TCRAP_Public/120802.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

           Thursday, August 2, 2012, Vol. 15, No. 153

                            Headlines




A U S T R A L I A

EL SAFTY: Financier Taps Receivers for Burleigh Beach House Owner
PETS PARADISE: In Receivership as Bank Seizes 62 Pet Stores


H O N G  K O N G

ALLIANZ CORNHILL: Commences Wind-Up Proceedings
ANCO PYROTECHNICS: Wong and Cheng Step Down as Liquidators
BESTIME PROPERTIES: Members' Final Meeting Set for Sept. 3
BETTER WEALTH: Members' Final Meeting Set for Aug. 27
CHARTER FRIEND: Members' Final Meeting Set for Sept. 3

DATAMIRROR (ASIA PACIFIC): Chan and Ho Step Down as Liquidators
EVERGLORY GARMENT: Court to Hear Wind-Up Petition on Sept. 19
GLOBAL AUTO: Creditors' Proofs of Debt Due Aug. 17
GLOBAL RICH: Creditors' Proofs of Debt Due Aug. 17
HAWK TRADING: Placed Under Voluntary Wind-Up Proceedings

HK COLLEGE: Commences Wind-Up Proceedings
INFINITY GOAL: Members' Final Meeting Set for Aug. 31
INSPECTORATE HK: Creditors' Proofs of Debt Due Aug. 27
JOY FUTURE: Court to Hear Wind-Up Petition on Aug. 29
KINA NAVIGATION: Man Yun Wah Steps Down as Liquidator

L1216 LYNDHURST: Leung Shiu Tong Steps Down as Liquidator
LEHMAN BROTHERS: HKMA Reports Progress of Minibonds Probe
LOVE.CHARITY FOUNDATION: Creditors' Proofs of Debt Due Aug. 28
MOMENTO (HK): Creditors' Proofs of Debt Due Aug. 27
PARK TALENT: Creditors' Proofs of Debt Due Aug. 26

PEARL JEWELLERY: Wong Man Chung Francis Steps Down as Liquidator


I N D I A

AGROS IMPEX: CARE Puts 'CARE BB' Rating on INR37cr LT Loans
ALA INDUSTRIAL: CARE Rates INR4.93cr LT Loan at 'CARE B+'
BAGZONE LIFESTYLES: CARE Rates INR14.73cr LT Loan at 'CARE BB+'
BHAVANI INDUSTRIES: CARE Puts 'B' Rating on INR4.89cr Loans
DANKE CONTROL: CARE Assigns 'BB' Rating to INR16.5cr Loans

GOOMBIRA TEA: CARE Rates INR14.30cr Loan at 'CARE B'
JAGDAMBA LIQUIFIED: CARE Rates INR14.34cr LT Loan at 'CARE BB+'
JONNA STEELS: Fitch Assigns 'B+' National Longterm Rating
PRL PROJECTS: CARE Puts 'CARE C' Rating on INR35cr Loans
RAJESH STEEL: CARE Assigns 'BB-' Rating to INR5cr LT Loan

RAM BULLIONS: CARE Rates INR9cr Long-Term Loan at 'CARE B+'
SINGLACHERRA TEA: CARE Assigns 'B' Rating to INR11.56cr Loan
SKY FOUNDATIONS: CARE Rates INR7.08cr Loan at 'CARE B+'
VEDANTA RESOURCES: Fitch Affirms 'BB' Sr. Unsecured Debt Rating


J A P A N

OLYMPUS CORP: May Violate U.S. Laws at Doctor-Training Program
SUNSHINE TRUST: S&P Affirms 'BB+' Rating on Class D Interest
TOKYO ELECTRIC: S&P Affirms 'B+/B' Corp. Credit Ratings


N E W  Z E A L A N D

CAPITAL + MERCHANT: Receivers Win Right to Appeal GST Fight


S I N G A P O R E

NIL-BURNS SYSTEM: Creditors' Proofs of Debt Due Aug. 10
OKINAWA SHIPHOLDING: Creditors' Proofs of Debt Due Aug. 23
ORIENTAL GLOBAL: Court to Hear Wind-Up Petition Aug. 10
PROVENCE INVESTMENT: Creditors' Proofs of Debt Due Aug. 23
SINGAPORE DAY: Creditors Get 38% Recovery on Claims





                            - - - - -


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


EL SAFTY: Financier Taps Receivers for Burleigh Beach House Owner
-----------------------------------------------------------------
Matthew Killoran at goldcoast.com.au reports that an iconic Gold
Coast beachfront building is expected to go on the market after El
Safty Enterprises, a company controlled by the owner of the
Burleigh Beach House, fell into receivership.

Investors are circling the building after tenants were told that
El Safty Enterprises -- owned by Ahmed El Safty -- went into
receivership on July 27, according to goldcoast.com.au.

goldcoast.com.au says PKF Australia, on behalf of finance firm
Morgan Stanley, moved in as receivers and security guards were
posted in front of the building on July 29.

According to the report, Mr. El Safty confirmed he had entered
into a confidential agreement with Morgan Stanley after a court
battle but was unable to comment further.

goldcoast.com.au notes that the Egyptian-born businessman has been
dogged by a series of controversies, including high-profile
stoushes with tenants, falling behind on Crown-land lease
repayments and a long-running battle with the council over a
proposed rooftop bar for the pavilion.

It is understood potential buyers for the property have been
waiting for receivers to make a move before making a serious bid,
the report relays.

If it goes on the market it would probably fetch considerably less
than the AUD4.9 million paid at the height of the boom in 2005,
adds goldcoast.com.au.


PETS PARADISE: In Receivership as Bank Seizes 62 Pet Stores
-----------------------------------------------------------
SmartCompany reports that Pets Paradise has been placed into
receivership after the Bank of Melbourne seized control of the
ailing chain of 62 pet stores controlled by Gary Diamond.

According to SmartCompany, the Bank of Melbourne, which is owed
AUD11 million, on July 31 appointed Deloitte as receivers to Pets
Paradise, part of Diamond's Paradise Retail Holdings group.

The report says Deloitte Restructuring Services partners Tim
Norman, Sal Algeri and John Greig have been appointed as receivers
and managers of a number of companies in the Pets Paradise and
Billy Baxter's restaurants group of companies, which includes Pet
Goods Direct and Pets R Fun.

The group has a workforce of 170 staff across its operations and
Mr. Norman said stores operated by franchisees are not in
receivership, SmartCompany relays.

SmartCompany notes that both company-owned and franchised stores
will continue to trade as normal, but receivers said company-
operated Pets Paradise stores had been struggling for 18 months.

SmartCompany discloses that the five events that triggered Pets
Paradise's demise are (1) slow retail environment; (2) $1.2
million debt to a franchisee; (3) Mr. Diamond's home is re-
mortgaged by his lawyers; (4) trade Practices Act breach; and 5) a
deadly puppy virus outbreak.

