TCRAP_Public/120813.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, August 13, 2012, Vol. 15, No. 160

                            Headlines


A U S T R A L I A

FLEXI ABS 2012-1: Fitch Rates AUD5.1MM Notes BBsf; Outlook Stable
FLEXI ABS 2012-1: Moody's Rates AUD5.1-Mil. Class E Notes 'Ba2'
ORACLE BROADBEACH: Receivers Launch Overseas Marketing Campaign
STREETSCAPE PROJECTS: Avoids AUD16.6 Million Debt to Council


H O N G  K O N G

CHINA ENERGY: Court to Hear Wind-Up Petition on Aug. 22
COSMOS INTERNATIONAL: Members' Final Meeting Set for Sept. 10
EVERHERO LIMITED: Court Enters Wind-Up Order
EXCELLENT VANTAGE: Members' Final Meeting Set for Sept. 10
GRAIN MAX: Court Enters Wind-Up Order

KOON NGAI: Court Enters Wind-Up Order
SENOX LIMITED: Members' Final Meeting Set for Sept. 10
SING TAT: First Meetings Slated for Sept. 4
SPEEDFORM CONST: Court to Hear Wind-Up Petition on Sept. 26
SUN PEK: Ho and Kong Appointed as Liquidators

TANWAY DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 22
TEAMWELL LOGISTICS: Placed Under Voluntary Wind-Up Proceedings
WORLD ENTERPRISES: Creditors' Proofs of Debt Due Aug. 25
WORLDCODE INVESTMENTS: Court Enters Wind-Up Order
YUE XIU: Court Enters Wind-Up Order


I N D I A

ADVANCED MINING: Delays in Loan Payment Cues CRISIL Junk Ratings
AMA INDUSTRIES: CRISIL Upgrades Rating on INR55MM Loan to 'B'
ARTEFACT PROJECTS: CRISIL Puts 'B-' Rating on INR170MM Loans
BGR MINING: CRISIL Reaffirms 'BB' Rating on INR250MM Loans
BRIGHTWAY CONTRACTORS: CRISIL Puts 'B' Rating on INR53MM Loans

CDE ASIA: CRISIL Rates INR54.50MM Cash Credit at 'CRISIL BB+'
CYBERABAD CITIZENS: Cost Overruns Cue Fitch to Lower Ratings
EAST INDIA: CRISIL Reaffirms 'D' Rating on INR248.80MM Loans
KINGFISHER AIRLINES: Lessors, Bankers Invoke UB's Corp. Guarantee
MATRIX CELLULAR: CRISIL Cuts Rating on INR60MM Loan to 'B+'

SADAF STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR115MM Loans
SOURABH GILTS: CRISIL Puts 'CRISIL B+' Rating on INR320MM Loans
TMA INFRA: CRISIL Rates INR50MM Loan at 'CRISIL BB-'
VARRON INDUSTRIES: CRISIL Raises Rating on INR650MM Loan to 'BB+'
* INDIA: Moody's Says Blackouts May Prompt Power-Sector Reform

J A P A N

OKI ELECTRIC: Suspends Spain Unit Chief Amid Accounting Probe


N E W  Z E A L A N D

BLUE CHIP: Apartment Investors Win Supreme Court Appeal
CRAFAR FARMS: Maori Rules Out Further Legal Action


S I N G A P O R E

AGMAS TRADING: Court Enters Wind-Up Order
AMTEL INVESTMENT: Court to Hear Wind-Up Petition Aug. 17
EQUINOX ENERGY: Court Enters Wind-Up Order
FRIVEN & CO: Creditors' Proofs of Debt Due Aug. 20
HILLTECH ENGINEERING: Court to Hear Wind-Up Petition Aug. 24

INDOCOMEX FIBRES: Creditors' Proofs of Debt Due Aug. 24


                            - - - - -


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


FLEXI ABS 2012-1: Fitch Rates AUD5.1MM Notes BBsf; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Flexi ABS Trust 2012-1 final ratings.
The transaction is a securitization backed by small balance
consumer loan receivables due October 2016.  The ratings are as
follows:

  -- AUD89.25 million Class A1 notes: 'F1+sf'
  -- AUD102 million Class A2 notes: 'AAAsf'; Outlook Stable
  -- AUD28.05 million Class B notes: 'AAsf'; Outlook Stable
  -- AUD11.47 million Class C notes: 'Asf'; Outlook Stable
  -- AUD6.38 million Class D notes: 'BBBsf'; Outlook Stable
  -- AUD5.1 million Class E notes: 'BBsf'; Outlook Stable
  -- AUD12.75 million Class F notes: not rated

The notes have been issued by Perpetual Corporate Trust Limited in
its capacity as trustee of Flexi ABS Trust 2012-1.  The
transaction is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
118,267 consumer loan receivables totalling approximately
AUD250 million, with an average contract size of AUD2,114.  The
loan receivables, originated by Certegy Ezi-Pay Pty Ltd (Certegy),
whose ultimate parent is FlexiGroup Limited, are retail point-of-
sale interest-free consumer finance receivables.  The receivables
finance a wide range of products; jewellery (13.1%); home-related
products such as solar energy (50.6%), furniture and bedding
(6.1%); fitness equipment (8.7%); and a broad cross-section of
other products.  Solar equipment, the largest concentration in the
pool, has shown strong performance while specific controls, such
as maximum exposure limits at the merchant and product
manufacturer level, are in place to mitigate risk.

The final ratings assigned to the Class A notes are based on the
quality of the collateral; the 25% credit enhancement provided by
the subordinate notes; the liquidity reserve accounting for 2% of
outstanding rated notes, funded by issuance proceeds; an interest
rate swap provided by Commonwealth Bank of Australia (CBA, rated
'AA-'/Stable/F1+), and National Australia Bank (NAB, rated 'AA-
'/Stable/F1+); and Certegy's' consumer loan underwriting and
servicing capabilities.

The final ratings assigned to the Class B, C, D and E notes are
based on all the strengths supporting the Class A notes, except
that the credit enhancement is provided by each class of notes'
respective subordinate notes.

Fitch's stress and rating sensitivity analysis is discussed in the
corresponding new issue report entitled "Flexi ABS Trust 2012-1".
Included as an appendix to the report are a description of the
representations, warranties, and enforcement mechanisms.


FLEXI ABS 2012-1: Moody's Rates AUD5.1-Mil. Class E Notes 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Flexi ABS Trust 2012-1.

Issuer: Flexi ABS Trust 2012-1

   AUD89.25 million A1 Notes, Assigned P-1 (sf), Definitive
   Rating Assigned P-1 (sf)

   AUD102 million A2 Notes, Definitive Rating Assigned Aaa (sf)

   AUD28.05 million B Notes, Definitive Rating Assigned Aa2 (sf)

   AUD11.47 million C Notes, Definitive Rating Assigned A2 (sf)

   AUD6.38 million D Notes, Definitive Rating Assigned Baa2 (sf)

   AUD5.1 million E Notes, Definitive Rating Assigned Ba2 (sf)

The AUD 12.75 million Class F Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's third term-securitisation and the second one
rated by Moody's. The transaction features a short term P-1 (sf)
rated tranche, with a legal final maturity of 12 months from
issuance. The tranche represents 35% of the total issuance. Key
factors supporting the P-1 (sf) rating include:

* Principal cashflows -- which will be allocated to the short-
term tranche in priority to other tranches until it is fully
repaid -- will be sufficient to amortise the tranche within the
12-month period. The amortisation is tested with no prepayment and
assuming an Aaa-commensurate level of defaults and delinquencies
occurring during the amortisation period.

