TCRAP_Public/120724.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

            Tuesday, July 24, 2012, Vol. 15, No. 146

                            Headlines


A U S T R A L I A

COOK ISLANDS: S&P Affirms 'B+/B' Issuer Credit Ratings
CROWN & SCEPTRE: Goes Into Liquidation; Owes More Than AUD1-Mil.
VISIONARY SERIES: Placed in Voluntary Administration


C H I N A

SOUND GLOBAL: Moody's Assigns (P)B1 Rating to Proposed Bond Issue
WINSWAY COKING: Moody's Says Profit Warning Credit Negative


H O N G  K O N G

832 LIMITED: Court to Hear Wind-Up Petition on Sept. 5
ACCENTO DEVELOPMENT: Court Enters Wind-Up Order
AIG FINANCIAL: Ying and Chan Step Down as Liquidators
CELLCAST (ASIA): Court Enters Wind-Up Order
CHICO INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings

CITIZENS TRADE: Creditors' Proofs of Debt Due Aug. 20
DAYS IMPEX: Court to Hear Wind-Up Petition on Sept. 12
DONNEX LIMITED: Court Enters Wind-Up Order
EAGLETRON TECHNOLOGY: Court Enters Wind-Up Order
FAIRLANE INVESTMENT: Creditors' Proofs of Debt Due Aug. 24

FOUNDRY TRADERS: Commences Wind-Up Proceedings
GSW (FAR EAST): Chung Kit Ling Elaine Steps Down as Liquidator
IHC MERWEDE: Creditors' Proofs of Debt Due July 31
LEARNING CONNECTION: Members' Final Meeting Set for Aug. 20
LIMMARK KNITWEAR: Fung Chun Kai Steps Down as Liquidator

PIOVAN HK: Creditors' Proofs of Debt Due Aug. 3


I N D I A

ADHUNIK POWER: Inadequate Info Cues Fitch to Migrate Ratings
AGLO PACKAGINGS: CRISIL Puts 'B+' Rating on INR128.6MM Loans
ANKIT PULPS: CRISIL Assigns 'B+' Rating to INR90MM Loans
ANUNAY FAB: CRISIL Cuts Rating on INR860MM Loans to 'CRISIL C'
BRAHMA IRON: Inadequate Info Cues Fitch to Migrate Ratings

BTC INDUSTRIES: CRISIL Cuts Rating on INR300MM Loans to 'D'
DAIRY ICE: Delay in Loan Payment Cues CRISIL Junk Ratings
GOPALA KRAFT: CRISIL Cuts Rating on INR90MM Loans to 'B-'
G S OILS: Delay in Loan Payment Cues CRISIL Junk Ratings
HARSHIT POWER: Inadequate Info Cues Fitch to Migrate Ratings

IMPEX FERRO: Inadequate Info Cues Fitch to Migrate Ratings
INTEGRATED EQUIPMENT: CRISIL Rates INR180.7MM Loan at 'B+'
LAMINA FOUNDRIES: CRISIL Lifts Rating on INR142.8MM Loans to 'B+'
MERRITRONIX PVT: CRISIL Puts 'B+' Rating on INR28MM Loans
PRIME AUTOMOBILES: CRISIL Puts 'B+' Rating to INR100.6MM Loans

RASHMI METALIKS: Inadequate Info Cues Fitch to Withdraw Ratings
RHINO AGENCIES: CRISIL Rates INR110MM Term Loan at 'CRISIL D'
SREE ASTALAXMI: Inadequate Info Cues Fitch to Withdraw Ratings
SRI SALASAR: Fitch Withdraws Rating on Nat'l Long-Term at 'B+'
V.K. GUPTA: CRISIL Rates INR40MM Cash Credit 'CRISIL C'

XTRAA CLEANCITIES: Delay in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

MAKMUR MANDIRI: Fitch Withdraws 'BB-' IDR; Outlook Stable


J A P A N

L-JAC 7: Moody's Downgrades Ratings on 16 Certificate Classes
SANKO STEAMSHIP: Tokyo Court Names H. Asafui as Trustee


K O R E A

* Sheppard Mullin's Seth Kim to Lead New Korean Office


N E W  Z E A L A N D

CAPITAL + MERCHANT: Former Directors Face Likely Jail Term
PERPETUAL TRUST: Torchlight Repays NZ$9 Million to Perpetual CMF


P H I L I P P I N E S

MILLENNIUM BANK: PDIC to Start Payment Process for Depositors


S I N G A P O R E

HONG SENG: Court Enters Wind-Up Order
LIONHART (ASIA): Creditors' Proofs of Debt Due Aug. 20
MJC (SINGAPORE): Creditors' Proofs of Debt Due July 30
MORE WORLD: Creditors' First Meeting Set for Aug. 3
PACIFIC SOURCE: Creditors' Proofs of Debt Due July 27


X X X X X X X X

REPUBLIC OF PAKISTAN: S&P Affirms 'B-' Sovereign Credit Rating
* BOND PRICING: For the Week July 16 to July 20, 2012


                            - - - - -


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


COOK ISLANDS: S&P Affirms 'B+/B' Issuer Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' issuer
credit ratings on the Cook Islands. The outlook is stable.  The
Transfer & Convertibility assessment remains 'AAA'.

"The ratings on the Cook Islands reflect the vulnerabilities
associated with the country's weak policymaking culture and
institutional settings that have the potential to further reverse
past strong gains in fiscal consolidation and debt reduction. In
addition, the sovereign has a weak and narrowly-based economy
that suffers from heavy emigration, vulnerabilities relating to
cyclone-related disasters and changing tourism preferences, and a
rising public-sector debt burden. Further constraining the
ratings are infrastructure shortcomings that impair investment in
the tourism and allied sectors, and data deficiencies that
constrain analysis of the Cook Islands' external position," S&P
said.

"These factors are offset, in part, by the government's
supportive relationship and high labor mobility with the highly
rated New Zealand sovereign; the use of the New Zealand dollar;
the sound outlook for its key tourism sector; financial and
technical assistance from donor agencies; and the country's
insulated financial system," S&P said.

"The stable outlook balances the Cook Islands' tourism sector
prospects and supportive relationship with New Zealand and donor
agencies with the challenges it faces in overcoming weak
political and institutional settings and infrastructure
shortcomings to raise the prospects of the population," said
credit analyst Kyran Curry. "We would lower the ratings if a
weakening in global economic conditions reduces tourism sector
receipts, and in turn,
worsens the government's finances. A weakened commitment to
upholding past fiscal gains through undisciplined spending, and
further sharp rises in the debt burden could also bring pressure
on the ratings."

Standard & Poor's sees little prospect for improvements in the
Cook Islands' creditworthiness without sustained gains in
policymaking stability and effectiveness, evidenced by the
closing of sizable data deficiencies, strength in the
government's fiscal position, and progress in opening up the
economy to create opportunities for residents to stem the
population decline.


CROWN & SCEPTRE: Goes Into Liquidation; Owes More Than AUD1-Mil.
----------------------------------------------------------------
Adelaide Now reports that The Crown & Sceptre closed its doors on
July 16 after racking up debts of AUD1 million and entering
liquidation.

According to the report, liquidator Peter Macks of Macks Advisory
said a downturn in trade, higher labour, electricity, liquor and
input costs had created mounting debts for the 11-year-old
business operated by Andrew McDowell.

Adelaide Now relates that Mr. Macks confirmed the business had
been on the market after trading declined by 10% on the previous
year on top of a previous three lean years driven by lower
customer levels and less spend per customer, as well as increased
competition.

"The only thing coming from the meetings that I've had is I'm
certainly quite hopeful (of a sale of the license) and have been
surprised about the positive interest in the business," the
report quotes Mr. Macks as saying. "The position is ideal and
prominent".  Australian Hotels Association general manager Ian
Horne told Adelaide Now here would be a "life after" for the
site.

The Crown & Sceptre is a popular bar and pokie-free music venue
based in Adelaide.


VISIONARY SERIES: Placed in Voluntary Administration
----------------------------------------------------
SmartCompany reports that the company bringing Michael J Fox to
Australia has gone into administration, forcing the cancellation
of the Visionary Series event "Michael J Fox: A Funny Thing
Happened on the Way to the Future". The collapse also leaves the
Australian Chambers Business Congress without its key speaker for
its annual conference.

According to SmartCompany, the movie and television star's trip
to Australia was cancelled after the Visionary Series appointed
voluntary administrators earlier this month.

SmartCompany relates that Mr. Fox was scheduled to speak at the
event on August 12 at the Melbourne Convention and Exhibition
Centre.

"It is with deep regret that the Visionary Series wishes to
advise that the Visionary Series presents 'Michael J Fox: A Funny
Thing Happened on the Way to the Future', will no longer be
proceeding next month as previously planned," SmartCompany cited
a statement posted on the company's Web site.

Refunds are available for all tickets booked online or by phone
by credit card, the report notes.

SmartCompany says the collapse also affects the two-day
Australian Chambers Business Congress event called "Today,
Tomorrow & Beyond", at which Mr. Fox was the headline speaker.



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


SOUND GLOBAL: Moody's Assigns (P)B1 Rating to Proposed Bond Issue
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to Sound Global Limited's proposed US dollar bond issuance.

At the same time, Moody's has affirmed Sound Global's Ba3
corporate family rating.

The outlook for the ratings is stable.

The net proceeds from the bond issue will be used to finance the
company's build, operate & transfer (BOT) projects, refinance
debt and other general corporate purposes.

