TCRAP_Public/120808.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

           Wednesday, August 8, 2012, Vol. 15, No. 157

                            Headlines


A U S T R A L I A

AUSTASIA MILLING: Administrators Put Business on the Market
BROADLANDS FINANCE: S&P Affirms 'CCC/C' Issuer Credit Ratings
PETS PARADISE: Franchisees Face Trouble as Business up Sale
PINK POMEGRANATE: In Administration, Cuts More Than 1,600 Jobs


H O N G  K O N G

CENTRAL BILLION: Court to Hear Wind-Up Petition on Aug. 22
DAO WO: Court to Hear Wind-Up Petition on Sept. 19
FIRST REGENT: Court to Hear Wind-Up Petition on Aug. 8
FULL BENEFIT: Court to Hear Wind-Up Petition on Aug. 22
GRAND TEXTILE: Court to Hear Wind-Up Petition on Aug. 22

H.K. FULLSON: Creditors' Proofs of Debt Due Aug. 17
LLS CREATION: Court to Hear Wind-Up Petition on Sept. 12
M.F. PRINTING: Stephen Liu Yiu Keung Steps Down as Liquidators
NAM HWA: Court to Hear Wind-Up Petition on Aug. 22
PURIDET (ASIA): Court to Hear Wind-Up Petition on Sept. 19

SHINWA MAX: Creditors Get 4.5928% Recovery on Claims
SUNRIVER TECHNOLOGY: Court to Hear Wind-Up Petition on Sept. 12
VAN YU: Court to Hear Wind-Up Petition on Aug. 8
WAL SHION: Court to Hear Wind-Up Petition on Aug. 29
WELLJOY INC: Court to Hear Wind-Up Petition on Aug. 22


I N D I A

AIR INDIA: Cabinet Approves Delivery of 27 Boeing 787 Dreamliner
AIR INDIA: To Resume International Operations by Month-End
ANDRA PRADESH: Inadequate Info Cues Fitch to Migrate Ratings
CROWN CORP: Fitch Assigns 'BB-' National LongTerm Rating
CROWN REALTECH: Delay in Loan Payment Cues CRISIL Junk Ratings

DYNATRON SERVICES: Fitch Assigns 'BB-' National Longterm Rating
GINNI GLOBAL: CRISIL Cuts Rating on INR220MM Loans to 'D'
HARYANA FOILS: ICRA Suspends 'B+' Rating on INR17.75cr Loan
K BHUPAL: Fitch Assigns Nat'l Long-Term Rating at 'BB-'
KINGFISHER AIRLINES: AAI Denies Lessor Bid to Take Back Aircraft

K.P. GARMENTS: CRISIL Assigns 'B+' Rating to INR400MM Loans
MANJEERA HOTELS: Inadequate Info Cues Fitch to Migrate Ratings
MIDFIELD INDUSTRIES: Inadequate Info Cues Fitch to Migrate Rating
OM SAI: CRISIL Assigns 'CRISIL B+' Rating to INR74MM Loans
P. K. & Co: ICRA Reaffirms '[ICRA] B+' Rating on INR35cr Loans

PLAMA DEVELOPERS: CRISIL Assigns 'B' Rating on INR300MM Loans
PLASTOLENE POLYMERS: Fitch Assigns 'D' Rating on Two Bank Loans
SANCO INDUSTRIES: ICRA Cuts Rating on INR8cr Loans to '[ICRA]B+'
SANMAAN AGRO: CRISIL Assigns 'B' Rating to INR100MM Loans
SRI PARAMESWARI: Delays in Loan Payment Cues ICRA Junk Ratings


J A P A N

HUMMINGBIRD SERIES 2: S&P Puts 'CCC' Rating on Class #2 on Watch
JAPAN AIRLINES: Seeks $8.5 Billion IPO in Turnaround


N E W  Z E A L A N D

B'ON FINANCIAL: Jury Trial Begins; Bradley Faces 75 Charges


X X X X X X X X

* Moody's Says Asian Liquidity Stress Index Up in July 2012
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AUSTASIA MILLING: Administrators Put Business on the Market
-----------------------------------------------------------
SmartCompany reports that flour mill and stock feed business Aust
Asia Milling is on the market after entering administration last
month with AUD9 million in debt.

According to the report, John Vouris --
jvouris@lawlerpartners.com.au -- and Bradley Tonks --
btonks@lawlerpartners.com.au -- of Lawler Partners were appointed
as administrators on July 27 and the business was yesterday
advertised for sale "as a going concern."

Mr. Vouris told SmartCompany Aust Asia Milling had a turnover of
AUD16.6 million last year but had been experiencing financial
difficulties and so was nearing insolvency.

"There's a whole raft of causes including droughts, floods which
affect the wheat prices and the availability of wheat," the
report quotes Mr. Vouris as saying.  "But also the company has
been hit by a few court cases which are either pending or
unsuccessful . . . the main one is in relation to a contaminated
feed lot, which is in the process of getting to court now and
involves millions of dollars."

According to the report, Mr. Vouris said the bank is owed nearly
AUD4 million, which includes AUD3 million on the property and
AUD1 million to debtors. Debtors are factored through the
National Australia Bank.

Aust Asia Milling's debts also include around AUD5 million in
unsecured creditors, which includes the growers and trade
creditors.

"There were 35 full-time staff but we have reduced staff levels
because one of our customers has pulled the pin claiming
'uncertainty of the administration process'. But we are buoyed by
the rest of customers supporting the company," Mr. Vouris told
SmartCompany.

SmartCompany notes that Aust Asia Milling is now down to 30 staff
and Lawler Partners is proceeding to trade on with a view to a
deed of company arrangement or sale of the business as a going
concern.

A creditors' meeting will be held today, Aug. 8, in the county
town of Young in New South Wales and Mr. Vouris said the
administrator has already received expressions of interest,
SmartCompany adds.

Established in 1888, AustAsia Milling Pty Ltd --
http://www.austasiamilling.com/-- is a supplier in the flour
milling, stockfeed and grain industries.  The 124-year-old
business also trades as Young Stock Feeds.


