TCRAP_Public/120816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 16, 2012, Vol. 15, No. 163


                            Headlines


A U S T R A L I A

AUSTRALIAN INDEPENDENT BREWERS: New Owners to Increase Production
COMPLIANCE & COMPETENCY: Goes Into Liquidation
DAMELIAN AUTOMOBILE: Owner Faces Court Action Over AUD8MM Loan
MOWBRAY COLLEGE: Private Schools Line Up to Buy Three Campuses
STORM FINANCIAL: Investors Payout Could Top AUD1 Billion

* Moody's Says Australian ABS Delinquencies Up in Second Quarter


H O N G  K O N G

ALLSTEEL ASIA: Members' Final Meeting Set for Sept. 11
ANASWEALTH LIMITED: Members' Final Meeting Set for Sept. 11
ASIA WELDING: Members' Final Meeting Set for Sept. 11
BEST VALUE: Members' Final Meeting Set for Sept. 11
CREDIT AGRICOLE: Members' Final Meeting Set for Sept. 10

HAWK TRADING: Members' Final Meeting Set for Sept. 11
PHYSICAL PROPERTY: Incurs HK$175,000 Net Loss in Second Quarter
RICH SUCCESS: Creditors' Proofs of Debt Due Sept. 11
RULERETT COMPANY: Creditors' Proofs of Debt Due Sept. 10
SECURED FINANCIAL: Creditors' Proofs of Debt Due Sept. 10

SEIHUA INT'L: Final Meetings Set for Sept. 14
SUNLINK GROUP: Creditors' Meeting Set for Aug. 22
TANZANITE HK: Members' Final Meeting Set for Sept. 11
WANG WAN: Creditors' Proofs of Debt Due Sept. 12
WU QIAOMEI: Members' Final Meeting Set for Sept. 20

YINLI TRADING: Members' Final Meeting Set for Sept. 17


I N D I A

ARYA COTTON: ICRA Rates INR8cr Cash Credit at '[ICRA]B+'
DIVINE PROJECT: CARE Assigns Junk Ratings on INR4.54cr LT Loan
DRS WAREHOUSING: ICRA Assigns '[ICRA]B+' Rating to INR48cr Loans
ELEGANT OVERSEAS: CARE Assigns 'B+' Rating to INR0.48cr Loans
EXPRESS PUBLICATIONS: Delays in Loan Payment Cues Junk Ratings

FRISCHMANN PRABHU: CARE Rates INR3.5cr LT Loan at 'CARE B+'
GEETANJALI AGRO: ICRA Assigns '[ICRA]B' Rating to INR13cr Loan
ICICI BANK: Moody's Assigns 'Ba1' Jr. Subordinated Debt Rating
INDUS FILA: Fitch Affirms 'D' National Long-Term Rating
KOHINOOR PULP: CARE Assigns 'BB+' Rating to INR339.5cr LT Loan

ROTOAUTO ENG'G: ICRA Assigns 'B+' Rating to INR7.50 Loans
SARVODAYA SUITINGS: CARE Rates INR42.34cr Loan at 'CARE C'
SRI VENKATESWARA: ICRA Reaffirms '[ICRA]B' Rating on INR9cr Loan
SUBEDAR RAJ: Fitch Assigns 'D' National Long-Term Rating
TATA STEEL: Fitch Affirms LTFC Issuer Default Rating at 'BB+'

TIMES STEEL: CARE Rates INR22cr LT Loan at 'CARE BB-'
VRIJESH CORPORATION: ICRA Reaffirms 'BB-' Rating on INR10cr Loan


J A P A N

ELPIDA MEMORY: Bondholders May Ask U.S. Court to Halt Micron Sale
SHICOH CO: Minebea Concludes Sponsor Agreement


N E W  Z E A L A N D

CAPITAL + MERCHANT FINANCE: May Face Receivers' Legal Claim
FELTEX CARPETS: Court of Appeal Hears Defendant Challenge
NATIONAL FINANCE: Director Sentencing Delayed Until Aug. 24


                            - - - - -


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


AUSTRALIAN INDEPENDENT BREWERS: New Owners to Increase Production
-----------------------------------------------------------------
James Atkinson at The Shout News reports that the new owner of
the major contract brewing facility previously operated by
Australian Independent Brewers is upbeat about the business's
future prospects, with increased production of beer, cider and
even RTDs on the cards.

Brewpack, an Australian start-up company, recently acquired the
brewing assets of AIB, which was placed into receivership in
July, according to The Shout News.

The report notes that Brewpack director Anton Szpitalak told
TheShout his family, which has a business background
predominately in the manufacture of solar products, decided to
invest in the brewery after being alerted to the opportunity by
his brother Marek, who was head brewer at AIB during some of its
receivership.


COMPLIANCE & COMPETENCY: Goes Into Liquidation
----------------------------------------------
Cara Waters at SmartCompany reports that software company
Compliance & Competency Management has gone into liquidation and
the Fair Work Ombudsman claims five employees have been left
short-changed to the tune of AUD286,876.

SmartCompany says the Ombudsman has launched a prosecution
against James Robert Manning, the sole owner and director of
Compliance & Competency Management, after the company went bust
earlier this year.

According to the report, the case is listed for hearing in the
Federal Magistrates Court on December 12 and the FWO alleges
Mr. Manning was centrally involved in underpaying five employees
a total of AUD286,876 in salaries, annual leave entitlements and
superannuation between September 2009 and April, 2010.

SmartCompany relates that the IT workers were allegedly not paid
any wages for up to four months.  They raised the non-payment of
their wages with Mr. Manning numerous times.

The FWO is alleging that Manning had more than 20 years'
experience in business and has been a director of 27 different
companies -- and so had an awareness of his obligations under
workplace laws, SmartCompany adds.

Compliance & Competency Management was a South Australia-based
software company.


DAMELIAN AUTOMOBILE: Owner Faces Court Action Over AUD8MM Loan
--------------------------------------------------------------
goldcoast.com.au reports that Rick Damelian, owner of collapsed
Damelian Automobile Limited, is facing court action over
AUD8 million in unpaid loans.

According to the report, Mr. Damelian on Monday appeared in the
Supreme Court to fight another battle, against the receiver of
Damelian Automobile.  The receiver claims Mr. Damelian owes the
company AUD1.9 million as part of his director's loan account,
the report notes.

In a separate lawsuit, goldcoast.com.au relates, the NAB is
trying to force him to repay a AUD6 million mortgage it gave him
in 2010.

goldcoast.com.au says Mr. Damelian, who argues his debt to the
company had been cancelled out by amounts he was owed, on Monday
gave evidence of a happier time in his business life.

He told how his dealerships turned over AUD200 million a year
when they were at their peak. But his business turned sour in
recent years and Damelian Automobile had AUD53 million in debts,
mostly to NAB, and only AUD14 million worth of assets when
receivers were appointed in September last year.

At that time, goldcoast.com.au notes, Mr. Damelian ran eight car
dealerships, including Honda and the luxury European brands
Renault, Citroen, Fiat and Alfa.

Some of the car yards have been sold, while others remain on the
market, the report relays.

According to the report, Mr. Damelian got into financial hot
water when he on-loaned AUD6 million in loans he was given by the
bank to fund the car dealerships, rather than taking out a
traditional commercial loan.