The provisional rating will be removed after Sound Global has
issued the bonds upon satisfactory terms and conditions.

Ratings Rationale

"If Sound Global's proposed issuance is successful, it will
improve the company's debt maturity profile -- particularly in
relation to its refinancing of convertible bonds puttable in
September 2012," says Alan Gao, a Moody's Vice President and
Senior Analyst.

"The proposed issuance will also give Sound Global more financial
flexibility to expand its business in the capital intensive BOT
sector," adds Mr. Gao, who is also Moody's lead analyst for Sound
Global.

Moody's expects Sound Global's debt/capitalization ratio to be
between 40% and 45%, and its funds from operations (FFO)/debt to
be between 20% and 25%, as a result of the bond issuance. The
company's credit metrics should therefore support its current Ba-
level rating over the next two years.

Sound Global's Ba3 corporate family rating reflects its strong
niche position in the turnkey water and wastewater treatment
sector in China, which has good growth potential, and is
supported by the government's environmental policy.

The rating also considers the company's cash-generative business
model, its track record in engineering procurement construction
(EPC), and experienced management.

But the rating is constrained by the company's increasing capital
requirement, resulting from its strong growth.

Moody's also expects the company to have negative free cash flow,
due to the large initial capital investments needed to grow its
BOT business. Its financial risk will also increase, because BOT
projects have higher funding requirements.

In addition, Sound Global could potentially be exposed to
financially weak local governments and economies in suburban and
rural areas. But this risk is partly mitigated by the fact that
nonpayment by the local authorities could lead to a suspension in
waste water treatment services, and that would have severe social
implications. Nevertheless, some delays in payments are expected.

The company's proposed USD bond rating has been notched down to
B1, reflecting structural and legal subordinations. (Moody's
expects Sound Global's secured and subsidiary debt to total
assets ratio to continue to increase in the coming 2-3 years,
given that it will take on more debt to support its growing BOT
projects.)

The stable outlook reflects Moody's expectation that Sound Global
will (i) maintain its competitive market position in the
wastewater treatment industry in China; (ii) continue to secure
funding from banks and the capital markets; and (iii) stay
prudent in its debt management, while expanding its business.

Upward rating pressure could arise if the company demonstrates a
track record of (i) generating sustained and stable income and
cash flows from its long-term projects; (ii) stable
profitability, with an EBITDA margin above 25%; and (iii) a
stable debt capital structure, with a spread-out debt maturity
profile, such that less than 20% of its debt is scheduled to
mature every year.

Credit metrics that would indicate upgrade pressure include
FFO/debt above 30% and FFO before interest/interest more than
4.5x-5.0X.

Downward rating pressure could arise if the company (i) fails to
sustain its market position in EPC and shows a weak order book of
below 1x of annual revenue on a prolonged basis; (ii) runs down
its balance sheet liquidity as a result of aggressive
acquisitions, dividend payments, or a material delinquency in
payments from its BOT projects; or (iii) aggressively expands its
BOT projects, therefore weakening its credit metrics.

Indicators for a downgrade would include FFO/debt below 20% and
FFO before interest/interest less than 3.0x-3.5x.

The principal methodology used in this rating was Moody's Global
Construction Industry Methodology published in November 2010.

Established in 2005, Sound Global Ltd (formerly known as Epure
International Ltd) is one of the leading turnkey water and
wastewater treatment solution providers in China. The company was
founded by Mr. Wen Yibo, who has been in the wastewater treatment
industry since 1993.

The company focuses on the design, construction and installation
of water and wastewater treatment facilities. Since 2006, it has
diversified into the management of water treatment plants. It
also has started to invest in build, operate & transfer projects
to diversify its portfolio.

It was one of only a few privately-owned companies in the
industry, before listing in Singapore in 2006 and in Hong Kong in
2010.


WINSWAY COKING: Moody's Says Profit Warning Credit Negative
-----------------------------------------------------------
Moody's Investors Service says that Winsway Coking Coal Holdings
Limited's release of a profit warning on July 17, 2012 --
advising of severe margin contractions due to lower coal prices
and a financial loss for 1H 2012 -- is credit negative. The
decline in profitability has weakened the company's financial
profile.

But the profit warning has no immediate impact on Winsway's Ba3
corporate family rating and the B1 rating of its USD senior
notes. Both ratings have a negative outlook, after factoring in
the expectation of a profit deterioration in 2012.

The loss for 1H 2012 was mainly due to Winsway's implementation
of a cash conservation strategy in face of a difficult macro-
trading environment. During 1H 2012, the company disposed of its
high-cost seaborne thermal coal inventory and accelerated cash
collections by discounting its trade bills with banks.

Moreover, one-off financing costs and transaction expenses
related to the acquisition of Grand Cache Coal Corporation in
Canada contributed to the loss.

Moody's believes that Winsway's operating cash generation will
remain under pressure, given the downcycle in coal prices.
Therefore, its strategy of reducing inventory and recovering
receivables for the purposes of conserving cash is appropriate.

As a result, Moody's expects the company's liquidity position to
remain manageable. In addition, it had an unutilized total bank
facility of RMB8.2 billion as of December 2011, and whose
presence could further alleviate any liquidity pressure.

In considering the rating impact of the profit warning, Moody's
has also taken into account the progress of Aluminum Corporation
of China Limited's (Chalco) investment in Winsway.

If Chalco concludes its investment, Winsway's available financial
resources -- for the purposes of supporting its coal business --
will likely improve.

At Chalco's annual general meeting on June 29, 2012, its
shareholders approved its acquisition of a 29.9% stake in
Winsway. Therefore, the likelihood of Chalco completing the
acquisition in 2H 2012 has increased.

Winsway offers Chalco long-term strategic value, including: an
established transportation infrastructure at the Sino-Mongolian
border, solid relationships with Mongolian miners, and access to
upstream resources abroad.

Upon the completion of the acquisition, Chalco will become the
single largest shareholder of Winsway. Moody's views Chalco's
acquisition, assuming it materializes, as credit positive for
Winsway, and essential to supporting its current ratings as
Winsway's own credit profile deteriorates in the current business
downcycle.

But Winsway's ratings could be negatively impacted if Chalco
walks away from the acquisition, the deterioration in Winsway's
business profile extends beyond expectations, and/or Winsway
suffers a large cut in its bank facilities.



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


832 LIMITED: Court to Hear Wind-Up Petition on Sept. 5
------------------------------------------------------
A petition to wind up the operations of 832 Limited will be heard
before the High Court of Hong Kong on Sept. 5, 2012, at 9:30 a.m.

Chan Kai Kwong filed the petition against the company on July 4,
2012.


ACCENTO DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on July 11, 2012, to
wind up the operations of Accento Development Limited.

The official receiver is Teresa S W Wong.


AIG FINANCIAL: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of AIG
Financial Products (Internationa) Limited on July 12, 2012.


CELLCAST (ASIA): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 11, 2012, to
wind up the operations of Cellcast (Asia) Limited.

The official receiver is Teresa S W Wong.


CHICO INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on July 13, 2012,
creditors of Chico International Development Company Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Poon Chi Woo
         Poon Chin Chung Philip
         Room 1307-8, Dominion Centre
         43-59 Queen's Road
         East, Wanchai
         Hong Kong


CITIZENS TRADE: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------
Creditors of Citizens Trade Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 20, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 13, 2012.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         c/o Briscoe Wong Ferrier
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


DAYS IMPEX: Court to Hear Wind-Up Petition on Sept. 12
------------------------------------------------------
A petition to wind up the operations of Days Impex Limited
(Incorporated in Liberia) will be heard before the High Court of
Hong Kong on Sept. 12, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on July 6, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


DONNEX LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 11, 2012, to
wind up the operations of Donnex Limited.

The official receiver is Teresa S W Wong.


EAGLETRON TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on July 11, 2012, to
wind up the operations of Eagletron Technology Limited.

The official receiver is Teresa S W Wong.


FAIRLANE INVESTMENT: Creditors' Proofs of Debt Due Aug. 24
----------------------------------------------------------
Creditors of Fairlane Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 24, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 13, 2012.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


FOUNDRY TRADERS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Foundry Traders International Limited, on July 6,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


GSW (FAR EAST): Chung Kit Ling Elaine Steps Down as Liquidator
--------------------------------------------------------------
Chung Kit Ling Elaine stepped down as liquidator of GSW (Far
East) Limited on July 15, 2012.


IHC MERWEDE: Creditors' Proofs of Debt Due July 31
--------------------------------------------------
Creditors of IHC Merwede Hong Kong II Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 9, 2012.

The company's liquidator is:

         Hans Pieter Slappendel
         Unit 1001, 10/F
         Infinitus Plaza
         199 Des Voeux Road
         Central, Hong Kong


LEARNING CONNECTION: Members' Final Meeting Set for Aug. 20
-----------------------------------------------------------
Members of The Learning Connection Limited will hold their final
general meeting on Aug. 20, 2012, at 10:00 a.m., at the office of
the liquidator, 19/F, S.B. Commercial Building, 478 Nathan Road,
Yau Ma Tei, in Kowloon.

At the meeting, Sum Wai Ching Helena, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LIMMARK KNITWEAR: Fung Chun Kai Steps Down as Liquidator
--------------------------------------------------------
Fung Chun Kai stepped down as liquidator of Limmark Knitwear
Company Limited on June 26, 2012.