A creditors' meeting will occur shortly along with a sale of the
businesses, adds SmartCompany.

Based in Melbourne, Australia, The Paradise Retail Holdings group
runs 62 stores under the Pets Paradise, Pet Goods Direct and Pets
R Fun brands. It has 170 staff across its operations.



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


ALLIANZ CORNHILL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Allianz Cornhill (Hong Kong) Limited, on July 17, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Patrick Cowley
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


ANCO PYROTECHNICS: Wong and Cheng Step Down as Liquidators
----------------------------------------------------------
John Chi Wai Wong and Peggy Pei Chi Cheng stepped down as
liquidators of Anco Pyrotechnics Limited on July 12, 2012.


BESTIME PROPERTIES: Members' Final Meeting Set for Sept. 3
----------------------------------------------------------
Members of Bestime Properties Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
Sept. 3, 2012, at 10:00 a.m., at Unit B, 1/F., Neich Tower, 128
Gloucester Road, Wanchai, in Hong Kong.

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


BETTER WEALTH: Members' Final Meeting Set for Aug. 27
-----------------------------------------------------
Members of Better Wealth Development Limited, which is in members'
voluntary liquidation, will hold their final meeting on Aug. 27,
2012, at 11:00 a.m., at 7th Floor, Alexandra House, at 18 Chater
Road, Central, in Hong Kong.

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


CHARTER FRIEND: Members' Final Meeting Set for Sept. 3
------------------------------------------------------
Members of Charter Friend Development Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Sept. 3, 2012, at 11:00 a.m., at 13/F, Pico Tower, 66
Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Leung Po Kwong and Kwong Hung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DATAMIRROR (ASIA PACIFIC): Chan and Ho Step Down as Liquidators
---------------------------------------------------------------
Chan Wah Tip Michael and Ho Man Kei Keith stepped down as
liquidators of Datamirror (Asia Pacific) Limited on July 20, 2012.


EVERGLORY GARMENT: Court to Hear Wind-Up Petition on Sept. 19
-------------------------------------------------------------
A petition to wind up the operations of Everglory Garment (HK)
Limited will be heard before the High Court of Hong Kong on
Sept. 19, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on July 13, 2012.

The Petitioner's solicitors are:

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


GLOBAL AUTO: Creditors' Proofs of Debt Due Aug. 17
--------------------------------------------------
Creditors of Global Auto Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 17,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 20, 2012.

The company's liquidator is:

         Chin Kwok Keung
         17th Floor, Shing Lee Commercial Building
         6-12 Wing Kut Street
         Central, Hong Kong


GLOBAL RICH: Creditors' Proofs of Debt Due Aug. 17
--------------------------------------------------
Creditors of Global Rich Innovation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 17, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 20, 2012.

The company's liquidator is:

         Chin Kwok Keung
         17th Floor, Shing Lee Commercial Building
         6-12 Wing Kut Street
         Central, Hong Kong


HAWK TRADING: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 16, 2012,
creditors of Hawk Trading Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Kishore K. Sakhrani
         6th Floor, St., John's Building
         33 Garden Road
         Central, Hong Kong


HK COLLEGE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Hong Kong College of Liberal Arts Limited, on July 19,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Angus Hamish Forsyth
         8th Floor, Horizon Mansion
         102 MacDonnell Road
         Hong Kong


INFINITY GOAL: Members' Final Meeting Set for Aug. 31
-----------------------------------------------------
Members of Infinity Goal Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Aug. 31,
2012, at 10:00 a.m., at 5/F, Dah Sing Life Building, at 99-105 Des
Voeux Road Central, in Hong Kong.

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


INSPECTORATE HK: Creditors' Proofs of Debt Due Aug. 27
------------------------------------------------------
Creditors of Inspectorate Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 16, 2012.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


JOY FUTURE: Court to Hear Wind-Up Petition on Aug. 29
-----------------------------------------------------
A petition to wind up the operations of Joy Future International
Limited will be heard before the High Court of Hong Kong on
Aug. 29, 2012, at 9:30 a.m.

Fook Lee Holdings Limited filed the petition against the company
on June 22, 2012.

The Petitioner's solicitors are:

          Sit, Fung, Kwong & Shum
          18th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong


KINA NAVIGATION: Man Yun Wah Steps Down as Liquidator
-----------------------------------------------------
Man Yun Wah stepped down as liquidator of Kina Navigation Company
Limited on July 27, 2012.


L1216 LYNDHURST: Leung Shiu Tong Steps Down as Liquidator
---------------------------------------------------------
Leung Shiu Tong stepped down as liquidator of L1216 Lyndhurst
Terrace Limited on July 20, 2012.


LEHMAN BROTHERS: HKMA Reports Progress of Minibonds Probe
---------------------------------------------------------
The Hong Kong Monetary Authority on July 27 said the investigation
of over 99% of a total of 21,863 Lehman-Brothers-related complaint
cases received has been completed.  These include:

     * 15,769 cases which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 3,471 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,525 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 25 cases which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 34 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 37 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/Uc7x98

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have been
appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LOVE.CHARITY FOUNDATION: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------------------
Creditors of Love.Charity Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 27, 2012.

The company's liquidator is:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower, Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


MOMENTO (HK): Creditors' Proofs of Debt Due Aug. 27
---------------------------------------------------
Creditors of Momento (HK) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 27,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 16, 2012.

The company's liquidator is:

         Yuen Sik Ming Patrick
         6/F, Greenwich Centre
         260 King's Road
         North Point, Hong Kong


PARK TALENT: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------
Creditors of Park Talent Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 26, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 27, 2012.

The company's liquidator is:

         Ho Man Ying Irene
         8/F., Tower 1, Tern Centre
         237 Queen's Road
         Central, Hong Kong


PEARL JEWELLERY: Wong Man Chung Francis Steps Down as Liquidator
----------------------------------------------------------------
Wong Man Chung Francis stepped down as liquidator of Pearl
Jewellery Limited on July 19, 2012.



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


AGROS IMPEX: CARE Puts 'CARE BB' Rating on INR37cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to bank facilities of
Agros Impex India Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        12        CARE BB Assigned
   (Proposed)

   Long-/Short-term Bank            25        CARE BB/CARE A4
   Facilities (Proposed)                      Assigned

Rating Rationale

The ratings are primarily constrained by nascent stage of
operations, execution and regulatory risks associated with
implementing the High Security Number Plate (HSRP) project, a
relatively new concept in India being implemented in Punjab,
Assam, Jharkhand and Uttar Pradesh states by the company, low
networth base and susceptibility of margins to increase in input
costs.

The ratings, however, derive strength from the resourceful joint
venture partners, especially Frost International Ltd. (FIL-rated
CARE BBB/CARE A3) and financial support provided by them, revenue
visibility from already secured contracts and significant
opportunity in the HSRP business.

Going forward, ability of the company to timely implement and
scale up operations while managing working capital requirements
efficiently shall be the key rating sensitivities.