His company has since made some repayments of the home loan but
the court was told Mr. Damelian remains personally liable for the
balance, goldcoast.com.au adds.


MOWBRAY COLLEGE: Private Schools Line Up to Buy Three Campuses
--------------------------------------------------------------
Philip Hopkins at smh.com.au reports that several private schools
are lining up to buy the insolvent Mowbray College, whose three
campuses at Melton are for sale.

According to smh.com.au, Fitzroys agent David Bourke, part of the
Fitzroys-CBRE team selling the college, said several schools had
identified Melton as a place for them to establish and expand.
"Melton campus is a significant infill site well suited to
development. There is still a reasonably steady market in the
schools sector," the report quotes Mr. Bourke as saying.

smh.com.au relates that Mr. Bourke said all three Mowbray
campuses were extensive in scope.  "The cost to replace them
would be very high," Mr. Bourke said, so a number of private
school bodies were interested.  "There are also inquiries from
developers. The town centre campus is well located in the centre
of Caroline Springs, and the Melton property is also a large
infill site."  The campuses could be adapted for community or
educational use.

According to the report, the three school properties up for grabs
are Patterson Campus, Centenary Avenue, Melton; Town Centre
Campus in Caroline Springs; and Brookside Campus, Caroline.

The expressions of interest campaign closes on September 14, the
report adds.

                      About Mowbray College

Mowbray College was a Melbourne-based private school.  It has
three campuses with about 1,000 students, and 200 staff. The
college entered voluntary administration late last month with
debts of AUD18 million and is owed about AUD2 million in unpaid
fees.  The school was placed into liquidation after a second
meeting with creditors on July 4, 2012.


STORM FINANCIAL: Investors Payout Could Top AUD1 Billion
--------------------------------------------------------
Australian Associated Press reports that lawyers representing
investors suing the failed Storm Financial group said a
AUD1 billion payout is possible from banks associated with the
company.

AAP recounts that the firm went into administration in
January 2009 and was placed in liquidation a short time later,
owing AUD3.6 billion to an estimated 14,000 investors, many of
whom were small investors.

The news agency relates that clients undertaking a class action
against the Macquarie and Commonwealth banks and the Bank of
Queensland were told not to accept an out-of-court settlement at
a meeting in Brisbane on August 14.

According to AAP, lawyer Stewart Levitt said he expects a
substantial payout as a result of the case, with the Australian
Securities and Investments Commission suggesting compensation
could be in the vicinity of AUD1 billion.

"ASIC's estimate previously of the amount of compensation which
would be payable if the claims were successful against the three
banks in the firing line is $1 billion," Mr. Levitt told ABC
radio.  "I think it's more than that."

ASIC is also suing Storm Financial on behalf of investors.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


* Moody's Says Australian ABS Delinquencies Up in Second Quarter
----------------------------------------------------------------
Moody's Investors Service says that the delinquencies and losses
for Australian ABS transactions rose slightly in Q2 2012, and
losses will remain stable for the rest of 2012.

"Delinquencies increased by several basis points in Q2 from Q1
across most programs, but have remained stable through the first
half of 2012. The minor uptick will not have a major impact on
either defaults or losses as recovery rates across asset types
remained stable at 45% to 55%," says Alena Chen, a Moody's
Analyst.

"Specifically, from April to June, cumulative defaults for the
2007 to 2010 vintages were in the 0.9%-2.1% range, while net
losses were in the 0.5%-1.1% range," says Ms. Chen, who was
speaking on the release of Moody's "Australian ABS Performance
Review: Q2 2012."

"Looking ahead, we expect a stable performance for both defaults
and net losses for all vintages. The overall stability of the ABS
market is mainly due to the resilient macro-economic conditions
evident in Australia," adds Ms. Chen.

"The stable outlook, first assigned in Q1 2010, is also supported
by the accumulation of credit enhancement and the strong credit
quality of receivables originated within Australian ABS," says
Chen.

The majority of the outstanding transactions are backed by motor
vehicle and commercial equipment leases -- a well-performing and
stable asset class.



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


ALLSTEEL ASIA: Members' Final Meeting Set for Sept. 11
------------------------------------------------------
Members of Allsteel Asia Limited will hold their final general
meeting on Sept. 11, 2012, at 10:00 a.m., at Room 1708 Dominion
Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

At the meeting, Lau Hoi Ping Carol, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ANASWEALTH LIMITED: Members' Final Meeting Set for Sept. 11
-----------------------------------------------------------
Members of Anaswealth Limited will hold their final general
meeting on Sept. 11, 2012, at 3:00 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


ASIA WELDING: Members' Final Meeting Set for Sept. 11
-----------------------------------------------------
Members of Asia Welding Limited will hold their final general
meeting on Sept. 11, 2012, at 2:00 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


BEST VALUE: Members' Final Meeting Set for Sept. 11
---------------------------------------------------
Members of Best Value Promotionland Limited will hold their final
meeting on Sept. 11, 2012, at 3:00 p.m., at Suite No. A, 11th
Floor, Ritz Plaza, 122 Austin Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CREDIT AGRICOLE: Members' Final Meeting Set for Sept. 10
--------------------------------------------------------
Members of Credit Agricole Cheuvreux Securities (Hong Kong)
Limited will hold their final meeting on Sept. 10, 2012, at
9:00 a.m., at 8/F, Prince's Building, 10 Chater Road, Central, in
Hong Kong.

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


HAWK TRADING: Members' Final Meeting Set for Sept. 11
-----------------------------------------------------
Members of Hawk Trading Limited will hold their final general
meeting on Sept. 11, 2012, at 11:30 a.m., at 6th Floor, St.
John's Building, at 33 Garden Road, Central, in Hong Kong.

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


PHYSICAL PROPERTY: Incurs HK$175,000 Net Loss in Second Quarter
---------------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss and total comprehensive loss of HK$175,000
on HK$145,000 of total operating revenues for the three months
ended June 30, 2012, compared with a net loss and total
comprehensive loss of HK$119,000 on HK$208,000 of total operating
revenues for the same period a year ago.

For the six months ended June 30, 2012, the Company reported a
net loss and total comprehensive loss of HK$272,000 on HK$376,000
of total operating revenues, as compared to a net loss and total
comprehensive loss of HK$271,000 on HK$401,000 of total operating
revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2012, showed HK$10.20
million in total assets, HK$11.49 million in total liabilities,
all current, and a HK$1.28 million total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                          http://is.gd/DMox6d

                        About Physical Property

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly-owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on Sept. 21, 1988, under the laws
of the United States of America.

In the auditors' report accompanying the consolidated financial
statements for the year ended Dec. 31, 2011, Mazars CPA Limited,
in Hongkong, noted that the Company had a negative working
capital as of Dec. 31, 2011, and incurred loss for the year then
ended, which raised substantial doubt about its ability to
continue as a going concern.


RICH SUCCESS: Creditors' Proofs of Debt Due Sept. 11
----------------------------------------------------
Creditors of Rich Success Consultants Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 11, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 2, 2012.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


RULERETT COMPANY: Creditors' Proofs of Debt Due Sept. 10
--------------------------------------------------------
Creditors of Rulerett Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 10, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 7, 2012.