BROADLANDS FINANCE: S&P Affirms 'CCC/C' Issuer Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'CCC/Negative/C'
issuer credit rating on New Zealand-based Broadlands Finance Ltd.
has been affirmed, and then withdrawn at the request of the
issuer.


PETS PARADISE: Franchisees Face Trouble as Business up Sale
--------------------------------------------------------------
SmartCompany reports that the appointment of receivers to Pets
Paradise last week did not include stores operated by
franchisees, but franchising experts warn there are still
difficult times ahead for franchisees.

SmartCompany says the Pets Paradise and Billy Baxter's
businesses, which include the franchise networks, were both
advertised for sale by the receivers Deloitte on Aug. 2 as
Deloitte moved to ease franchisees' concerns.

"Everything is being done to assure the franchisees are protected
as far as what is happening to the company," a spokesperson for
Deloitte told SmartCompany.

According to the report, Deloitte partner Tim Norman on Aug. 3
held a conference call with franchisees, who were said to be
"appreciative" of the update and of a number of initiatives and
offers to support them.

"These include discounts on stock ordered from head office and,
during the receivership, discounts on royalty payments," the
spokesperson told SmartCompany.

SmartCompany relates that Deloitte has received "strong interest"
from "a large number of parties" since the demise of the Pets
Paradise and Billy Baxter's businesses, which include the
franchise networks, have been advertised from sale.

However, Jason Gehrke, director of the Franchise Advisory Centre,
warned the receivership could result in problems for franchisees
and the value proposition of the Pets Paradise brand, the report
relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2012, SmartCompany said 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.
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. 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.  Mr. Norman said stores operated by franchisees are
not in receivership.

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.


PINK POMEGRANATE: In Administration, Cuts More Than 1,600 Jobs
--------------------------------------------------------------
SmartCompany reports that Pink Pomegranate has gone into
administration closing 650 stores while cutting and more than
1,600 jobs.

Pink Pomegranate, which is trading as Treehouse Childrens Decor
Co. was placed in administration on July 16, with BRI Ferrier
appointed, according to SmartCompany.

The report notes that BRI Ferrier is attempting to sell the
business, claiming it has a large database, along with an
established online sales channel and a warehouse/outlet store in
Marrickville, NSW.

SmartCompany notes that the sale of the business comes as the
retail market continues to struggle.

Pink Pomegranate is a children's retail business with three
stores specializing in furniture, home wares and accessories has
entered administration, after trading for more than 12 years.



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


CENTRAL BILLION: Court to Hear Wind-Up Petition on Aug. 22
----------------------------------------------------------
A petition to wind up the operations of Central Billion Inc. will
be heard before the High Court of Hong Kong on Aug. 22, 2012, at
9:30 a.m.

Vinbless Inc. filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Road
          Central, Hong Kong


DAO WO: Court to Hear Wind-Up Petition on Sept. 19
--------------------------------------------------
A petition to wind up the operations of Dao Wo Enterprises
Limited will be heard before the High Court of Hong Kong on
Sept. 19, 2012, at 9:30 a.m.

New Ray Plastic & Metal Limited filed the petition against the
company on July 16, 2011.

The Petitioner's solicitors are:

          Yuen & Partners
          10th Floor, Chiyu Bank Building
          78 Des Voeux Road
          Central, Hong Kong


FIRST REGENT: Court to Hear Wind-Up Petition on Aug. 8
------------------------------------------------------
A petition to wind up the operations of First Regent Limited will
be heard before the High Court of Hong Kong on Aug. 8, 2012, at
9:30 a.m.

Mark William Corrado filed the petition against the company on
June 1, 2012.

The Petitioner's solicitors are:

          Hastings & Co
          5/F, Gloucester Tower
          The Landmark
          11 Pedder Street
          Central, Hong Kong


FULL BENEFIT: Court to Hear Wind-Up Petition on Aug. 22
-------------------------------------------------------
A petition to wind up the operations of Full Benefit Property
Corp. will be heard before the High Court of Hong Kong on
Aug. 22, 2012, at 9:30 a.m.

Fancymind Inc. filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Road
          Central, Hong Kong


GRAND TEXTILE: Court to Hear Wind-Up Petition on Aug. 22
--------------------------------------------------------
A petition to wind up the operations of Grand Textile Company
Limited will be heard before the High Court of Hong Kong on
Aug. 22, 2012, at 9:30 a.m.

Winbless Inc. filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Road
          Central, Hong Kong


H.K. FULLSON: Creditors' Proofs of Debt Due Aug. 17
---------------------------------------------------
Creditors of H.K. Fullson Company 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's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          35th Floor, One Pacific Place
          88 Queensway, Hong Kong


LLS CREATION: Court to Hear Wind-Up Petition on Sept. 12
--------------------------------------------------------
A petition to wind up the operations of LLS Creation Limited
formerly known as Kingston International Creation Limited will be
heard before the High Court of Hong Kong on Sept. 12, 2012, at
9:30 a.m.

Shafiq Mohammad filed the petition against the company on
July 10, 2012.

The Petitioner's solicitors are:

          Massie & Clement
          8th Floor, On Hing Building
          No. 1 On Hing Terrace
          Central, Hong Kong


M.F. PRINTING: Stephen Liu Yiu Keung Steps Down as Liquidators
--------------------------------------------------------------
Lam Hok Chung Rainier stepped down as liquidators of M.F.
Printing Company Limited on June 25, 2012.


NAM HWA: Court to Hear Wind-Up Petition on Aug. 22
--------------------------------------------------
A petition to wind up the operations of Nam Hwa Textiles Limited
will be heard before the High Court of Hong Kong on Aug. 22,
2012, at 9:30 a.m.

Fancymind Inc. filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Road
          Central, Hong Kong


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

Tsao Kwan Chak filed the petition against the company on June 16,
2012.


SHINWA MAX: Creditors Get 4.5928% Recovery on Claims
----------------------------------------------------
Shinwa Max Limited will declare the first and final dividend to
its creditors on Aug. 13, 2012.