PIOVAN HK: Creditors' Proofs of Debt Due Aug. 3
-----------------------------------------------
Creditors of Piovan Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Paolo Maguolo
         Flat 3, 1/F
         Chung Ying Building
         163 Tai Kok Tsui Road
         Kowloon



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ADHUNIK POWER: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Adhunik Power Transmission
Limited's 'Fitch B+(ind)' National Long-Term rating with Stable
Outlook to the non-monitored category.

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

Fitch has also migrated APTL's bank loans to the non-monitored
category as follows:

  -- INR9.8m long-term loans: migrated to National Long-Term
     'Fitch B+(ind)nm' from 'Fitch B+(ind)'
  -- INR140m fund-based limits: migrated to National Long-Term
     'Fitch B+(ind)nm' from 'Fitch B+(ind)'
  -- INR100m non-fund-based limits: migrated to National Short-
     Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'


AGLO PACKAGINGS: CRISIL Puts 'B+' Rating on INR128.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Aglo Packagings Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan            44.50      CRISIL B+/Stable (Assigned)

   Proposed Long-Term   15.90      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Buyer Credit Limit   46.50      CRISIL B+/Stable (Assigned)

   Cash Credit          21.70      CRISIL B+/Stable (Assigned)

The rating reflects APPL's below-average financial risk profile,
marked by a high gearing, small net worth, and below-average debt
protection metrics, working-capital-intensive operations, small
scale of operations and, susceptibility to risks related to
intense competition in the polyethylene terephthalate (PET) caps
industry. These rating weaknesses are partially offset by the
extensive industry experience of APPL promoter and the company's
healthy relationships with its customers.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established market position. The outlook may be revised to
'Positive' if the company scales up its operations while
maintaining its profitability and improves its capital structure
through fresh equity infusion by the promoter. Conversely, the
outlook may be revised to 'Negative' if APPL's financial risk
profile deteriorates because of a sharp decline in margins and
cash accruals, large debt-funded capital expenditure, or
significant stretch in working capital cycle.

                      About Aglo Packagings

Incorporated in 2006 and promoted by Mr. Prakash Agarwal, APPL
manufactures polyethylene terephthalate (PET) caps for bottles
used for packaging of mineral water, edible oil, fruit juices,
and carbonated drinks. The company started commercial operations
in June 2009 with a capacity of 17 million caps per month. After
subsequent expansions, APPL has a current capacity of 40 million
caps per month. The company has in house printing and embossing
facilities. APPL mainly manufactures caps in 2 sizes; 1.72 gms
for water and 2.7 gms for juice. The company's plant facility is
located in Guwahati (Assam).

APPL reported a provisional loss of INR8.8 million on net sales
of INR134.2 million for 2011-12 (refers to financial year, April
1 to March 31), as against a loss of INR10.2 million on net sales
of INR70.9 million for 2010-11.


ANKIT PULPS: CRISIL Assigns 'B+' Rating to INR90MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ankit Pulps & Boards Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan             42.5      CRISIL B+/Stable (Assigned)

   Cash Credit           42.5      CRISIL B+/Stable (Assigned)

   Proposed Long-Term     5        CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects APBPL's average financial risk profile,
marked by a high gearing and average debt protection metrics,
presence in the intensely competitive speciality chemicals
industry, leading to low bargaining power and limited pricing
flexibility, and working-capital-intensive operations. These
rating weaknesses are partially offset by the benefits that APBPL
derives from its promoters' extensive industry experience and its
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that APBPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if the company scales up
its operations, while it maintains its profitability margins, or
significantly improves its capital structure because of equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if APBPL reports deterioration in its financial
risk profile because of lower-than-expected profitability,
larger-than-expected working capital requirements, or large,
debt-funded capital expenditure.

                        About Ankit Pulps

Incorporated in 1988, APBPL is managed by Mr. Anil Agarwal and
Mr. Rajesh Agarwal. The company is engaged in manufacturing of
cellulose powder and micro crystalline cellulose (MCC) at its
manufacturing facility in Nagpur (Maharashtra) having an
installed capacity of 150 tonnes per month (tpm) each. In
addition, the company also exports cellulose powder to Saudi
Arabia but on a smaller scale. Cellulose Powder is used in
casting material of welding electrodes in considerable
quantities. It is an inert material and it prevents oxidation and
the resultant welding will be free from pinholes, cracks etc. MCC
on the other hand, is a versatile pharmaceutically neutral
product which finds its application as an excipient in
pharmaceutical formulation and as a non-nutritive bulking in high
fibre beverages, frozen dairy desserts and canned foods.

APBPL, on a provisional basis, reported a profit after tax (PAT)
of INR2.6 million on net sales of INR86.3 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.6 million on net sales of INR90.4 million for 2010-11.


ANUNAY FAB: CRISIL Cuts Rating on INR860MM Loans to 'CRISIL C'
--------------------------------------------------------------
CRISIL assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Anunay Fab Limited. The rating reflects delays in
repayment of an unrated bank loan facility. The rating also
reflects high working capital requirements and below average
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the industry
supporting its business risk profile.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Proposed Long-Term      68        CRISIL C (Assigned)
   Bank Loan Facility

   Cash Credit            792        CRISIL C (Assigned)

   Letter of Credit        60        CRISIL A4 (Assigned)

Anunay is a public limited company engaged in manufacturing of
cotton textile products like bed-sheets, bed-sheet sets, terry-
cotton towels (started in 2011-12) etc. It is also engaged in
trading of grey cloth. Anunay was incorporated in 1994 by Mr.
Radheshyam Agrawal Mr. Purushottam Agrawal (son of Mr. Radheshyam
Agrawal) and Mr. Anjani Agrawal (son of Mr. Radheshyam Agrawal).
Anunay had no operations till 2002 after which it started exports
of bed-sheets. Around 55 per cent of Anynay's revenues are
generated from export sales while rest is generated from local
sales. Around 80 per cent of the Anunay's sales for 2011-12 are
estimated to be generated through bed-sheet sales, 15 per cent
from terry-cotton towels while rest from sales of other fabrics.

Anunay reported a PAT of INR8.5 million on net sales of
INR224.5 for 2010-11 (refers to financial year April 1 to
March 31) as against PAT of INR1.6 million on net sales of
INR220.4 for 2009-10.


BRAHMA IRON: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------
Fitch Ratings has migrated India-based Brahma Iron & Power Ltd's
'Fitch B(ind)' National Long-Term rating with Stable Outlook to
the non-monitored category.   Fitch has also migrated BIPL's
INR700m term loans to 'Fitch B(ind)nm' from 'Fitch B(ind)'.

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


BTC INDUSTRIES: CRISIL Cuts Rating on INR300MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
BTC Industries Pvt Ltd to 'CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The downgrade reflects recent instances of
delays by BIPL in servicing its term debt; the delays have been
caused by the company's weak liquidity. BIPL's liquidity is weak
owing to its highly working-capital-intensive operations arising
out of its increased inventory and debtor levels.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit Limit    290.0      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Bank Guarantee        10.0      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

BIPL also has a small scale of operations in the fragmented steel
long products industry. The ratings also factor in the
susceptibility of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
BIPL's established position in Uttarakhand and Uttar Pradesh
(UP), and efficient operations that continue to provide stability
to its business risk profile.

Incorporated in 2003 by Mr. Yashoda Nandan Agarwal and his sons,
Mr. Navneet Agarwal and Mr. Tushar Agarwal, BIPL began commercial
production under the present management in February 2006. The
company manufactures thermo-mechanically treated (TMT) bars at
its facility in Khasra (Uttarakhand), and has capacity of 120,000
tonnes per annum. BIPL enjoys a 30-per cent income tax rebate
from 2011-12 (refers to financial year, April 1 to March 31) to
2013-14. The company is also exempt from central excise duty.
BIPL markets its products under the Mittal Sariya brand. Its
clientele largely comprises distributors/dealers/retailers in
Uttarakhand, UP, New Delhi, Punjab, and Haryana (accounted for
around 70 per cent of the company's sales in 2011-12). Rest of
the sales is directly to builders, such as Omaxe Ltd, Ansal
Properties & Infrastructure Ltd, and DLF Ltd (rated 'CRISIL
A/Negative/CRISIL A2+'). BIPL also manufactures ingots with
capacity of 80 tonnes per day (tpd). This capacity is expected to
increase to 230 tpd by proposed addition of induction furnace for
incremental ingot manufacturing capacity by September 2012. The
enhanced ingot manufacturing capacity is expected to take care of
100 per cent raw material requirement for the TMT bar plant from
October 2011.


DAIRY ICE: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Dairy Ice Cream and Frozen Foods Pvt Ltd. The
rating reflects the instances of delay by DIFF in servicing its
debt; the delays have been caused by the company's weak
liquidity. DIFF's liquidity has been weak because of the debt-
funded capital expenditure (capex) programme undertaken by the
company for setting up a new plant at Bhongir in Hyderabad
(Andhra Pradesh) in the recent past, and the subsequent delay in
the start of its full-fledged commercial operations.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           20        CRISIL D (Assigned)
   Proposed Long-Term    80        CRISIL D (Assigned)
   Bank Loan Facility

DIFF also has a modest financial risk profile marked by a
moderate gearing, a small net worth and below-average debt
protection metrics; moreover, the company has a constrained
financial flexibility because of large maturing debt obligations
and working capital requirements. DIFF, however, benefits from
its promoters' extensive industry experience and its established
brand presence.