The company's liquidator is:

         Lau Wing Chu
         Room 1708, Dominion Centre
         43-59 Queen's Road
         East, Wanchai
         Hong Kong


SECURED FINANCIAL: Creditors' Proofs of Debt Due Sept. 10
---------------------------------------------------------
Creditors of Secured Financial Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 10, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2012.

The company's liquidator is:

         Wang Poey Foon Angela
         14th Floor, South China Building
         1-3 Wyndham Street, Central
         Hong Kong


SEIHUA INT'L: Final Meetings Set for Sept. 14
---------------------------------------------
Members and creditors of Seihua International Holdings Limited
will hold their meetings on Sept. 14, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Suite 1704, 17th Floor, 625 King's
Road, North Point, in Hong Kong.

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


SUNLINK GROUP: Creditors' Meeting Set for Aug. 22
-------------------------------------------------
Creditors of Sunlink Group Investments (HK) Limited will hold a
meeting on Aug. 22, 2012, at 11:30 a.m., at 62/F, One Island
East, at 18 Westlands Road, Island East, in Hong Kong.


TANZANITE HK: Members' Final Meeting Set for Sept. 11
-----------------------------------------------------
Members of Tanzanite Hong Kong Investment Limited will hold their
final general meeting on Sept. 11, 2012, at 10:00 a.m., at Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


WANG WAN: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------
Creditors of Wang Wan World-Wide Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 12, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2nd Floor
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


WU QIAOMEI: Members' Final Meeting Set for Sept. 20
---------------------------------------------------
Members of Wu Qiaomei International Charitable Foundation Limited
will hold their final general meeting on Sept. 20, 2012, at
11:00 a.m., at Room 2107-8, 21/F, Kai Tak Commercial Bldg., 317-
319 Des Voeux Road, Central, in Hong Kong.

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


YINLI TRADING: Members' Final Meeting Set for Sept. 17
------------------------------------------------------
Members of Yinli Trading Limited will hold their final general
meeting on Sept. 17, 2012, at 7:00 p.m., at 2/F, Kiu Yuen
Mansion, 247 Prince Edward Road West, Kowloon, in Hong Kong.

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



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


ARYA COTTON: ICRA Rates INR8cr Cash Credit at '[ICRA]B+'
--------------------------------------------------------
A rating of0'[ICRA]B+' has been assigned to INR8.00 crore fund-
based cash credit facility of Arya Cotton Industries.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Cash Credit Limit       8.00      [ICRA]B+ assigned

The assigned rating is constrained by the weak financial profile
of the firm as reflected by thin profit margins, moderate gearing
and weak coverage indicators. The rating is further constrained
by vulnerability of profitability to raw material prices, which
are subject to seasonality, crop harvest and regulatory risks.
ICRA also notes that Arya Cotton Industries is a partnership firm
and any significant withdrawals from the capital account would
affect its net worth and thereby the gearing levels.

The rating, however, favorably considers the long experience of
the partners in cotton industry, strategic location of the plant
giving it easy access to high quality raw cotton and favorable
demand outlook for cotton and cotton seeds.

Established in 2005, Arya Cotton Industries is engaged in ginning
and pressing operations. The business is owned and managed by
Mr. Kishor Vadia, Mr. Lakhamshi Patel and other family members.
The firm's manufacturing facility is located in Naya Anjar, Dist
Kutch. The firm has 38 ginning machines and 1 pressing machine
having a cumulative processing capacity of 192 TPD of raw cotton.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR93.34 crore with profit after tax (PAT) of
INR0.10 crore. Further, till March 2012 (as per unaudited
provisional financials), the firm reported an operating income of
INR109.83 crore with a PAT of INR 0.11 crore.


DIVINE PROJECT: CARE Assigns Junk Ratings on INR4.54cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Divine
Project.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       4.54       CARE D Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Divine Project is
primarily constrained on account of ongoing delays in servicing
of interest and installment of its term loan due to delay in the
project implementation. The rating is further constrained on
account of the absence of track record of the partners in the
manufacturing industry, constitution of the entity as a
partnership, vulnerability of margins to fluctuation in raw
material prices and yet to establish customer base in a highly
fragmented and competitive industry.

The timely completion of the project with achievement of
envisaged turnover and profit margins and timely debt servicing
would be the key rating sensitivity.

DEP, formed in April 2009 as a partnership firm, is promoted by
Mr Laxman Odedara along with his wife Ms Santok Godhania to set
up a green-field project for manufacturing of woven sacks and
plastic bags with an installed capacity of 2,520 Metric Tonnes
Per Annum (MTPA) at Porbandar, Gujarat. The total cost of the
project was envisaged at INR8 crore (including margin money for
working capital of INR1 crore) with a project DER of 2.56 times
and envisaged to be completed by April 2010. However, the same
got delayed by more than two years, mainly on account of
unavailability of power and till April 25, 2012, DEP had incurred
total expenditure of INR5.16 crore towards the project and has
now envisaged completing the project by the end of August 2012.


DRS WAREHOUSING: ICRA Assigns '[ICRA]B+' Rating to INR48cr Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR48.0 crore, long-term,
fund based limits of DRS Warehousing North Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans              42.5     [ICRA]B+ assigned
   Unallocated              5.5     [ICRA]B+ assigned

The assigned rating takes into account the long standing
experience of the promoters in the logistics industry and healthy
cash flows by virtue of medium to long term lease contracts with
tenants, which include reputed players such as Bharti Walmart,
PepsiCo India, and Hero Motocorp etc. The rating also favorably
takes into account the financial support from Golden Gates
Holdings Limited, which is the majority shareholder in the
company.

The rating, however, remains constrained by the small scale of
operations of the company and limited cushion available from
monthly rental income over its high repayment obligations. The
company achieved the break-even in FY12 on account of improved
occupancy in the last fiscal and lower depreciation following
reassessment of warehouse life. However, with high repayment
obligations in the near future, the company's debt servicing
capacity will depend upon its ability to maintain its high
current occupancy levels in wake of increasing competition in the
warehousing sector.

DRSWN, incorporated in September 2006, is a warehousing
development and owning company which currently has warehouses
across 4 locations in Haryana, namely, Khijuri, Jamalpur, Palwal
& Ambala. The operations of the company are overlooked by Mr.
Ramesh Agarwal, who is the current Chairman of the company. In
February 2008, Golden Gates Holding Limited, a Bank of America
Merrill Lynch private equity fund, acquired 49% ownership
interest in DRSWN for INR47.4 Cr. Further, the stake was enhanced
to 55% in the following year, while the current interest stands
at 58.2% following subscription to a rights issue in August 2010.
Currently, GGHL is being managed by the Blackstone Group. The
remaining stake is owned by two group companies of the DRS Group,
namely, DRS Logistics Private Limited (owning 26%) and APM
Infrastructure Private Limited (owning 16%).


ELEGANT OVERSEAS: CARE Assigns 'B+' Rating to INR0.48cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Elegant Overseas.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Short term Bank Facilities     17.00       CARE A4 Assigned
   Long-term bank facilities       0.48       CARE B+ Assigned
   Long/Short term Bank            0.25       CARE B+/A4
   Facilities                                 Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Elegant Overseas is
constrained by partnership nature of constitution, low
profitability margins, geographical concentration risk, business
operations which are exposed to cyclicality inherent in the
textile industry, high leverage ratios, high average collection
period leading to high utilization of working capital limit and
high competition both in the domestic as well as in the export
apparel market.

