TCRAP_Public/120820.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 20, 2012, Vol. 15, No. 165

                            Headlines


A U S T R A L I A

APN NEWS: Cuts 100 More Jobs in New Zealand Media Unit
EASY MEALS: Food Supplier Placed In Administration
WILD SURF: Surfwear Company Goes Into Liquidation


C H I N A

TITAN PETROCHEM: Bondholders Favor Sale Over Liquidation
TITAN PETROCHEM: Winding Up Hearing Adjourned to Sept. 5


H O N G  K O N G

ALLIED HARBOUR: Court to Hear Wind-Up Petition on Sept. 5
BIOENVIROLINK TECHNOLOGIES: Court Enters Wind-Up Order
CHINA HANI: Lo and Leung Appointed as Liquidators
DEMETER ENTERPRISE: Court to Hear Wind-Up Petition on Sept. 26
ENTAK INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 10

FORD FINANCE: Lai and Man Step Down as Liquidators
GLOBAL SERVICE: Court to Hear Wind-Up Petition on Oct. 10
GOODWAY INDUSTRIAL: Court Enters Wind-Up Order
HARVEST FIELD: Lam Hok Chung Rainier Steps Down as Liquidator
HENNIC PROPERTIES: Lai and Yeung Appointed as Liquidators

HUGE BEST: Creditors' Proofs of Debt Due Aug. 31
JOIN LEADER: Court Enters Wind-Up Order
LAM'S & PARTNER: Court to Hear Wind-Up Petition on Oct. 10
MART TREASURE: Lo and Leung Appointed as Liquidators
MACPI GROUP: Court to Hear Wind-Up Petition on Sept. 5

ORIENTAL PLAN: Creditors Get 1.46% Recovery on Claims


I N D I A

AL-HAMD AGRO: ICRA Assigns '[ICRA]B+' Rating to INR3.87cr Loans
BANNA LAL: ICRA Assigns '[ICRA]B+' Rating to INR14.5cr Loans
KAY KAY: ICRA Assigns '[ICRA] BB+' Rating to INR15cr Loans
OASIS AGRO: ICRA Rates INR18.8cr Loan at '[ICRA]B+'
PIONEER TEA: ICRA Reaffirms '[ICRA]B+' Rating on INR3.39cr Loans

PRESTIGE FEED: ICRA Reaffirms 'BB+' Rating on INR48cr Loan
RAVE SCANS: ICRA Reaffirms '[ICRA]BB+' Rating on INR35cr Loan
SRINIVASA AGRO: ICRA Rates INR12cr Loan at '[ICRA]BB-'
VIJAYNAGAR BIOTECH: ICRA Puts 'BB+' Rating on INR47.5cr Loans
VIMS IMPEX: ICRA Reaffirms '[ICRA] B-' Rating on INR7.38cr Loans

VINIR ENG'G: ICRA Puts '[ICRA]BB' Rating on INR31.47cr Loans
WALIA AGNI: ICRA Assigns '[ICRA]D' Rating to INR32cr Loans


N E W  Z E A L A N D

EQUITABLE MORTGAGES: Investors Set to Get Third Payment
PIANOSHOP LTD: Director Pleads Guilty to Fraud Charges


S I N G A P O R E

BEDDING SOLUTIONS: Court Enters Wind-Up Order
MSD STAMFORD: Creditors' Proofs of Debt Due Sept. 12
MSD TUAS: Creditors' Proofs of Debt Due Sept. 12
MSD VENTURES: Creditors' Proofs of Debt Due Sept. 12
SCHERING-PLOUGH (S): Creditors' Proofs of Debt Due Sept. 12

SCHERING-PLOUGH TECH: Creditors' Proofs of Debt Due Sept. 12


X X X X X X X X

* Sheppard Mullin Opens Seoul Office, Its 16th Location


                            - - - - -


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


APN NEWS: Cuts 100 More Jobs in New Zealand Media Unit
------------------------------------------------------
BusinessDesk reports that another 100 jobs are to be terminated
at APN News & Media; all its regional papers are to be made
"compact"; and the value of its metropolitan mastheads, including
the New Zealand Herald, will be written down by nearly NZ$480
million.