* The corporate administration and insolvency regime in Australia
and the hot back-up servicing arrangements with Dun & Bradstreet
(Australia) Pty Limited mitigate the risk of a prolonged servicer
disruption. These two factors are relevant in the context of
assigning the P-1 (sf) rating because FlexiGroup and Certegy are
unrated.

* Another notable feature of the transaction is the high
proportion of receivables relating to solar energy. While
historical performance data for solar energy receivables is
limited to only a few years, we expect the performance of these
receivables to broadly track the performance of receivables
relating to other home-owner industries.

Home-owner industry obligors typically display lower default rates
than non-home-owner industry obligors in the Certegy portfolio.

Ratings Rationale

Flexi ABS Trust 2012-1 is the securitisation of retail, unsecured,
'no interest ever' receivables extended to obligors located in
Australia. Notable features of the transaction include the unique
nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by Certegy
through various retailers at the point of sale. Rather than
relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make monthly
or fortnightly payments to Certegy, with the difference between
the balance payable by the obligor and the balance funded by
Certegy (equal to the merchant fee) representing implicit
interest.  The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.60% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 25% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction. This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated. Consequently, the transaction
structure includes back-up servicing arrangements provided by Dun
& Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries out
servicing in parallel with Certegy, providing near 'hot' levels of
support and mitigating risks of a prolonged servicing disruption.

In order to fund the purchase price of the portfolio, the Trust
has issued seven classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class A1
short-term tranche, and (2) increase in the subordination to Class
A notes to 36% from 25%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10% of
the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied). This principal pay down structure is similar
to other structures in the Australian ABS market.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the legal
final maturity.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium/High. Among other
factors, we note the unique nature of the transaction and the
consequent unavailability of historical performance data for the
unsecured consumer loan sector (particularly, in the interest-free
space).

On the other hand, Moody's was provided with detailed, loan-by-
loan data for all receivables originated by Certegy the 2004-2012
period. This allows Moody's to have a material degree of comfort
with regard to assumptions made in rating the Flexi ABS Trust
2012-1.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Flexi ABS Trust 2012-1, assuming the default rate
rises to 5.15% (compared to Moody's assumption of 2.60%), the
model indicated rating for the Class A2 Notes becomes A1.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.


ORACLE BROADBEACH: Receivers Launch Overseas Marketing Campaign
---------------------------------------------------------------
Jenny Rogers at goldcoast.com.au reports that receivers are
looking to boost returns from the AUD700 million Oracle
development in Broadbeach with the launch of a marketing campaign
targeting overseas buyers.

According to the report, the campaign will include a roadshow
through Asia aimed at selling the glamorous twin-tower project's
world class retail and commercial precinct on the back of a
successful leasing exercise.

The Oracle comprises 507 luxury apartments across its two towers,
which include residents' lounges, theatrettes, gymnasiums, steam
rooms, spas, saunas, and outdoor areas boasting teppanyaki grills,
zen gardens, tai chi lawns and swimming pools, goldcoast.com.au
says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said the Oracle Broadbeach complex
is in receivership.  Its developer Niecon subsidiary South Sky
Investments' Director Michael Nikiforides placed the company into
receivership, the news agency said.

The completed Oracle project collapsed because of problems with
settlements of up to 400 apartments within the towers that had
been pre-sold before the global financial crisis, according to The
Australian.  After the crisis hit, many were unable to come up
with the cash.

Located in Gold Coast, Australia, Oracle Broadbeach complex is one
of Australia's largest apartment tower projects.  The 505-
apartment complex at Broadbeach was being developed by Niecon
subsidiary South Sky Investments.  With apartments spanning two
towers, the complex also includes a five-star hotel, retail shops
and commercial office space.


STREETSCAPE PROJECTS: Avoids AUD16.6 Million Debt to Council
------------------------------------------------------------
Kate McClymont at smh.com.au reports that Moses Obeid's company
Streetscape Projects will avoid paying its AUD16.6 million debt to
the City of Sydney council after Obeid-friendly creditors on
Aug. 9 voted to accept less than one cent in the dollar in full
satisfaction of their debt.

Mr. Obeid, according to smh.com.au, is the son of Labor
powerbroker Eddie Obeid.  The former Labor minister and his son
are both set to feature in an Independent Commission Against
Corruption inquiry in November.

Describing Mr. Obeid's conduct as "dishonest and fraudulent", in
February Justice Clifford Einstein ordered him and his company to
pay the council AUD12,123,470 for secretly selling the council's
multifunction poles overseas in breach of licensing agreements,
smh.com.au recalls.

With interest and other court costs, the council's debt has
ballooned to AUD16.6 million, the report relays.

Despite being owed all but AUD2 million of Streetscape's total
debt of AUD17.5 million, the council and other creditors such as
Telstra, ANZ bank and Streetscape's landlord Abacus Property
Group, were outvoted, according to the smh.com.au.

smh.com.au relates that the administrators Mr. Obeid appointed to
his company Streetscape, Ozem Kassem and Robert Kite from the
accountancy firm Cor Cordis, used their casting vote to side with
creditors owed a fraction of the amount owed to the council.

"The City is disappointed that the majority of creditors owed
money by Mr. Obeid's company Streetscape agreed to accept an
arrangement to allow the company to wipe out its debts," the
report quotes spokesman for the council as saying.

"The City believes the appropriate course was for Streetscape to
be placed into liquidation to enable a thorough review of the
company's finances, assets and recent transactions."

smh.com.au recalls that Justice Peter Young of the Supreme Court
this year rejected Mr. Obeid's application that he did not have
the money to pay the council's debt and that any payment should be
put on hold until after an appeal was heard in November.

According to the report, Justice Young said he could have "very
little confidence" in the evidence of Mr. Obeid and his brother
Paul and noted that the Obeids appeared to exemplify the doctrine:
"How to live well on nothing a year" from William Thackeray's
classic novel Vanity Fair.

Moses Obeid claimed he did not have any assets nor the means to
pay the AUD12 million, says smh.com.au.

But Alan Sullivan, QC, for the City of Sydney, says smh.co.au,
identified a complex series of trusts controlled by the family
through which millions of dollars had flowed for the benefit of
Mr. Obeid and his siblings.  smh.com.au relates that Mr. Sullivan
said the trusts had provided Mr. Obeid's wife, Nicole, with
AUD2 million to buy the family home, had made every mortgage
payment on the house and, during the past two years, had provided
Mr. Obeid with more than AUD800,000 to support his lifestyle.

smh.com.au adds that Mr. Sullivan also told the court that
Mr. Obeid's company Streetscape "over the years has received large
sums of money, hundreds of thousands of dollars in a number of
years, as a beneficiary under the Obeid Family Trust".

The council is considering whether to appeal against Thursday's
outcome regarding the DOCA, the report notes.