The company will pay 4.5928% for ordinary claims.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Room 511, 5/F
         Tower 1, Silvercord
         30 Canton Road
         Tsim Sha Tsui
         Kowloon, Hong Kong


SUNRIVER TECHNOLOGY: Court to Hear Wind-Up Petition on Sept. 12
---------------------------------------------------------------
A petition to wind up the operations of Sunriver Technology
Company Limited will be heard before the High Court of Hong Kong
on Sept. 12, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 11, 2012.

The Petitioner's solicitors are:

          K. W. Ng & Co
          11/F, Wings Building
          110 Queen's Road
          Central, Hong Kong


VAN YU: Court to Hear Wind-Up Petition on Aug. 8
------------------------------------------------
A petition to wind up the operations of Van Yu Trading Company
Limited will be heard before the High Court of Hong Kong on
Aug. 8, 2012, at 9:30 a.m.

Mark Willian Corrado filed the petition against the company on
June 1, 2011.

The Petitioner's solicitors are:

          Hasting & Co
          5/F, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong


WAL SHION: Court to Hear Wind-Up Petition on Aug. 29
----------------------------------------------------
A petition to wind up the operations of Wal Shion and Company
Limited will be heard before the High Court of Hong Kong on
Aug. 29, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Y.S. Lau & Partners
          7th Floor, Hing Yip Commercial Centre
          272-284 Des Voeux Road
          Central, Hong Kong


WELLJOY INC: Court to Hear Wind-Up Petition on Aug. 22
------------------------------------------------------
A petition to wind up the operations of Welljoy Inc. will be
heard before the High Court of Hong Kong on Aug. 22, 2012, at
9:30 a.m.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Road
          Central, Hong Kong



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


AIR INDIA: Cabinet Approves Delivery of 27 Boeing 787 Dreamliner
----------------------------------------------------------------
Business Today reports that the Cabinet Committee on Economic
Affairs (CCEA) has approved a Ministry of Civil Aviation proposal
allowing Air India to take delivery of 27 Boeing 787 Dreamliner
aircraft after signing the Delay Compensation Settlement
Agreement.

Air India would benefit from the induction of the latest state-
of-art technology Boeing aircraft, which are more fuel efficient
than its competitors, the report says.

According to Business Today, the decision delinks the issue
relating to compensation for failure to meet performance
guarantees from the Delay Compensation Settlement Agreement,
which will be negotiated separately by an empowered group of
officers after actual evaluation of the performance of the B-787
aircraft inducted into Air India.

Business Today says Air India is planning to induct 27 B-787
aircraft in its fleet as part of the contracted deliveries of the
aircraft from Boeing.  These aircraft were scheduled to be
delivered from September 2008 to October 2011.

However, due to certain design and production issues, these
aircraft were delayed and are now scheduled to be delivered
between June 2012 and March 2016, Business Today notes.

                        About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AIR INDIA: To Resume International Operations by Month-End
----------------------------------------------------------
Press Trust of India reports that state-owned Air India will
resume most of its international operations by the end of the
month.  The airline was forced to scale down its international
operations massively following the recent two-month strike by a
section of pilots, the report says.

"We will be ready to restart our full international operations by
the end of August.  We will restore New York, Chicago and Paris
flights by then . . . Also resume flights to Hong Kong and
Shanghai," an airline official was quoted by PTI as saying.

Air India will also add more services to the busy Southeast Asian
regions by mid-August, the news agency relates.

PTI recalls that around 400 pilots, members of the now de-
recognised Indian Pilots Guild (IPG), had gone on a 58-day strike
from May 7 to protest the decision to allow the erstwhile Indian
Airlines pilots to train on the Boeing Dreamliners.

The strike, according to PTI, forced Air India to cancel several
profit-making as well as loss-making sectors, which caused a loss
of around INR600 crore in unrealised sales to the already cash-
strapped airline, which is sitting on a debt of INR67,000 crore.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ANDRA PRADESH: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based jute fabric manufacturer
Andhra Pradesh Fibres Limited's 'Fitch BB-(ind)' National Long-
Term rating with a 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 AP Fibres.  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 AP Fibres' bank loan ratings to the non-
monitored category as follows:

  -- INR70m fund-based working capital limits: migrated to
     National Long-term 'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
     and National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+
     (ind)'

  -- INR5m non-fund-based working capital limits: migrated to
     National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'

  -- INR39.6m term loan: migrated to National Long-Term 'Fitch
     BB-(ind)nm' from 'Fitch BB-(ind)'


CROWN CORP: Fitch Assigns 'BB-' National LongTerm Rating
--------------------------------------------------------
Fitch Ratings has assigned India's defense products exporter
Crown Corporation Private Limited a National Long-Term rating of
'Fitch BB-(ind)' with Stable Outlook.

The rating is constrained by the irregular nature of CCPL's
revenue and significantly high customer concentration, as 100% of
revenue is derived from a single customer.  The company is
currently engaged in the export of submarine batteries to the
Ministry of Defence, Algeria.  The rating is also constrained by
CCPL's dependence on a single supplier, the limited number of
alternative Indian suppliers, and forex risks on exports.

The rating is, however, supported by CCPL's 20 years of
experience in the export of defence equipment, as well as a long-
standing relationship with its clients.

The rating also derives comfort from the nature of CCPL's current
trading business which has resulted in positive operational cash
flow with low working capital requirements.  Fitch notes that the
company does not require any long-term or fund-based banking
facilities for its trading operations and currently has only
unsecured loans form its founders as debt.  In addition, minimal
operational costs result in the company able to report profit,
through rental and other income, even in the absence of revenue
from defence orders.

The ratings also derive comfort from the limited technical risk
borne by CCPL on equipment supplied, due to the pass through of
such risk to contract manufacturers and/or suppliers.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- gross interest coverage below 1.5x on a sustained basis due
     to an unexpected increase in debt levels or deterioration of
     operating profitability

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- an increase in the size and stability of revenue and cash
     flow along with credit metrics remaining at same level

Established in 1978, CCPL is engaged in the export of defence
products.  The company reported nil revenue from defence orders
in FY10-FY11.  It subcontracts its order to a domestic vendor.
FY12 provisional results indicate revenue of INR454m (FY11:
INR44m), net income of INR53m (FY11: INR2m), and interest
coverage of above 2x.  The company has two subsidiaries --
Dynatron Services Private Limited ('Fitch BB-(ind)'/Stable) and
Crown Infracon Private Limited.