BusinessDesk discloses that the company, which also publishes the
Listener and New Zealand Woman's Weekly, tripled its first-half
loss after writing down the value of its New Zealand publishing
assets unit by AUD485 million as part of an ongoing review.

According to the report, the Sydney-based company said the net
loss widened to AUD319.4 million, or 49.9 cents per share, in the
six months ended June 30 from a loss of AUD98.3 million, or 16.1
cents per share, a year earlier.

Revenue from continuing operations rose 1% to AUD405.5 million.
Earnings before interest, tax, depreciation and amortisation fell
12% to AUD74.9 million, the report relays.

BusinessDesk notes APN warned its second-half profit may be
impacted by deteriorating publishing revenues on both sides of
the Tasman, and the partial sale of its outdoor advertising unit.

At its May annual meeting, the report recalls, the media group
told shareholders it had appointed Deutsche Bank to undertake a
strategic review of the New Zealand media assets after receiving
approaches from parties interested to buy.  The review is still
under way, APN said August 17.

More cuts were flagged for the New Zealand media unit, with
another 100 jobs to go this year on top of the 400 eliminated in
the past three years, along with more centralised and outsourced
production models, BusinessDesk adds.

                           About APN News

Based in Sydney, Australia APN News & Media Ltd (ASX:APN) --
http://www.apn.com.au/-- is engaged in publishing of newspapers,
magazines and directories in printed and online formats, radio
broadcasting and outdoor advertising.  The company's segments
include Publishing, Broadcasting, and Outdoor.  Publishing
includes newspapers, magazines, directories, printing and online
publishing.  Broadcasting includes radio transmissions.  Outdoor
includes specialist transit and static outdoor advertising


EASY MEALS: Food Supplier Placed In Administration
--------------------------------------------------
Russell Emmerson at Herald Sun reports that solo sailor Jessica
Watson's food supplier Easy Meals has been placed in
administration.

According to Herald Sun, Queensland-based Easy Meals was placed
in administration last week but McGrath Nicol partner Jamie
Harris said he was still investigating reasons leading to the
collapse.

"I am currently undertaking an urgent appraisal of the company's
activities to understand the best course of action to preserve
the company's assets," the report quotes Mr. Harris as saying.

That investigation is likely to include the question of whether
the company should continue to operate as a franchise system or
whether its collapse was based on an unsuccessful product -
packaged meals requiring minimal reheating, the report relates.

Herald Sun says the company is understood to have 56 franchisees
operating 100 shopfronts across every state and territory in
Australia.  It is also believed to have more than 25 employees --
although Mr. Harris said he is still investigating whether some
staff are properly classified as employees or franchisees, Herald
Sun relays.

According to the report, directors Andrew and Matthew Edwards
established the company in July 2010 but changed it to a public
company in March 2012.  It had already raised more than
AUD1.5 million from its shareholders before its collapse,
including AUD650,000 in only three transactions two months ago.


WILD SURF: Surfwear Company Goes Into Liquidation
-------------------------------------------------
Amy Edwards at theherald.com.au reports that Wild Surf Co has
gone into liquidation, affecting dozens of workers.

Westfield Kotara centre manager Ryan Burns said he was advised on
Friday afternoon that the company had gone into liquidation.

"This is an extremely unfortunate situation, which has affected a
total of five stores throughout Newcastle and the Central Coast,
including Wild Surf Co and Breakaway at Westfield Kotara," the
report quotes Mr. Burns as saying. "Westfield Kotara will
announce in due course who the replacement retailers are."

About 38 staff, including full-time and casual, are believed to
have been made redundant across the sites.

Owned by the Keane family, surfwear company Wild Surf Co was
established in 1981 and features headquarters at Adamstown.
It includes four Wild Surf Co stores at Charlestown Square,
Jesmond shopping centre, Westfield Kotara and Stockland Bay
Village on the Central Coast.  The company also owns one
Breakaway Surf Co store at Westfield Kotara.



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


TITAN PETROCHEM: Bondholders Favor Sale Over Liquidation
--------------------------------------------------------
Aibing Guo at Bloomberg News reports that owners of Titan
Petrochemicals Group Ltd.'s debt favor selling a stake in the
company over its liquidation, a member of the bondholders
committee said.

