the
Indian defence sector for orders, vulnerability of margins to
competition from private players and a relatively high working
capital intensity as reflected in high utilisation of bank
facilities (cash credit) and high debtors days. ICRA however
factors in NEPL's established track record of 25 years in the
industry, strong customer portfolio comprising of HAL (Hindustan
Aeronautics Limited), BEL (Bharat Electronics Limited) and ECIL
(Electronics Corporation of India Limited) and strong R&D
capabilities. ICRA also notes the healthy potential order book
for the next five years given the increasing demand for products
of NEPL further supplemented by increased defence spending.

Navanidhi Electronics Private Limited (NEPL) was incorporated in
the year 1984 and is involved in the design, development and
supply systems for use in national defence requirements.
Since1987 the company has been supplying antennas missiles and
NEPL is also into the manufacture of amplifiers, signal jammers
and has recently expanded its activities to civilian application
by developing hi tech systems for Railways etc. The company is
managed by Mr. Ramanadha Sastry who has experience of around 3
decades in the field of defence and space applications.

Recent Results

The company reported a net profit of INR0.69 crore during the FY
2011 and an operating income of INR23.13 crore as against a net
profit and operating income of INR0.64 crore and INR21.87 crore
respectively during FY 2010.

RLJ WOVEN: ICRA Reaffirms 'BB' Rating on INR16.10cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR9.10 crore (reduced from INR9.63 crore earlier) term loan and
INR7.00 crore cash credit facilities of RLJ Woven Sacks Private
Limited. The outlook on the long term rating is stable. ICRA has
also reaffirmed the short term rating of '[ICRA]A4' rating to the
INR0.50 crore (enhanced from INR0.34 crore earlier) non fund
based bank limits of RWSPL.

   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund Based Limit-Term     9.10     [ICRA]BB (Stable)
   Loan                               reaffirmed

   Fund Based Limit-Cash     7.00     [ICRA]BB (Stable)
   Credit                              reaffirmed

   Non Fund Based Limit-     0.50     [ICRA]A4 reaffirmed
   Bank Guarantee

The rating reaffirmations take into consideration the positive
demand outlook for RWSPL's products due to the expected growth of
end user industries namely cement, steel and food products, the
diversified customer profile of the company across various
sectors which reduces sectoral concentration risk and limits
dependence on any particular sector, and the improvement in
turnover of the company during 2011-12 post stabilization of
operations from the additional capacity at the company's
manufacturing facility at Sankrail, West Bengal. The ratings,
however, continue to be constrained by the fragmented nature of
the woven sack industry characterised by a large number of small
players, which in turn leads to intense competition, and the weak
financial profile characterised by low profit margins, nominal
cash accruals and depressed level of coverage indicators although
improvement in profitability at the operating level was witnessed
during 2011-12. ICRA also notes that RWSPL's size of operations
is relatively small, which deprives it from the benefits of
economies of scale and also results in its weak bargaining power
against suppliers and customers.

RWSWPL, established in 2006, started commercial production in
March, 2009. The company has been engaged in the manufacture of
bulk packing materials made of polypropylene (PP). RWSPL's
factory is located at Sankrail, West Bengal, and has an annual
capacity of 7,500 metric tonne per annum (MTPA).

Recent Results

The company has reported a profit after tax of INR0.16 crore
(provisional) on an operating income of INR30.65 crore
(provisional) in 2011-12; as compared to a net profit of INR0.10
crore on an operating income of INR23.47 crore in 2010-11.

SHREE SIDHBALI: ICRA Reaffirms 'BB' Rating on INR26.14cr Loans
ICRA has reaffirmed '[ICRA]BB' rating to the INR6.14 crores term
loans and INR20.00 crores fund based limits of Shree Sidhbali
Industries Limited (erstwhile Shree Sidhbali Sugar Limited).  The
outlook on the long-term rating is stable. ICRA has also
reaffirmed '[ICRA]A4' rating to the INR5 crores fund based limits
and INR5 crores non-fund based limits of SSIL.

   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loans                6.14     [ICRA]BB reaffirmed
   Fund Based Limits        20.00     [ICRA]BB reaffirmed
   Non-Fund Based Limits     5.00     [ICRA]A4 reaffirmed
   Fund Based Limits         5.00     [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the intensely
competitive nature of the steel industry, vulnerability of
profits to adverse movements in raw material prices and
susceptibility to the cyclicality inherent in the steel sector.
Further, in spite of moderate working capital (WC) intensity of
operations substantial growth in the turnover has resulted in
limited cash generation from operations (as measured by net cash
accruals adjusted for working capital changes). While reaffirming
the ratings, ICRA has also noted the significant debt funded
capital expenditure incurred by the company which has kept the
gearing high since the past few years. This coupled with low
profitability has resulted in modest debt coverage indicators.
Nevertheless, the rating draws comfort from the long track record
of promoters in the steel business, presence of strong brand in
the name of Sidhbali, the company's partially integrated nature
of operations through its in-house ingot manufacturing facility
as well as income tax and excise duty exemptions on its
production facility in Kotdwar Uttrakhand.

Shree Sidhbali Industries Limited is a part of Sidhbali group
which has business interest in diverse sectors like steel,
pharmaceuticals, paper etc. The company was incorporated in 1998
but its commercial operations started in the year 2003. Initially
the company was engaged in the manufacturing of mild steel
ingots. In FY 2010 the company established a re-rolling mill to
manufacture thermo mechanically treated (TMT) bars. SSIL's
manufacturing unit is located in Kotdwar, Uttrakhand and has an
ingot manufacturing capacity of 48150 metric tonnes per annum
(MTPA) and TMT bars capacity of 75000 MTPA.