CROWN REALTECH: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of Crown Realtech Pvt Ltd. The ratings reflect
instances of delay by CRPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          18        CRISIL D (Assigned)
   Term Loan              445        CRISIL D (Assigned)

CRPL is also exposed to project risk. This rating weakness is
partially offset by the CRPL's promoters' extensive industry
experience.

                       About Crown Realtech

CRPL, formerly Bhagat Steel & Forgings Pvt Ltd, is a part of the
Crown group, which is promoted by Mr. R S Gandhi and develops
moderate-sized commercial and residential real estate projects in
and around Delhi and the National Capital Region. BSFPL was set
up in 1983 and had an industrial land in Faridabad (Haryana),
which was acquired by the Crown group in 2005-06 (refers to
financial year, April 1 to March 31), followed by acquisition of
an adjoining industrial land, which was under the name of a
partnership firm, M/s Khosla Foundaries. In 2009, the name of the
company was changed to CRPL.

CRPL is developing an information technology park, Abacus
Technopark, in Faridabad, which will cover an area of 0.628
million square feet (sq ft); the total project cost was expected
to be around INR1260 million. However, due to time overrun and
increase in the scope of the project to 0.693 million sq ft, the
project cost is expected to escalate to around INR1500 million.
Construction of the project commenced in 2009 and is now expected
to complete by March 2013. The project is being funded in a debt-
equity ratio of 1.34 times (excluding customer advances).


DYNATRON SERVICES: Fitch Assigns 'BB-' National Longterm Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Dynatron Services Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable. Dynatron's main business is to provide after-
sales-support for diesel engines, gear transmissions, electronic
control and monitoring systems to the Indian Navy and Indian
Coast Guard.

The rating is constrained by Dynatron's small scale of
operations, falling profitability and high customer concentration
risk.  Provisional unaudited financials for FY12 (year end March)
indicate revenue of INR139m (FY11: INR143m) and EBITDA margin of
16.7% (FY11: 22.9%).  The company generates about 90% of its
revenue by supplying spare parts and providing after-sales-
support services to the Indian Navy and Indian Coast Guard.

However, Fitch draws some comfort from Dynatron's long-standing
ties with the Indian Navy and Indian Coast Guard.  The company
has been serving these defense departments for over 25 years and
signs multi-year contracts with the Indian Coast Guard to service
the diesel engines on their vessels.  The existing three-year
contract will expire in March 2015.  The rating factors in
Dynatron's agreements with several international defense vendors
to provide after-sales-support for their products being used by
Indian defense departments.

The rating is further supported by the company's strong credit
metrics and comfortable liquidity as demonstrated by its net cash
position of INR22m at end-FY12.  However, credit metrics are
expected to worsen in the short to medium term as the company
plans to raise debt to fund its upcoming ship repair facility in
Karwar, Karnataka, for the Indian Navy and Indian Coast Guard
vessels located around the region.  The facility will provide a
new growth opportunity to the company and also help in
diversification of its revenue base.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- a significant decline in revenue due to early termination of
     contract from the Indian Coast Guard
  -- financial leverage (adjusted net debt/EBITDA) above 4.0x on
     a sustained basis
  -- a downgrade of its parent company's - Crown Corporation
     Private Limited (CCPL) - rating to below 'Fitch BB-(ind)'

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- a significant increase in the scale of operations
  -- financial leverage below 2.5x on a sustained basis along
     with upgrade of its parent's (CCPL) rating.

Dynatron was established in 1975 and was formerly known as
Dynatron Exports Private Limited.  Dynatron is majorly owned by
CCPL ('Fitch BB-(ind)'/Stable), which is engaged in the export of
defence products.


GINNI GLOBAL: CRISIL Cuts Rating on INR220MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ginni
Global Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             5         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan             215         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects instances of delay by GGPL in servicing
its debt; the delays have been caused by weakening in the
company's liquidity. The company's project implementation
schedule for its two hydroelectric (hydel) projects was disrupted
due to landslides in the region; while the Balsio project has
commenced operations, the Taraila project is expected to commence
operations from August, 2012. These delays have led to a lower
than expected build-up of liquidity for servicing debt
obligations. The company's interest payments for June 2012 have
not been paid.

The ratings continue to reflect GGPL's weak financial risk
profile, marked by weak liquidity, and susceptibility to risks
inherent in hydel projects, such as hydrology- and natural-
calamity-related risks. These rating weaknesses are partially
offset by GGPL's exposure to low offtake-related risks, as it has
a long-term power purchase agreement (PPA) with Himachal Pradesh
State Electricity Board (HPSEB) - there is no price related risk
associated with the main raw material, water.

                         About Ginni Global

Ginni Global Pvt Ltd was established in 1989 by Ginni
International Ltd as an investment company. Later, GGPL operated
as a trading arm for GIL's textile products. GIL is a textile
company established by Mr. Sharad Jaipuria in 1984 in Neemrana
(Rajasthan). In 1999-2000 (refers to financial year, April 1 to
March 31), GIL obtained licenses for setting up hydel projects in
Taraila and Balsio from the Government of HP (GoHP) under the
Small Hydro Projects Self Identified Scheme (SHPSIS). GIL
transferred these licenses to GGPL in 2002.

The hydel projects are of 5.0-megawatt capacity each and are
located in the Chamba district of HP. Both the projects are run-
of-the-river projects, with the Taraila project across the
Taraila Nallah and the Balsio project across the Balsio Nallah,
both of which are tributaries of the Ravi River. Both the
projects are part of SHPSIS, under which GGPL will receive
incentives announced by GoHP and the Ministry of Non-conventional
Energy Sources (MNES) for small hydroelectric power projects.
GGPL has signed a 40-year PPA with HPSEB, at INR2.50 per unit (no
escalation clause). The Balsio Project began operations in June
2012 and the Taraila project is likely to be completed by August
2012.