Agros Impex India Private Limited is a Joint Venture (JV) between
Mr Vinod Agarwal (32% share), Ms Anshu Agarwal (28%), Frost
International Limited (FIL-20%) and Trinity Engineering &
Mechanical Services Pvt Ltd (a group company of Trinity
Engineering Services LLC, Dubai- 20%) and is engaged in the
manufacturing of the HSRPs. The company has emerged as one of the
leading players in HSRP business by securing contracts from the
states of Punjab, Jharkhand, Assam and Gujarat and is also the
lowest bidder in Uttar Pradesh.

Although the JV was entered in August 2011, Agros has existence
since July 1998, and was primarily engaged in trading activities.
Since FY12 (refers to the period April 1 to March 31), earlier
business has been discontinued and new JV partners have been
brought in by issuing 'Class B' shares to pursue the HSRP
opportunity.


ALA INDUSTRIAL: CARE Rates INR4.93cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of ALA Industrial Corporation.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      4.93        CARE B+ Assigned
   Short-term Bank Facilities     2.50        CARE A4 Assigned

Rating Rationale

The ratings assigned to AIC are constrained by its relatively
small scale of operations, low profitability, small networth base,
stretched liquidity position, adverse capital structure due to
high dependence on WC borrowings, risk associated with raw
material price volatility, partnership constitution, customer
concentration and exposure to forex risk.

However, the rating derives strength from experienced promoters
and their established track record in the manufacture of stamped
metal components, established clientele base and satisfactory
order book position.

AIC's ability to scale up operations in the present sluggish
demand conditions, improve capital structure, profitability and
working capital cycle are the key rating sensitivities.

AIC was incorporated in 1998 as a partnership firm with Mr. Jeetu
Damodran, Mr. Bhaskara Pulukkool, Mr. K V Abdul Rehman and
Mr. Hyson Rebello as partners. AIC specializes in the manufacture
of mild steel, stainless steel and zinc plated  components which
find their application in power, electrical and automobile
industry. AIC is an ISO 9001:2000 certified firm.

AIC generates majority (95% for FY12, refers to April 01 to
March 31) of its revenue from the export market and balance from
the domestic market. AIC primarily exports to UAE and Saudi
Arabia. About 95% sales of AIC are to its top 5 customers with
whom AIC has long and established relationship and received
repeated orders from them. The company sources its key raw
material i.e.

Steel coils (Hot Rolled and Cold Rolled Coils), Zinc Ignots and
Copper Strips/coil entirely from domestic suppliers. AIC has an
installed capacity to manufacture 1.90 crore pieces of stamped
metal components and capacity utilization during FY11 and FY12
stood at 50% and 70%, respectively.

During FY12 (prov.) AIC achieved a Total Operating Income (TOI) of
INR14.04 crore at a PAT of INR0.42 crore as against a TOI of INR
9.47 crore at PAT of INR0.22 crore in FY11.


BAGZONE LIFESTYLES: CARE Rates INR14.73cr LT Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+'ratings to the bank
facilities of Bagzone Lifestyles Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      14.73       'CARE BB+' Assigned
   Short-term Bank Facilities      1.00       'CARE A4+' Assigned

Rating Rationale

The ratings are constrained by modest scale and limited track
record of operations of Bagzone Lifestyles Pvt. Ltd. (BLPL) with
low profitability, competition from unorganized sector as well as
established brands and risk associated with market acceptance of
its newly launched own handbags brand. The ratings are also
constrained by planned capital investment for expanding its retail
presence during the initial period which is likely to result in
lower profitability going forward as new stores take time to
establish and achieve break-even levels.

The ratings, however, factor in the benefit derived from vast
experience of promoters and management team in retail business,
financial support from promoters and group concerns &
comfortable gearing position. The ratings further derive comfort
from BLPL's diversified presence in domestic market and reasonable
brand promotion.

BLPL, incorporated in December 2008, is promoted by Mr. Ramesh
Tainwala& family. The company is engaged in the retail business of
luggage bags, backpacks, handbags & accessories. BLPL operates
through retail stores (occupied on rental basis) and offer various
types of high-end branded bags namely Samsonite, American
Tourister, Antler, Puma, Hidesign, Baggit etc. BLPL has dealership
of Samsonite South Asia Pvt. Ltd. (SSAPL) to sell its products in
India. Besides, at the beginning of FY12 (refers to the period
from April 1 to March 31), BLPL launched its own brand of ladies
handbags viz. 'Lavie', which has six exclusive stores located in
cities like Mumbai, Chennai and Ahmadabad. In addition to these
exclusive stores 'Lavie' handbags are also sold in more than 150
departmental stores across India. As on March 31, 2012, BLPL's
products were sold through 99 retail stores located across Tier-I
and Tier-II cities in India with an aggregate carpet area of
57,795 sq.ft.

Out of these, 73 stores are Exclusive Branded Outlets (EBOs) of
Samsonite & American Tourister, 20 are 'Bagzone' Multi Branded
Outlets (MBOs) and remaining 6 are exclusive 'Lavie' bags outlets.
Tainwala group has five more entities in the group namely
Samsonite South Asia Pvt. Ltd., Periwinkle Fashions Pvt. Ltd.
(PFPL), Tainwala Trading & Investment Company Pvt. Ltd., Tainwala
Holdings Pvt. Ltd. and Planet Retail Holding Pvt. Ltd. The
Tainwalafamily holds 40% shareholding in SSAPL, which is into the
retailing of luggage bags and 48.5% shareholding in Planet Retail
Holding Pvt. Ltd., a retailer of apparels & accessories having
brands like 'Debenhams', 'Nautica', 'Next' and 'Accessorize'.
Three other companies in the group are investment companies.

BLPL procures goods from SSAPL & other companies on sale & return
basis while 'Lavie' bags are entirely procured from Chinese
companies, which does contract manufacturing for BLPL as per the
requisite designs of the company.

During FY11 (refers to April 2010- March 2011) BLPL's total
operating income stood at INR29.98 crore and it reported a net
loss of INR0.02 crore and as per the provisional results, during
FY12 operating income was INR63.12 crore with a net loss of
INR1.08 crore respectively.


BHAVANI INDUSTRIES: CARE Puts 'B' Rating on INR4.89cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Bhavani Industries.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      0.39        CARE B Assigned
   Short-term Bank Facilities     0.45        CARE A4 Assigned
   Long-term / Short-term Bank    4.50        CARE B/CARE A4
   Facilities                                 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Bhavani Industries
are primarily constrained on account of its weak financial risk
profile marked by thin profitability margins, weak debt coverage
indicators and fluctuating turnover. The ratings are further
constrained on account of its presence in the highly competitive,
seasonal, working capital intensive and fragmented cotton-ginning
business with limited value addition, exposure to volatility
associated with raw material prices, constitution as a partnership
firm and changes in the government policy for cotton.
The above constraints far offset the benefits derived from the
experience of the partners in agriculture and cotton ginning
business and proximity to the cotton-producing region of Gujarat.
BHI's ability to move upward in the textile value chain along with
improvement in the financial risk profile remains the key rating
sensitivity.