Recent Results

SSIL reported an operating income of INR217.35 crores and PAT of
INR1.27 crores in FY 2012 as compared to operating income of
INR181.92 crores and PAT of INR0.77 crores in FY11.

ICRA has assigned '[ICRA]B' rating to the INR5.50 crore1 long-
term, fund-based bank facilities of Shri Ganesh Agro Industries.

   Facilities                 (INR Cr)    Ratings
   ----------                 ---------   -------
   Long-term, fund-based         5.50     [ICRA] B assigned

The assigned rating reflects favourable access to raw cotton and
longstanding experience of the partners in the cotton ginning &
trading business. The rating is however constrained by small
scale of operations; low profitability and weak coverage
indicators; tight liquidity condition and vulnerability to
volatility in cotton prices. ICRA also notes that SGAI being a
partnership firm, any significant withdrawals by partners could
result in adverse capital structure.

Shri Ganesh Agro Industries is a partnership firm founded by Mr.
Om Prakash Daga in 2007. SGAI is in the business of cotton
ginning-pressing and its other group company Maheshwari Oil Mill
is in Oil extraction business. The operations of the firm are
being handled by its promoter Mr. Omprakash Daga and his sons Mr.
Premkumar Daga and Mr. Vijay Daga.

Recent Results

As per provisional results, SGAI has reported PBT of INR0.01
crore on an operating income of INR28.11 crore.

SINEWAVE BIOMASS: ICRA Reaffirms 'BB-' Rating on INR38cr Loan
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' assigned
to the term loans of Sinewave Biomass Power (P) Limited
aggregating to INR38.00 crore. The rating has a stable outlook.

   Facilities        (INR Cr)    Ratings
   ----------        ---------   -------
   Term Loans          38.00     [ICRA]BB- (stable) reaffirmed

The reaffirmation of rating takes into account the delays in
commissioning of the project by about six months as compared to
the previously envisaged Commercial Operation Date (COD), the
modest scale of operations, exposure of profitability to any
increase in fuel costs and exposure to counterparty credit risks
pertaining to MSEDCL, the sole off-taker. The rating also takes
into account the project execution risks, albeit significantly
reduced owing to the progress achieved in the past year, and the
lack of prior experience of the promoters in setting up of power
plants. ICRA notes that the company's ability to achieve
normative plant operating parameters, post-commissioning, would
be critical to achieve healthy profitability and debt coverage
The rating however favorably factors in the in-place financial
closure and statutory approvals for the project, the long-term
Power Purchase Agreement (PPA) with MSEDCL and the fixed-price
EPC contract that reduces exposure of the project returns to
adverse movements in plant and machinery costs. The demand risks
are expected to remain low given the power deficit scenario
prevailing in Maharashtra and the in-place Renewable Purchase
Obligations (RPO) to be met by the Discoms which benefits such
biomass based power plants.

Sinewave Biomass Power (P) Limited was incorporated on January
20, 2004 for the purpose of setting up renewable energy based
power projects in Maharashtra. The company is setting up a 10 MW
biomass based power generation project at village Tung in Sangli
district (Maharashtra) and has a license to setup another 10 MW
plant in Kolhapur district (Maharashtra). The project has
witnessed delays in commissioning and the revised COD is expected
in July 2012. SBPPL has entered into a Power Purchase Agreement
(PPA) with Maharashtra State Electricity Distribution Company
Limited (MSEDCL) for a period of 13 years from COD. The EPC
contract has been awarded to Cethar Vessels Ltd. The total
project cost is estimated at INR59.55 crore which is being funded
through term loans of INR38.00 crore and equity contribution of
INR21.55 crore.


BAKRIE SUMATERA: S&P Raises Corp. Credit Rating to 'CCC-'
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on Indonesia-based plantation company PT Bakrie
Sumatera Plantations Tbk. and on its subsidiary Agri
International Resources Pte. Ltd. to 'CCC-' from 'CC'. "At the
same time, we placed the ratings on CreditWatch with developing
implications," S&P said.

"We raised the ratings because Agri International has refinanced
its US$150 million senior secured notes on their maturity on July
15, 2012," said Standard & Poor's credit analyst Vishal Kulkarni.
"The refinancing has taken care of BSP and Agri International's
significant debt maturities and eased immediate pressure on the
companies' liquidity."

A private investment firm provided a loan with a tenor of 12
months and an annual interest rate of 12% for refinancing the

"We, however, believe that BSP's operating cash flows will not be
sufficient to take care of debt maturities (including BSP's other
amortizing debt) in the next 12 months. We therefore believe that
BSP will face liquidity and refinancing risk until its debt tenor
is extended," S&P said.

"BSP owns a substantial majority in Agri International and has
management control. A cross default clause between BSP and Agri
International means that a default by Agri International would
result in a default by BSP. Hence we equate the ratings on the
two entities," S&P said.

"We aim to resolve the CreditWatch placement in the next three
months depending on our assessment of BSP and Agri
International's financial and liquidity positions, their debt
maturities, and their operating performance," said Mr. Kulkarni.

"We could raise the ratings if the companies' liquidity positions
improve and the refinancing risk is reduced. This could
materialize if the companies meaningfully extend their debt
maturity profiles," S&P said.