DIFF was set up in 1980 by Mr. Shyam Jumani and his family in
Hyderabad. The company was later acquired and merged with Ripples
in 2002. Ripples, is a firm set up in 1999 and owned by Mr. Ajay
Kumar Vaddi. DIFF was a sick unit when it was acquired by Mr.
Ajay Kumar Vaddi in 2002. DIFF primarily manufactures ice-creams
under four brands, namely, Jumani, Halka, Exotica and Diffys.
Jumani is the flagship brand of DIFF. The company has also won a
gold medal for its Exotica brand in the 'Great Indian Ice-cream
contest' conducted by Indian Dairy Association. DIFF's
manufacturing capacity of 4500 litres per day (ltd) was recently
expanded to about 15,000 ltd, on account of the company's new
manufacturing unit at Bhongir in Hyderabad.

DIFF reported a provisional profit after tax (PAT) of INR3.1
million on provisional net sales of INR68.1 million for 2011-12,
against a PAT of INR2.2 million on net sales of INR62.5 million
for 2010-11.


GOPALA KRAFT: CRISIL Cuts Rating on INR90MM Loans to 'B-'
---------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facilities
of Gopala Kraft Pack Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit            20       CRISIL B-/Stable (Downgraded
                                   from CRISIL B/Stable)

   Proposed Long-Term     22       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from CRISIL B/Stable)

   Term Loan              48       CRISIL B-/Stable (Downgraded
                                   from CRISIL B/Stable)

The downgrade reflects CRISIL's expectation of a pressure on
GKP's financial risk profile due to significant upcoming debt
obligations vis-a-vis the cash accruals from operations. The
company's accruals are expected to be around INR1.3 million as
against principal repayment obligations of around INR4 million in
2012-13 (refers to financial year, April 1 to March 31). CRISIL
believes that the company is likely to face significant pressure
in servicing of the obligations under its term loans which were
availed to fund its expansion cum modernisation programme in
2011-12. This expansion has resulted in the gearing going up from
0.69 times in 2010-11 to around 3.3 times in 2011-12. The
company's interest coverage and debt protection indicators are
also expected to remain muted on account of the recent additions
to debt. The net cash accruals to total debt ratio is expected to
in the range of 5 to 6 per cent over the medium term.

The rating reflects GKP's modest scale of operations and weak
financial risk profile, marked by high gearing and modest debt
protection indicators. These rating weaknesses are partially
offset by the extensive industry experience of GKP's promoters
and its strong customer relationships.

Outlook: Stable

CRISIL believes that GKP will benefit from the extensive industry
experience of its promoters and stable demand outlook for its
products, over the medium term. The outlook may be revised to
'Positive' if the company generates higher-than-expected
operating revenues, while improving its margins and also
improving its debt protection indicators. Conversely, the outlook
may be revised to 'Negative' if GKP faces challenges in scaling
up its operations leading to lower than expected accruals or if
its working capital cycle lengthens substantially, impacting its
ability to meet its debt servicing commitments in time.

                        About Gopala Kraft

Incorporated in 1996 by the Somani family, GKP manufactures and
sells corrugated boxes. Its manufacturing unit in Baramati
(Maharashtra) has a monthly capacity to convert about 800 tonnes
of paper into boxes. GKP's major customers include Oriental
Containers Ltd (rated 'CRISIL BBB+ /Positive/CRISIL A2'), Cargill
Foods India Ltd, Cargill India Pvt Ltd (rated 'CRISIL A1+'),
Nagreeka Exports Ltd, Spentex Industries Ltd, and Technocraft
Industries (India) Ltd (rated 'CRISIL A+/Stable/CRISIL A1+'),
among others. Mr. Gautam Somani, Managing Director, looks after
the day-to-day operations of the company.

GKP reported a profit after tax (PAT) of INR1.6 million on net
sales of INR91.8 million for 2010-11, as against a PAT of INR1.2
million on net sales of INR65.6 million for 2009-10.


G S OILS: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
G S Oils Limited's to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Positive/CRISILA4+'.The downgrade reflects instances of delay
by GSOL in servicing its term and instances of devolvement of its
letter of credit facilities; the delays have been caused by
GSOL's stretched liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Bank Guarantee         5        CRISIL D (Downgraded from
                                   CRISIL A4+)

   Cash Credit        1,000        CRISIL D (Downgraded from
                                   CRISIL BB+/Positive)

   Letter of Credit     600        CRISIL D (Downgraded from
                                   CRISIL BB+/Positive)

   Standby Line of       50        CRISIL D (Downgraded from
   Credit                          CRISIL BB+/Positive)

   Term Loan            905        CRISIL D (Downgraded from
                                   CRISIL BB+/Positive)

GSOL is also exposed to intense competition in the edible oils
industry. The ratings also factor in the susceptibility of the
company's operating margin to volatility in raw material and
finished product prices, and to unfavorable changes in government
policy for the edible oils industry. These rating weaknesses are
partially offset by the extensive experience of GSOL's promoter
in the edible oil and cotton ginning industries.

Incorporated in 1997 by Mr. Narayanlal Makaharia, GSOL is engaged
in solvent extraction of soybean and cotton seed, refining of
soybean oil and cotton seed oil, and cotton ginning, pressing,
and delinting. The promoter has been in this business since 1977.

For 2009-10 (refers to financial year, April 1 to March 31), GSOL
reported a profit after tax (PAT) of INR58 million on an
operating income of INR9.5 billion, against a PAT of INR44
million on an operating income of INR5.6 billion for 2008-09.


HARSHIT POWER: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Harshit Power & Ispat Pvt
Ltd's 'Fitch D(ind)' National Long-Term rating to the non-
monitored category.  This rating will now appear as 'Fitch
D(ind)nm' on the agency's website.

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

Fitch has also migrated HPIL's bank loans to the non-monitored
category as follows:

  -- INR117.2m long-term loan I: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'

  -- INR70m long-term loan II: migrated to National Long-Term
     'Fitch D(ind)nm' from 'Fitch D(ind)'

  -- INR97m fund-based limits: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'

  -- INR50m non-fund-based limits: migrated to National Short-
     Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'


IMPEX FERRO: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------
Fitch Ratings has migrated India-based Impex Ferro Tech Limited's
'Fitch C(ind)'  National Long-Term rating to the non-monitored
category.

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

Fitch has also migrated IFTL's bank loan ratings to the non-
monitored category as follows:

  -- INR671.3m long-term loans: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'
  -- INR649m fund-based limits: migrated to National Long-Term
     'Fitch C(ind)nm' from 'Fitch C(ind)'
  -- INR1,332m non-fund-based limits: migrated to National Short-
     Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'


INTEGRATED EQUIPMENT: CRISIL Rates INR180.7MM Loan at 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Integrated Equipment (India) Pvt Ltd to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the rating on the
company's short-term facilities at 'CRISIL A4'.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    ------
   Export Packing Credit     230       CRISIL A4 (Reaffirmed)

   Letter of Credit           60       CRISIL A4 (Reaffirmed)

   Term Loan                 180.7     CRISIL B+/Stable (Upgraded
                                       from CRISIL B/Stable)

The rating upgrade follows substantial ramp-up in IEIPL's
revenues, which is expected to continue over the medium term,
supported by its healthy order book. IEIPL's revenues have
increased to about INR340 million in 2011-12 (refers to financial
year, April 1 to March 31) from over INR100 million in 2009-10,
backed by steady demand from the oil and gas sector, its key end-
user. The company's revenues are expected to nearly double in
2012-13 backed by its healthy order book of INR1.3 billion (to be
executed in the next two years). Though IEIPL will have to
undertake a capital expenditure (capex) programme of about INR135
million in the near term to meet the increased demand, its
gearing is expected to be maintained at current levels of about 2
times, supported by steady accretions to reserves. Also, since
all of the company's sales are to its US-based parent, transfer
pricing laws shall continue to ensure healthy operating
profitability of about 20 per cent.

The ratings reflect IEIPL's working-capital-intensive, and small
scale of, operations. This rating weakness is partially offset by
IEIPL's above-average financial risk profile, marked adequate
debt protection metrics, improved operating efficiency, and
improved demand scenario for the company's products.

Outlook: Stable

CRISIL believes that IEIPL will continue to benefit over the
medium term from the improved demand scenario for its products, a
healthy order book, and the support that it receives from its
parent company. The outlook may be revised to 'Positive' if the
company sustains its growth in topline and profitability, while
maintaining current capital structure, or in case there is
significant infusion of funds from the parent company, thereby
positively impacting IEIPL's financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case there is any
decline in IEIPL's revenues or profitability, leading to lower-
than-expected cash accruals, or in case of a stretch in its
working capital cycle or any debt funded capex, resulting in
weakening in its financial risk profile.

                      About Integrated Equipment

Incorporated in 2006, IEIPL is promoted by Mr. Ashish Sharma and
his father, Mr. Brijmohanlal Sharma. The company is promoted as
an export-oriented unit in Pune (Maharashtra) and manufactures
pressure control equipment used in the oil and gas industry. It
sells majority of its output to the group's selling arm,
Integrated Equipment International Incorporated, USA. IEIPL, in
2010-11, commissioned its new manufacturing facility in Pune to
produce high value-added products, such as pressure valves,
pulsation dampeners, and blow-out preventers.

For 2011-12, IEIPL reported, on a provisional basis, a profit
after tax (PAT) of INR25.4 million on net sales of INR333.8
million; the company reported a PAT of INR8.3 million on net
sales of INR166.8 million for 2010-11.