The above constraints are partially offset by experienced
promoters in textile industry and good clientele base.

Ability of the firm to improve profitability level & margins and
managing working capital effectively shall remain the key rating
sensitivities.

Elegant Overseas, set up in the year 1995 is a Gurgaon based ISO
9001:2008 certified partnership firm. It is engaged in
manufacturing and export of knitted fabric and garments. It is
promoted by four partners, Shri M.C. Gupta (aged 66 years, B.
Tech), Shri Ashok Singhal (aged 55 years, B. Tech.), Shri Vinod
Kr. Jindal (aged 53 years, M. Com.) and Smt. Pushpa Jindal (wife
of Shri Vinod Kr. Jindal, aged 51 years, M.Com.). Shri M.C. Gupta
looks after the day to day business of the firm with the
assistance of other partners.

The firm manufactures readymade cotton garments (T-shirts, kids
wear and ladies wear) for the international brands such as
Haggar, GAP, Atlast, Merina Apparels and exports in USA and UK.
The firm also exports fabrics to Bangladesh. The manufacturing
facility of the firm is located at Behrampur Road, Gurgaon with
installed capacity of 16,00,000 pcs. p.a. It is equipped with all
the modern amenities for manufacturing of readymade garments and
fabrics such as knitting, dyeing, washing, cutting, stitching,
sewing, washing, ironing and packing of readymade garments.
EO generates majority of its total income through exports (98% in
FY11) primarily to countries like UK, USA, Bangladesh and
Indonesia. The firm has been recognized as "Star Export House" by
the Ministry of Commerce, GOI. The export rejections are sold in
the domestic markets which also fetch
a price as per industry standard.


EXPRESS PUBLICATIONS: Delays in Loan Payment Cues Junk Ratings
--------------------------------------------------------------
ICRA has downgraded the long term rating of '[ICRA]BB+' assigned
to the INR9.6 crore term loans and INR26.5 crore fund based
facility of Express Publications Madurai Limited to '[ICRA]D'.
ICRA has also downgraded the short term rating of '[ICRA]A4+'
assigned to the INR 20.0 crore non fund based facilities of EPML
to [ICRA]D.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan facilities      9.6      [ICRA]D Downgraded from
                                      [ICRA]BB+(stable)

   Long term: Fund Based    26.5      [ICRA]D Downgraded from
   Facilities                         [ICRA]BB+(stable)

   Short Term Non Fund      20.0      [ICRA]D Downgraded from
   Based Facilities                   [ICRA]A4+

The ratings downgrade takes into account the delays witnessed in
debt servicing by the Company, caused by EPML's weak liquidity.
The Company's financial profile is characterized by thin profit
margins, stretched capitalization and coverage indicators. The
profit margins over last two years were affected by sharp
increase in newsprint prices and unfavorable exchange rate
movements.

Express Publications (Madurai) Limited traces its origin to the
Indian Express Group founded by the late Ramnath Goenka in 1936.
Following the demise of Mr. Ramnath Goenka in 1991 the Indian
Express group was split into Indian Express (Mumbai) Limited
(owns the North Indian publications) and Express Publications
(Madurai) Limited (owns the South Indian Publications). EPML is
managed by R. Manoj Kumar Sonthalia, the grandson of late Mr.
Ramnath Goenka. EPML publishes newspapers and periodicals in the
states of Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Orissa
and Union territories of Pondicherry, Andaman and Nicobar
Islands, Enam and Lakshadweep. The Company entered the North
Indian markets in 2010-11 by introducing Dinamani (Tamil Daily)
and Sunday Standard (English Weekly) in Delhi market.


FRISCHMANN PRABHU: CARE Rates INR3.5cr LT Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Frischmann Prabhu (India) Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      3.50        CARE B+ Assigned
   Short-term Bank Facilities     7.50        CARE A4 Assigned

Rating Rationale

The ratings are constrained by Frischmann Prabhu (India) Pvt.
Ltd.'s, stretched working capital cycle due to delays in the
realisation of dues from customers and consequent liquidity
strain reflected in the consistently high working capital
utilization levels and delays in depositing statutory dues with
the respective authorities. Furthermore, a strong competition
from established
local and multinational firms is expected to pose challenges
related to employee retention as well as pricing pressure.

The ratings are, however, supported by established presence of
the company in consultancy services in infrastructure domain,
technical support from the parent company - Pell Frischmann
having well-known and established global brand and financial
flexibility as reflected by moderate debt levels.

The ability of the company to minimize its liquidity strain and
improve its working capital management are the key rating
sensitivities.

Frischmann Prabhu (India) Pvt. Ltd., incorporated in 1995, is a
multidisciplinary consultancy firm. It is part of Pell
Frischmann, a well-known international consulting engineering
firm based in UK since 1926. The company operates in two segments
project management consultancy and detailed engineering designs.
Project management services mainly include contract
documentation, tender evaluation, value engineering, quantity
surveying, construction supervision, quality assurance and
controls, commissioning and O&M. Detailed engineering designs
include master planning, transport planning, urban planning,
architectural design, landscape design, feasibility studies,
physical surveys, economic analysis, environmental impact
analysis, cost estimation, demand forecasting, BOT appraisal and
technical audit.


GEETANJALI AGRO: ICRA Assigns '[ICRA]B' Rating to INR13cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.0 crore term
loans, INR6.0 crore existing long-term fund based facilities and
INR3.0 crore proposed long-term fund based facilities of
Geetanjali Agro Industries.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans              4.0      [ICRA]B assigned
   Long Term Fund          6.0      [ICRA]B assigned
   Based Limits

   Long Term Fund          3.0      [ICRA]B assigned
   Based Limits (proposed)

The assigned rating takes into account the promoters' established
experience in the rice milling and processing industry, proximity
of the Firm's proposed milling unit to paddy growing areas in
Raichur (Karnataka) which is likely to facilitate easy
procurement of raw materials and stable demand outlook with rice
being an important part of the staple Indian diet. The rating is,
however, constrained by the relatively nascent stage of
operations, high project gearing with significant debt funding,
low value added and highly fragmented structure of industry and
vulnerability of raw material (paddy) availability on the agro-
climatic conditions. In addition, government regulations in terms
of Minimum Support Price for purchasing raw materials and Milling
Levy Rate for selling a part of the produce also restrict the
bargaining power of the industry players. Moreover, with the
Firm's operations expected to commence from November 2012, the
cash flows are likely to remain stretched during the initial
years until the operations stabilize.

Incorporated in 2011, Geetanjali Agro Industries is constructing
a rice milling unit in Raichur district of Karnataka. The firm
has been promoted by Mr. B. Srinivas, Mr. B. Vasanth, Mrs. B.
Prasanna and Mrs. Suchitra, who have been present in the same
business for more than 15 years. Besides Geetanjali Agro
Industries, the promoters own another entity named Geetanjali
Industries located at Raichur which has a capacity to process
three tonnes of paddy into raw rice per hour. Owing to the
increasing demand for boiled rice, the promoters are presently
setting up a new plant under Geetanjali Agro Industries which
would be capable of processing rice/paddy into boiled rice, raw
rice, bran, broken rice and husk.