"We could lower the ratings if the companies' liquidity positions
weaken, such that: (1) the companies are unable to arrange
refinancing for their short-term financial debt sufficiently
prior to maturities; or (2) the companies' operating cash flows
weaken substantially, either because of weaker product price
realizations or lower sales volumes," S&P said.


* JAPAN: Moody's Says RMBS Deliquencies Hit Self-Employed
Moody's Japan K.K. says in a new report that the occurrence of
mortgage delinquencies correlated closely with self-employed
status in the pools during the global financial crisis.

The key reason for this was that the self-employed and borrowers
employed at small enterprises were more affected by the crisis
than borrowers at large companies.

The report is entitled "Japanese Delinquencies of RMBS are More
Highly Correlated with Self-Employed Borrower Status than High
LTV Ratios".

The strength of this influence on mortgage delinquencies
outweighed the influence of high loan-to-value (LTV) ratios.

This was because the lending criteria of the Japanese banks
focuses on an applicant's occupation, income level, and income
sustainability, and less on LTV ratios.

Income sustainability is determined by the financial strength or
credit quality of an applicant's employer, and is considered to
be better for permanent employees of medium- or large-sized
companies than self-employed workers.

While large Japanese companies rarely lay off permanent
employees, this is not the case with self-employed workers and
those in small enterprises.

And this feature was highlighted during the global financial

Since the crisis, the delinquency rates for RMBS pools for
regional Japanese banks with a low percentage of self-employed
workers have remained stable, while those for pools with a high
percentage of self-employed have risen.

N E W  Z E A L A N D

CAPITAL + MERCHANT: Ex-Directors, CEO Found Guilty of Fraud
Two former directors and the Chief Executive of failed finance
company, Capital + Merchant Finance Limited, were found guilty
Thursday in the Auckland High Court on fraud charges brought by
the Serious Fraud Office (SFO).

The three accused were Neal Medhurst Nicholls, Wayne Leslie
Douglas, and Owen Francis Tallentire.

Four charges had been laid against Mr. Nicholls and Mr.
Tallentire, and three charges against Mr. Douglas, in an
investigation relating to transactions involving approximately
$28 million that occurred between 2004 and 2006. It was alleged
that these transactions (collectively known as the Clyde 1 & 2
and Numeria 1 & 2 transactions) were entered into in breach of
the restrictions contained in the company's trust deed, and
resulted in trusts controlled by the accused receiving benefits
totalling approximately NZ$15.9 million.

All defendants were found guilty in respect of the charges
relating to Clyde 1 & 2, and Nicholls and Douglas were also found
guilty in respect of the Numeria 1 transaction.

Mr. Tallentire was found not guilty in respect of Numeria 1 & 2,
and Nicholls and Douglas were found not guilty in respect of
Numeria 2.

Mr. Nicholls and Mr. Douglas, also jointly faced charges each
under the Crimes Act of theft by person in special relationship
and jointly one charge of false statement by promoter.

These charges related to the non-disclosure of alleged related
party lending totalling approximately NZ$14.4 million, to a
Palmerston North development known as 'The Hub Properties'.

Both were found not guilty on these charges.

SFO Chief Executive Adam Feeley said that while the collapse of
Capital + Merchant had not received the same attention as some
other failed finance companies, the two investigations into its
affairs had been one of SFO's highest priorities.

"Thousands of New Zealanders' lives were irrevocably changed for
the worse from the collapse of Capital + Merchant. Its failure
was as bad as anything which occurred in the industry, with $190
million invested in it by approximately 7,000 members of the
public. Nothing has been recovered for them, in contrast to most
other finance company collapses where at least some recoveries
have been made."

Mr. Feeley said that the case was one of the most important
commercial fraud cases in recent years.

"This was a hugely complicated case involving deeply cynical
transactions. The defendants used convoluted legal structures and
opaque accounting methods to fool the public into investing for
one purpose and then using that money for other, unauthorised,
purposes. The decision makes it clear that directors will be held
accountable where they fail to act in accordance with their
obligations to investors."

The SFO's two investigations in Capital + Merchant were conducted
over a period of 16 months in total and were followed by two
trials that lasted eight weeks in total.

Mr. Feeley said that the case highlighted the complexity and
scale of commercial frauds, and the skills required to
successfully conclude them.

"This case involved of hundreds of hours of painstaking forensic
analysis and the results are a tribute to the team that worked on

SFO commenced its investigation into the failed finance company
in March 2010 following a complaint from receivers, Grant

Mr. Feeley said that the cooperation of the receivers was an
important part of the success of the investigations and

"The support of the insolvency profession is critical to
uncovering fraud, and we are grateful to the receivers for their
assistance to our investigation."

Mr. Nicholls, Mr. Douglas and Mr. Tallentire have been remanded
in custody for sentencing on August 31, 2012.

                      About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.

GOULDS FINE: Liquidators to Sell Business, 60 Workers Dismissed
Hank Schouten at reports that the liquidators of
Goulds Fine Foods said there is no money to keep the company
going and its business and assets will now be sold.

Liquidators Andrew Hawkes and Shaun Adams of KPMG restructuring
and insolvency said most of Gould Fine's 60 staff -- who were
sent home last week -- have now been dismissed.

The liquidators were appointed by shareholders of the meat
processing company on Tuesday, the report notes.

According to, the liquidators said in a statement
they had taken control of the assets.

"However, as no immediate cash is available to fund the continued
trading; the business will remain closed while the liquidators
run a process to sell the business and its assets."

KMPG, as cited by, said they were preparing
information for parties interested in the sale.

Goulds Fine Foods is a family-owned meat processing company.