Amreli-based BHI is a partnership firm engaged in the cotton
ginning business. Established in 2008, the main products of BHI
include cotton bales and cotton seeds. Mr  Manubhai Savaliya, as
the main partner, manages the day-to-day operations of BHI. The
firm operates with an installed capacity of 6,532 Metric Tonnes
per Annum (MTPA) for cotton bales and 3,732 MTPA for cotton seeds
as on March 31, 2012, at its manufacturing facility located at
Babra in the Amreli district of Gujarat.


DANKE CONTROL: CARE Assigns 'BB' Rating to INR16.5cr Loans
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Danke Control Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       6.00       CARE BB Assigned
   Long-/Short-term Bank          10.50       CARE BB/CARE A4
   Facilities                                 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Danke Control
Private Limited are mainly constrained on account of its modest
scale of operations and financial risk profile marked by
fluctuating profit margins, elongated working capital cycle and
stressed debt protection indicators.

The ratings are further constrained by DCPL's presence in a
fragmented industry, and exposure to customer concentration and
raw material price fluctuation risks.

The ratings, however, derive strength from the vast experience of
the promoters in electrical equipment manufacturing business, its
good client base, stable outlook of transmission and distribution
(T&D) equipment manufacturing business and synergy with the
vertically integrated Essen Group.

Increase in the scale of operations and improvement in overall
financial risk profile with effective working capital management
are the key rating sensitivities.

DCPL was originally constituted as a partnership firm in 1982,
post-execution of partnership deed between seven partners under
the name of "M/s. Danke Switchgears", to undertake manufacturing
of wide range of electrical equipment which find application in
electricity transmission.

Subsequently, the constitution and the name of firm were changed
to its present form on September 12, 2009. DCPL is operating from
its sole manufacturing plant located at Waghodia, Vadodara
(Gujarat), with an installed capacity of 400 Pcs. of isolators and
20,000 Pcs. of Drop out (D.O) Fuses as on March 31, 2012.

During FY12 (refers to the period April 1 to March 31), DCPL
ventured into setting up electrical substation on Engineering,
Procurement and Commissioning (EPC) basis. During FY12, Diamond
Power Transformers Limited [rated 'CARE A (SO)', 'CARE A1 (SO)']
which is a wholly owned subsidiary of Diamond Power Infrastructure
Ltd. (rated 'CARE A', 'CARE A1') has acquired 50% stake in DCPL
for INR5 crore. DPTL is a vertically integrated player in
transmission and distribution infrastructure segment.

As per the audited results for FY11, DCPL reported PAT of INR0.30
crore on a total operating income of INR11.96 crore as compared
with PAT of INR0.26 crore on a total operating income of INR15.10
crore in FY10. As per the provisional result for FY12, DCPL has
reported the total operating income of INR25.38 crore and PAT of
INR0.59 crore.


GOOMBIRA TEA: CARE Rates INR14.30cr Loan at 'CARE B'
----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Goombira Tea Co. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      14.30       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Goombira Tea Company
Limited is primarily constrained by its relatively small scale of
operations, pre and post implementation risk associated with its
large brownfield project, inherent susceptibility to vagaries of
nature, volatile tea prices, labour intensive operations and
highly fragmented and competitive nature of the industry. The
rating, however, derives strength from the rich experience of the
promoters & management, backward integration for its major raw
material and stable demand outlook of the tea industry.

Timely & successful completion of the ongoing project and GTCL's
ability to achieve the envisaged turnover & profit levels will be
the key rating sensitivities.

GTCL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam).  Currently, GTCL is a part of the
Barak group, promoted by Shri Prahlad Rai Chamaria, Shri Bijay
Kumar Garodia and Shri Santosh Kumar Bajaj and having interests in
cement, power and tea industries.

The aggregate area available for cultivation is 920 hectares; of
which, the present area under cultivation is only 278 hectares.
Hence, GTCL is currently developing the balance 642 hectares of
unutilised land and also setting up a tea manufacturing plant. The
entire available land is expected to be fit for tea cultivation
from April, 2016. The tea manufacturing facility, though expected
to be operational from August, 2012 (with 5 lakh kgs per annum
capacity), is likely to operate in full swing (with 15 lakh kgs
per annum capacity) from April, 2016. Along with tea plantation,
the company also proposes to grow rubber and bamboo plants (to
derive the benefits of rubber-tea intercropping) in the proposed
cultivable land within the tea estate.

During FY11 (refers to the period from April 1 to March 31), the
company reported PBILDT & PAT of INR5.7 lakh & INR18.1 lakh [Rs.
(4.0) lakh & INR (4.2) lakh in FY10] respectively on total income
of INR30.1 lakh [Rs.0.0 in FY10].

As per provisional results for FY12, GTCL has reported net sales
and net loss of INR14.9 lakh & INR24.5 lakh respectively.


JAGDAMBA LIQUIFIED: CARE Rates INR14.34cr LT Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Jagdamba Liquified Steels Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       14.34      CARE BB+ Assigned
   Short-term Bank Facilities       4.25      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the modest scale of
operations of Jagdamba Liquified Steels Ltd. along with the client
concentration risk and declining profit margins, which are prone
to fluctuation in prices of iron scrap. The aforementioned
constraints are partially offset by strengths derived from the
promoter's experience in the steel industry, growth potential in
auto ancillary segment, SEZ benefits in terms of excise duty
exemption and moderate capital structure and debt protection
indicators.

Ability of the company to increase its scale of operations and
improvement in the profitability margins along with effective
working capital utilization are the key rating sensitivities.

JLSL, incorporated in May 1993, is promoted by Mr. Yogesh Lohia,
Mr. Lokesh Lohia and Mrs. Usha Lohia. The company manufactures
steel and alloy steel casting, cast iron (CI) casting, alloy CI
casting and spheroidal graphite (SG) iron casting.

The company has three production facilities located at Hathras
(Unit I), and SEZ (Special Economic Zone) Roorkee (Unit II and
III) with a total installed capacity of 33,000 metric tonnes per
annum (MPTA).

The products manufactured by the company primarily find
application in railways, thermal power plants, automobile sector
and engineering units.

During FY11 (refers to the period April 1 to March 31), JLSL
reported a PAT (after deferred tax) of INR0.60 crore (INR0.47
crore in FY10) on total operating income of 39.96 crore (INR25.70
crore in FY10). As per FY12 provisional results, JLSL has reported
net sales and PAT of INR60 crore and INR1.51 crore, respectively.


JONNA STEELS: Fitch Assigns 'B+' National Longterm Rating
---------------------------------------------------------
Fitch Ratings has assigned India's iron and steel trading company
Jonna Steels a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable. The agency has also assigned Jonna's INR60m
fund-based working capital facilities National Long-Term 'Fitch
B+(ind)' and National Short-Term 'Fitch A4(ind)' ratings.