"The liquidation of Titan is not in the best interests of the
wider range of stakeholders including creditors, shareholders and
employees," Jonathan Chia Croft, the chief investment officer of
London-based investment company AdviCorp Plc, said in an e-mail
obtained by Bloomberg News.  Mr. Croft declined to disclose the
size of AdviCorp's holding in Titan's debt.

As reported in the Troubled Company Reporter-Asia Pacific on
July 17, 2012, Bloomberg News said Titan Petrochemicals Group
Ltd. should be liquidated because the Hong Kong-listed company is
insolvent, private equity firm Warburg Pincus LLC said in a
lawsuit. Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.

Bloomberg News noted that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due
on its U.S. dollar bonds on March 19.  It hasn't been profitable
in any of the past five years, and its liabilities at the end of
last year exceeded its assets by HK$1.24 billion, according to
the petition obtained by Bloomberg News.

Titan is unlikely to be able to redeem Warburg's 555 million
preferred shares, according to the document cited by Bloomberg
News.  Warburg sought redemption on July 4, claiming
HK$384 million, added Bloomberg News.

Bloomberg News notes that the Bermuda court was scheduled to rule
Aug. 16 on the winding-up order filed by Saturn on July 5.

                      About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'.  S&P then withdrew all the ratings.


TITAN PETROCHEM: Winding Up Hearing Adjourned to Sept. 5
--------------------------------------------------------
Saturn Petrochemical Holdings Limited, an affiliate of Warburg
Pincus LLC, filed a petition on July 5, 2012 against Titan
Petrochemicals Group Limited ("Listco") in Bermuda for a winding-
up order and the appointment of liquidators, on the basis of
Listco's inability to pay its debts.  The initial court hearing
in Bermuda took place on August 16, 2012, and has been adjourned
to September 5, 2012 to allow, among other things, the proper
consideration of an affidavit which was filed by Listco on
Aug. 15, 2012.

Listco's insolvency is undisputed, and indeed has been publicly
acknowledged by Listco in an announcement dated March 18, 2012 in
anticipation of its default on the USD400 million 8.5% Guaranteed
Senior Notes Due 2012. Since this date, and despite substantial
encouragement from key creditors, the Listco management has
failed to present a viable restructuring proposal to its
creditors.

The proposal that Listco has presented to date has significant
flaws, appears unrealistic, is still very preliminary, highly
conditional and lacking in several critical details;

-- the extent of the return for creditors is entirely dependent
    on whether Listco is able to retain its interests in Titan
    Group Investment Limited (In Liquidation).  This is highly
    uncertain, not least because SouthernPec Corporation and
    Saturn Storage Limited, an affiliate of Warburg Pincus and
    the biggest creditor of StorageCo, have formed a joint
    venture entity to submit a joint restructuring proposal to
    the liquidators of TGIL which they believe will deliver a
    superior return to stakeholders of StorageCo compared to
    the proposal supported by Listco;

-- Listco's proposal to extend its debt obligations by 7 to 10
    years will not resolve Listco's manifest insolvency, but
    simply defers the problem yet again. The inability of
    Listco's management team to address the fundamental problems
    facing its business have been clearly demonstrated by the
    fact that, despite a number of previous debt restructurings,
    Listco was not able to prevent a default under its
    restructured bonds in March;

-- Listco has not articulated any clear plan as to how the
    business is going to be turned around after 5 years of
    accumulated losses amounting to HKD3.53 billion (USD452.6
    million) under its current management team.

SPHL's petition to the Bermudian court to have an independent
insolvency practitioner appointed over Listco is predicated on
Listco's dire financial position which shows no realistic sign of
improving, and the urgent need to have independent third parties
with specialist restructuring expertise in control of Listco in
order to safeguard the interests of the creditors as a whole,
consider all restructuring options available to Listco and its
subsidiaries, and (as appropriate) investigate the prior conduct
and activities of the Listco management.