HANOVER FINANCE: Fights to Get NZ$2 Million from Insurer
Hamish Fletcher at reports that Hanover Group is
fighting to get NZ$2 million from one of its insurers, which says
it is not liable to pay out the claim.

Hanover, which failed in 2008, causing substantial losses to
depositors, had a policy with QBE Insurance International, the
report says. relates that this insurance cover was for some
legal costs, including those incurred while Hanover was being
investigated by regulators such as the Financial Markets
Authority (formerly known as the Securities Commission).

After an investigation the FMA filed civil actions against six
former Hanover directors and promoters in March.

According to the report, QBE said it is not liable because the
company did not disclose to QBE that two Hanover directors - Mark
Hotchin and former chief executive Kerry Finnigan - were
personally duped by a Ponzi scheme in 2002.

Hanover, in turn, is arguing it was not required to disclose this
because it was not "material," relays. says that following an oral judgment by Justice
Forrest Miller on July 18 in the High Court at Auckland, the
parties are due to argue the matter in September.

According to, Justice Miller said QBE argues it is
not liable for Hanover's claim because the company did not
disclose "that it was in financial difficulties" when it renewed
the insurance policy in 2007.

QBE said this amounts to a material non-disclosure and the
parties are due to argue this second matter some time next year,
the report notes. adds Justice Miller said QBE argues that the
second set of allegations mirrors those made by the FMA in its
proceedings against Hanover for allegedly misleading statements
made in the company's offer documents.

The report says the FMA is seeking compensation for investors who
put NZ$35 million into Hanover Finance, Hanover Capital and
United Finance between December 2007 and July 22, 2008. relates that the market watchdog is also seeking
penalty orders against the defendants, and if the claim is
successful, the former directors and promoters could each face
fines of up to NZ$5 million.

Hanover argues these allegations have no merit. No date has been
set for these proceedings, but it was suggested in court they
might not go ahead until 2014, the report notes.

                      About Hanover Finance

Hanover Finance Limited -- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

S R I  L A N K A

PEOPLE'S LEASING: S&P Gives 'B+/B' Issuer Credit Ratings
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term issuer credit ratings to Sri Lanka-based
specialized leasing company People's Leasing Co. PLC (PLC). The
outlook on the long-term rating is stable.

"The ratings on PLC reflect the company's status as a core entity
of the People's Bank group. The ratings on PLC are therefore
equated to the credit profile of the group," said Standard &
Poor's credit analyst Ivan Tan.

"In our view, the People's Bank group has a strong and long-term
commitment to support PLC. People's Bank, which owns 75% of PLC,
conducts its leasing business through PLC. The leasing business
is an important component of the group," S&P said.

"The stand-alone credit profile (SACP) of PLC is 'b+'. A key
factor constraining PLC's SACP is the challenging operating
environment in Sri Lanka (B+/Stable/B). We see economic
imbalances building up in the country with a recent pickup in
credit growth. The high loan growth, coupled with rising
competition and evolving risk management practices, could expose
the sector to increased credit risk. PLC's dependence on
wholesale funding and its concentration in commercial vehicle
financing also constrain the rating. The company's strong capital
and adequate earnings temper these weaknesses," S&P said.

"PLC's funding profile is a rating constraint, in our view. As a
specialized leasing company, the company is not allowed to access
deposits. It therefore depends on wholesale markets for funding.
Within the wholesale segment, PLC has reasonably diversified its
funding profile to include promissory notes, debentures, bank
overdrafts, and securitization. Further, PLC benefits from group
branding as well as credit lines from its parent," S&P said.

PLC operates largely in the commercial vehicle space, which is
vulnerable to the economic performance of Sri Lanka. The
company's customers are typically individual entrepreneurs and
small and midsize enterprises, which are also relatively more
susceptible to economic downturns.

"We expect PLC's credit costs to be strained over the next few
years as the loan portfolio seasons. PLC has lowered its credit
costs over time. This is partly due to its better risk management
practices and high growth over the past few years," S&P said.

"PLC's capitalization--as measured by the ratio of total adjusted
capital to adjusted assets--of 17.8% as of March 31, 2012, is
likely to remain a rating strength for the next few years at
least," said Mr. Tan. "This is despite our expectation that the
company's capital ratios will decline over the next few years and
leverage will increase as the company grows."

"PLC's high interest margins, good efficiency, and low credit
costs support its earnings. The company's high yields more than
offset its higher funding costs (relative to banks) arising from
its wholesale borrowings. PLC's cost-to-income ratio of about 30%
is good, in our opinion," S&P said.

"PLC has low earnings diversity, with fee income forming a very
small proportion of operating revenue. We expect PLC's earnings
profile to weaken in fiscal 2013 because: (1) margins are likely
to be under pressure due to tight liquidity arising from
regulations that limit bank-led credit growth in Sri Lanka; and
(2) credit costs should increase after a write back last year due
to the reversal of general reserves. Nevertheless, we expect the
earnings profile to remain adequate for the rating category," S&P

"The stable outlook reflects our expectation that PLC will remain
a core entity of the People's Bank group. We may lower the rating
if the sovereign rating on Sri Lanka is lowered or if the group's
capitalization reduces substantially," S&P said.

"We may raise the rating if we upgrade Sri Lanka and the credit
profile of the People's Bank group improves," S&P said.

* SRI LANKA: Moody's Assigns 'B1' Foreign Currency Rating
Moody's has assigned a definitive foreign currency rating of B1
with a positive outlook to the government of Sri Lanka's U.S.
dollar-denominated global bond due 2022.