The council has an ongoing bankruptcy petition against Mr. Obeid
but it cannot be finalized until after Mr. Obeid's appeal, which
is listed to commence on November 26, smh.com.au adds.

Streetscape Projects sells multipurpose street poles with street
lights, banners and security cameras.



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


CHINA ENERGY: Court to Hear Wind-Up Petition on Aug. 22
-------------------------------------------------------
A petition to wind up the operations of China Energy Environment
(Holdings) Limited will be heard before the High Court of
Hong Kong on Aug. 22, 2012, at 9:30 a.m.

Sino-Environment Technology Group Limited filed the petition
against the company on June 12, 2012.

The Petitioner's solicitors are:

          Karas Lawyers
          1702, 17/F Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


COSMOS INTERNATIONAL: Members' Final Meeting Set for Sept. 10
-------------------------------------------------------------
Members of Cosmos International Shipping Agencies Limited will
hold their final general meeting on Sept. 10, 2012, at 10:00 a.m.,
at 12/F, No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator will
give a report on the company's wind-up proceedings and property
disposal.


EVERHERO LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Everhero Limited.

The company's liquidator is Alan K F Fong.


EXCELLENT VANTAGE: Members' Final Meeting Set for Sept. 10
----------------------------------------------------------
Members of Excellent Vantage Limited will hold their final general
meeting on Sept. 10, 2012, at 10:00 a.m., at 12/F, No. 3 Lockhart
Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator will
give a report on the company's wind-up proceedings and property
disposal.


GRAIN MAX: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Grain Max Limited.

The company's liquidator is Alan K F Fong.


KOON NGAI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Koon Ngai Catering Design Limited.

The company's liquidator is Alan K F Fong.


SENOX LIMITED: Members' Final Meeting Set for Sept. 10
------------------------------------------------------
Members of Senox Limited will hold their final general meeting on
Sept. 10, 2012, at 10:00 a.m., at 12/F, No. 3 Lockhart Road,
Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator will
give a report on the company's wind-up proceedings and property
disposal.


SING TAT: First Meetings Slated for Sept. 4
-------------------------------------------
Contributories and creditors of Sing Tat Apparels Company Limited
will hold their first meetings on Sept. 4, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Room 203, Duke of Windsor Social
Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong.

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


SPEEDFORM CONST: Court to Hear Wind-Up Petition on Sept. 26
-----------------------------------------------------------
A petition to wind up the operations of Speedform Construction
Co., Limited will be heard before the High Court of Hong Kong on
Sept. 26, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Knight & Ho
          Room 904B, 9th Floor
          Admiralty Centre, Tower 1
          No. 18 Harcourt Road
          Admiralty, Hong Kong


SUN PEK: Ho and Kong Appointed as Liquidators
---------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone said in notice dated
Aug. 10, 2012, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Sun Pek Kong Medicine
Limited.  The High Court entered an order on October 20, 2009, to
wind up the operations of Sun Pek Kong Medicine Limited.

The liquidators are Ho Man Kit Horace and Kong Sze Man Simone.


TANWAY DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 22
-------------------------------------------------------------
A petition to wind up the operations of Tanway Development Limited
will be heard before the High Court of Hong Kong on Aug. 22, 2012,
at 9:30 a.m.

Yang Kang Yi filed the petition against the company on June 19,
2012.

The Petitioner's solicitors are:

          S. T. Poon & Wong
          16th Floor, Hong Kong Trade Centre
          Nos. 161-167 Des Voeux Road
          Central, Hong Kong


TEAMWELL LOGISTICS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on July 20, 2012,
creditors of Teamwell Logistics (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Pui Chiu Wing
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, Hong Kong


WORLD ENTERPRISES: Creditors' Proofs of Debt Due Aug. 25
--------------------------------------------------------
Creditors of The World Enterprises Holdings Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 25, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Li Man Wai
          Tsang Lai Fun
          Room 902, 9/F
          Fu Fai Commercial Centre
          27 Hillier Street
          Sheung Wan, Hong Kong


WORLDCODE INVESTMENTS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Worldcode Investments Limited.

The company's liquidator is Alan K F Fong.


YUE XIU: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Aug. 1, 2012, to
wind up the operations of Yue Xiu Medicines & Health Products
Company Limited.

The company's liquidator is Alan K F Fong.



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I N D I A
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ADVANCED MINING: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Advanced Mining Technologies Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Negative/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             69.0       CRISIL D (Downgraded from
                                    'CRISIL B+/Negative')

   Proposed Long-Term    781.0      CRISIL D (Downgraded from
   Bank Facility                    'CRISIL B+/Negative')

   Bank Guarantee        480.0      CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects delays of around 70 days by AMTPL in
servicing its term loans; the overdue in the term loan account
with Bank of India as on August 3, 2012, was around INR8.5 million
including instalment for the month of July 2012 and interest
pertaining to the months of May, June and July 2012. The company
has also delayed servicing the term loan availed of from L&T
Finance Ltd. The delays are on account of AMTPL's weak liquidity
caused due to lower-than-optimum production, leading to cash
losses.

The ratings reflect delay in stabilization of AMTPL's coal mining
operations, the company's below-average financial risk profile,
marked by average gearing and weak debt protection metrics, and
the customer and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
benefits that AMTPL derives from its promoters' extensive industry
experience and its established relationship with its key client,
Singareni Colleries Company Ltd.

                         About Advanced Mining

AMTPL was formed in 2005 by Mr. N Venkata Subba Rao and his
friends and family members. The company, set up to provide coal
mining services through the highwall mining technology, has mining
agreement with SCCL to mine coal from its four mines.

For 2011-12 (refers to financial year, April 1 to March 31), AMTPL
reported, on a provisional basis, a net loss of INR64 million on
net sales of INR156 million; the company reported a net loss of
INR26 million on net sales of INR17 million for 2010-11.


AMA INDUSTRIES: CRISIL Upgrades Rating on INR55MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
AMA Industries Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable' and has reaffirmed its rating on AMA's short-term
facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           25         CRISIL A4 (Reaffirmed)

   Cash Credit              30         CRISIL B/Stable (Upgraded
                                       from CRISIL B-/Stable)

   Long-Term Loan           25         CRISIL B/Stable (Upgraded
                                       from CRISIL B-/Stable)

The upgrade reflects CRISIL's belief that AMA will witness healthy
revenue growth in the medium term because of restoration of its
license to manufacture explosives by Chief Controller of
Explosives (CCE), Nagpur (Maharashtra). A fire leading to
explosion at AMA's manufacturing unit had led to suspension of its
license, which was finally restored towards the end of 2011-12
(refers to financial year, April 1 to March 31). AMA has booked
revenues of around INR50 million for the quarter ended June 30,
2012. It had orders of INR120 million as on July 15, 2012, which
provide revenue visibility for the medium term. The company's
performance is expected to improve from 2012-13 onwards, with its
operations getting reinstated fully. The company is likely to
generate cash accruals sufficient for meeting its repayment
obligation of around INR2.5 million in 2012-13. The upgrade also
factors in financial flexibility that AMA has, to source unsecured
loans from its promoters to support its liquidity.

The ratings continue to reflect AMA's small scale of operations,
volatile revenues and profitability, and weak financial risk
profile marked by small net worth and weak interest coverage
ratio. These rating weaknesses are partially offset by the
extensive experience of AMA's promoters in the explosives
industry.