HARYANA FOILS: ICRA Suspends 'B+' Rating on INR17.75cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR17.75 crore
fund based facilities & [ICRA]A4 rating assigned to the INR2
crore, short term, non-fund based letter of credit and bank
guarantee facilities of Haryana Foils Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


K BHUPAL: Fitch Assigns Nat'l Long-Term Rating at 'BB-'
-------------------------------------------------------
Fitch Ratings has assigned India's K Bhupal Contractors a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings are constrained by KBC's low profit margins due to
low value addition in the business -- the firm bids for small
size civil contracts.  The ratings also reflect the vulnerability
of the profit margins to volatility of input prices.  Provisional
results for FY12 (year end March) indicate EBITDA margin
declining to 4.8%, due to an increase in input prices, after
being in the range of 7.5%-8.5% during FY08-FY11.

The ratings are supported by KBC's over 18 years of experience in
the civil construction business and its deteriorated though
comfortable credit metrics in FY12.  Interest cover (EBITDA /
interest) declined to 4.60x in FY12 (FY11: 7.52x) as higher
interest payments of INR4m (INR1.8m) more than offset an increase
in EBITDA to INR18m (INR13m).  This along with a decline in debt
levels to INR34m in FY12 from INR38m in FY11 resulted in
financial leverage (debt/EBITDA) improving slightly to 1.86x from
2.84x.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- interest cover below 2.0x or debt/EBITDA beyond 3.0x

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- a sustained improvement in EBITDA margin above 8.5% while
     maintaining interest cover and leverage at the current
     levels

K Bhupal Contractors was established in 1993 as a sole
proprietorship.  The company undertakes contracts for laying
pipelines for drinking water and sewerage, mainly under the
National Rural Drinking Water Programme, in the states of Andhra
Pradesh and Karnataka. In FY12, revenue was INR385m (FY11:
INR167m).

Fitch has also assigned ratings to KBC's bank loans as follows:

  -- INR30m fund-based working capital limits: National Long-Term
     'Fitch BB-(ind)'
  -- INR60m non-fund-based working capital limits: National
     Short-Term 'Fitch A4+(ind)'


KINGFISHER AIRLINES: AAI Denies Lessor Bid to Take Back Aircraft
----------------------------------------------------------------
The Times of India reports that the Airport Authority of India
(AAI) has refused to allow the lessors to take back about half a
dozen aircraft rented out to Kingfisher Airline, sources said.

The report relates that the lessors want the aircraft back as
Kingfisher Airlines has defaulted on rentals. "AAI has said no
. . . to Kingfisher lessors to allow them to take back six
aircraft parked at Chennai airport," sources, as cited by TOI,
said.

According to the report, one of the lessors has sent a legal
notice to AAI for not passing the releasing order.  TOI relates
that AAI's contention is that it cannot let the aircraft go, as
it too has to recover dues of about INR300 crore on account of
landing and parking fees from the near-bankrupt KFA.

An AAI spokesperson confirmed the development, and added that the
authority is exploring several options to recover its long-
pending dues, the report relays.

TOI notes that the airline, which has not paid salaries to its
employees for the past five months (some have not been paid for
six months), has been defaulting on payments to AAI, oil
companies, aircraft leasing companies and the government tax
authorities.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8% more than a loss
of INR2.54 billion a year earlier, The Economic Times disclosed.
The company has lost INR11.8 billion (US$240 million) in the
first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


K.P. GARMENTS: CRISIL Assigns 'B+' Rating to INR400MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of K.P. Garments Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit           240.00      CRISIL B+/Stable (Assigned)

   Proposed Long-Term    160.00      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects KPGPL's weak financial risk profile, marked
by weak capital structure and debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that KPGPL derives from its
promoters' extensive experience in the textiles industry.

For arriving at the ratings, CRISIL has treated KPGPL's interest-
free unsecured loans of INR37.5 million, extended by the
company's promoters and their friends and family, as neither debt
nor equity. This is based on a specific undertaking from KPGPL's
management that it will maintain these loans in the business over
the next five years.

Outlook: Stable

CRISIL believes that KPGPL will continue to benefit over the
medium term from its promoters' experience in the textile
industry. The outlook may be revised to 'Positive' if the company
improves its financial risk profile by improving its capital
structure or profitability, and reports better working capital
management. Conversely, the outlook may be revised to 'Negative'
if KPGPL reports a significant decline in its revenues and
margins, deterioration in its working capital management, or
undertakes a larger-than-expected debt-funded capital expenditure
programme.

                        About K.P. Garments

K.P. Garments Pvt Ltd was set up in 1999 as a proprietary concern
by Mr. Hiren Panchal; it was reconstituted as a private limited
company in 2005. The company manufactures ready-made garments and
trades in silk, linen, and cotton and denim yarn. KPGPL has its
manufacturing facility in Kolkata (West Bengal).


MANJEERA HOTELS: Inadequate Info Cues Fitch to Migrate Ratings
--------------------------------------------------------------
Fitch Ratings has migrated India-based Manjeera Hotels and
Resorts Limited's 'Fitch B-(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category.  This rating will
now appear as 'Fitch B-(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 MHRL.  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 MHRL bank loan ratings to the non-
monitored category as follows:

-- INR15m fund-based working capital limits: migrated to
    National Long-Term 'Fitch B-(ind)nm' from 'Fitch B-(ind)' and
    National Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'

-- INR305m non-fund-based working capital limits: migrated to
    National Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'

-- INR845.4m term loans: migrated to National Long-Term 'Fitch
    B-(ind)nm' from 'Fitch B-(ind)'


MIDFIELD INDUSTRIES: Inadequate Info Cues Fitch to Migrate Rating
-----------------------------------------------------------------
Fitch Ratings has migrated India-based steel straps manufacturer
Midfield Industries 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 Midfield.  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 Midfield's bank loan ratings to the non-
monitored category as follows:

  -- INR320m fund-based working capital limits: migrated to
     National Long-term 'Fitch C(ind)nm' from 'Fitch C(ind)' and
     National Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'

  -- INR92.5m non-fund-based working capital limits: migrated to
     National Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'

  -- INR106.7m term loans outstanding: migrated to National Long-
     Term 'Fitch C(ind)nm' from 'Fitch C(ind)'


OM SAI: CRISIL Assigns 'CRISIL B+' Rating to INR74MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Om Sai Cotton Industries.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             50        CRISIL B+/Stable (Assigned)
   Term Loan               24        CRISIL B+/Stable

The rating reflects OSCI's modest scale of operations in a
fragmented industry, subdued financial risk profile, marked by a
low net worth base and high gearing and susceptibility of
operating margins to fluctuations in cotton prices and regulatory
changes. These weaknesses are partially offset by the extensive
experience of OSCI's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that OSCI will continue to benefit over the
medium term from the experience of its promoters in the cotton
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected revenues while maintaining its
profitability and improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
OSCI's revenues or profitability, or if the company undertakes a
large, debt-funded capital expenditure programme, resulting in
deterioration in the company's financial risk profile.