Ratings Rationale

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on July 17, 2012. Moody's rating
rationale was set out in a press release published on the same

Sri Lanka's B1 sovereign rating reflects Moody's Investors
Service' methodological assessment of the country's low economic
and government financial strengths, moderate institutional
strength, and a moderate susceptibility to event risks.

The outlook for the sovereign rating was changed to positive in
2011, reflecting an increasingly evident peace dividend reflected
in greater macroeconomic stability, as well as a policy
orientation of fiscal reform and economic growth that continues
to be guided by an IMF program. In addition, the monetary
authorities have established a regulatory and supervisory
framework supportive of financial stability.

Robust growth momentum carried into 2012 with real GDP growing by
7.9% year-on-year in the first quarter.

However, pressures on the balance of payments that had built up
since mid-2011 prompted macroeconomic policy tightening starting
in February 2012 to temper widening trade balances and declining
foreign exchange reserves.

The external payments position has stabilized, although greater
exchange rate flexibility may be reflected in higher inflation in
the near-term. The growth outlook has also moderated somewhat,
but trend fiscal consolidation remains intact with both the
budget deficit and stock of debt continuing to fall as a
percentage of GDP.

The rating continues to be encumbered by the reduction of its
large debt overhang and the consequently large debt servicing
costs. However, Sri Lanka is well-placed to grow out of its debt
given its still-favorable outlook for economic growth, while the
government has taken measures, such as recent tax reforms, to
further strengthen its financial position.

Another concern is the re-integration of the Tamil minority in
the war-torn northeast region. Although there has been notable
progress, Moody's considers that the process of political
reconciliation is at an early stage. As such, Moody's assessment
of event risk remains somewhat elevated, but at a moderate level
in Moody's global bond methodology framework.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


* Large Companies with Insolvent Balance Sheets

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


AAT CORP LTD             AAT              32.50       -13.46
ALTIUM LTD               ALU              24.26        -3.62
APN EUROPEAN PRO         AEZ             321.75      -106.88
ARASOR INTERNATI         ARR              19.21       -26.51
AUSTRALIAN ZI-PP         AZCCA            77.74        -2.57
AUSTRALIAN ZIRC          AZC              77.74        -2.57
BIRON APPAREL LT         BIC              19.71        -2.22
CLARITY OSS LTD          CYO              31.64        -5.75
CNPR GROUP               CNP          15,483.44      -349.73
CWH RESOURCES LT         CWH              11.58        -2.08
MACQUARIE ATLAS          MQA           1,671.52      -842.29
MISSION NEWENER          MBT              22.05       -27.72
NATIONAL LEISURE         NLG             154.59       -34.49
NATURAL FUEL LTD         NFL              19.38      -121.51
ORION GOLD NL            ORN              10.91        -0.31
RENISON CONSOLID         RSN              10.15       -22.74
RENISON CONSO-PP         RSNCL            10.15       -22.74
RIVERCITY MOTORW         RCY             386.88      -809.14
RUBICOR GROUP LT         RUB             101.62       -19.93
STERLING BIOFUEL         SBI              31.12        -7.52


ACHENG RELAY-A           922              54.63        -0.83
ANHUI GUOTONG-A          600444           72.38        -2.15
BAOCHENG INVESTM         600892           38.24        -4.15
CHANG JIANG-A            520           1,396.09        -3.63
CHENGDE DALU -B          200160           35.27        -4.01
CHENGDU UNION-A          693              29.46       -22.21
CHINA KEJIAN-A           35              100.91      -192.82
CONTEL CORP LTD          CTEL             56.09       -14.27
DONGXIN ELECTR-A         600691           13.73       -28.65
GUANGDONG ORIE-A         600988           14.53        -3.97
GUANGXIA YINCH-A         557              64.02       -81.42
GUANGZHOU IRON-A         600894          542.50       -70.92
HEBEI BAOSHUO -A         600155          110.77       -78.03
HEBEI JINNIU C-A         600722          250.44       -85.87
HUASU HOLDINGS-A         509              91.19       -18.53
HUNAN ANPLAS CO          156              48.17       -43.11
HUNAN TIANYI-A           908              65.87        -1.55
JILIN PHARMACE-A         545              30.17        -6.95
JINCHENG PAPER-A         820             179.74      -114.18
QINGDAO YELLOW           600579          188.23       -59.95
SHANDONG DACHE-A         600882          206.33       -10.84
SHANDONG HELON-A         677             860.38      -154.31
SHANG BROAD-A            600608           43.41        -6.72
SHANXI GUANLU-A          831             299.13        -7.60
SHENZ CHINA BI-A         17               23.03      -268.38
SHENZ CHINA BI-B         200017           23.03      -268.38
SHENZ INTL ENT-A         56              281.74       -60.20
SHENZ INTL ENT-B         200056          281.74       -60.20
SHIJIAZHUANG D-A         958             213.66      -111.34
SICHUAN GOLDEN           600678          152.07       -87.92
TAIYUAN TIANLO-A         600234           64.35       -10.61
TIANJIN MARINE           600751           84.03       -91.74
TIANJIN MARINE-B         900938           84.03       -91.74
TIBET SUMMIT I-A         600338           71.21        -8.42
TOPSUN SCIENCE-A         600771          129.64      -106.79
WUHAN BOILER-B           200770          255.82      -182.03
WUHAN LINUO SOLA         600885           97.03       -23.36
XIAMEN OVERSEA-A         600870          214.41      -136.52
XIAN HONGSHENG-A         600817           15.81      -278.59
XINJIANG CHALK-A         972             693.71        -4.07
YANBIAN SHIXIA-A         600462           96.06      -134.10
YIBIN PAPER IN-A         600793          131.24        -4.84
YOUCAN FOODS INT         YCAN            102.82        -9.02
YUEYANG HENGLI-A         622              32.62       -25.60