Outlook: Stable

CRISIL believes that AMA will continue to benefit from of its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if AMA achieves higher-than-expected revenue
growth, significant improvement in profitability, and equity
infusion by promoters, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company faces pressure on its profitability because of
significant pricing pressures in bidding for new orders, or if
there is a stretch in its working capital cycle, leading to
deterioration in its capital structure.

                         About AMA Industries

AMA is promoted by three brothers -- Mr. Iqbal Maimoon, Mr. Abdul
Maimoon, and Mr. Akhtar Maimoon. The company was incorporated in
2003 in Nagpur and manufactures slurry explosives, emulsion
explosives, non-electrical explosives, and detonators; it also
trades in explosive accessories and transports explosives. AMA's
plant in Nagpur has installed capacity of 60,000 tonnes for
manufacturing slurry explosives, 1.5 million metres for detonating
fuse, 14,000 tonnes for emulsion explosives, 4.5 million for
nonels, and 0.5 million for cord relays.

AMA reported, on provisional basis, a net loss of INR8.0 million
on net sales of INR175.0 million for 2011-12; the company reported
a profit after tax (PAT) of INR1.0 million on net sales of
INR130.0 million for 2010-11.


ARTEFACT PROJECTS: CRISIL Puts 'B-' Rating on INR170MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Artefact Projects Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                90        CRISIL B-/Stable (Assigned)
   Cash Credit              80        CRISIL B-/Stable (Assigned)
   Bank Guarantee          100        CRISIL A4 (Assigned)

The ratings reflect APL's modest scale of operations, increasing
working-capital intensity and liquidity pressures faced by the
company. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
experience in the infrastructure consultancy business.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profile of APL with its subsidiary company -
Artefact Infrastructure Limited (AIL), on account of high
operational and financial linkages. In addition, APL has extended
corporate guarantee to AIL's bank facilities.

Outlook: Stable

CRISIL believes that APL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters. The outlook may be revised to 'Positive' in case
the company scales up its operations, while diversifying its
clientele base and improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case APL's
liquidity deteriorates due to further elongation of its working
capital cycle or if the company undertakes debt-funded capital
expenditure (capex).

                      About Artefact Projects

Artefact Projects Limited, a public limited company, was
incorporated in 1987 by Mr. Manoj Shah and his brothers,
Mr. Chetan Shah and Mr. Pankaj Shah. The company specializes in
engineering consultancy services providing engineers, planners,
and project management consultants for infrastructure projects.
The company also acts as an independent consultant and conducts
supervision during construction of roads/highways by the
contractor. The registered office of the company is at Nagpur,
Maharashtra.

Artefact Infrastructure Limited, a subsidiary of APL, was formed
in 2006 for Build, Operate, Transfer (BOT) road project
development. AIL plans to enter the Engineering, Procurement and
Construction (EPC) segment and undertake specialized noncore
construction services requiring specialized knowledge of tolling,
highway transport management services, safety, utilities, road
furniture and ancillary facilities of projects. AIL will hold
equity in different SPV's and will be entitled to its share of
profits in these ventures.

APL (consolidated) reported a (provisional) profit after tax (PAT)
of INR35.9 million on net sales of INR302.4 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR16.0 million on gross sales of INR198.5 million for 2010-11.


BGR MINING: CRISIL Reaffirms 'BB' Rating on INR250MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of BGR Mining & Infra Pvt
Ltd (formerly known as B Girijapathi Reddy & Co) continue to
reflect BGRM's healthy market position in overhead burden
excavation projects segment.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee         40.0      CRISIL A4+ (Reaffirmed)
   Overdraft Facility    250.0      CRISIL BB/Negative
                                    (Reaffirmed)

This rating strength is partially offset by the BGRM's significant
customer concentration, below-average financial risk profile
marked by high gearing and average debt protection metrics, and
exposure to risks related to implementation of its ongoing hotel
project.

Outlook: Negative

CRISIL believes that BGRM's liquidity will be constrained over the
medium term because of its depressed cash accruals vis--vis large
repayment obligations. The company is also exposed to risks
related to implementation of its upcoming four-star hotel (which
has been delayed by a year) in Hyderabad (Andhra Pradesh). The
ratings may be downgraded if BGRM's cash accruals are less than
expected, which would adversely impact its debt servicing ability,
or if there is a further time overrun or cost overrun in the
completion of the company's on-going hotel project. Conversely,
the outlook may be revised to 'Stable' if there is a substantial
and sustained improvement in the company's revenues and
profitability over the medium term, or there is an improvement in
its working capital management.

Update

BGRM's revenues increased by 37 per cent year-on-year to around
INR2.2 billion in 2011-12 (refers to financial year, April 1 to
March 31); the revenue growth has been mainly driven by execution
of a high-value project for Northern Coalfield Ltd (NCL). BGRM's
order portfolio of around INR5.7 billion as on March 31, 2012
provides healthy revenue visibility. However, NCL and Singareni
Collieries Company Ltd accounts for 87 per cent and 13 per cent of
BGRM's orders respectively, thereby implying a high degree of
customer concentration. The company's operating profit margin
decreased by around 1030 basis points (bps; 100 bps equal 1
percentage point) to 32.5 per cent in 2011-12 because of labor
strike for 42 days at SCCL; BGRM's operating profit margin is
expected to remain stable at 35 per cent to 40 per cent over the
medium term.

The company's operations are relatively highly working-capital-
intensive, reflected in its estimated gross current asset (GCA)
level of around 180 days of sales as on March 31, 2012; the GCA
level has been at similar levels in the past. The high GCA level
emanates from the company's work-in-progress levels of around 150
days of sales and receivables cycle of around 15 days to 20 days.
The company's average bank limit utilization has been moderate at
around 67 per cent for the 12 months ended June 30, 2012.

BGRM's net worth is estimated to have been healthy at around
INR630 million as on March 31, 2012. The company has high debt
levels because of working capital borrowings and regular debt-
funded capital expenditure (capex) on purchase of commercial
vehicles and machinery. Despite its healthy net worth, high debt
levels resulted in high gearing of around 3.24 times (estimated
for March 31, 2012). The company is constructing a four-star hotel
in Hyderabad. The project was initially expected to cost about
INR600 million and was planned to be completed by March 2012. The
project has been delayed and is now expected to be completed by
March 2013, with the cost escalating to INR800 million; the
incremental cost is proposed to be funded by additional bank
borrowings.

BGRM reported a profit after tax (PAT) of INR106 million on net
sales of INR2.2 billion for 2011-12, against a PAT of INR79
million on net sales of INR1.6 billion for 2010-11.

                            About BGR Mining

BGRM (formerly, B Girijapathi Reddy & Co) was set up in 1988 as a
partnership firm and was reconstituted as a private limited
company, with its name to the current one, in April 2011. BGRM
undertakes excavation and overburden removal of coal mines for
mining companies. BGRM has infrastructure to excavate 6 million
cubic metres of land per month. The company also undertakes canal
excavation for irrigation projects. The company is constructing a
four-star hotel at Banjara Hills in Hyderabad at an estimated cost
of INR800 million; the hotel is expected to begin operations by
March 2013.