The Firm's proposed plant is spread over an area of five acres in
Raichur district of Karnataka with a capacity to process 8 tonnes
of paddy per hour. The plant is -75% complete with erection of
machinery, commissioning and trial runs pending. The plant is
expected to operational by November 2012. The total project cost
of INR 6.63 crore has been funded through a debt of INR 4.00
crore with the balance brought in by the promoters in form of
debt and unsecured loans.


ICICI BANK: Moody's Assigns 'Ba1' Jr. Subordinated Debt Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to ICICI
Bank Limited's proposed issuance of senior unsecured notes under
its US$ 5 billion Global Medium Term Note (GMTN) program. The
bonds will have a 5.5-year maturity and will be listed on the
Singapore Stock Exchange ("SGX-ST").

Ratings Rationale

Moody's Investors Service has a standalone bank financial
strength rating (BFSR) of D+ for ICICI Bank Limited, mapping to a
baseline credit assessment (BCA) of baa3 on the long-term scale.

The ratings capture the bank's solid franchise as the second
largest commercial bank in India as well as its strong
capitalization, liquidity, and earnings profile. The ratings also
reflect the bank's high borrower concentration in the form of its
mandatory government securities portfolio, its weaker asset
quality when compared to its Indian private sector peer banks and
the difficult operating environment currently prevailing in
India, including the intense competition it faces in its domestic
markets.

Moody's believes that the probability of systemic support for
ICICI Bank is very high, given its sizeable retail deposit
franchise and its importance to the national payments system as
India's second largest commercial bank. Therefore, the long-term
local currency deposit and foreign currency senior unsecured debt
ratings receive a one-notch rating uplift from its BCA.

The foreign currency senior unsecured debt rating at Baa2 is at
the same level as the foreign currency debt ceiling for India.
The bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

The other ratings of ICICI Bank are:

Baa2 foreign currency long-term senior unsecured debt rating

(P)Baa2 foreign currency long-term senior unsecured debt program
rating

Baa2 long-term local currency bank deposit rating

Prime-2 short-term local currency bank deposit rating

Baa3 long-term foreign-currency deposit rating

Prime-3 short-term foreign currency bank deposit rating

Baa3 foreign currency subordinated debt rating

(P)Baa3 foreign currency subordinated debt program rating

Ba1 foreign currency junior subordinated debt rating

(P)Ba1 foreign currency junior subordinated debt program rating

Ba3 (hyb) foreign currency hybrid tier 1 debt rating

All ratings carry stable outlooks.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

ICICI Bank, headquartered in Mumbai (India), had assets of
INR4,722 billion at March 2012.


INDUS FILA: Fitch Affirms 'D' National Long-Term Rating
-------------------------------------------------------
Fitch Ratings has affirmed India-based textile manufacturer Indus
Fila Limited's National Long-Term rating at 'Fitch D(ind)'.

The ratings reflect IFL's continuing delays in debt servicing due
to its tight liquidity position as illustrated by its overdrawing
of cash credit limits in the 12 months ended June 2012.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- timely debt servicing for two consecutive quarters
  -- utilisation of working capital facilities within sanctioned
     limits for two consecutive quarters

IFL is a listed company and is engaged in yarn dyeing, fabric
weaving, fabric processing and apparels manufacture.  It has its
registered office in Bangalore. In FY11, IFL reported a turnover
of INR4,432m (FY10: INR3,678m), EBITDA margin of 8.1% (negative
0.7%) and net income of INR21m (negative INR499m).  IFL reported
a turnover of INR4638.6m and profit after tax of INR62.9m in
FY12.

Fitch has also affirmed IFL's bank loan ratings as follows:

  -- INR1332.2m fund-based working capital limits: affirmed at
     National Long-Term 'Fitch D(ind)'
  -- INR681.2 m term loans: affirmed at National Long-Term 'Fitch
     D(ind)'
  -- INR110m non-fund-based limits: affirmed at National Long-
     Term 'Fitch D(ind)'


KOHINOOR PULP: CARE Assigns 'BB+' Rating to INR339.5cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Kohinoor
Pulp & Paper Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      339.50      CARE BB+ Assigned

Rating Rationale

The rating is constrained by the group's short track record in
paper business and risk associated with largely debt-funded
Greenfield project. The rating also factors in long business
experience of the promoters, achievement of financial closure,
inclusion of captive power plant, receipt of majority of
the clearances and availability of various subsidies & fiscal
incentives. Ability of the company to successfully complete the
project in time without any cost overrun and derive benefits
thereform would be the key rating sensitivities.

KPPPL, incorporated in June, 2008, has been promoted by Shri
Vijay Bothra, Shri Vivek Dugar (son in law of Shri Vijay Bothra)
and Shri Prashant Bothra (son of Shri Vijay Bothra) of the
Kohinoor group, having operations in India and Nepal alongwith
Shri Ajay Bhoopal, resident of Assam. Shri Vivek Dugar belongs to
the T. M. Dugar group which is one of the leading business houses
of Nepal having trading activities in automobile, confectionary,
fertilizer, stationery and hardware. The Kohinoor group has
diverse business interests in iron & steel, power, paper, agro,
food processing and oil processing industries. The major
companies of the group are Kohinoor Steel Pvt. Ltd., Kohinoor
Paper & Newsprint Pvt. Ltd. (KPNPL; rated CARE BBB-, A3) and
Kohinoor Power Pvt. Ltd. (KPPL; rated CARE BB+).

KPPPL is setting up a 250 TPD (86,250 MTPA) pulp manufacturing
unit along with a 10 MW captive cogeneration power plant at
Goalpara, Assam at an aggregate cost of INR491.9 crore which is
being funded at a debt-equity ratio of 2.23:1. Financial closure
has been achieved for the debt portion and the promoters have
infused equity amounting to INR49 crore. The project is likely to
commence commercial production from April, 2013.


ROTOAUTO ENG'G: ICRA Assigns 'B+' Rating to INR7.50 Loans
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR7.50
crore1 fund based facilities of Rotoauto Engineering Solutions
Private Limited. ICRA has also assigned short-term rating of
'[ICRA]A4' to the INR7.00 crore non-fund based facilities and the
INR2.00 crore non-fund based sub-limit facilities of the Company.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                ---------  -------
   Fund based facilities       7.50     [ICRA]B+ assigned
   Non-fund based facilities   7.00     [ICRA]A4 assigned
   Non-fund based facilities  (2.00)    [ICRA]A4 assigned
   (sub-limit)

The assigned ratings reflect the small scale of operations,
volatility witnessed in revenues owing to the project nature of
the business and concentrated product portfolio, presence of
large established players in the industry which is expected to
offer stiff competition and the lengthy execution timelines which
results in lumpy cashflows for the Company. The ratings also
consider the long standing presence of the group in the
manufacturing of rotary equipments, customer base which consists
of established players in the steel manufacturing and iron ore
mining industry, increased scope for setting up of iron ore
pellet plants which is expected to improve demand for pelletizing
discs and the high value additions in the business which has
resulted in healthy margins.

Rotoauto Engineering Solutions Private Limited was incorporated
in the year 2008 when it was hived off from Autoparts and
Accessories (a sole proprietorship firm owned by Mr. Giri
Raghavan, Managing Director of RESPL). The Company is primarily
involved in the design and manufacturing of large rotary
equipments like pelletizing discs and industrial process fans.
The Company operates out of a heavy fabrication and machining
capacity which spans out of -200,000 sq. ft. Some of the
customers of RESPL to which the Company has supplied pelletizing
discs include Essar Group, Jindal Steel, JSW Steel, BMM Ispat,
KIOCL Limited, Stemcor, Adhunik Group among others.