The ratings are constrained by Jonna's weak credit metrics as
indicated by its high financial leverage (FY11: 5.0x) and low
interest coverage (FY11: 2.0x).  This is a result of the firm's
weak EBITDA margins (FY11: 2.4%) due to its trading nature of
business.

The ratings are also constrained by Jonna's tight liquidity
position as illustrated by its near-full utilisation of the
working capital facilities in the 12 months ended June 2012.

Fitch, however, notes that Jonna's operations have been profitable
for the past five years with consistent EBITDA margins ranging
between 2.4% to 2.7%.  Also, its founders are capable of
supporting the firm's working capital requirements through equity
infusions.  Jonna is owned by the same family which owns Jonna
Iron Mart ('Fitch B+(ind)'/Stable) and both the firms are likely
to support each other financially, if required.

WHAT COULD TRIGGER A RATING ACTION?
The ratings may be downgraded if the interest coverage falls below
1.3x on a sustained basis.  Conversely, the ratings could be
upgraded if interest coverage exceeds 2.0x on a consistent basis.

Set up in 1995 as a partnership firm, Jonna Steels is involved in
the trading of all kinds of iron and steel products.  Provisional
financials for FY12 indicate revenue of INR533.4m (FY11: INR336m),
EBITDA of INR12.9m (INR8m), financial leverage of 5.6x and
interest coverage of 1.7x.


PRL PROJECTS: CARE Puts 'CARE C' Rating on INR35cr Loans
--------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of PRL Projects and Infrastructure Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       5.00       'CARE C' Assigned
   Long-term/Short-term Bank      30.00       'CARE C/CARE A4'
    Facilities                                 Assigned

Rating Rationale

The ratings of PRL Projects and Infrastructure Limited (PRL) are
primarily constrained by past instances of delay in debt servicing
apart from instances of overdrawing in cash credit account. The
ratings are further constrained by its low capitalisation, high
leverage, high exposure towards its group company by way of loans
and advances and corporate guarantee and increasing competition in
the government funded road construction/infrastructure projects.

The ratings, however, take into account the experience of
promoters in the infrastructure field, established operations of
PRL in the road construction project and its longstanding
relationship with Public Works Department (PWD), Rajasthan.

PRL's ability to improve its liquidity coupled with strengthening
of its order book position and completion of work-order within
envisaged timeline and cost parameters would remain the key
rating sensitivities.

PRL, promoted by Mr. Anand Garg and his family members, was
incorporated in 2005 after acquisition of a partnership firm, Puja
Projects (a part of Puja Group). PRL is primarily engaged in
construction of roads and bridges awarded by PWD, Rajasthan. PRL
also operates a BOT project which is engaged in toll collection
from the Bikaner Bypass road. PRL is a 'Class 1' contractor in the
PWD of Rajasthan which enables it to participate in various
construction projects.

As per audited results for FY11, PRL reported a total operating
income of INR43.34 crore (FY10: INR62.96 crore) and a PAT of
INR1.18 crore (FY10: INR2.87 crore). Further, as per the
provisional results for FY12, PRL reported a total operating
income of INR48.73 crore and a PAT of INR1.74 crore.


RAJESH STEEL: CARE Assigns 'BB-' Rating to INR5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Rajesh Steel & Wire Industries.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        5         CARE BB- Assigned
   Short-term Bank Facilities       3         CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Rajesh Steel & Wire
Industries (RSWI) are primarily constrained by product
concentration risk, with TMT bars accounting for 95% of revenue,
trading nature of business leading to lower profitability,
moderate financial risk profile marked by low cash accruals and
constitution as a partnership firm. The ratings, however, do
derive strength from the experience of the partners, warehousing
and stocking infrastructure and long-term relationship with
suppliers and customers.

Ability of the firm to improve its profitability margin and
maintain its overall gearing at comfortable levels going forward
is the key rating sensitivity.

RSWI is a Nagpur-based partnership firm established in April 2010,
with Mr. Rajesh Agrawal, Mr. Suresh Bajoria and his wife Mrs.
Jyoti Bajoria as partners, sharing profit in the ratio 5:4:1.  The
firm is primarily engaged in the trading of TMT steel bars of
varying sizes from 8 mm to 32 mm in eastern Maharashtra and
western Madhya Pradesh. Currently, the firm is the authorized
distributor for 'GOEL' brand TMT bars manufactured by Bajrang
Metallics & Power Ltd., Sangam TMT and Ramesh TMT. RSWI sales can
be classified into four types - supply to infrastructure
companies, supply to real estate developers, distribution to
wholesalers and retailers and retail selling.

For FY12, the former three categories accounted for approximately
30% of sales each, whereas retail selling constituted the
remaining 10%.


RAM BULLIONS: CARE Rates INR9cr Long-Term Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Ram Bullions.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        9         CARE B+ Assigned


Rating Rationale

The rating of RaBu is constrained by its constitution of entity
being a proprietorship firm, relatively short track record and
significant geographical concentration risk with limited presence
in and across Agra and below average financial risk profile marked
by low profitability and weak capital structure. However, these
rating weaknesses are partially offset by experienced and
resourceful promoters, healthy growth in the sales over the years
and back to back sales arrangement for its trading operations
leading to a low price volatility risk.

Going forward, improving its profitability and debt protection
metrics in the highly competitive jewellery industry will remain
the key rating sensitivities.

Ram Bullions, erstwhile Mukund Jewellers, was established in 2006
by Mr. Avadh Behari Agarwal, and the name was changed to the
current one in 2009. RaBu is a sole proprietorship firm
involved in trading of bullions (gold and silver) and contract
manufacturing of gold and silver jewellery on wholesale basis.
RaBu has one shop located in Agra and caters to the markets in and
around Agra.

The firm purchases its raw material, i.e. gold and silver, from
the government-approved agencies like MMTC, etc. Mr. Avadh Behari
Agarwal is also the director of several other companies, which
include M/s Behari Colds Pvt Ltd (rated CARE B+/CARE A4) and M/s
Shyam Ice Factory.

RaBu earned a PAT of INR0.06 crore on a total operating income of
INR38.19 crore in FY11 (refers to the period April 1 to
March 31). During FY12, as per provisional numbers, RaBu earned a
PAT of INR.0.10 crore on total operating income of INR57.44 crore.


SINGLACHERRA TEA: CARE Assigns 'B' Rating to INR11.56cr Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Singlacherra Tea Co. Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       11.56      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Singlacherra Tea
Company Private Limited (STCPL) is primarily constrained by its
relatively small scale of operations, pre and post implementation
risk associated with its large brownfield project, inherent
susceptibility to vagaries of nature, labor intensive operations
and highly fragmented and competitive nature of the industry. The
rating, however, derives strength from the rich experience of the
promoters & management, its strong marketing & selling arrangement
and stable demand outlook of the tea industry.