BRIGHTWAY CONTRACTORS: CRISIL Puts 'B' Rating on INR53MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Brightway Contractors & Developers.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                13        CRISIL B/Stable (Assigned)
   Cash Credit              40        CRISIL B/Stable (Assigned)
   Bank Guarantee           10        CRISIL A4 (Assigned)

The ratings reflect BCD's average financial risk profile, marked
by a high gearing, moderate debt protection metrics, and a small
net worth, small scale of operations, and geographical
concentration. These rating weaknesses are partially offset by the
benefits that BCD derives from its partners' experience in the
construction industry, and its healthy order book ensuring revenue
visibility.

Outlook: Stable

CRISIL believes that BCD will continue to benefit over the medium
term from its partners' industry experience. CRISIL, however,
believes that the firm's financial risk profile will be
constrained by small net worth and dependence on debt. The outlook
may be revised to 'Positive' if BCD reports improvement in its
scale of operations and capital structure, most likely because of
capital infusion by its partners. Conversely, the outlook may be
revised to 'Negative' if the firm reports deterioration in its
financial risk profile because of a large, debt-funded capital
expenditure program or in case it faces capital withdrawals by its
promoters.

                       About Brightway Contractors

BCD was set up in 2007 by three partners, namely, Mr. Ankur Sarin,
Mr. Sanjeev Kumar, and Mr. Kawaljit Singh. The firm is based at
Batala in Gurdaspur district (Punjab). Mr. Ankur Sarin
disassociated himself from BCD in 2008-09 (refers to financial
year, April 1 to March 31). After which, the firm has been managed
by its remaining two partners, Mr. Sanjeev Kumar and Mr. Kawaljit
Singh, who share the profit in the ratio of 1:1. The firm executes
projects related to construction of buildings, roads and bridges
for government undertakings. It has also moved into the business
of construction of buildings, stone setting, and stone crushing.
BCD's construction activities are majorly concentrated in Batala
and Amritsar (Punjab).

For 2011-12, BCD reported a book profit of INR7.8 million on net
sales of INR138.2 million, against a book profit of INR4.0 million
on net sales of INR57.7 million for the previous year.


CDE ASIA: CRISIL Rates INR54.50MM Cash Credit at 'CRISIL BB+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of CDE Asia Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Short-Term      10.50      CRISIL A4+ (Assigned)
   Bank Loan Facility

   Bank Guarantee           40.00      CRISIL A4+

   Cash Credit              54.50      CRISIL BB+/Stable

The ratings reflect the benefits that CDE Asia derives from its
promoter's experience and from its association with CDE Global Ltd
(CDE Global); the ratings also reflect CDE Asia's moderate
financial risk profile marked by healthy debt protection metrics
and gearing. These rating strengths are partially offset by CDE
Asia's large working capital requirements, limited scale of
operations, and susceptibility to cyclicality and regulatory
issues in its end-user industry.

Outlook: Stable

CRISIL believes that CDE Asia will continue to benefit over the
medium term from its promoters' industry experience and its
association with CDE Global. The outlook may be revised to
'Positive' in case demand for CDE Asia's products increases
significantly, or in case the company reports substantial
improvement in its financial risk profile with improved working
capital management or growth in its profitability and accruals.
Conversely, the outlook may be revised to 'Negative' in case CDE
Asia reports deterioration in its overall financial risk profile
because of stretch in its working capital cycle or any significant
debt-funded capital expenditure.

                         About CDE Asia

CDE Asia was set up in 2000 jointly by Mr. Manish Bhartia of
Kolkata (West Bengal) and CDE Global, a North Ireland-based
company. CDE Asia is promoted by Mr. Manish Bhartia. The company
provides mobile washing equipment for iron ore and sand washing;
it supplies product or project-based solutions to its customers.
In its five years of operations, CDE Asia has supplied and
completed 25 to 30 installations in the iron ore processing
segment, and around 33 installations in the sand washing segment.
Between 2004 and 2007, Mr. Bhartia acted as an agent for CDE
Global for providing such equipment in India. CDE Asia has a set
up a factory at Dhulagarh in Howrah (West Bengal), wherein it
assembles and fabricates such equipment.

CDE Global, earlier CDE Ireland Ltd, was set up in 1992 by Mr.
Anthony Convery in North Ireland, Europe. The company's principal
activities are to design, manufacture, and sell mobile washing
equipment for iron ore, coal, and sand washing. CDE Global
manufactures washing equipment for iron ore washing, sand washing,
and coal washing; it has its presence in Europe, Middle East,
Asia, and Brazil.

CDE Asia's profit after tax (PAT) and net sales are estimated at
INR10.4 million and INR342.7 million, respectively, for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR5.9 million on net sales of INR170.5 million for 2010-11.


CYBERABAD CITIZENS: Cost Overruns Cue Fitch to Lower Ratings
------------------------------------------------------------
Fitch Ratings has downgraded India-based Cyberabad Citizens Health
Services Private Limited's National Long-Term rating to 'Fitch
B(ind)' from 'Fitch B+(ind)'.  The Outlook is Stable.  CCHS's
INR650 million term loan has also been downgraded to National
Long-Term 'Fitch B(ind)' from 'Fitch B+(ind)'.

The downgrade reflects cost and time overruns in the construction
of CCHS's hospital, resulting in unexpected additional funding
requirements.  The rating action also factors in the change in
CCHS's business model from revenue sharing to ownership-based.
This would mean that the CCHS might require additional debt to
fund acquisitions and installation of speciality equipment, which
were to be owned and installed by the revenue sharing partner as
per the earlier model.

Fitch, however, notes that the hospital is in the advanced stage
of completion and has started partial operations.  The cost
overrun excluding the land cost is minimal, and is being funded by
equity contribution from founders without enhancement of the term
loan.  The total project cost has increased to
INR1,430 million from the earlier estimated INR1,226.7 million,
which includes the cost of acquiring additional land worth
INR153.5 million.

The RWN indicates the likelihood of a further downgrade if CCHS's
is unable to repay its term loan starting from Q3FY12.  In this
context, the management has indicated that the company is
renegotiating its lease agreement with Cancer Treatment Services
Hyderabad Pvt Limited.  Fitch will resolve the RWN when the
company renegotiates the lease agreement with CTSH, which will
enable it to meet its debt obligations in a timely manner.
Alternatively, an equity infusion from CCHS's founders to help
meet debt obligations on time could also lead to the resolution of
the RWN.

CCSH was incorporated in April 2008, for setting up an integrated
medical campus for multiple specialities like oncology,
cardiology, urology, women and child healthcare, nephrology.


EAST INDIA: CRISIL Reaffirms 'D' Rating on INR248.80MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of East India Steels Ltd's
continue to reflect instances of delay by EISL in servicing its
debt; the delays have been caused by the company's weak liquidity.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           37         CRISIL D (Reaffirmed)
   Cash Credit             165         CRISIL D (Reaffirmed)
   Letter of Credit          8         CRISIL D (Reaffirmed)
   Rupee Term Loan          17.8       CRISIL D (Reaffirmed)
   Standby Line of Credit   20         CRISIL D (Reaffirmed)

EISL was set up in 1972 as partnership firm by Mr. Shree Ram
Bagaria and his wife. Subsequently, it was incorporated as a
private limited company in 1988, and was reconstituted as a public
limited company (closely held) in 2007. EISL manufactures iron and
steel casting. Its products are mainly sold to the Indian Railways
(accounting for 40 per cent of its net sales) and Steel Authority
of India Ltd (25 per cent). The company's plant in Rourkela
(Orissa) has manufacturing capacity of 25,000 tonnes per annum
(tpa).