BEP INTL HLDGS L         2326             11.98        -1.14
BUILDMORE INTL           108              16.51       -47.88
CHINA HEALTHCARE         673              46.24        -3.08
CHINA OCEAN SHIP         651             408.06       -51.68
CHINA SEVEN STAR         245              90.25        -2.25
CNI 23 INT'L             611              68.05       -67.58
CYPRESS JADE             875              38.61       -10.78
FIRST NTUL FOODS         1076             17.14       -56.90
FU JI FOOD & CAT         1175             73.43      -389.20
ICUBE TECHNOLOGY         139              25.54        -2.12
MELCOLOT LTD             8198             39.21       -76.03
MITSUMARU EAST K         2358             24.72       -18.95
PALADIN LTD              495             175.99       -12.97
PROVIEW INTL HLD         334             314.87      -294.85
SINO RESOURCES G         223              15.64       -34.61
SUNCORP TECH LTD         1063             11.78        -8.30
SUNLINK INTL HLD         2336             15.63       -36.91
SURFACE MOUNT            SMT              67.80       -28.72
U-RIGHT INTL HLD         627              10.86      -204.99

                                           0.00         0.00
ARPENI PRATAMA           APOL            456.34      -198.00
ASIA PACIFIC             POLY            386.26      -814.44
ERATEX DJAJA             ERTX             17.57       -10.49
HANSON INTERNATI         MYRX             96.12        -0.89
HANSON INT-PREF          MYRXP            96.12        -0.89
JAKARTA KYOEI ST         JKSW             29.84       -43.11
MATAHARI DEPT            LPPF            196.31      -290.04
MITRA INTERNATIO         MIRA          1,076.79      -446.64
MITRA RAJASA-RTS         MIRA-R2       1,076.79      -446.64
PANASIA FILAMENT         PAFI             30.57       -20.41
PANCA WIRATAMA           PWSI             31.13       -38.63
PRIMARINDO ASIA          BIMA             10.65       -20.85
SUMALINDO LESTAR         SULI            180.19        -1.15
TOKO GUNUNG AGUN         TKGA             12.27        -0.93
UNITEX TBK               UNTX             18.41       -18.45