                          About Om Sai

OSCI was setup in 2010 as a partnership firm by Mr. B.
Parameswar, Mr. H.J. Reddy, Mr. H.V. Reddy, Mrs. C. Aruna and
Mrs. G. Swathi. The firm is engaged in cotton ginning and
pressing activity. Previously, Mr. B. Parameswar had been
actively engaged in cotton trading activity.

The company processes raw cotton (kappas) in to cotton bales and
cotton seeds and caters to domestic markets of Kerala, Andhra
Pradesh and Maharashtra. The company has a ginning and pressing
unit based in Warangal Dist. (Andhra Pradesh) having an installed
capacity of producing 240 bales per day.


P. K. & Co: ICRA Reaffirms '[ICRA] B+' Rating on INR35cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR5.00 crore1 fund based bank facilities and INR30.00 crore non
fund based bank facilities of P. K. & Co.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limit-         5.00     [ICRA]B+ reaffirmed
   Cash Credit

   Non Fund Based Limit-    30.00     [ICRA]B+ reaffirmed
   Bank Guarantee

The rating reaffirmation takes into account the modest size of
PKC's operation, highly competitive nature of the construction
industry wherein business is procured on an L1 based contract
awarding system which results in low profitability, high client
and geographical concentration risks and the risk associated with
the entity's status as a partnership firm including the risk of
capital withdrawals by the partners. Moreover, the rating is
further affected by the significant increase in working capital
intensity of its operations in 2011-12, primarily due to decrease
in advances from customers and high level of debtors and
inventory, which has affected the liquidity of the firm. The
rating, however, continues to derive comfort from the long track
record of the partners in the construction business, PKC's
moderate gearing and its established position in the North East.

P. K. & Co, incorporated in 1992 as a partnership firm, is
promoted by the Agarwala family based out of Guwahati. PKC is a
government registered road and bridge contractors and has
executed various small and medium scale construction projects in
the north eastern part of India.

Recent Results

The firm reported a net profit of INR2.15 crore in FY12 on an
operating income of INR31.07 crore (provisional), as compared to
a net profit of INR2.23 crore on an operating income of INR32.23
crore during FY11.


PLAMA DEVELOPERS: CRISIL Assigns 'B' Rating on INR300MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Plama Developers Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long-Term      260       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Term Loan                40       CRISIL B/Stable (Assigned)

The rating reflects PDL's exposure to risk related to completion
and funding of its ongoing projects, accentuated by the fact that
substantial construction cost is yet to be expended for the
majority of its ongoing projects although the company has
received moderate bookings for these projects. The ratings also
factor in PDL's susceptibility to inherent risks, including
cyclicality, in the real estate industry in India. These rating
weaknesses are partially offset by the moderate track record of
PDL's promoters in the real estate industry and the company's
moderate financial risk profile marked by low gearing.

Outlook: Stable

CRISIL believes that PDL will remain sensitive to any delay in
inflow of customer advances for the majority of its ongoing
projects. The outlook may be revised to 'Positive' if there is
more-than-expected booking of units and receipt of customer
advances, leading to larger-than-expected cash inflows for PDL.
Conversely, the outlook may be revised to 'Negative' if PDL's
liquidity deteriorates, caused most likely by delays in receipt
of customer advances or time or cost overruns in its existing
projects, or by other large projects undertaken by the company
simultaneously.

                      About Plama Developers

Plama Developers Ltd, promoted by Mr. P M A Razak in 2006, is
engaged in real estate development. The company was promoted to
acquire the business of its promoter's proprietorship concern,
PLAMA City Homes. Till date, PDL has executed seven real estate
projects, all in Mangalore (Karnataka). Currently, the company is
implementing eight ongoing projects in cities such as Mangalore,
Bengaluru (Karnataka), and Calicut and Thrissur (both in Kerala).
For five out of its eight ongoing projects, PDL has received
booking for more than 50 per cent of total units available for
sales.

PDL reported a profit after tax (PAT) of INR53.2 million on net
sales of INR395.7 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR40.7 million on net
sales of INR352.5 million for 2010-11.


PLASTOLENE POLYMERS: Fitch Assigns 'D' Rating on Two Bank Loans
---------------------------------------------------------------
Fitch Ratings has assigned ratings to India-based Plastolene
Polymers Pvt. Ltd.'s (PPPL) additional bank loans as follows:

  -- INR81m fund-based limits: National Long-Term 'Fitch D(ind)'
  -- INR15m non-fund-based limits: National Short-Term 'Fitch
     D(ind)'

PPPL's outstanding ratings (including the above) are as follows:

  -- National Long-Term Rating: 'Fitch D(ind)'
  -- INR493m fund-based limits: National Long-Term 'Fitch D(ind)'
  -- INR40m non-fund based limits: National Short-Term 'Fitch
     D(ind)'


SANCO INDUSTRIES: ICRA Cuts Rating on INR8cr Loans to '[ICRA]B+'
----------------------------------------------------------------
ICRA has revised the long-term rating of Sanco Industries Limited
from '[ICRA]BB+' to '[ICRA]B+' for INR8.0 crore1 bank lines. ICRA
has also revised the short-term rating from '[ICRA]A4+' to
'[ICRA]A4' for INR7.0 crore non fund based facilities of SIL.