Recent Results (un-audited & provisional)

In 2011-12, RESPL reported a net profit of INR0.6 crore (un-
audited) on an operating income of INR10.0 crore (un-audited) as
against a net profit of INR1.8 crore on an operating income of
INR21.6 crore in 2010-11.


SARVODAYA SUITINGS: CARE Rates INR42.34cr Loan at 'CARE C'
----------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Sarvodaya Suitings Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       42.34      CARE C Assigned
   Short-term Bank Facilities       8.00      CARE A4 Assigned

Rating Rationale

The ratings of Sarvodaya Suitings Limited are primarily
constrained by past instances of delay in debt servicing,
significant losses from derivative contracts and high off balance
sheet liabilities.  The ratings are further constrained by thin
profitability margin, high leverage, stressed liquidity
and modest scale of operations in a highly fragmented and
competitive textile industry.

The ratings, however, take into account the experience of
promoters in the textile sector, established operations of SSL in
the textile weaving and trading business and favorable location
of operations.  Crystallization of the contingent liabilities in
the future, improvement in profitability and liquidity along with
effective working capital management would remain the key rating
sensitivities.

Incorporated in May 1994 and promoted by Mr Mahaveer Prasad Jain,
SSL is a Bhilwara (Rajasthan)-based company engaged in the
manufacturing of blended fabric. SSL had 105 sulzer and airjet
looms as on March 31, 2012. SSL has good presence in export
market with approximately 40%-45% of its total sales catering to
the export market.

As per the audited results for FY11 (refers to the period April 1
to March 31), SSL reported a total operating income of INR158.58
crore (FY10: INR154.80 crore) and a PAT of INR0.57 crore (FY10:
net loss of INR2.72 crore). Furthermore, as per the provisional
results for FY12, SSL reported a total operating income of
INR160.29 crore and PAT of INR0.77 crore.


SRI VENKATESWARA: ICRA Reaffirms '[ICRA]B' Rating on INR9cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR9.00 crore fund based bank facilities of Sri Venkateswara Rice
Mill at '[ICRA]B'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term Fund         9.00      [ICRA]B reaffirmed
   based Limits

The rating reaffirmation takes into account the intensely
competitive and fragmented nature of the rice milling industry
which limits the ability of the firm to earn premiums. The
ratings are also constrained by modest financial profile
characterized by low operating margins & weak coverage
indicators. Further, the firm also remains susceptible to policy
risks affecting the quantum of the more lucrative open market
sales, and agro climatic risks, which might affect the
availability of paddy. The ratings however favorably factor in
long-standing experience of promoters in the industry, easy
availability of raw material- the mill being present in rice-belt
of Andhra Pradesh and the presence of the firm in retail market
through its own brands 'SVR Double Horse'.

The operating income of the firm posted a growth of 20% in FY12
primarily on account of increasing realization which increased by
27% in FY12. However the sales volumes declined by 4% in FY12 as
firm sold 12257 MT rice in FY12 as compared to 12727 MT sold in
FY11. The operating profitability of the firm increased in FY12
from 4.90% to 7.60%. The gearing of the firm increased slightly
on account of high utilization of working capital limits which
were used to support growing working capital needs of the firm.
Working capital intensity of the firm is high at 30% in FY12
primarily on account of high inventory days as the firm keeps an
inventory of raw material throughout the year. Rice mills are
required to hold high inventory of paddy due to seasonality of
the crop and significant seasonal variations in both price and
quality of paddy.

Sri Venkateswara Rice Mill is a partnership firm established in
the year 1999 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. S. Venkata Rama
Krishna Reddy and partners. The firm has its milling unit in
Mahendrawada (East Godavari district) of Andhra Pradesh with a
milling capacity of 99,000 MTPA.

According to provisional financial statements provided by the
management, the firm recorded an operating income of
INR29.66 crores for FY12.


SUBEDAR RAJ: Fitch Assigns 'D' National Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned India's Subedar Raj Devi Educational
Trust a National Long-Term rating of 'Fitch D(ind)'.  The agency
has also assigned SRDET's INR88.71m fund-based limits a 'Fitch
D(ind)' rating.

The ratings reflect the continuous delays by SRDET in the
repayment of its term loan since April 2011.  The delays are a
result of a liquidity crisis which is mainly attributed to the
irregular disbursements of fees (average debtors collection
period: 117 days in FY11) by the state government.  The state
government through its Samaj Kalyan Vibhag Scheme reimburses to
educational institutions over 40% towards tuition fee of students
belonging to socially and/or economically weaker sections of the
society.

SRDET's weak liquidity position is indicated by a decline in its
cash investments to INR1.85m in FY11 from INR7.35m in FY10. Long-
term debt cover (available funds/total long term debt) declined
significantly to 5.51% in FY11 (FY10: 14.03%).

Fee receivables from the state government were 33.36% of fee
received in FY11 (FY10: 41.88%).  Fee income is the main source
of revenue for the trust (contributing an average of 91% in FY10-
FY11).  Fee income increased to INR52.42m in FY11 from INR20.31m
in FY10.  Total expenditure (comprising staff costs, interest
payments and other administrative costs) increased to INR47.11m
in FY11 from INR23.56m in FY10.  The trust has moderate
expenditure on staff salaries and welfare schemes.  Staff costs
on average contributed 23.02% to total expenditure in FY10-FY11.

Operating surplus increased to INR29.30m in FY11 from INR9.63m in
FY10.  This along with the moderate operating expenditure allows
the trust to maintain a high operating margin (average of 51.34%
in FY10-FY11).

The ratings might be upgraded if the loan obligations are
serviced in a timely manner for two consecutive quarters.

SRDET was formed in 2008 and is registered under the Societies
Registration Act of 1860.  The trust aims at providing quality
education to the children from the weaker sections of the
society.  The trust has one college, namely S R Institute of
Management and Technology, which began operations in 2009.  The
college is affiliated to Gautam Budh Technical University
formally Uttar Pradesh Technical University, Lucknow.


TATA STEEL: Fitch Affirms LTFC Issuer Default Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Tata Steel
Limited and Tata Steel UK Holdings Limited to Negative from
Stable.  Fitch has affirmed TSL's Long-Term Foreign Currency
Issuer Default Rating (FC IDR) at 'BB+' and its National Long-
Term Rating at 'Fitch AA(ind)'.  TSUKH's FC IDR has been affirmed
at 'B+'.

The Outlook revision reflects Fitch's view that profitability
pressures will remain for TSL and TSUKH given the challenging
short-term outlook for the global steel market.  In FY12 (year
end March), consolidated EBITDA margins fell to 9.3% (FY11:
13.5%) driven by the challenging operating environment. Thus, net
financial leverage (net debt/ operating EBITDAR) increased to
4.27x (FY11: 3.25x), beyond Fitch's negative rating guideline of
4x. Leverage is likely to remain around the current levels during
FY13 before improving in FY14 on the back of volume growth in
Indian operations and an improvement in operations at TSUKH.