AGRO DUTCH INDUS         ADF             105.49        -3.84
ALPS INDUS LTD           ALPI            215.85       -28.22
AMIT SPINNING            AMSP             16.21        -6.54
ARTSON ENGR              ART              16.52        -3.14
ASHAPURA MINECHE         ASMN            167.68       -67.64
ASHIMA LTD               ASHM             63.23       -48.94
ATV PROJECTS             ATV              60.17       -54.25
BELLARY STEELS           BSAL            451.68      -108.50
BHAGHEERATHA ENG         BGEL             22.65       -28.20
BLUE BIRD INDIA          BIRD            122.02       -59.13
CAMBRIDGE TECHNO         CTECH            12.77        -7.96
CELEBRITY FASHIO         CFLI             36.61        -6.76
CFL CAPITAL FIN          CEATF            12.36       -49.56
CHESLIND TEXTILE         CTX              20.51        -0.03
COMPUTERSKILL            CPS              14.90        -7.56
CORE HEALTHCARE          CPAR            185.36      -241.91
DCM FINANCIAL SE         DCMFS            18.46        -9.46
DFL INFRASTRUCTU         DLFI             42.74        -6.49
DIGJAM LTD               DGJM             99.41       -22.59
DISH TV INDIA            DITV            517.03       -18.42
DISH TV INDI-SLB         DITV/S          517.03       -18.42
DUNCANS INDUS            DAI             122.76      -227.05
FIBERWEB INDIA           FWB              16.51        -7.98
GANESH BENZOPLST         GBP              49.24       -21.14
GEM SPINNERS LTD         GEMS             14.58        -1.16
GOLDEN TOBACCO           GTO             109.72        -5.01
GSL INDIA LTD            GSL              29.86       -42.42
GUPTA SYNTHETICS         GUSYN            52.94        -0.50
HARYANA STEEL            HYSA             10.83        -5.91
HENKEL INDIA LTD         HNKL             69.07       -31.72
HINDUSTAN PHOTO          HPHT             74.44    -1,519.11
HINDUSTAN SYNTEX         HSYN             11.46        -5.39
HMT LTD                  HMT             133.66      -500.46
ICDS                     ICDS             13.30        -6.17
INDAGE RESTAURAN         IRL              15.11        -2.35
INTEGRAT FINANCE         IFC              49.83       -51.32
JCT ELECTRONICS          JCTE            104.55       -68.49
JD ORGOCHEM LTD          JDO              10.46        -1.60
JENSON & NIC LTD         JN               16.65       -75.51
JIK INDUS LTD            KFS              20.63        -5.62
JOG ENGINEERING          VMJ              50.08       -10.08
KALYANPUR CEMENT         KCEM             24.64       -38.69
KDL BIOTECH LTD          KOPD             14.66        -9.41
KERALA AYURVEDA          KRAP             13.97        -1.69
KINGFISHER AIR           KAIR          1,782.32      -997.63
KINGFISHER A-SLB         KAIR/S        1,782.32      -997.63
KITPLY INDS LTD          KIT              37.68       -45.35
LLOYDS FINANCE           LYDF             14.71       -10.46
LLOYDS STEEL IND         LYDS            510.00       -48.98
LML LTD                  LML              65.26       -56.77
MADRAS FERTILIZE         MDF             143.14       -99.28
MAHA RASHTRA APE         MHAC             22.23       -15.85
MARKSANS PHARMA          MRKS            110.32       -14.04
MILTON PLASTICS          MILT             17.67       -51.22
MODERN DAIRIES           MRD              32.97        -3.87
MTZ POLYFILMS LT         TBE              31.94        -2.57
MURLI INDUSTRIES         MRLI            275.90       -20.19
MYSORE PAPER             MSPM             97.02       -15.69
NATH PULP & PAP          NPPM             14.50        -0.63
NATL STAND INDI          NTSD             22.09        -0.73
NICCO CORP LTD           NICC             78.28        -4.14
NICCO UCO ALLIAN         NICU             32.23       -71.91
NK INDUS LTD             NKI             141.35        -7.71
NRC LTD                  NTRY             73.10       -51.18
NUCHEM LTD               NUC              24.72        -1.60
PANCHMAHAL STEEL         PMS              51.02        -0.33
PARASRAMPUR SYN          PPS              99.06      -307.14
PAREKH PLATINUM          PKPL             61.08       -88.85
PIONEER DISTILLE         PND              48.76        -1.44
QUADRANT TELEVEN         QDTV            188.57      -116.81
QUINTEGRA SOLUTI         QSL              16.76       -17.45
RAJ AGRO MILLS           RAM              10.21        -0.61
RATHI ISPAT LTD          RTIS             44.56        -3.93
RELIANCE MEDIAWO         RMW             425.22       -21.31
RELIANCE MED-SLB         RMW/S           425.22       -21.31
REMI METALS GUJA         RMM             101.32       -17.12
RENOWNED AUTO PR         RAP              14.12        -1.25
ROLLATAINERS LTD         RLT              22.97       -22.24
ROYAL CUSHION            RCVP             18.88       -81.42
SADHANA NITRO            SNC              18.21        -0.73
SAURASHTRA CEMEN         SRC              89.32        -6.92
SCOOTERS INDIA           SCTR             19.43       -10.78
SEN PET INDIA LT         SPEN             11.58       -26.67
SHAH ALLOYS LTD          SA              213.69       -39.95
SHALIMAR WIRES           SWRI             25.78       -38.78
SHAMKEN COTSYN           SHC              23.13        -6.17
SHAMKEN MULTIFAB         SHM              60.55       -13.26
SHAMKEN SPINNERS         SSP              42.18       -16.76
SHREE GANESH FOR         SGFO             35.96        -1.80
SHREE RAMA MULTI         SRMT             49.29       -25.47
SIDDHARTHA TUBES         SDT              75.90       -11.45
SOUTHERN PETROCH         SPET            210.98      -175.98
SPICEJET LTD             SJET            386.76       -30.04
SQL STAR INTL            SQL              10.58        -3.28
STELCO STRIPS            STLS             14.90        -5.27
STI INDIA LTD            STIB             24.64        -0.44
STORE ONE RETAIL         SORI             15.48       -59.09
SUN PHARMA ADV           SPADV            17.41       -13.07
SUPER FORGINGS           SFS              16.31        -5.93
TAMILNADU JAI            TNJB             19.13        -2.69
TATA TELESERVICE         TTLS          1,311.30      -138.25
TATA TELE-SLB            TTLS/S        1,311.30      -138.25
TODAYS WRITING           TWPL             44.08        -5.32
TOTAL EXPORTS            TTL           1,069.83      -154.99
TRIUMPH INTL             OXIF             58.46       -14.18
TRIVENI GLASS            TRSG             24.23       -12.34
TUTICORIN ALKALI         TACF             20.48       -16.78
UNIFLEX CABLES           UFC              47.46        -7.49
UNIFLEX CABLES           UFCZ             47.46        -7.49
UNITED BREWERIES         UB            3,067.32      -137.09
UNIWORTH LTD             WW              159.14      -146.31
UNIWORTH TEXTILE         FBW              21.44       -34.74
USHA INDIA LTD           USHA             12.06       -54.51
VANASTHALI TEXT          VTI              25.92        -0.15
VENTURA TEXTILES         VRTL             14.33        -1.91
VENUS SUGAR LTD          VS               11.06        -1.08
WIRE AND WIRELES         WNW             110.69       -14.26


CEREBRIX CORP            2444             10.44        -2.32
CREST INVESTMENT         2318             65.01        -3.55
GOYO FOODS INDUS         2230             14.77        -0.60
HIMAWARI HD              8738            283.82       -50.87
ISHII HYOKI CO           6336            151.15       -28.05
KANMONKAI CO LTD         3372             59.00       -10.08
MEIHO ENTERPRISE         8927             80.76       -11.33
MISONOZA THEATRI         9664             63.24        -2.65
NIS GROUP CO LTD         NISZ            444.72      -158.85
PROPERST CO LTD          3236            305.90      -330.20
TAIYO BUSSAN KAI         9941            148.45        -1.49
WORLD LOGI CO            9378            119.36        -2.48