Timely & successful completion of the ongoing project and STCPL's
ability to achieve the envisaged turnover & profit levels will be
the key rating sensitivities.

STCPL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam).  Currently, STCPL is a part of
the Barak group, promoted by Shri Prahlad Rai Chamaria, Shri Bijay
Kumar Garodia and Shri Santosh Kumar Bajaj and having interests in
cement, power and tea industries.

The aggregate area available for cultivation is 1,050 hectares; of
which, the present area under cultivation is only 170 hectares.
Hence, STCPL is currently developing the balance 880 hectares of
unutilised land. The entire available land is expected to be fit
for tea cultivation from April, 2016.

Along with tea plantation, the company also proposes to grow
rubber and bamboo plants (to derive the benefits of rubber-tea
intercropping) in the proposed cultivable land within the tea
estate.

As per audited results for FY11 (refers to period from April 1 to
March 31), STCPL reported PBILDT & PAT of INR 14.0 lakh (Rs. 0.7
lakh in FY10) and INR 13.0 lakh (Rs. 0.7 lakh in FY10)
respectively on total income of INR15.4lakh (Rs.1.2lakh in FY10).
As per the provisional result for FY12, STCPL has reported net
loss of INR 8.1 lakh on total income of INR 17.7 lakh.


SKY FOUNDATIONS: CARE Rates INR7.08cr Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sky
Foundations.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term bank facilities       7.08       'CARE B+' Assigned

Rating Rationale

The rating assigned to the bank facilities of Sky Foundations (SF)
is constrained due to its short track record and small scale of
operation, losses incurred in FY10 & FY11 leading to deterioration
in networth, highly leveraged capital structure, intense
competition from other established schools in Amritsar and
regulatory risk pertaining to educational sector in India. The
above constraints are partially offset by strengths derived from
the experienced management, association with strong brand name,
G.D. Goenka Pvt. Ltd., which is an established name in the school
education in India and modern infrastructure with latest available
technology. SF's ability to improve its profitability, increase
number of students and faculty as envisaged and retain the strong
brand image of GDGPL would remain the key rating sensitivities.

Sky Foundation (SF) was set up in 2006 as a society and is
registered under the Societies Registration Act, 1860. In April
2009, SF set up its first school under the franchisee of "G.D.
Goenka Public School in Amritsar, which operates under the aegis
of the G.D. Goenka Pvt. Ltd., which is one of the largest and
renowned institutions providing education at school level in
India.

GDGPS is an English medium school, affiliated to Central Board of
Secondary Education (CBSE), conducting classes from Pre-nursery to
IX standard. The total no. of students currently studying in
the school is around 350 against the total intake capacity of 500
students. The society proposes to start standard X, XI and XII by
2013. The society has already received affiliation from CBSE for
standard X. The Society has applied for affiliation from CBSE for
standard XI and XII and expects to receive the same soon. The
society is managed by a committee comprising of seven board
members.

In FY11 (refers to the period from April 1 to March 31), SF
reported a net deficit of INR99.5 lakh (Rs.96.2 lakh in FY10) on
total income of INR163.5 lakh (Rs.50.2 lakh in FY10).

As per estimated results of FY12, SF has reported net revenue and
deficit of INR331.7 lakh and INR34.1 lakh respectively.


VEDANTA RESOURCES: Fitch Affirms 'BB' Sr. Unsecured Debt Rating
---------------------------------------------------------------
Fitch Ratings has revised Vedanta Resources Plc's Outlook to
Positive from Stable while affirming its Long-Term Foreign
Currency Issuer Default Rating (FC IDR) at 'BB+'.  The agency has
also affirmed Vedanta's senior unsecured debt rating at 'BB'.

The Outlook revision reflects Fitch's expectation that Vedanta
will be able to deleverage from FY13 onwards from its FY12 level,
when adjusted net debt/EBITDAR was already below 2x on a pro-forma
basis.  This is due to execution of a large part of its capex
plans, which should lead to positive free cash flow generation
even if metal prices remain soft.

Vedanta's FC IDR reflects the diversification of its EBITDA and
cash flow profile across various metal and energy businesses.  It
also reflects Vedanta's strong cost and market positions; the
company is in the lowest quartile in terms of cost in zinc, iron
ore and oil and gas businesses.  However, this is partly
counteracted by its relatively higher cost structure in the
aluminium business due to lack of backward linkages in bauxite
mining.  Also, the company's profitability has been impacted due
to an increase in export duties on iron ore fines and lumps from
5% and 15% respectively to 20% post March 2011 and further to 30%
post December 2011, a mining ban in Karnataka, and a higher cess
in the oil and gas business.

The ratings also factor in the regulatory issues impacting India's
mining industry and hence Vedanta's various businesses.  The
company awaits environmental clearance for expansions at its
alumina refining and copper smelting operations.

Fitch also notes that the re-organisation announced in February
2012 is likely to address the high level of debt at the holding
company level.  Till the restructuring takes place by end-2012,
the agency expects that dividends (including extra-ordinary
dividends) are likely to be used for debt servicing.

WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating
action include

  -- The company continues to generate positive FCF (post
     acquisitions) and maintain an adjusted debt/operating
     EBITDAR below 2x on a sustained basis.

Negative: The current Rating Outlook is Positive. As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating downgrade.

However, margin pressures and/ or more than anticipated capex or a
major debt funded acquisition which leads to the FCF (post
acquisitions) turning negative may lead to the Outlook being
revised back to Stable.

The notch differential between the FC IDR and the senior unsecured
rating continues to reflect structural subordination at Vedanta
(the holding company) due to its complex and fragmented holding
structure.  Fitch may equalise the senior unsecured rating with
the FC IDR if structural subordination is reduced such that the
difference between the adjusted net debt (plus minority
interest)/EBITDAR and the adjusted net debt/EBITDAR ratios is
sustained around 1x.

In FY12, Vedanta generated proforma revenue of USD15.6bn (FY11:
USD11.4bn) and EBITDA of USD5.4bn (USD3.6bn).  The key
contributors to the EBITDA were the oil and gas and zinc
businesses contributing about 68%.  At end-March 2012, Vedanta's
total debt was about USD17bn, with USD9.3bn of debt at the holding
company level, and liquidity in the form of cash balance of
USD6.9bn which was largely at Hindustan Zinc Ltd (USD3.6bn) and
Cairn India Ltd (USD1.8bn).

Fitch has also affirmed the ratings on Vedanta's debt instruments
as follows:

  -- USD1.25bn senior unsecured bonds: affirmed at 'BB'
  -- USD1.65bn senior unsecured bonds: affirmed at 'BB'
  -- USD180m senior unsecured loan facility: affirmed at 'BB'

Twinstar Holdings Ltd, Mauritius

  -- USD150m unsecured loan facility backed by an unconditional,
     irrevocable guarantee of Vedanta Resources Plc: affirmed at
     'BB'



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


OLYMPUS CORP: May Violate U.S. Laws at Doctor-Training Program
--------------------------------------------------------------
Bloomberg News reports that Olympus Corp. Chairman Yasuyuki Kimoto
said the company uncovered "irregularities" at a doctor-training
program in Brazil that may have violated U.S. law and reported
them to the Department of Justice.  The DOJ is also examining the
company's marketing operations in the U.S., Mr. Kimoto said.