KINGFISHER AIRLINES: Lessors, Bankers Invoke UB's Corp. Guarantee
-----------------------------------------------------------------
The Economic Times reports that certain aircraft lessors and
bankers to ailing Kingfisher Airlines have invoked corporate
guarantees given by Vijay Mallya-led United Breweries (Holdings)
and negotiations are on over the issue.

According to the report, UB Holdings' auditor Vishnu Ram & Co.
said that as on June 30 this year, the total corporate guarantees
to banks and aircraft lessors stood at INR8,919.86 crore,

"Certain aircraft lessors and bankers have invoked the corporate
guarantees given by the company (UB Holdings) on behalf of KFA.
The total amount invoked and outstanding as on 30-06-2012 is
INR835.77 crore and KFA is under negotiation in this regard with
beneficiaries," the auditor report, cited by ET, said.

United Breweries (Holdings), along with its subsidiaries, has an
overall exposure of INR13,014.17 crore in Kingfisher Airlines, the
report adds.

The auditor also said KFA is "under severe financial constraints
and has considerably scaled down its operations," ET adds.

                      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.


MATRIX CELLULAR: CRISIL Cuts Rating on INR60MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Matrix Cellular Services Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             45       CRISIL B+/Stable (Downgraded
                                    from CRISIL BB/Stable)

   Proposed Long-Term      15       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from CRISIL BB/Stable)

The downgrade reflects lack of visibility on business of MCS
following termination of contract by Vodafone in October 2011
under which MCS was operating as enhanced mobile service provider
(ESP) for Vodafone in the National Capital Region. The move has
led to closure of MCS's operations and has wiped out MCS's
earnings as well as the realizable value of its outstanding
debtors and subscriber base. Consequently, for timely payment of
debt obligations, MCS will now have to depend on funding support
from its promoters.

The rating reflects low visibility on earnings of MCS, and weak
financial risk profile marked by a negative net worth and high
debt levels though it has received large interest free unsecured
loans from its associate company, Matrix Cellular International
Services Pvt Ltd (MCIS, rated 'CRISIL A-/Stable/CRISIL A2+' by
CRISIL). These rating weaknesses are partially offset by the
expected strong funding support from the promoters, who have
strong financial flexibility because of funds received from stake
dilution in MCIS to private equity (PE) investor.

Outlook: Stable

CRISIL believes that MCS will remain exposed to risks related to
low visibility on business following the termination of its
contract with Vodafone. However, MCS will continue to receive
strong funding support from its promoters. The outlook may be
revised to 'Positive' if MCS revives its operations, supported
most likely by signing a fresh contract with another service
provider or starting some alternative business operations.
Conversely, the outlook may be revised to 'Negative' if there is
less-than-expected support from MCS's promoters.

                         About Matrix Cellular

Established by Mr. Gagan Dugal in 1999, MCS was an enhanced mobile
service provider (ESP) for Vodafone in the National Capital Region
(NCR) circle under a 10-year contract, which was due to expire in
2013. It provided all kinds of mobile services that network
operators can, barring spectrum and invoicing. Its scope of
business included customer acquisition, bill collection, customer
service through captive call centre and entire lifecycle
management of the connection. MCS had nearly 65,000 subscribers,
which included mostly corporate entities and high-net worth
individuals (HNIs). However, following the termination of contract
by Vodafone in October 201, MCS had to close the operations and is
currently engaged in legal battle against Vodafone.

MCS has a sister concern, MCIS, which is a leading enhanced
service provider of country-specific airtime/connections in India
to outbound travellers under its brand, Matrix. MCIS had been
supporting MCS's operations through interest-free unsecured loans.
In February 2011, a promoter diluted 38.63 per cent of his equity
stake in MCIS to a private equity (PE) firm through transfer of
existing, as well as issue of new, shares. With PE investment in
MCIS, MCIS is unlikely to extend any further loans and advances to
MCS. Future funding support is likely to come from the promoters,
who have strong financial flexibility because of the consideration
received from PE investor for stake dilution in MCIS.


SADAF STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR115MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Sadaf Steel (India) Pvt Ltd.

                             Amount
   Facilities              (INR Mln) Ratings
   ----------              --------- -------
   Proposed Term Loan          45    CRISIL B+/Stable (Assigned)
   Proposed Cash Credit Limit  40    CRISIL B+/Stable (Assigned)
   Cash Credit                 30    CRISIL B+/Stable (Assigned)

The ratings reflect SSPL's susceptibility to risks associated with
the setting up of its ingot manufacturing facility. The ratings
also reflect SSPL's small scale of operations along with low
profitability and a below-average financial risk profile marked by
small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that SSPL derives
from its promoters' extensive industry experience, their funding
support, and established relationship with major suppliers.

The company has availed of unsecured loans of about INR16 million
from its promoters and their associates. These loans would be
retained in the business until the bank loans are repaid;
therefore, CRISIL has treated these loans as neither debt nor
equity.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in scale of operations and profitability
resulting in higher-than-expected cash accruals along with
efficient working capital management and timely completion of its
ongoing project within the budgeted cost. Conversely, the outlook
may be revised to 'Negative' in case of further pressure on the
company's liquidity profile due to lower-than-expected cash
accruals, or any time or cost overruns in the completion of the
project, or larger-than-expected working capital requirements, or
further debt- funded capital expenditure.

                        About Sadaf Steel

Incorporated in 2007 by Mr. Sadik Allana and family, SSPL trades
in ferrous and non-ferrous scrap with the latter contributing
majority to its revenues. SSPL is headquartered in Bhavnagar
(Gujarat) and has a cargo space measuring about 7000 square yards.
The company is setting up an ingot manufacturing facility with an
installed capacity to produce 12,000 tonnes of ingots per annum in
Bhavnagar. The cost of the project is estimated at about INR 61
million; work on the project started in June 2012 and commercial
production is expected to commence from February 2013. With the
commencement of manufacturing operations, the company is expected
to derive majority of its revenues from sale of ingots. Prior to
incorporating SSPL, the promoters were engaged in the same line of
business for over three years under different group entities;
however, all these entities are now non-operational.


SOURABH GILTS: CRISIL Puts 'CRISIL B+' Rating on INR320MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sourabh Gilts & Securities Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              270       CRISIL B+/Stable (Assigned)
   Proposed Cash             50       CRISIL B+/Stable
   Credit Limit

The rating reflects SGSL's modest earnings, marked by
concentration of income from one revenue stream, and its small
scale of its operations. These rating weaknesses are partially
offset by SGSL's adequate capitalisation, and its promoter's
extensive experience in marketing financial products.

Outlook: Stable

CRISIL believes that SGSL will continue to benefit over the medium
term from its promoters' experience in the financial product
distribution business, and the adequate capitalization. The
outlook may be revised to 'Positive' if SGSL's scale of operations
and earnings improve substantially. Conversely, the outlook may be
revised to 'Negative' in case of substantial weakening in
profitability, leading to stress on the company's capitalization.