CHIN HUNG INT-2P         2787            571.91        -9.34
CHIN HUNG INTL           2780            571.91        -9.34
CHIN HUNG INT-PF         2785            571.91        -9.34
DAISHIN INFO             20180           740.50      -158.45
DVS KOREA CO LTD         46400            17.40        -1.20
GREEN NON-LIFE I         470           1,450.14       -36.89
KOREA PACIFIC 05         93400            19.23        -3.67
KOREA PACIFIC 06         93410            11.56        -2.37
KOREA PACIFIC 07         99210            26.66        -7.95
NAMKWANG ENGINEE         1260            762.58       -56.69

                                           0.00         0.00
HAISAN RESOURCES         HRB              41.05       -10.24
HO HUP CONSTR CO         HO               48.52       -13.65
LINEAR CORP BHD          LINE             14.70        -7.41
LUSTER INDUSTRIE         LSTI             18.37        -7.57
SILVER BIRD GROU         SBG              44.30       -30.68
VTI VINTAGE BHD          VTI              16.01        -3.34


NZF GROUP LTD            NZF             142.71        -0.26


CYBER BAY CORP           CYBR             14.31      -100.17
FIL ESTATE CORP          FC               40.90       -15.77
FILSYN CORP A            FYN              23.11       -11.69
FILSYN CORP. B           FYNB             23.11       -11.69
GOTESCO LAND-A           GO               21.76       -19.21
GOTESCO LAND-B           GOB              21.76       -19.21
PICOP RESOURCES          PCP             105.66       -23.33
STENIEL MFG              STN              21.07       -11.96
SWIFT FOODS INC          SFI              23.93        -0.12
UNIWIDE HOLDINGS         UW               50.36       -57.19
VICTORIAS MILL           VMC             164.26       -18.20


ADV SYSTEMS AUTO         ASA              16.02       -10.79
HL GLOBAL ENTERP         HLGE             89.50       -11.36
LINDETEVES-JACOB         LJ               25.10        -8.96
NEW LAKESIDE             NLH              19.34        -5.25
SCIGEN LTD-CUFS          SIE              68.70       -42.35
SUNMOON FOOD COM         SMOON            19.33       -14.30
TT INTERNATIONAL         TTI             232.83       -79.27


ABICO HLDGS-F            ABICO/F          15.28        -4.40
ABICO HOLDINGS           ABICO            15.28        -4.40
ABICO HOLD-NVDR          ABICO-R          15.28        -4.40
ASCON CONSTR-NVD         ASCON-R          59.78        -3.37
ASCON CONSTRUCT          ASCON            59.78        -3.37
ASCON CONSTRU-FO         ASCON/F          59.78        -3.37
BANGKOK RUBBER           BRC              77.91      -114.37
BANGKOK RUBBER-F         BRC/F            77.91      -114.37
BANGKOK RUB-NVDR         BRC-R            77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R          28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F          28.07       -11.94
CALIFORNIA WOW X         CAWOW            28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT           16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F         16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R         16.79       -96.30
DATAMAT PCL              DTM              12.69        -6.13
DATAMAT PCL-NVDR         DTM-R            12.69        -6.13
DATAMAT PLC-F            DTM/F            12.69        -6.13
ITV PCL                  ITV              36.02      -121.94
ITV PCL-FOREIGN          ITV/F            36.02      -121.94
ITV PCL-NVDR             ITV-R            36.02      -121.94
K-TECH CONSTRUCT         KTECH/F          38.87       -46.47
K-TECH CONSTRUCT         KTECH            38.87       -46.47
K-TECH CONTRU-R          KTECH-R          38.87       -46.47
KUANG PEI SAN            POMPUI           17.70       -12.74
KUANG PEI SAN-F          POMPUI/F         17.70       -12.74
KUANG PEI-NVDR           POMPUI-R         17.70       -12.74
M LINK ASIA CORP         MLINK            80.04       -27.77
M LINK ASIA-FOR          MLINK/F          80.04       -27.77
M LINK ASIA-NVDR         MLINK-R          80.04       -27.77
PATKOL PCL               PATKL            52.89       -30.64
PATKOL PCL-FORGN         PATKL/F          52.89       -30.64
PATKOL PCL-NVDR          PATKL-R          52.89       -30.64
PICNIC CORP-NVDR         PICNI-R         101.18      -175.61
PICNIC CORPORATI         PICNI           101.18      -175.61
PICNIC CORPORATI         PICNI/F         101.18      -175.61
PONGSAAP PCL             PSAAP/F          11.83        -0.91
PONGSAAP PCL             PSAAP            11.83        -0.91
PONGSAAP PCL-NVD         PSAAP-R          11.83        -0.91
SAHAMITR PRESS-F         SMPC/F           27.92        -1.48
SAHAMITR PRESSUR         SMPC             27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R           27.92        -1.48
SUNWOOD INDS PCL         SUN              19.86       -13.03
SUNWOOD INDS-F           SUN/F            19.86       -13.03
SUNWOOD INDS-NVD         SUN-R            19.86       -13.03
THAI-DENMARK PCL         DMARK            15.72       -10.10
THAI-DENMARK-F           DMARK/F          15.72       -10.10
THAI-DENMARK-NVD         DMARK-R          15.72       -10.10
TONGKAH HARBOU-F         THL/F            62.30        -1.84
TONGKAH HARBOUR          THL              62.30        -1.84
TONGKAH HAR-NVDR         THL-R            62.30        -1.84
TRANG SEAFOOD            TRS              15.18        -6.61
TRANG SEAFOOD-F          TRS/F            15.18        -6.61
TRANG SFD-NVDR           TRS-R            15.18        -6.61
TT&T PCL                 TTNT            589.80      -223.22
TT&T PCL-NVDR            TTNT-R          589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F          589.80      -223.22


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


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

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

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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