"We might agree to some sort of violation of the Foreign Corrupt
Practices Act in Brazil," Mr. Kimoto told Bloomberg News in his
first interview since becoming chairman in April.  "We understand
DOJ is trying to gather lots of information on us."

Bloomberg News relates Mr. Kimoto said in a July 23 interview that
at issue in Brazil may be the way the company handled doctors'
expenses for travel, meals or entertainment.  The country accounts
for less than 2.5 percent of the company's sales, according to
Bloomberg News.  The two enquiries come after revelations of a 13-
year accounting fraud sparked a sell-off that wiped about $3.7
billion off its market value last year, the report notes.

The enquiries into Olympus' U.S. marketing operations may be part
of a wider probe, Mr. Kimoto told Bloomberg News.

"We don't know yet whether it's just for us or the medical
industry as a whole," Mr. Kimoto as cited by Bloomberg News, said.

                         About Olympus Corp.

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

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


SUNSHINE TRUST: S&P Affirms 'BB+' Rating on Class D Interest
------------------------------------------------------------
Nippon Standard & Poor's K.K. (NSP) assigned its 'AA- (sf)' rating
to the new A1S asset-backed loan (ABL), which was split from the
A1 ABL, which itself had been extended to the trustee under the
Sunshine Trust asset-backed securities (ABS) transaction. "At the
same time, we raised our ratings on the A1 and C ABLs and affirmed
our ratings on the A2 and B ABLs and the class D beneficial
interest. These rating actions reflect the change in the structure
of the debt used to finance the transaction. All ABLs and classes
of beneficial interests are secured by a pool of consumer loan
receivables that Shinsei Financial Co. Ltd. originated," S&P said.

"The transaction parties made several changes to the transaction
agreement after closing, allowing for the additional entrustment
of consumer loan receivables, increases in the issue amount, the
additional issuance of beneficial interests, and the refinancing
of those beneficial interests through ABLs. As for the
transaction's structure, the originator entrusted a pool of
consumer loan receivables and cash with the trustee, and received
the class A1 to E beneficial interests, subordinate beneficial
interests, and seller's beneficial interests. The class A1 to C
beneficial interests were then transferred to investors. In April
2011, the trustee borrowed the A1 to C ABLs and fully redeemed the
class A1 to C beneficial interests, using primarily the A1 to C
ABLs. In January 2012, the class E beneficial interests were fully
repaid through some of the additional borrowings attributed to the
A1 ABL on the same day. Then, on July 27, 2012, the A1 ABL
principal amount increased following the additional entrustment of
underlying consumer loan receivables. The A1 ABL was then divided
into the A1S ABL and A1 ABL on July 31, 2012," S&P said.

S&P said the ratings reflect its views primarily on these factors:

- The credit risk inherent in the collateral pool based on the
   collateral characteristics and historical performance, as well
   as the business conditions that we have forecast for the
   obligors and consumer finance companies;

- The ample credit support provided via overcollateralization;

- The payment structure and cash flow mechanics that have been
   established in the event that the performance of the
   underlying assets deteriorates, including: (1) a default trap,
   through which excess interest from the asset pool is used to
   mitigate losses from the defaulted receivables; (2) the
   originator's repurchase of defaulted receivables not covered
   through the default trap up to a certain limit; and (3) the
   establishment of early amortization triggers that convert the
   transaction to a monthly pass-through turbo structure;

- The creditworthiness of the originator in terms of
   performance, including the repurchase of defaulted
   receivables;

- The quality and ability of the originator as a servicer for
   this transaction;

- The schemes that have been adopted in the event that certain
   credit events involving the servicer occur in the future,
   including: (1) the appointment of a backup servicer at the
   outset of the transaction; (2) the establishment of
   commingling risk triggers to mitigate commingling risk; and
   (3) the establishment of a cash reserve to provide liquidity
   support to the transaction; and

- The transaction's legal structure, including the entrustment
   of the consumer loan receivables that has been structured to
   achieve a 'true sale,' and the fact that the trust agreement
   is not at risk of being cancelled on the ground that the
   contracting parties have not fulfilled their obligations.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in July 2018," S&P
said.

RATING ASSIGNED

Sunshine Trust ABLs and Beneficial Interest
ABLs and beneficial interest due July 2018
Class  Rating    Amount*     Interest rate  Origination/issue
                                             date  O/C ratio*
A1S Loan
       AA- (sf)  JPY30.0 bil.  Fixed rate     July 31, 2012
                                                  87.1%

RATINGS RAISED

Sunshine Trust ABLs and Beneficial Interest
Class  To        From       Amount*     Interest  Origin/issue
                                                   date  O/C*
A1 Loan
      A+ (sf)   A (sf)     JPY45.5 bil.  Fixed     April 28, 2011
                                                        67.4%
C Loan
      BBB (sf)  BBB- (sf)  JPY10.0 bil.  Fixed     April 28, 2011
                                                         32.1%

RATINGS AFFIRMED
Sunshine Trust ABLs and Beneficial Interest
Class  Rating    Amount*     Interest rate  Origination/issue
                                               date  O/C*
A2 Loan
       BBB+ (sf)  JPY42.0 bil.  Fixed rate     April 28, 2011
                                                   49.3%
B Loan
       BBB (sf)   JPY30.0 bil.  Fixed rate     April 28, 2011
                                                   36.4%
D BI
       BB+ (sf)   JPY39.0 bil.  Fixed rate     Jan. 27, 2011
                                                   15.2%

*The amounts and overcollateralization (O/C) ratios for the A1S to
C Loans and the class D beneficial interest (BI) are all as of
July 31, 2012.

NOTES
The basic approach to calculating the O/C ratio is as follows:
1-(A+B)/(C-D-E)
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate
obligations (seller's interest, etc.)
In the case of a master trust structure, the series base value
should be applied.


TOKYO ELECTRIC: S&P Affirms 'B+/B' Corp. Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and 'B' short-term corporate credit ratings on
Tokyo Electric Power Co. Inc. (TEPCO). "At the same time, we also
affirmed our 'BB+' long-term debt ratings on senior secured
general mortgage bonds the company has issued. We removed the
ratings from CreditWatch, where we placed them with negative
implications on Feb. 20, 2012. The outlook is negative," S&P said.