                        About Sourabh Gilts

SGSL started in June 2000 and primarily trades in fixed income
securities on a principal to principal basis. It is also engaged
in fee-based activities, including distribution of financial
products such as mutual funds, private placement of equity, and
fixed deposit mobilisation activities. The company, through its
network of branches and franchisees, has presence in New Delhi,
Mumbai (Maharashtra), Chennai (Tamil Nadu), Bengaluru (Karnataka),
Guwahati (Assam), Jamshedpur (Jharkhand), Bhubaneshwar (Orissa),
Lucknow (Uttar Pradesh), and Hyderabad (Andhra Pradesh).

For 2011-12 (refers to financial year, April 1 to March 31), SGSL
reported a total turnover of INR 7978.1 million against a turnover
of INR 6825.9 million for 2010-11. The company reported a net
profit of INR5.0 million on a total income of INR47.5 million for
2011-12, against a profit after tax of INR2.6 million on a total
income of INR30.9 million for 2010-11.


TMA INFRA: CRISIL Rates INR50MM Loan at 'CRISIL BB-'
----------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of TMA Infrastructure Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           10        CRISIL A4+ (Assigned)
   Overdraft Facility       50        CRISIL BB-/Stable

The ratings reflect the extensive experience of TMA's promoter in
the civil construction segment and its moderate financial risk
profile marked by healthy capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
company's small scale and working capital intensive operations in
an intensely competitive civil construction segment.

Outlook: Stable

CRISIL believes that TMA will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry and its moderate order book position. The
outlook may be revised to 'Positive' if TMA scales up its
operations significantly while improving its profitability
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company records
greater than expected decline in revenues and profitability or its
working capital management deteriorates resulting in stretched
liquidity or if TMA undertakes a large debt funded capex programme
leading to weakening of financial risk profile.

                      About TMA Infrastructure

Set up in 1989 and reconstituted as a private limited company in
2011, TMA is engaged in execution of civil contracts for the
Highway department, public works department and municipality in
Tiruvarur district. The day to day operations of the company are
managed by Mr. T. Manoharan.

TMA reported a provisional profit after tax (PAT) of INR 4.9
million on net sales of INR 266 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR 6.5
million on net sales of INR334 million for 2010-11.


VARRON INDUSTRIES: CRISIL Raises Rating on INR650MM Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Varron Industries Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable', while reaffirming the rating on the company's short-
term facilities at 'CRISIL A4+'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              650       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB/Stable)

   Letter of Credit          80       CRISIL A4+ (Reaffirmed)

   Term Loan                 20       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB/Stable)

The upgrade reflects CRISIL's expectations of a steady growth in
VIL's revenues while sustaining the margins at existing levels
leading to a significant improvement in its net cash accruals.
VIL's operating income grew to INR 4.2 billion in 2011-12 (refers
to financial year, April 1 to March 31) from INR 2.76 billion in
2010-11. The operating margin declined to 7.33 percent in 2011-12
from 8 percent in 2010-11 and is expected to be maintained at
around similar levels over the medium term. The company
demonstrated an improvement in its collection efficiency which is
reflected in the lower debtor days of 74 days for 2011-12 as
against 104 days for 2010-11. The focus was on a faster collection
by offering discounts if required. The gross current asset days of
the company also declined to 114 days for 2011-12 from 189 days
for 2010-11. CRISIL believes that the working capital management
of the company will continue to have a significant bearing on its
overall credit profile. VIL's financial risk profile also improved
on account of equity infusion of INR 90 million by promoters in
2010-11, leading to improvement in the company's net-worth and
capital structure. CRISIL believes that the company would maintain
the improvement in its financial risk profile on the back of its
stable profitability and absence of any major debt-funded capex
plan over the medium term.

The ratings reflect the extensive industry experience of the
company's promoters and established clientele coupled with above-
average financial risk profile marked by a healthy networth base,
moderate gearing and comfortable debt protection metrics. These
rating strengths are partially offset by VIL's moderate working
capital requirements, and susceptibility of operating performance
to the growth in the automobile sector and volatility in prices of
key inputs.

Outlook: Stable

CRISIL believes that VIL will maintain its healthy business risk
profile backed by its established customer relationships, and
experience of promoters in the line of business. The outlook may
be revised to 'Positive' in case the company is able to sustain
the improvement in its working capital cycle while maintaining a
steady revenue growth and margins leading to strengthening of its
financial risk profile. Conversely, the outlook could be revised
to 'Negative' in case the company reports significantly lower than
expected revenues or margins, or exhibits an elongation in its
working capital cycle, thereby substantially impacting its
financial risk profile.

                      About Varron Industries

VIL, promoted by Mr. Shrikaant Sawaiikar, manufactures and sells
aluminium and aluminium- based alloy ingots to auto-ancillary
companies such as Jaya Hind Industries, Bajaj Auto Ltd, and Tata
Motors Ltd. VIL has a capacity of 30,000 tonnes per annum. Mr.
Shrikaant Sawaiikar hails from Sangli (Maharashtra) and has
extensive experience in the castings and forgings industry through
his family business Sangli Forging & Metal Industries Pvt Ltd.

VIL reported a provisional profit after tax (PAT) of INR103.1
million on net sales of INR4.2 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR100.6
million on net sales of INR2.76 billion for 2010-11.


* INDIA: Moody's Says Blackouts May Prompt Power-Sector Reform
--------------------------------------------------------------
Moody's Investors Service says India's recent blackouts are
unprecedented and while they will have a minimal near-term adverse
impact on the credit quality of its rated issuers, the long-term
implications for the power sector could be negative depending upon
the type of government response.

According to the newly released report, India's Massive Blackouts
Raise Spotlight on Power-Sector Reform, the outages pose minimal
near-term risk to the creditworthiness of NTPC Limited (NTPC, Baa3
stable) and Tata Power Company (TPC, Ba3 review for downgrade).

However, the disruptive outages will present an opportunity for
government officials, regulators, utilities, and consumers to
confront the structural challenges facing the Indian power sector
and consider reforms that will improve the availability and
reliability of electricity.

"As the structural challenges of the Indian power sector affect
each step of the value chain, any meaningful improvement will
require substantial investment of time by a wide range of
stakeholders, and likely result in greater need for investment in
the power sector," says Ray Tay, a Moody's Assistant Vice
President and Analyst, and lead analyst for NTPC and TPC.

"We would expect to see increased debt-funded capex from
government-owned utilities as well as government efforts to spur
private investment, which will pressure credit quality over the
medium- to long-term" adds Tay, author of the report released
today.

According to the report, while rolling power outages are not new
to India, the recent event adds increased pressure for power-
sector reform, given the widespread disruption it caused for
industry and nearly 700 million people.

Mid- to longer-term implications could be more serious if the
government fails to respond to the sector's structural challenges.

With respect to Moody's-rated issuers, the report states that
NTPC's rating incorporates adequate headroom within its leverage
metrics to accommodate debt-funded capex.

Greater regulatory clarity would be credit positive for TPC, which
relies on imported coal for its 4,000 MW Ultra Mega Power Project
in Mundra, Gujarat.