LAMINA FOUNDRIES: CRISIL Lifts Rating on INR142.8MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Lamina Foundries Ltd (part of the Lamina group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its short-
term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           85.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Foreign Bill           9.1      CRISIL A4 (Reaffirmed)
   Purchase

   Letter of credit      54.7      CRISIL A4 (Reaffirmed)
   & Bank Guarantee

   Proposed Cash Credit  22.6      CRISIL B+/Stable (Upgraded
   Limit                           from 'CRISIL B/Stable')

   Working Capital       34.7      CRISIL B+/Stable (Upgraded
   Demand Loan                     from 'CRISIL B/Stable')

The rating upgrade follows improvement in LFL's financial risk
profile, particularly its liquidity, backed by infusion of funds
by promoters and settlement of liability of INR2.86 million
towards Government of India during 2012, which, had it not been
settled, would have translated into a liability of close to INR10
million.

The ratings reflect the Lamina group's weak financial risk
profile, marked by modest net worth, high gearing, and weak debt
protection metrics, exposure to risk related to sluggishness in
demand for automotive components domestically as well as in the
export market, and large working capital requirements. These
rating weaknesses are partially offset by the Lamina group's
established position in the automotive components industry and
its established customer relationships.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LFL, Lamina Suspensions Products
Limited (LSPL) and Lamina International (LI). This because the
three entities, collectively referred to as the Lamina group, are
under a common management, have fungible cash flows, and derive
considerable operational and business synergies from each other.

Outlook: Stable

CRISIL believes that the Lamina group will continue to benefit
over the medium term from its established track record in the
automotive components sector and its long-standing relationships
with its customers. The outlook may be revised to 'Positive' if
the group improves its capital structure and reports better-than-
expected sales growth and improvement in its margins. Conversely,
the outlook may be revised to 'Negative' if the Lamina group
reports deterioration in its liquidity, its revenues or margins
decline significantly, or if it contracts a larger-than-expected
quantum of debt to fund its capital expenditure.

                         About the Group

The Lamina group was set up by Mr. N V Hegde, Mr. T R Shenoy, and
Mr. Guruprasad Adyanthaya. LSPL was set up as a private limited
company in 1976 in Mangalore (Karnataka). It currently
manufactures multi-leaf and parabolic springs for use in the
automobiles sector, with capacity of 14,500 tonnes per annum
(tpa); its products are used in the replacement market. In 1989,
the company began exporting its products to the US, the UK,
Italy, South Korea, and a few other countries. LFL, set up in
1981, is a subsidiary of LSPL. LFL manufactures iron castings
such as brake drums, motor bodies, flywheels, and valve bodies,
with capacity of 19,200 tpa; its products are use in the
automobile, construction equipment, and compressor manufacturing
industries. The company has been listed in Bangalore Stock
Exchange and Madras Stock Exchange. LI, set up in 1992, acts as
an export house of LSPL and LFL, as it purchases leaf springs
from LSPL and brake drums from LFL, and exports the same to
European countries.

LFL's provisional profit before tax (PBT) and net sales are at
INR1.22 million and INR548.9 million, respectively, for 2011-12
(refers to financial year, April 1 to March 31) as against PBT of
INR9.54 million on net sales of INR584.4 million for 2010-11.


MERRITRONIX PVT: CRISIL Puts 'B+' Rating on INR28MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Merritronix Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan            8.00       CRISIL B+/Stable (Assigned)
   Cash Credit         20.00       CRISIL B+/Stable (Assigned)
   Letter of Credit    20.00       CRISIL A4 (Assigned)
   Bank Guarantee      12.00       CRISIL A4 (Assigned)

The ratings reflect MPL's small scale of operations, below-
average financial risk profile, marked by small net worth and
weak debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of MPL's promoters and its established
customer base.

Outlook: Stable

CRISIL believes that MPL will continue to benefit from its
promoters' extensive industry experience and technical expertise,
over the medium term. The outlook may be revised to 'Positive' if
MPL reports more-than-expected revenue growth while maintaining
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in MPL's
operating income and profitability, or in case the company
undertakes any large, debt-funded capital expenditure, causing
its capital structure to weaken significantly.

                        About Merritronix

Merritronix Pvt Ltd was incorporated in 1988, promoted by Mr. D Y
Das, Mr. M A Khan, and Mr. Prabala N Shastri. It commenced
commercial operations in 1993-94 (refers to financial year,
April 1 to March 31). Mr. Khan and Mr. Shastri are no longer part
of the company and the day-to-day operations of the business are
looked after by Mr. Das' son, Mr. D Amarnath. The company
manufactures accessories for telecommunication cable jointing
kits (accounts for 25 per cent of turnover) and, since 2002, has
been undertaking electronic manufacturing services (75 per cent
of turnover).Domestic customers the company is catering to
include Bharat Sanchar Nigam Ltd (BSNL), Hindustan Aeronautics
Ltd (HAL; 'CRISIL AAA/Stable/CRISIL A1+'), Bharat Electronics Ltd
(BEL), and Electronics Corporation of India Ltd (ECIL; 'CRISIL
AA+/Stable/CRISIL A1+').

MPL has reported profit after tax (PAT) of INR1 million on net
sales of INR100 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1 million on net sales
of INR111 million for 2009-10.


PRIME AUTOMOBILES: CRISIL Puts 'B+' Rating to INR100.6MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Prime Automobiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           100       CRISIL B+/Stable (Assigned)
   Term Loan               0.6     CRISIL B+/Stable (Assigned)

The rating reflects PAPL's average financial risk profile, marked
by small net worth, high total outside liabilities to tangible
net worth ratio, and modest debt protection metrics, and exposure
to intense competition in the automobile industry. These rating
strengths are partially offset by PAPL's by the extensive
industry experience of the promoters and its established market
position in Faridabad (Haryana) region.

Outlook: Stable

CRISIL believes that PAPL will continue to benefit over the
medium term from its promoters' industry experience, supported by
principal's leadership position in the utilities vehicle segment.
The outlook may be revised to 'Positive' if there PAPL's
operating margin improves, its sales volumes increase, and its
capital structure improves. Conversely, the outlook may be
revised to 'Negative' if the company's revenues and profitability
decline significantly, or if it undertakes larger-than-expected,
debt-funded, capital expenditure programme, thereby adversely
affecting its capital structure.

                      About Prime Automobiles

Prime Automobiles Pvt Ltd. is an authorised dealer in vehicles
and spare parts of vehicles of Mahindra & Mahindra Ltd (rated
'CRISIL AA+/Stable/CRISIL A1+') in Faridabad, Haryana. PAPL was
incorporated in 2010 and commenced its operations in September
2010. Currently, the company is promoted by Mr. Ramesh Singh
along with his son, Mr. Dushyant Singh, his daughter, Mrs.
Geetanjali Singh, and his son-in-law, Mr. Ajay Pratap Singh. The
company has two showrooms in Faridabad - one for passenger
vehicles and the other for commercial vehicles. PAPL deals in all
the models manufactured by Mahindra & Mahindra Ltd in India. It
provides automobile services.

PAPL, on a provisional basis, reported profit after tax (PAT) of
INR4 million on net sales of INR1,105.6 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.3 million on net sales of INR269.5 million for 2010-11.


RASHMI METALIKS: Inadequate Info Cues Fitch to Withdraw Ratings
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based Rashmi Metaliks Limited's
National Long-Term rating of 'Fitch BB+(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of RML.

Fitch migrated RML to the non-monitored category on 7 November
2011.

Fitch has also withdrawn RML's bank loan ratings as follows:

  -- INR2,000m long-term loans: National Long-Term 'Fitch BB+
     (ind)nm'; rating withdrawn
  -- INR2,100m cash credit limits: National Long-Term 'Fitch BB+
     (ind)nm'; rating withdrawn
  -- INR1,900m non-fund-based limits: National Short-Term 'Fitch
     A4+(ind)nm'; rating withdrawn


RHINO AGENCIES: CRISIL Rates INR110MM Term Loan at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan bank
facility of Rhino Agencies Ltd. The rating reflects instances of
delay by RAL in servicing its term loan because of the company's
short-term cash flow mismatches.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Term Loan            110.0      CRISIL D (Assigned)

RAL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics. This rating weakness is
partially offset by the benefits that RAL derives from the long
track record of its group companies and established market
position in North-Eastern states.

Rhino Agencies Ltd is a wholly owned subsidiary of Yuksum
Breweries Ltd, which is owned and managed by Mr. Tshering Pentso
Denzongpa and his family members. The existing promoters took
over RAL in 2009. The promoter group has been manufacturing and
marketing beer for the last 27 years through YBL and other group
entities. RAL also manufactures beer. The company commenced
commercial production from May 2009. It has an installed capacity
of 1.65 million cases per annum, with a capacity utilisation at
around 83 per cent.

For 2010-11 (refers to financial year, April 1 to March 31), RAL
reported a net loss of INR1.8 million on net sales of INR301
million, against a net loss of INR21.2 million on net sales of
INR207 million for 2009-10.


SREE ASTALAXMI: Inadequate Info Cues Fitch to Withdraw Ratings
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Sree Astalaxmi Spinning
Mills Pvt. Ltd.'s 'Fitch BB-(ind)nm' National Long-Term rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of Astalaxmi.

Fitch migrated Astalaxmi to the non-monitored category on 17
October 2011.