In FY12, TSUKH's performance deteriorated with the entity
recording operating losses in two quarters.  The company reported
a fall in EBITDA margins to around 2% in FY12 from around 6% in
FY11.  Fitch notes that TSUKH has taken various initiatives to
improve its profitability, like improving operational
efficiencies, upgrading facilities & technology and rationalising
capacities, focusing on a higher value-added product mix and
improving supply chain management.  Fitch however expects TSUKH's
profitability to remain volatile due to fluctuations in raw
material prices and the prevailing weak steel markets in Europe.

Fitch expects the steel demand in India to be impacted in the
near term due to the slowing demand growth in various end-user
industries.  Also, TSL is likely to drive only partial benefit
from its additional 2.9mtpa brownfield capacity during FY13, with
full benefits expected to accrue from FY14.  While TSL's Indian
operations will continue to benefit from raw material
integration, any significant and sustained drop in steel prices
may have a negative impact on the performance of the consolidated
entity.

Fitch continues to take a consolidated view of TSL in line with
its Parent and Subsidiary Rating Linkage methodology, with
TSUKH's ratings benefiting from potential parental support.
TSL's ratings continue to benefit from one-notch of uplift
derived from Fitch's assessment of potential support from the
Tata group due to the former's strategic importance to the group.

The ratings continue to benefit from the strong liquidity of TSL
and TSUKH with consolidated cash and bank balances of USD2,398m
and access to undrawn lines of USD961m as at end-March 2012.
Also, the limited repayments at TSUKH in the next three years
also support liquidity.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- any significant pressure on profitability or large capex
     resulting in net financial leverage exceeding 4x on a
     sustained basis
  -- any weakening of linkages between the Tata group and TSL,
     and/or the group's inability to provide support

Positive: The current Rating Outlook is Negative.  As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating upgrade.  However, strong profitability
supported an improvement in steel markets resulting in net
financial leverage improving to below 4x levels may result in the
Outlook being revised to Stable.

Rating actions on debt instruments are as follows:

TSL:

  -- INR9.75bn commercial paper/short-term debt affirmed at
     National Short-Term 'Fitch A1+(ind)'
  -- INR30bn non-convertible debenture (NCD) affirmed at National
     Long-Term 'Fitch AA(ind)'
  -- INR20bn NCD affirmed at National Long-Term 'Fitch AA(ind)'
  -- INR12.5bn NCD affirmed at National Long-Term 'Fitch AA(ind)'
  -- INR53.49bn long-term debt (reduced from INR69.9bn) affirmed
     at National Long-Term 'Fitch AA(ind)'
  -- INR15bn fund-based cash credit limits affirmed at National
     Long-Term 'Fitch AA(ind)'
  -- INR5bn non-fund-based limits affirmed at National Short-Term
     'Fitch A1+(ind)'
  -- INR7.25bn fund-based limits (reduced from INR7.38bn)
     affirmed at National Long-Term 'Fitch AA(ind)' and National
     Short-Term 'Fitch A1+(ind)'
  -- INR85.87bn non-fund-based limits (enhanced from INR81.27bn)
     affirmed at National Long-Term 'Fitch AA(ind)' and National
     Short-Term 'Fitch A1+(ind)'

TSUKH:

  -- Secured bank facilities aggregating around GBP3.6bn affirmed
     at Long-Term 'BB-' with a recovery rating of 'RR3'.


TIMES STEEL: CARE Rates INR22cr LT Loan at 'CARE BB-'
-----------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Times
Steel and Power Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        22        CARE BB- Assigned

Rating Rationale

The rating is constrained by Times Steel and Power Limited's
relatively small scale of operations, its low capacity
utilization attributable to the inadequate raw material sourcing
arrangements and weak financial risk profile marked by declining
revenue and profitability indicators, rising debt levels and
working capital intensive nature of business operations. The
rating also considers TSPL's exposure to commodity price
fluctuation risks and the cyclicality inherent in the steel
business. However, the rating derives strength from the
experience of promoters in the steel industry, its moderate
capital structure and favorable location of the plant. The rating
also takes cognizance of infusion of unsecured loans by the
promoters to fund the losses and finance the working capital
requirements.

Going forward, the company's ability to ensure adequacy of raw
material and achievement of increase in scale of operations while
managing its working capital requirements shall remain the key
rating sensitivities.

TSPL was originally incorporated as Nixon Steel and Power Ltd on
October 21, 2002. The name of the company was subsequently
changed to TSPL in 2010. The company set-up a sponge iron
manufacturing facility with a capacity of 1,00,000 TPA in
Rourkela, Odisha, in 2005. For procurement of raw material, the
company has arrangements with Orissa Mining Corporation (OMC) and
Mahanadi Coalfields limited to the extent of 25% and 60% of its
total requirements for iron ore and coal, respectively, while the
balance is sourced from open market.  The sponge iron
manufactured by the company is sold to the steel plants in
adjoining areas through brokers.

During FY11 (refers to the period April to March), on a total
operating income of INR78.86 crore, the company achieved a PBILDT
and PAT of INR9.80 crore and INR2.45 crore, respectively.
Furthermore, for FY12 (refers to the period April to March)
(provisional), the company has reported an operating loss of
INR0.34 crore and a net loss of INR6.62 crore on a total
operating income of INR50.34 crore.


VRIJESH CORPORATION: ICRA Reaffirms 'BB-' Rating on INR10cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR10.00 crore fund based facilities and '[ICRA]A4' rating
assigned to the INR2.75 crore non fund based facilities of
Vrijesh Corporation.  The outlook assigned to the long term
rating is Stable. ICRA has withdrawn the [ICRA]BB-/[ICRA]A4
ratings assigned previously to the INR1.82 crore proposed limits
of VC.

                         Amount
   Facilities           (INR Cr)   Ratings
   ----------           ---------  -------
   Fund Based Limits      10.00    [ICRA]BB- (Stable) reaffirmed
   Non Fund Based Limits   2.75    [ICRA]A4 reaffirmed

The rating reaffirmation continues to factor in the moderate
financial profile and extensive experience of the promoters in
the trading and manufacturing of silk yarn and fabric business.
The ratings are however constrained by small scale of operations
and low margin nature of the business. The ratings also take into
consideration the vulnerability of the business to the
cyclicality in the textile industry and also to the various
Government regulations relating to import of yarns. ICRA also
notes the high competitive intensity prevalent in the textile
industry, susceptibility of the profit margins to forex risks and
the risk of capital withdrawals, given its constitution as a
partnership firm.

                    About Vrijesh Corporation

M/s Vrijesh Corporation was incorporated in 1970 by Mr. C.L
Agarwal as a partnership firm engaged in the trading of Yarn and
Fabrics. In 1984 the firm went for forward integration and
started manufacturing of fabrics, home furnishing and ready to
wear accessories. The firm has a manufacturing unit in Bangalore
and also outsources some part of the manufacturing process to its
group company, Vrijesh Natural Fibre & Fabrics Pvt. Ltd. and
other local players in the market. VNFPL is engaged in
manufacturing of fabrics, home furnishing and ready to wear
accessories and has its manufacturing unit at Vapi in Gujarat.

Recent Results:

During 2010-11, the firm has reported a net profit of INR1.97
crore on an operating income of INR46.11 crore. As per the
provisional results of 2011-12, the firm has reported a sale of
INR45.02 crore and a profit before tax of INR6.83 crore.