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


OKI ELECTRIC: Suspends Spain Unit Chief Amid Accounting Probe
-------------------------------------------------------------
Emma Ross-Thomas at Bloomberg News reports that Oki Electric
Industry Co. said it suspended the chief executive of the group's
Spanish unit after a probe signaled he may have overstated
accounts.

An internal investigation showed the locally hired CEO "committed
alleged accounting irregularities, exaggerating the number of
receivables," Tokyo-based Oki said on its Spanish website.  Oki
Europe has "full confidence" in the Madrid-based unit's management
team, it said in an e-mailed statement.

According to Bloomberg News, Oki dropped the most since at least
1974 Thursday after the maker of automated teller machines and
communications equipment said the Spanish unit had overstated
accounts. As a result, Bloomberg News says, NeOki will miss the
mid-August deadline for submitting financial reports for the
period through June 30, prompting the Tokyo stock exchange to put
it on watch for possible delisting.

Full-year earnings forecasts may be revised and Oki's past
financial statements may be corrected after an outside panel draws
up a report, Oki President Hideichi Kawasaki told reporters on
Aug. 8, adds Bloomberg News.

Headquartered in Tokyo, Japan, Oki Electric Industry Co. develops
and manufactures telecommunication equipment, information products
and mechatronics products, such as Automated teller machine (ATMs)
and printers.



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


BLUE CHIP: Apartment Investors Win Supreme Court Appeal
-------------------------------------------------------
BusinessDesk reports that a group of investors in Blue Chip have
won their Supreme Court appeal against being forced to buy
apartments in Auckland that were originally to be funded with
assistance from the failed finance group.

BusinessDesk relates that the investors had been knocked back by
the High Court and Court of Appeal in seeking to be excused from
completing the purchase of apartments in the Barclay, Bianco and
Icon apartment blocks in central Auckland.  They had argued that
when Blue Chip marketed its investment schemes, it was offering
securities to the public in terms of the Securities Act 1978 and
was required to provide a prospectus, the report says.

In the Supreme Court, BusinessDesk reports, Justices Sian Elias,
Andrew Tipping, John McGrath, William Young and Noel Anderson
agreed that the appellants' Securities Act arguments "are
correct."

"When Blue Chip was marketing its investment schemes, it acted in
breach of the Securities Act and thus brought into play s37 of
that Act which renders unenforceable the allotment of improperly
marketed securities and the associated subscription of such
securities," the judgment obtained by BusinessDesk said.

BusinessDesk adds that the Supreme Court also held the developers
of the apartments to be issuers in terms of the Securities Act,
"giving rise to entitlements to relief" under the Act.

"We see the Blue Chip products as providing mechanisms by which
Blue Chip sought and obtained financing from the public," the
judgment, as cited by BusinessDesk, said.  "It is true that they
were also buying apartments but under the investment schemes the
apartments had a very limited function. Provided all went
according to plan, the investors were never to occupy the
apartments."

BusinessDesk recalls that when the Blue Chip Group collapsed in
2008, the developments, by separate companies, went ahead and the
investors faced difficulties in raising the necessary funds.

According to the report, the court ordered the respondents,
development companies Turner and Waverley, Greenstone Barclay
Trustees and Grafton Projects to pay costs to the appellants of
NZ$75,000 plus disbursements.

The case is now to be returned to the high Court "to make such
further orders as may be consistent with this judgment,"
BusinessDesk relays.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


CRAFAR FARMS: Maori Rules Out Further Legal Action
--------------------------------------------------
Radio New Zealand reports that Maori interests challenging the
sale of the Crafar farms to a Chinese buyer have ruled out any
further legal action, but are still interested in buying some of
the farms.

Radio NZ relates that last week, the Court of Appeal rejected an
attempt by the Crafar Farms Independent Purchaser Group to block
the deal.

Ngati Rereahu and Tuwharetoa affiliates were part of the group,
which lost a legal fight against the Australian Government
decision to sell the 16 North Island farms to the Shanghai Pengxin
company, according to Radio NZ.

Earlier this year, the report recalls, iwi groups discussed with
Shanghai Pengxin a possibility of buying three of the farms but
pulled out of negotiations saying that the asking price of
NZ$66.5 million was too high.

Radio NZ relates that an iwi spokesperson, Hardie Peni, chairman
of the Tiroa E and Te Hape B farming trusts, is not ruling out
further negotiations, but said continuing the legal challenge
through to the Supreme Court is not an option.

Meanwhile, Radio NZ said in a report that the Sir Michael Fay-led
group of investors who wanted to buy the Crafar Farms said they
are bitterly disappointed with the Court of Appeal decision.

According to the report, spokesperson Alan McDonald said the
decision sends a message that New Zealand land can easily be
bought by foreigners with deep pockets.

Radio NZ relates that Mr. McDonald said many of the investors will
now put the failed deal behind them, however the two iwi members
of the group may still be interested in acquiring parts of the
land.

Radio NZ notes that the farms, formerly owned by the Crafar
family, are in receivership and have been conditionally sold to a
company backed by a huge conglomerate, the Shanghai Pengxin Group.
The sale was endorsed twice by the Overseas Investment Office and
twice approved by government ministers, but it was challenged in
the High Court and again in the Court of Appeal by a Maori group
along with the merchant banking pair Sir Michael Fay and David
Richwhite.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.



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


AGMAS TRADING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 27, 2012, to
wind up the operations of Agmas Trading Pte Ltd.

Marina Fursa filed the petition against the company.

The company's liquidators are:

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


AMTEL INVESTMENT: Court to Hear Wind-Up Petition Aug. 17
--------------------------------------------------------
A petition to wind up the operations of Amtel Investment Holdings
Pte Ltd. will be heard before the High Court of Singapore on
Aug. 17, 2012, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on July 26,
2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         No. 9 Battery Road,#25-01
         Straits Trading Building
         Singapore 049910


EQUINOX ENERGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 27, 2012, to
wind up the operations of Equinox Energy Holdings Pte Ltd.

Zalina Bte Abdul Rahman, Jenn Bernadette Tan Xiaohui, Amran Bin
Sairi and Alan Marcus Bull Calvo filed the petition against the
company.

The company's liquidators are:

         Cosimo Borrelli
         Jason Aleksander Kardachi
         care of Borrelli Walsh
         One Raffles Place Tower 2, #10-62
         Singapore 048616


FRIVEN & CO: Creditors' Proofs of Debt Due Aug. 20
--------------------------------------------------
Creditors of Friven & Co. International Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Aug. 20, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Messrs Andrew Grimmett
         Lim Loo Khoon
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


HILLTECH ENGINEERING: Court to Hear Wind-Up Petition Aug. 24
------------------------------------------------------------
A petition to wind up the operations of Hilltech Engineering Pte
Ltd will be heard before the High Court of Singapore on Aug. 24,
2012, at 10:00 a.m.

Sigma Cable Company (Private) Limited filed the petition against
the company on Aug. 1, 2012.

The Petitioner's solicitors are:

         Messrs Bih Li & Lee
         79 Robinson Road, #24-08
         CPF Building
         Singapore 068897


INDOCOMEX FIBRES: Creditors' Proofs of Debt Due Aug. 24
-------------------------------------------------------
Creditors of Indocomex Fibres Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by Aug. 24,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***