Fitch has also withdrawn the ratings on Astalaxmi's bank loans as
follows:

  -- INR155.6m long-term loans: National Long-Term 'Fitch BB-
     (ind)nm'; rating withdrawn
  -- INR50m fund-based working capital limits: National Long-Term
     'Fitch BB-(ind)nm'; rating withdrawn
  -- INR7.5m non-fund-based working capital limits: National
     Short-Term 'Fitch A4+(ind)nm'; rating withdrawn


SRI SALASAR: Fitch Withdraws Rating on Nat'l Long-Term at 'B+'
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Sri Salasar Balaji Agro
Tech Pvt. Ltd.'s 'Fitch B+(ind)nm' National Long-Term rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of Salasar Balaji.

Fitch migrated Salasar Balaji to the non-monitored category on
October 17, 2011.

Fitch has also withdrawn the ratings on Salasar Balaji's bank
loans as follows:

  -- INR200 million fund-based working capital limits: National
     Long-Term 'Fitch B+(ind)nm'; rating withdrawn

  -- INR810 million non-fund-based working capital limits:
     National Short-Term 'Fitch A4(ind)nm'; rating withdrawn


V.K. GUPTA: CRISIL Rates INR40MM Cash Credit 'CRISIL C'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of V.K. Gupta & Associates.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           40        CRISIL C (Assigned)
   Bank Guarantee       160        CRISIL A4 (Assigned)

The ratings reflect instances of delay by VKG in servicing its
machinery and business loans; the delays have been caused by the
firm's weak liquidity.

VKG also has a modest scale of operations in a highly competitive
industry and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
VKG's partners in the civil construction industry and its above-
average debt protection metrics.

Set up in 2000 by Mr. VK Gupta as a partnership concern along
with his wife Ms. Dimple Gupta and son Mr. Saksham Gupta, VKG
undertakes civil construction works, such as construction of
bridges in Punjab, Haryana, Himachal Pradesh (HP), and
Uttarakhand. The works undertaken are primarily for the
government sector, such as Public Works Department and Border
Roads Organisation (HP). VKG is a registered Class A contractor
with the government departments and generally undertakes orders
worth more than INR100.0 million. The firm's registered office is
located in Panchkula (Haryana).

For 2011-12 (refers to financial year, April 1 to March 31), VKG
reported, on a provisional basis, a profit after tax (PAT) of
INR28.05 million on net sales of INR397.6 million; the firm
reported a PAT of INR37.23 million on net sales of INR429.47
million for 2010-11.


XTRAA CLEANCITIES: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Xtraa
Cleancities Ltd (formerly, Cleancities Biodiesel India Ltd) to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'. The
downgrade reflects the instances of delay by Cleancities in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    ------
   Cash Credit           84        CRISIL D (Downgraded from
                                   CRISIL BB-/Stable)

   Letter of Credit     600        CRISIL D (Downgraded from
                                   CRISIL A4+)

   Long-Term Loan       990        CRISIL D (Downgraded from
                                   CRISIL BB-/Stable)

   Packing Credit       916        CRISIL D (Downgraded from
                                   CRISIL A4+)

Cleancities' operating profitability is susceptible to volatility
in raw material and crude prices; moreover, the company has a
limited track record of operations. Cleancities, however,
benefits from the healthy business prospects for the bio-diesel
sector in the export market.

Cleancities was set up by Mr. Srinivas Prasad Moturi in February
2006 to set up a bio-diesel plant at Vishakhapatnam (Andhra
Pradesh). The unit, with capacity to produce 250,000 tonnes of
bio-diesel per annum, commenced commercial production in November
2008. The company markets bio-diesel under the registered brand,
Cleancities Biodiesel. About 90 per cent of its revenues come
from exports.

Cleancities reported a profit after tax (PAT) of INR87 million on
net sales of INR3.33 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR213 million
on net sales of INR12 million for 2008-09. The company's net
sales for 2010-11 and 2011-12 are estimated at around INR3.35
billion and INR3.52 billion respectively.



=================
I N D O N E S I A
=================


MAKMUR MANDIRI: Fitch Withdraws 'BB-' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Indonesia's second-largest coal mining
company Bukit Makmur Mandiri Utama's ratings and simultaneously
withdrawn them.  The ratings are as follows:

  -- Long-Term Foreign Currency Issuer Default Rating at 'BB-';
     Outlook Stable
  -- National Long-Term rating at 'AA-(idn)'; Outlook Stable

Fitch has withdrawn the above ratings as they are no longer
considered relevant to the agency's coverage.

Fitch will no longer provide analytical coverage or ratings of
BUMA.



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


L-JAC 7: Moody's Downgrades Ratings on 16 Certificate Classes
-------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the 21 Class
trust certificates and CMBL issued/borrowed by L-JAC 7 Trust.

The final maturity of all the Trust Certificates will take place
in October 2014.

Details follow:

Class A and CMBL, Downgraded to Baa2 (sf); previously on 5 July
2012, A2 (sf) placed under review for downgrade

Class B, Downgraded to B2 (sf); previously on 5 July 2012, Ba2
(sf) placed under review for downgrade

Class C, Downgraded to Ca (sf); previously on 5 July 2012, Caa2
(sf) placed under review for downgrade

Class D-1, Downgraded to C (sf); previously on 5 July 2012, Caa2
(sf) placed under review for downgrade

Class E-1, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class F-1, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class G-1, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class D-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class E-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class F-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class G-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class H-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class I-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class J-2, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class D-3, Downgraded to Ca (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class E-3, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class F-3, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class G-3, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class H-3, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Class I-3, Downgraded to C (sf); previously on 5 July 2012, Caa3
(sf) placed under review for downgrade

Deal Name: L-JAC 7 trust

Class: Class A through I-3 trust certificates and CMBL

Issue Amount (initial): Approximately JPY36,980 million

Dividend: Floating

Transfer Date of Trust Certificates / CMBL: 31 March 2008

Final Maturity Date: October 2014

Underlying Asset (initial): four non-recourse loans and four TMK
bonds

Entrustor: Lehman Brothers Japan Inc. and Lehman Brothers
Commercial Mortgage K.K. (as of issue date)

Arranger: Lehman Brothers Japan Inc (as of issue date)

The L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds. The
transaction is currently secured by three non-recourse loans and
three specified bonds. The underlying loan portfolio is divided
into three loan pools: A, B, and C.

The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee. The Trustee in turn issued the Trust
Certificates of Class A through K-1 and Class X.

Some of the Class A Trust Certificates were re-entrusted to the
Trustee, and the Lender launched CMBL backed by the re-entrusted
certificates. The Trust Certificates and CMBL are rated by
Moody's.

Dividend and principal distributions will be implemented
sequentially at the CMBS level. Interest and principal
collections from the loan assets will be allocated only within
the corresponding group of the Trust Certificates.

The limits on principal repayments are allocated to Classes A
through C, as corresponding to each group.

And the repayment amounts, which exceed these limits and are from
the loan assets, are paid sequentially to the other subordinated
classes.

At the CMBS level, the principal distribution for Classes A
through C in each Pool will be added up and allocated
sequentially.

The loss will then be allocated to the most subordinated Class,
corresponding to the defaulted loan/bond in reverse order of the
sequential pay priority.

The total amount of losses distributed to the Class A through C
Trust Certificates will be re-allocated among them in the reverse
order of the sequential pay priority, starting with Class C.

Ratings Rationale

The current rating action reflects the following factors:

(1) Moody's applies a higher level of stress on its recovery
assumptions for future sale prices as the performance of some of
the remaining properties has deteriorated. The new estimate for
sale prices is approximately 47% lower than Moody's initial
value.

(2) As a result of the sale of the collaterals by the Special
Servicer, a write-down of rated certificates -- in turn due to
the loss on a special servicing loan -- is highly likely at the
next payment date. Also, in light of Moody's re-assessment,
losses on the loans are highly likely and could negatively affect
the Class C through I-3 trust certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)," published on September 30, 2010.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


SANKO STEAMSHIP: Tokyo Court Names H. Asafui as Trustee
-------------------------------------------------------
Sanko Steamship Co. said Hisashi Asafuji, who was appointed
company president on July 2, was named trustee by a Tokyo court,
according to an e-mailed statement to Bloomberg News.

                       About Sanko Steamship

The Sanko Steamship Co. Ltd., which owns or operates 156 vessels,
on July 2, 2012, commenced bankruptcy reorganization proceedings
under the Corporate Reorganization Act of Japan before the Tokyo
District Court, Civil Department No. 8.  Hisashi Asafuji, in his
capacity as the representative director and foreign
representative of Sanko in the Japanese Proceeding, filed
parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 12-12815) in Manhattan on the same day.
Chiyoda-ku, Tokyo-based Sanko said assets on March 31, 2012, were
about $1 billion while debt totaled $947 million, mostly
unsecured.  The debt total doesn't include liabilities on
chartered vessels.

U.S. Bankruptcy Judge James M. Peck presides over the Chapter 15
case.  Daniel J. Guyder, Esq., at Allen & Overy LLP, represents
the foreign representative.



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


* Sheppard Mullin's Seth Kim to Lead New Korean Office
------------------------------------------------------
Sheppard, Mullin, Richter & Hampton LLP disclosed that the Korean
Bar Association has approved the firm's license to practice in
the country.  This approval is the final step needed before the
firm may open its office in Seoul.  Sheppard Mullin was among the
first three law firms in the United States and the European Union
allowed to seek this approval.

Partner Seth (Byoung Soo) Kim, previously based in Sheppard
Mullin's New York and Los Angeles offices and chair of the firm's
Korea practice, will lead the new office.  Partners Gary Halling
and Ken Carl will be integral members of the Korea team and will
anchor the U.S.-side of the firm's practice from their offices in
San Francisco and Los Angeles, respectively.