                              Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Working Capital Limits      6.75       [ICRA]B+ revised
   Unallocated                 1.25       [ICRA]B+ revised
   Non Fund Based              7.00       [ICRA]A4 revised

The rating action factors in the stretched liquidity profile of
SIL, increase in its debt levels, and deterioration in debt
coverage indicators in FY2012. The working capital intensity of
the company increased (NWC/OI increased from 42% in FY2011 to 57%
in FY2012) largely due to build-up of receivables, which resulted
in consistently high utilization of the working capital limits
and reliance on ad-hoc limits. Further, the investments made by
the company in FY2012 also led to the increase in funding
requirements and thus the debt levels. The ratings also take into
consideration SIL's sizeable debt repayment obligations in
FY2013, which coupled with its modest level of internal accruals
expose the company to refinancing risk.

Further, the ratings continue to remain constrained by the
intensely competitive nature of the industry which limits the
pricing flexibility of the industry participants; SIL's moderate
scale of operations; and the vulnerability of the company's
profitability to raw material price volatility and foreign
exchange fluctuation risk, given that a significant part of the
raw material requirement is met through imports. However the
ratings draw comfort from the long experience of the promoters in
the PVC industry; SIL's diverse product portfolio; and its
healthy profitability supported by income tax and excise duty
exemptions at its manufacturing facility in Himachal Pradesh.

Going forward, ability of the company to meet its repayment
liabilities during FY2013; and reduce the working capital
intensity of the business through improved working capital
management would remain the key rating sensitivities.

Sanco Industries Limited is a public limited company promoted by
Mr. Sanjay Gupta in 1989. The entire shareholding of the company
is held by Mr. Sanjay Gupta and his family members. SIL is
engaged in manufacturing of PVC (Polyvinyl Chloride) pipes,
profiles, PVC Insulated wires and cables. The manufacturing unit
of the company is located at Paonta Sahib, Himachal Pradesh. The
present installed capacity is 3000 tonnes per annum (TPA) of PVC
pipes and 18000 Km per annum (KMPA) of PVC Wires & Cables.

Recent Results

For FY2012, SIL has achieved an operating income of INR40.1 crore
and a net profit of INR2.3 crore.


SANMAAN AGRO: CRISIL Assigns 'B' Rating to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sanmaan Agro Industries.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             70        CRISIL B/Stable (Assigned)
   Warehouse Receipts      30        CRISIL B/Stable (Assigned)

The rating reflects SAI's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive rice processing industry,
and susceptibility to volatility in raw material prices, adverse
monsoon conditions, and to adverse regulatory changes in the rice
sector. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' extensive
experience and healthy growth prospects of the rice industry.

Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SAI improves its
financial risk profile, driven most likely by more-than-expected
net cash accruals and infusion of funds by the partners at the
firm. Conversely, the outlook may be revised to 'Negative' if SAI
reports significant deterioration in its liquidity or capital
structure, or pressure on its profitability.

                    About Sanmaan Agro Industries

SAI was established as a partnership firm in 2000 by Mr. Zora
Singh and Mr. Himmat Singh in Jalalabad (Punjab). The firm is
mainly engaged in milling and marketing higher grade varieties of
rice, such as basmati and non-basmati varieties, such as Parmal.
The firm has milling capacity of 4 tonnes per hour. Its current
capacity utilisation is about 75 per cent. The firm derives more
than 70 per cent of its revenues from sale of basmati rice and
the rest from sale of the non-basmati variants. SAI sells its
produce to exporters in the domestic open market. Thus, around 80
per cent of SAI's production is thus indirectly exported; the
company sells the rest of its produce directly in domestic
clients.

SAI reported a net profit of Rs 0.6 million on net sales of
INR375 million for 2011-12 (refers to financial year, April 1 to
March 31), against net profit of INR0.3 million on net sales of
INR227 million for 2010-11.


SRI PARAMESWARI: Delays in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has revised the rating outstanding on the INR40.00 crore
term loan facilities and INR20.00 crore1 of long term fund based
facilities of Sri Parameswari Spinning Mills Private Limited from
'[ICRA]B+' to '[ICRA]D'. ICRA has also revised the rating
outstanding on the INR10.72 crore of short term non-fund based
facilities of the Company from '[ICRA]A4' to '[ICRA]D'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans             40.00     Revised to [ICRA]D from
                                    [ICRA]B+

   Long term fund         20.00     Revised to [ICRA]D from
   based facilities                 [ICRA]B+

   Short term non-fund    10.72     Revised to [ICRA]D from
   based facilities                 [ICRA]A4

The revision in ratings reflects the delays in debt servicing by
the Company, owing to the deterioration in financial profile. The
Company's accruals and liquidity profile were impacted, following
the slowdown witnessed in the spinning industry during 2011-12.
Fall in yarn realization on account of weak demand and inventory
losses incurred during H1, 2011-12 has impacted operational and
financial performance of the Company. Considering the intense
competition in a fragmented spinning industry within which the
Company operates the Company's earnings and margins are exposed
to pricing inflexibility and volatility in yarn prices. The
ratings factor in the management's experience in spinning
industry.

Sri Parameswari Spinning Mills Private Limited, was formed in
July 1980 by Mr. Veluchamy through the takeover a sick unit -
Kamaraj Spinning Mills Private Limited. The Company's name was
changed to Sinnamani Spinning Mills Limited in 1983 and to the
present one in 1995. The Company operates a cotton spinning unit
in Pandalgudi, Tamil Nadu. The Company has been adding spindles
over years and currently has an installed capacity of 90,984
spindles.



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


HUMMINGBIRD SERIES 2: S&P Puts 'CCC' Rating on Class #2 on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its rating on Hummingbird Securitisation
Ltd.'s series 2 loan synthetic collateralized debt obligation
(CDO) transaction.

"As part of our surveillance of synthetic CDO transactions, we
conduct a formal review every month to determine whether upgrades
or downgrades are appropriate. Typically, an initial credit
committee at the beginning of each month reviews synthetic CDO
tranches for potential CreditWatch placements. As a result of the
initial committee's review in early August, we placed the rating
on the series 2 loan on CreditWatch positive. The rating action
reflects the tranche's synthetic rated overcollateralization
(SROC) level, which exceeded 100% and meets our minimum required
cushion at a higher rating than the current rating as of July 31,
2012," S&P said.