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


ELPIDA MEMORY: Bondholders May Ask U.S. Court to Halt Micron Sale
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a judge overseeing the U.S. side of the bankruptcy
of Elpida Memory Inc. may be called upon by U.S. bondholders to
stop a sale of the Japanese memory chipmaker to Micron Technology
Inc.

According to the report, tellingly, the bondholders cite the case
of Mexican glassmaker Vitro SAB where a U.S. Bankruptcy Court in
Texas is being used to halt a bankruptcy reorganization in a
Mexican court.  Elpida filed a Chapter 15 petition in U.S.
Bankruptcy Court in Delaware in March, a month after filing
bankruptcy at home.

The report relates that in April, the U.S. court recognized Japan
as home to the so-called foreign main proceeding.  As a result,
the court in Japan ordinarily would administer the sale of the
business and distributions to creditors, receiving assistance
from the U.S. court if necessary.  An ad hoc group of U.S.
bondholders believes Elpida and its court-appointed trustees are
up to no good.

The report notes the holders, owning $293 million in bonds, are
Linden Advisors LP, LIM Advisors, Owl Creek Asset Management LP,
and Taconic Capital Advisors LP.  They contend in papers filed in
bankruptcy court on Aug. 10 that the proposed sale to Micron for
an estimated $1.8 billion at present value is for substantially
less than Elpida's liquidation value.  They say that one of
Elpida's trustees will "apparently be employed" by Micron after
the acquisition.

The report relates the bondholders charge that the Japanese
trustees are precluded from discussing any alternative to a sale
to Boise, Idaho-based Micron, even though the bondholders have
attempted to discuss a transaction bringing in "substantially
more value."

According to the report, the bondholders want the Delaware
bankruptcy judge to modify approval of the Chapter 15 petition so
the reorganizations don't become "an illegitimate transfer of
enterprise value from old equity to new equity at the expense of
existing creditors."

The report relates that at a hearing on Sept. 6, the bondholders
want the U.S. judge to require Elpida to file a list of assets in
the U.S. and then bar the company from transferring assets
outside the U.S.  They also want the bankruptcy judge to declare
that they are at liberty to file an involuntary bankruptcy
petition against Elpida in the U.S.  If the bondholders believe
the Micron sale is sufficiently egregious, they can, like the
Vitro bondholders, ask the U.S. court not to enforce the foreign
reorganization in the U.S.

Bondholders are also trying to stop the sale in court in Japan.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


SHICOH CO: Minebea Concludes Sponsor Agreement
----------------------------------------------
Minebea Co., Ltd., on Aug. 10, 2012, announced that it has
concluded a sponsor agreement with Shicoh Co., Ltd, which filed
an application with the Tokyo District Court for civil
rehabilitation proceedings on August 10.

"Severe business environment including depreciation cost burden
associated with investment in facilities following a substantial
decline in orders after September 2011, a sharp rise in the price
of raw materials such as rare metals and increased labor costs in
China, resulted in the company filing an application to commence
civil rehabilitation proceedings," Minebea said in press release.

"Minebea has entered into a sponsor agreement with SHICOH, based
on the premise of offering assistance toward the rehabilitation
proceedings, in accordance with the said sponsor agreement," it
said.

Minebea said it plans to conclude a business transfer agreement
by around the end of August, 2012.

Japan-based Shicoh Co. Ltd is engaged in the mass production and
sale of auto-focus linear motors, which are mostly used in the
micro cameras installed in mobile phone, smartphone and
multifunctional tablet device.  The company employed 6,427
workers as of June 1, 2011.



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


CAPITAL + MERCHANT FINANCE: May Face Receivers' Legal Claim
-----------------------------------------------------------
Tim Hunter at stuff.co.nz reports that the trustee for several
failed finance companies, Perpetual Trust, is being lined up for
extraordinary legal action by receivers it appointed to Capital +
Merchant Finance.

stuff.co.nz notes that investors owed NZ$167 million were left
with total losses from Capital + Merchant's collapse in 2007 and
litigation appears the only remaining avenue to claw back some
money.

Receivers Grant Graham and Brendon Gibson of Korda Mentha have
told Perpetual they are considering making a claim against the
trustee, which had a legal obligation to supervise Capital +
Merchant on investors' behalf, stuff.co.nz relates.

The prospect creates a bizarre legal problem.

"It puts us in an unworkable position of conflict, because we are
the ones who appoint the receiver and theoretically we have the
ability to direct them," the report quotes Perpetual's head of
corporate trust Matthew Lancaster, as saying.

stuff.co.nz relates that Mr. Lancaster said the perception for
conflict of interest meant Perpetual would resign as trustee and
was seeking court approval for Public Trust to be appointed in
its place.

Details of the receivers' claim are not available, although
Mr. Lancaster said Perpetual had been given a "broad outline" of
what it would involve, stuff.co.nz relays.

                      About Capital + Merchant

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

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


FELTEX CARPETS: Court of Appeal Hears Defendant Challenge
---------------------------------------------------------
Marta Steeman at stuff.co.nz reports that a critical Court of
Appeal hearing is being held in Wellington this week in the
NZ$150 million representative action of 3,000 shareholders of
Feltex Carpet against the failed carpet maker's former directors
and others.

According to the report, the defendants in the case are appealing
to the Court of Appeal against certain decisions entered by
Justice Christine French in the High Court last year.  They
relate to her decisions to allow the representative action to
proceed, and timing and funding matters, says stuff.co.nz.

stuff.co.nz notes that most of the hearings in the representative
action led by the plaintiff, Eric Houghton, have been in private,
but the appeal this week is one of the few open to the public.

The report states that Mr. Houghton is alleging that the Feltex
prospectus contained untrue statements and was misleading.

About 3,000 shareholders who bought shares in the initial
offering of Feltex shares to the public in May and June 2004 have
joined his action, the report notes.

stuff.co.nz recounts that Mr. Houghton filed his action in
February 2008 against the former directors at the time of the
share offering, as well as against the sellers and promoters of
the shares.

The defendants are the seven former directors of Feltex: Tim
Saunders, former Feltex chairman Sam Magill, John Feeney, Craig
Horrocks, Peter Hunter, Peter Thomas, and Joan Withers.  Other
defendants include Credit Suisse First Boston Asian Merchant
Partners, the sellers of the shares, First New Zealand Capital
Securities and Forsyth Barr.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


NATIONAL FINANCE: Director Sentencing Delayed Until Aug. 24
-----------------------------------------------------------
Nick Krause at stuff.co.nz reports that the sentencing of former
National Finance director Anthony Banbrook has been postponed.

stuff.co.nz relates that Mr. Banbrook was due to be sentenced in
the High Court at Auckland on August 14, after earlier admitting
a charge of making untrue statements in the company's September
2005 registered prospectus.

But the matter has been adjourned until August 24, because
Justice Timothy Brewer said he had only received defense counsel
submissions on August 14 which was less than the required two
days in advance of a hearing, the report says.

According to stuff.co.nz, Justice Brewer said Mr. Banbrook's
counsel Harry Waalkens QC was calling for a sentence "completely
different" from the sentence sought by the Crown.

Against a complicated legal background and with insufficient time
to review the submissions, he would not be able to do the case
justice, the judge, as cited by stuff.co.nz, said.

The Securities Act charge carries a maximum penalty of five
years' imprisonment or a fine of up to NZ$300,000, stuff.co.nz
notes.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



                             *********

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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