"We are thrilled to have now satisfied every regulatory step to
open an office in Seoul.  We are honored to be among the first
firms approved and look forward to opening the office in the
coming weeks.  Many of our clients have operations in Korea and
it makes sense for us to establish a presence in Seoul to provide
the support and guidance that our clients require," said Guy
Halgren, chairman of Sheppard Mullin.

"I thank the Korean Bar Association for its assistance during the
process and I am pleased that we have obtained the final approval
needed to open the office.  It is exciting to be back in Korea
and I look forward to leading the Seoul office and working more
closely with my Korean clients," Kim commented.

Sheppard Mullin's Korea-based clients include Samsung, Hyundai
Motor, Korea Development Bank, Kookmin Bank, Hana Bank, Woori
Bank and Shinhan Bank.

Kim is a member of Sheppard Mullin's Finance and Bankruptcy
practice group.  He specializes in entertainment law, commercial
law, bankruptcy, bank regulatory matters, and bank acquisition
transactions.  Kim is a graduate of Seoul National University.

Halling is Sheppard Mullin's Antitrust and Trade Regulation
practice group leader.  He specializes in international antitrust
and unfair competition matters, and has extensive experience in
civil and criminal antitrust proceedings involving both federal
and state enforcement agencies.  Halling is a former Trial
Attorney at the Department of Justice, Antitrust Division in
Washington, D.C.

Carl is a member of the Finance and Bankruptcy practice group. He
specializes in banking law and corporate finance, advising
lenders and borrowers in financing transactions and bank clients
in regulatory matters.  Carl represents a number of major Korean
and U.S. financial institutions and companies, including several
S&P 500 members.

                       About Sheppard, Mullin

Sheppard, Mullin, Richter & Hampton LLP --
http://www.sheppardmullin.com/-- is a full service Global 100
firm with close to 600 attorneys in 15 offices located in the
United States, Europe and Asia.  Since 1927, companies have
turned to Sheppard Mullin to handle corporate and technology
matters, high stakes litigation and complex financial
transactions.



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


CAPITAL + MERCHANT: Former Directors Face Likely Jail Term
----------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that three former
Capital + Merchant Finance directors have been warned they are
likely to go to prison after being convicted on Crimes Act
charges in what has been dubbed one of the most important
commercial theft cases in recent years.

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2012, directors Neal Medhurst Nicholls, Wayne Leslie
Douglas, and Owen Francis Tallentire were found guilty in the
Auckland High Court on fraud charges brought by the Serious Fraud
Office (SFO).

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
NZ$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 Messrs. 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.

According to nzherald.co.nz, Justice Ed Wylie indicated that
prison sentences were "likely but not inevitable" for the three
men.  The three were remanded in custody ahead of their
sentencing next month.

The charges they have been convicted of carry a maximum penalty
of seven years' jail, the nzherald.co.nz relates.

                      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.


PERPETUAL TRUST: Torchlight Repays NZ$9 Million to Perpetual CMF
----------------------------------------------------------------
BusinessDesk reports that Torchlight Fund No. 1 LP, an entity
controlled by Pyne Gould managing director George Kerr, has
repaid NZ$9 million owed to Pyne Gould's Perpetual Cash
Management Fund.

BusinessDesk says transactions between the related entities,
which amounted to more than NZ$28 million, have been scrutinised
by the Financial Markets Authority.  This month, BusinessDesk
relates, the High Court ordered two independent observers keep
tabs on Perpetual Trust's cash management and mortgage funds amid
concerns over related party loans ahead of a substantial hearing
on Aug. 3.

The payment was made on Thursday and Friday of last week from the
proceeds of sales of real estate, BusinessDesk discloses citing a
statement from PR consultant David Lewis, once an adviser to
former Prime Minister Helen Clark.

"These payments have reduced the Torchlight Fund facility balance
to under NZ$3.5 million," the report quotes Mr. Lewis as saying.
"It is anticipated that this residual balance will be paid
shortly."

BusinessDesk notes that Mr. Kerr and US hedge fund Baker Street
Capital own 76 percent of Pyne Gould via Australasian Equity
Partners No 1 LP, after making a 37-cents-a-share takeover bid
that closed in March.

Pyne Gould shares last traded at 27 cents, valuing the company at
$58 million, and have dropped 21 percent this year, BusinessDesk
relays.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2012, that Perpetual Trust Limited said it is placing its
Mortgage Fund into moratorium for the period from July 5, 2012,
to August 31, 2012.  Perpetual chief executive Patrick Middleton
said the moratorium is a result of a recent surge of applications
for redemptions.

Publicity about the loan to Torchlight had triggered a
significant increase in requests for redemptions by investors in
the mortgage fund, stuff.co.nz reported.

Based in New Zealand Perpetual Trust Limited --
http://www.perpetual.co.nz/-- provides trustee and financial
advice, services, and solutions. Perpetual Trust is a subsidiary
of Pyne Gould Corp.



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


MILLENNIUM BANK: PDIC to Start Payment Process for Depositors
-------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will start
the onsite claims settlement operations (CSO) for depositors of
the closed Millennium Bank, Inc. with balances of PHP10,000 and
above on July 25, 2012. The CSO period will be conducted from
July 25 to August 1, 2012 at the bank premises. During the CSO,
deposit insurance claims will be processed and valid claims will
be paid.

The state deposit insurer said that starting on July 24, 2012,
PDIC will distribute Priority Numbers which correspond to the
depositors' appointment dates. This is to ensure an orderly CSO.
The appointment date is the specific schedule when PDIC personnel
will service the claims of depositors. The appointment dates are
posted at the premises of Millennium Bank and at the PDIC
website, www.pdic.gov.ph. Depositors must present their
evidence/s of deposit to be issued a Priority Number. Depositors
with Priority Numbers are requested to proceed to the bank
premises on their appointment dates.

Earlier, PDIC started paying depositors with valid accounts with
balances of PHP10,000 and below through postal money orders
(PMOs) sent via registered mail to the depositors' addresses in
the bank records. These depositors who have no outstanding
obligations with the bank and have updated addresses were not
required to file claims.

PDIC also advised depositors of Millennium Bank, Inc. with
deposit balances of PHP10,000 and below who have not yet received
their Notice of Payment to proceed to the bank premises to secure
Priority Numbers and file their claims according to their
appointment dates.

PDIC advised depositors to present the following minimum
requirements to the PDIC representatives when filing their
claims: a) duly accomplished Claim Form and Claim Status Sheet
(CSS); b) original evidence of deposit and; c) original and
photocopy of two (2) valid photo-bearing IDs with signature of
the depositor. Depositors below eighteen (18) years old must
present a photocopy of Birth Certificate from the National
Statistics Office (NSO) or duly certified copy from the Local
Civil Registrar. Meanwhile, if claimant is not the signatory in
the bank records, an original copy of a notarized Special Power
Attorney (SPA) of depositor or parent of minor must be presented.

Depositors of Millennium Bank who may not be able to file their
claims during the CSO period may submit their claims starting on
August 13, 2012 either personally at the PDIC Claims Counter
located at the 4th Floor, SSS Bldg., Ayala Avenue corner V. A.
Rufino Street, Makati City, Monday to Friday, 8:00 AM to 5:00 PM,
or through mail. Notices of payment or document deficiencies will
be sent to the depositors by mail.

In accordance with the provisions of R.A. 3591, the last day for
filing deposit insurance claims in the closed Millennium Bank is
on May 26, 2014. After said date, PDIC, as insurer, shall no
longer accept any claim for insured deposits maintained with the
said closed bank. PDIC assured that all valid deposits and claims
shall be paid.



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


HONG SENG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on July 13, 2012, to
wind up the operations of Hong Seng & Company (Private) Limited.

Hock Hin (1972) Private Limited filed the petition against the
company.

The company's liquidator is:

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


LIONHART (ASIA): Creditors' Proofs of Debt Due Aug. 20
------------------------------------------------------
Creditors of Lionhart (Asia) Pte Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Aug. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


MJC (SINGAPORE): Creditors' Proofs of Debt Due July 30
------------------------------------------------------
Creditors of MJC (Singapore) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July
30, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Thien Phong
          Chan Kheng Tek
          c/o PricewaterhouseCoopers
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


MORE WORLD: Creditors' First Meeting Set for Aug. 3
---------------------------------------------------
Creditors of More World System (Singapore) Pte Ltd which is under
judicial management will hold their first meeting on Aug. 3,
2012, at 3:30 p.m., at 141 Market Street, #12-00, International
Factors Building, in Singapore 048944.

At the meeting, Wong Joo Wan, the judicial manager, will give a
report on the company's wind-up proceedings and property
disposal.


PACIFIC SOURCE: Creditors' Proofs of Debt Due July 27
-----------------------------------------------------
Creditors of Pacific Source Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by July 27, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677



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


REPUBLIC OF PAKISTAN: S&P Affirms 'B-' Sovereign Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
sovereign credit rating on the Islamic Republic of Pakistan. The
outlook on the long-term rating remains stable. Standard & Poor's
also affirmed its 'B-' issue rating on Pakistan's senior
unsecured foreign- and local-currency debt and its 'B-' transfer
and convertibility assessment. "At the same time, we raised the
short-term sovereign credit rating to 'B' from 'C', following a
change in criteria that links long-term ratings with short-term
ones," S&P said.

"The sovereign ratings on Pakistan take into account the
country's weak fiscal profile and associated high public and
external leverage, low income level, as well as the underlying
weak political and policy setting. These constraints are balanced
against strong remittance inflows that help sustain a still-
adequate external liquidity position," S&P said.