"We intend to review the tranche listed below with the rating
that we placed on CreditWatch positive, along with any other
tranches with ratings that are presently on CreditWatch negative
or positive, at our second credit committee review by the end of
this month," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE
Hummingbird Securitisation Ltd.
Series 2 loan
Class      To                    From        Issue amount
#2 Loan    CCC (sf)/Watch Pos    CCC (sf)    JPY3.0 bil.


JAPAN AIRLINES: Seeks $8.5 Billion IPO in Turnaround
----------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Japan Airlines Co. will seek JPY663 billion (US$8.5 billion) in
the second biggest initial public offering this year, completing
a two-year turnaround from bankruptcy into the world's most
profitable carrier.

According to the report, the airline will list on the Tokyo Stock
Exchange on Sept.19, it said in an Aug. 3 Ministry of Finance
filing.  Its government-backed owner will sell 175 million shares
at a tentative price of 3,790 yen apiece.  That values the
carrier at about five times projected profit, less than half All
Nippon Airways Co.'s about 12-times valuation.

The report relates the biggest initial public offering since
Facebook Inc.'s marks JAL's return after former Chairman Kazuo
Inamori slashed jobs, cut debt and retired older, less fuel-
efficient aircraft to revive profit.  The proceeds will be used
to return 350 billion yen to the state-backed turnaround body
that invested in the airline, while the government will get the
remainder, a windfall of as much as 313 billion yen at the
tentative price.

"The turnaround has been done extremely well," said Peter
Harbison, executive chairman at the Sydney-based Centre for Asia
Pacific Aviation.  "They've done a lot of sensible things in
reducing routes and corporate complexity that dragged it down."
according to the report

The report notes that JAL, which will get no money from the sale,
reiterated its profit forecast of 130 billion yen for the year
ending March 31, compared with 40 billion yen at larger Tokyo-
based rival ANA.  The global average valuation for airlines worth
at least $5 billion is 10 times estimated earnings, according to
data compiled by Bloomberg.

The report relays JAL will displace ANA as the world's fourth-
largest airline by market value after the offering, according to
current values and the tentative share-sale price.  Latam
Airlines Group SA is the largest at $11.3 billion, followed by
Air China Ltd.  At $10.9 billion and Singapore Airlines Ltd. at
$10.1 billion.

According to the report, the airline, which exited bankruptcy
court administration in March 2011, slashed dozens of flights
during restructuring, including services to Milan, Rome and
Amsterdam, as it retired its fleet of Boeing Co. 747 planes and
other aircraft.  It cut 28 international routes and 41 domestic
ones over the three years to the end of March 2011.

The bankrupt carrier cut about a third of its workforce, about
16,000 people, under the leadership of Inamori, who is now
chairman emeritus, more than double the number suggested by the
previous president Haruka Nishimatsu.

                     About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated
companies.  JAL International Co. Ltd. is a wholly owned
operating subsidiary of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd. and JAL Capital Co., Ltd., on Jan. 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization Jan. 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

In November 2010, Japan Airlines reached a basic agreement with
its major creditor banks on new loans of JPY284.9 billion.  The
airline's rehabilitation plan was approved by the Tokyo District
Court at the end of the month.



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


B'ON FINANCIAL: Jury Trial Begins; Bradley Faces 75 Charges
-----------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the trial of
Jacqui Bradley, an Auckland woman accused of fleecing investors
of about $15 million, started Tuesday.

Ms. Bradley, who ran a financial advisory business with her now-
dead husband, faces 75 Crimes Act charges in a case brought by
the Serious Fraud Office. The pair's company, B'On Financial
Services Ltd, collapsed in 2009.

According to the report, the SFO alleges the Bradleys operated a
Ponzi-type scheme and took investors' money to repay earlier
investors and to fund their lifestyle.

Although the SFO believed this involved tens of millions of
dollars from more than 80 people, the charges relate to
NZ$15 million from 28 investors, the report notes.

nzherald.co.nz says Ms. Bradley on Tuesday pleaded not guilty in
the Auckland District Court to the charges, including 58 of theft
by person in a special relationship.

Mike Bradley was to face charges with his wife but he died last
year, weeks before the trial was originally due to start.

The Companies Office began investigating the Bradleys in 2009
after four firms jointly run by the pair went into receivership.

Although receivers sold the couple's Remuera home for more than
NZ$4 million in 2010, investors have been told they are unlikely
to recover much, nzherald.co.nz reports.



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


* Moody's Says Asian Liquidity Stress Index Up in July 2012
-----------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) inched up in July with 16.8% of its speculative-grade
portfolio demonstrating weak liquidity compared with 16.2% in
June.

"The July level was the Asian LSI's fifth consecutive month at
the 15%-17% level, suggesting that the deterioration in liquidity
-- which commenced in the fourth quarter of last year -- may have
reached a plateau," says Laura Acres, a Moody's Senior Vice
President.

"The index, which increases when speculative-grade liquidity
appears to decrease, is at its highest level since September
2010, but is also well below the high of 37% posted during the
fourth quarter of 2008 amid the financial crisis," adds Acres.

Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index."

"Specifically, the uptick in July reflects the addition of one
company to the SGL-4 roster -- Moody's lowest speculative-grade
liquidity score -- and the assignment of two corporate family
ratings, which increased the denominator," says Ms. Acres.

The report further notes that there was little rating activity in
July, with just one corporate family rating downgrade and no
upgrades.

During Q2 2012, the ratio of corporate family rating downgrades
to upgrades was 4:1. It was the fourth consecutive quarter where
downgrades outpaced upgrades, and Q2 also showed the highest
ratio of downgrades to upgrades since Q2 2009.

The percentage of speculative-grade companies with a negative
rating outlook or on review for downgrade remained near 35% in
July.

In July, the net amount of high-yield debt rated by Moody's in
Asia rose to $40.7 billion from $40.5 billion in June. July also
saw the first bond deal completed since April.

But, for the rest of the year, debt issuance will likely remain
slow as long as uncertainty in the euro area continues. If the
sovereign-debt problems hurt economic growth in Asia or cause
lenders to tighten their lending standards further, this will
impact lending rates to speculative-grade companies and may
result in deteriorating liquidity for some.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/



                             *********

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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