"We affirmed our ratings on TEPCO following the government-backed
Nuclear Damage Liability Facilitation Fund's completion of a JPY1
trillion capital injection into TEPCO and, beforehand, the
government's approval of an 8.46% increase in electricity rates
for regulated customers. The announced rate increase is in line
with our existing base case assumption of between 8%-10% and we
expect it to go into effect Sept. 1. Our affirmation also
incorporates an assumption that Japanese lenders are highly likely
to provide JPY1 trillion in new loan facilities to TEPCO following
the government capital infusion. We expect the lenders to put
these facilities in place shortly, with a portion of the committed
credit to be earmarked mainly to pay capital expenditures and to
use for working capital over the next 12 months," S&P said.

"We affirmed our assessment of the stand-alone credit profile
(SACP) for TEPCO at 'ccc+', reflecting our view that the company's
business and financial situation remains difficult. In our view,
the JPY1 trillion capital infusion gives TEPCO much-needed
liquidity and helps offset the company's deteriorating financial
performance. However, we expect TEPCO to incur large operating and
net losses in fiscal 2012 (ending March 31, 2013) because of
higher fuel costs to replace lost nuclear power generation.
Accordingly, we project that TEPCO's EBITDA margin will remain
below 10%, compared with above 20% prior to the Fukushima nuclear
disaster that began in March 2011. We expect the ratio of TEPCO's
funds from operations (FFO) to debt to remain weak, at below 5%.
The ratio of debt in the company's capital structure has risen
significantly since the disaster; as of March 31, 2012, debt to
total capital had increased to over 90%. We expect the capital
infusion to lower this to closer to 85%. However, this would still
leave the company highly leveraged. We confirm TEPCO has
sufficient liquidity to refinance maturing debt and pay capital
expenditures and working capital needs for the next 6-12 months.
Our 'ccc+' SACP on TEPCO also reflects our view that the risk of a
selective default by TEPCO still exists, although the likelihood
of this happening has somewhat decreased after the capital
infusion by the government-backed fund," S&P said.

"We also maintained our view that the likelihood that the
government of Japan (AA-/Negative/A-1+) would, in addition to the
JPY1 trillion capital infusion, provide TEPCO with extraordinary
support in the event of further financial distress is 'high.' We
maintain this view because, after such a sizeable infusion, we
expect further government financial assistance in the future may
be more limited, and we hold the view that TEPCO is of increasing
importance to the government, particularly following the injection
of taxpayers' money into the company," S&P said.

"Standard & Poor's maintained its rating on TEPCO's long-term
senior secured general mortgage bonds at 'BB+', three notches
higher than the 'B+' issuer credit rating on TEPCO. Based on
Article 37 of Japan's Electricity Business Act, we still believe
TEPCO is less likely to default on senior secured general mortgage
bond issues than on bank borrowings. Even though TEPCO's lender
banks have asked that new loans come with security arrangements
similar to those of general mortgage bonds, new loans make up a
small portion of total debt, in our estimate," S&P said.

"The negative outlook on the ratings on TEPCO reflects our
expectations that TEPCO's financial performance will weaken over
the next 12 months and uncertainties surrounding Japan's electric
utility industry will continue. In our view, TEPCO's financial
ratios will continue to show weakness even in the wake of the
government capital infusion," S&P said.

S&P said it could lower the ratings on TEPCO if:

-  Key financial ratios for the company continue to show
    weakness, with the EBITDA margin for the company remaining
    below 10% in fiscal 2013 (ending March 31, 2014) and
    thereafter. Such a scenario may happen if significant delays
    occur in the restart of TEPCO's Kashiwazaki-Kariwa reactors
    compared with S&P's base case assumptions;

-  "Up to JPY1 trillion in additional debt facilities that we
    expect Japanese lenders to provide to TEPCO do not go ahead
    or are significantly delayed, thereby materially affecting
    TEPCO's liquidity," S&P said;

-  The government reverses its policy on rates and significantly
    lowers regulated electricity rates to below 8% over the next
    couple of years;

-  The government's commitment to prevent TEPCO slipping into
    negative net worth or experiencing a liquidity shortage
    becomes less certain than S&P expects; and

-  The likelihood of some form of debt restructuring has
    increased.

"Difficult business and financial conditions will limit the upside
for our ratings on TEPCO for at least the next 6-12 months, in our
view. We may revise the outlook to stable from negative if TEPCO's
financial performance is materially better than we expect, for
example if the company restarts the Kashiwazaki-Kariwa nuclear
reactors much earlier than we expect or its earnings beat our
assumptions," S&P said.



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


CAPITAL + MERCHANT: Receivers Win Right to Appeal GST Fight
-----------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the receivers of
Capital + Merchant Investments have won the right to appeal in
their NZ$1.2 million GST stoush with the tax department.

Capital + Merchant Investments (CMI) owned the assets of Capital +
Merchant Finance which failed in November 2007 owing investors
NZ$167 million.  Receivers from the firm Grant Thornton are acting
for both these companies and to date have collected more than NZ$2
million in fees, the report notes.

In March last year, nzherald.co.nz recalls, Grant Thornton's
Richard Simpson and Timothy Downes went to court querying whether
they were personally liable to Inland Revenue for NZ$1.2 million
of GST after the sale of six properties made as part of the
receivership.

However, the High Court's Justice Robert Dobson ruled the
receivers were personally liable for the GST, the report relays.

In February this year, nzherald.co.nz says, the case then went to
the Court of Appeal and was heard by Justices Terence Arnold,
Ellen France, and Douglas White.

nzherald.co.nz relates that although the Justices found that
Messrs. Simpson and Downes were not "personally liable" for the
payment, they ruled that the NZ$1.2 million of GST should still go
to the IRD.

Following this, Messrs. Simpson and Downes went to the Supreme
Court and last week were given leave to appeal against this
decision, the report adds.

                        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.



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


NIL-BURNS SYSTEM: Creditors' Proofs of Debt Due Aug. 10
-------------------------------------------------------
Creditors of Nil-Burns System Pte Ltd are required to file their
proofs of debt by Aug. 10, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


OKINAWA SHIPHOLDING: Creditors' Proofs of Debt Due Aug. 23
----------------------------------------------------------
Creditors of Okinawa Shipholding Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ORIENTAL GLOBAL: Court to Hear Wind-Up Petition Aug. 10
-------------------------------------------------------
A petition to wind up the operations of Oriental Global Resources
Pte Ltd will be heard before the High Court of Singapore on
Aug. 10, 2012, at 10:00 a.m.

Foamax Bedding SDN BHD filed the petition against the company on
July 18, 2012.

The Petitioner's solicitors are:

         Pan Asia Wikborg Rein LLC
         6 Raffles Quay, #10-05/06
         Singapore 048580


PROVENCE INVESTMENT: Creditors' Proofs of Debt Due Aug. 23
----------------------------------------------------------
Creditors of Provence Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


SINGAPORE DAY: Creditors Get 38% Recovery on Claims
---------------------------------------------------
Singapore Day Surgery Centre Pte Ltd declared the first and final
dividend on July 27, 2012.

The company paid 38% to the received claims.



                             *********

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
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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
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