Pakistan's high public and external indebtedness is a main rating
constraint. Net general government debt stands at an estimated
52% of GDP in 2012, 40% of which is external debt.

"The interest burden on this debt poses a great constraint on
discretionary spending, given already sparse fiscal resources,"
said Standard & Poor's credit analyst Agost Benard. "The large
interest bill and other expenditure-side rigidities against a
narrow revenue base of about 12.5% of GDP result in ongoing
fiscal slippages."

The country's political and security environments also constitute
a rating constraint. A volatile, fragmented, and adversarial
domestic political setting detracts from policymaking and
implementation. The resulting weak macroeconomic conditions,
together with regional insurgencies, sectarian strife, and weak
governance standards are a significant deterrent for private
sector investment.

"The government's recent failure to make timely payments on
unrated government-guaranteed commercial obligations by the
Central Power Purchasing Agency to independent power producers
was attributable to bureaucratic delays and does not constitute a
default according to our criteria," S&P said.

"Our 'B' rating category considers the potential of
administrative weaknesses to result in payment delays from
ministries to agencies," Mr. Benard said.

The ratings on Pakistan are supported by the country's adequate
foreign currency liquidity. Buoyant remittance inflows from a
geographically well-diversified off-shore labor force and large
Pakistani diaspora amount to 5.6% of GDP, having risen more than
threefold in nominal terms over the past seven years.

"The raising of the short-term rating reflects our criteria
revision regarding the link between long-term and short-term
sovereign credit ratings. According to our revised criteria, the
short-term rating on a sovereign government is derived directly
and solely from the long-term rating. As a result, the raising of
the short-term rating does not reflect an improvement in
Pakistan's short-term creditworthiness," S&P said.

The stable rating outlook balances still-adequate external
liquidity against vulnerabilities posed by structural fiscal
weaknesses and significant political and security risks.

"We may lower the ratings if major slippages in policy occur,
resulting in rising public debt, or if the balance-of-payments
position deteriorates and external liquidity comes under greater
stress. Conversely, we may raise the ratings if Pakistan shows
progress in its fiscal consolidation efforts, manifested in
moderating deficits and a steady reduction in the public debt
burden," S&P said.


* BOND PRICING: For the Week July 16 to July 20, 2012
-----------------------------------------------------


Company              Coupon      Maturity  Currency  Bid Price
-------              ------      --------  --------  ---------

  AUSTRALIA
  ---------


COM BK AUSTRALIA         1.50      4/19/2022    AUD      71.14
EXPORT FIN & INS         0.50      6/15/2020    NZD      74.37
MIDWEST VANADIUM        11.50      2/15/2018    USD      63.25
MIDWEST VANADIUM        11.50      2/15/2018    USD      62.66
MIRABELA NICKEL          8.75      4/15/2018    USD      72.25
MIRABELA NICKEL          8.75      4/15/2018    USD      72.00
NEW S WALES TREA         0.50      9/14/2022    AUD      68.95
NEW S WALES TREA         0.50      10/7/2022    AUD      68.77
NEW S WALES TREA         0.50     10/28/2022    AUD      68.60
NEW S WALES TREA         0.50     11/18/2022    AUD      69.88
NEW S WALES TREA         0.50     12/16/2022    AUD      69.68
NEW S WALES TREA         0.50       2/2/2023    AUD      69.34
NEW S WALES TREA         0.50      3/30/2023    AUD      68.94
TREAS CORP VICT          0.50      8/25/2022    AUD      69.02
TREAS CORP VICT          0.50       3/3/2023    AUD      69.93
TREAS CORP VICT          0.50     11/12/2030    AUD      53.49


  CHINA
  -----

CHINA GOVT BOND          4.86      8/10/2014    CNY     104.96
CHINA GOVT BOND          1.64     12/15/2033    CNY      70.21
CHINA SOUTH CITY        13.50      1/14/2016    USD      91.75


  INDIA
  -----

AKSH OPTIFIBRE           1.00       2/5/2013    USD      69.10
JCT LTD                  2.50       4/8/2011    USD      20.00
JSL STAINLESS LT         0.50     12/24/2019    USD      66.08
MASCON GLOBAL LT         2.00     12/28/2012    USD      10.00
PRAKASH IND LTD          5.63     10/17/2014    USD      70.04
PRAKASH IND LTD          5.25      4/30/2015    USD      61.59
PYRAMID SAIMIRA          1.75       7/4/2012    USD       1.00
REI AGRO                 5.50     11/13/2014    USD      68.59
REI AGRO                 5.50     11/13/2014    USD      68.59
SHIV-VANI OIL            5.00      8/17/2015    USD      55.97
SUZLON ENERGY LT         5.00      4/13/2016    USD      56.77


  JAPAN
  -----

ELPIDA MEMORY            2.03      3/22/2012    JPY      14.50
ELPIDA MEMORY            2.10     11/29/2012    JPY      14.50
ELPIDA MEMORY            2.29      12/7/2012    JPY      14.50
ELPIDA MEMORY            0.50     10/26/2015    JPY      14.50
ELPIDA MEMORY            0.70       8/1/2016    JPY      14.50
JPN EXP HLD/DEBT         0.50      9/17/2038    JPY      64.96
JPN EXP HLD/DEBT         0.50      3/18/2039    JPY      64.48
TOKYO ELEC POWER         1.16       9/8/2020    JPY      75.65
TOKYO ELEC POWER         2.35      9/29/2028    JPY      68.50
TOKYO ELEC POWER         2.40     11/28/2028    JPY      68.88
TOKYO ELEC POWER         2.21      2/27/2029    JPY      67.88
TOKYO ELEC POWER         2.11     12/10/2029    JPY      68.51
TOKYO ELEC POWER         1.96      7/29/2030    JPY      66.28
TOKYO ELEC POWER         2.37      5/28/2040    JPY      63.19
DUTALAND BHD             7.00      4/11/2013    MYR       0.90
DRYSHIPS INC             5.00      12/1/2014    USD      75.75
GENCO SHIPPING           5.00      8/15/2015    USD      42.00


  PHILIPPINES
  -----------

BAYAN TELECOMMUN        13.50      7/15/2049    USD      20.50
BAYAN TELECOMMUN        13.50      7/15/2049    USD      20.50


  SINGAPORE
  ---------

BAKRIE TELECOM          11.50       5/7/2015    USD      57.50
BAKRIE TELECOM          11.50       5/7/2015    USD      57.38
BLD INVESTMENT           8.63      3/23/2015    USD      68.58
BLUE OCEAN              11.00      6/28/2012    USD      37.63
BLUE OCEAN              11.00      6/28/2012    USD      37.63
CAPITAMALLS ASIA         2.15      1/21/2014    SGD      99.79
CAPITAMALLS ASIA         3.80      1/12/2022    SGD     101.13
DAVOMAS INTL FIN        11.00      12/8/2014    USD      28.25
DAVOMAS INTL FIN        11.00      12/8/2014    USD      28.60
F&N TREASURY PTE         2.48      3/28/2016    SGD     100.39
F&N TREASURY PTE         3.15      3/28/2018    SGD     101.49
SENGKANG MALL            4.88     11/20/2012    SGD     100.47


  SOUTH KOREA
  -----------

EXP-IMP BK KOREA         0.50      8/10/2016    BRL      73.07
EXP-IMP BK KOREA         0.50      9/28/2016    BRL      72.39
EXP-IMP BK KOREA         0.50     10/27/2016    BRL      71.91
EXP-IMP BK KOREA         0.50     11/28/2016    BRL      71.38
EXP-IMP BK KOREA         0.50     12/22/2016    BRL      71.27
EXP-IMP BK KOREA         0.50      1/25/2017    TRY      71.89
EXP-IMP BK KOREA         0.50     10/23/2017    TRY      68.41
EXP-IMP BK KOREA         0.50     11/21/2017    BRL      65.88
EXP-IMP BK KOREA         0.50     12/22/2017    TRY      67.61
EXP-IMP BK KOREA         0.50     12/22/2017    BRL      65.35
GREAT KO 3RD ABS        10.00     12/29/2014    KRW      30.21
GYEONGGI MUTUAL          8.00      1/22/2016    KRW      73.03
HYUNDAI SWISS BK         8.50      10/2/2013    KRW      93.59
HYUNDAI SWISS BK         7.90      7/23/2015    KRW      75.84
KIBO GRE 1ST ABS        10.00      1/25/2015    KRW      30.09
SINBO CO 3RD ABS        10.00      9/29/2014    KRW      30.20


  SRI LANKA
  ---------

SRI LANKA GOVT           5.80      1/15/2017    LKR      72.87
SRI LANKA GOVT           8.50       2/1/2018    LKR      78.20
SRI LANKA GOVT           8.50      7/15/2018    LKR      77.04
SRI LANKA GOVT           7.50      8/15/2018    LKR      72.87
SRI LANKA GOVT           8.50       5/1/2019    LKR      75.15
SRI LANKA GOVT           6.20       8/1/2020    LKR      61.55
SRI LANKA GOVT           8.00       1/1/2022    LKR      65.80
SRI LANKA GOVT           7.00      10/1/2023    LKR      57.76
SRI LANKA GOVT           5.35       3/1/2026    LKR      45.13
SRI LANKA GOVT           8.00       1/1/2032    LKR      56.12


  THAILAND
  --------

BANGKOK LAND             4.50     10/13/2003    USD       5.50



                             *********

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

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

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


                            *********


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

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

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

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

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





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