The approach taken by SPHL in relation to Listco is consistent
with that taken by SSL in respect of StorageCo, which was
previously under the control of Listco management. Following an
application made by SSL, the Eastern Caribbean Supreme Court in
the High Court of Justice, BVI, appointed Russell Crumpler,
Patrick Cowley and Edward Middleton as liquidators of StorageCo
on July 16, 2012. The Liquidators are now actively pursuing a
restructuring of StorageCo and its subsidiaries in an expeditious
manner, which will necessarily include as assessment of all of
the options available to the StorageCo Group having regard to the
creditors as a whole, including the proposal from the joint
venture entity formed by SSL and SP, as referred to above.

The independence of the Liquidators, and the transparent nature
of the restructuring process being effected in respect of the
StorageCo Group, is critical in order to provide creditors with
the assurances and certainty necessary to effect a successful
restructuring. It is envisaged that the Liquidators would work
closely with their counterparts appointed by the Bermudian court
over Listco in due course to ensure the continued operation of
the wider group as a viable going concern.

On July 19, 2012, SSL filed a lawsuit in Hong Kong against
Listco, one of its subsidiaries and a number of Listco's
executives. The lawsuit relates to various alleged breaches of
contract and misrepresentations, including in connection with the
unauthorized execution and concealment by the defendants to the
lawsuit of certain guarantees totaling approximately RMB1.48
billion. The guarantees were given by three subsidiaries of
StorageCo in favor of lenders to subsidiaries of ListCo which are
outside of the StorageCo group. The guarantees provided no
material benefit to the StorageCo group and have caused
significant financial damage and additional potential
liabilities.

                      About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'.  S&P then withdrew all the ratings.



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


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

Fubon Credit (Hong Kong) Limited filed the petition against the
company on June 27, 2012.

The Petitioner's solicitors are:

          Au-Yeung, Cheng, Ho & Tin
          14th Floor, Far East Consortium Building
          121 Des Voeux Road
          Central, Hong Kong


BIOENVIROLINK TECHNOLOGIES: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 8, 2012, to
wind up the operations of Bioenvirolink Technologies Limited.

The official Receiver is Teresa S W Wong.


CHINA HANI: Lo and Leung Appointed as Liquidators
-------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Aug. 17, 2012,
they have been appointed by the High Court of Hong Kong as joint
and several liquidators of China Hani Estate Company Limited.
The High Court entered an order on Aug. 13, 2009, to wind up the
operations of Able System.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


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

Law Ka Man Agnes filed the petition against the company on
July 19, 2012.

The Petitioner's solicitors are:

          Raymond Yu & Co.
          2201B, 22/F
          Ginza Square, 565 Nathan Road
          Kowloon, Hong Kong


ENTAK INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 10
--------------------------------------------------------------
A petition to wind up the operations of Entak International
Limited will be heard before the High Court of Hong Kong on
Oct. 10, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 27, 2012.

The Petitioner's solicitors are:

          Chu & Lau
          Unit A, 33rd Floor
          United Centre
          No. 95 Queensway
          Hong Kong


FORD FINANCE: Lai and Man Step Down as Liquidators
--------------------------------------------------
Lai Kar Yan Derek and Man Kou Tan (Deceased) stepped down as
liquidators of Ford Finance Limited on July 20, 2012.


GLOBAL SERVICE: Court to Hear Wind-Up Petition on Oct. 10
---------------------------------------------------------
A petition to wind up the operations of Global Service (Project)
Limited (formerly known as South China House of Technology
(Project) Limited) will be heard before the High Court of
Hong Kong on Oct. 10, 2012, at 9:30 a.m.

Sheen Wealth Industrial Limited filed the petition against the
company on Aug. 7, 2012.

The Petitioner's solicitors are:

          Spencer Lee & Co.
          Room 605B, Tower 2
          Lippo Centre
          89 Queensway, Hong Kong


GOODWAY INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 8, 2012, to
wind up the operations of Goodway Industrial (HK) Limited.

The official Receiver is Teresa S W Wong.


HARVEST FIELD: Lam Hok Chung Rainier Steps Down as Liquidator
-------------------------------------------------------------
Lam Hok Chung Rainier stepped down as liquidator of Harvest Field
Development Limited on Aug. 1, 2012.


HENNIC PROPERTIES: Lai and Yeung Appointed as Liquidators
---------------------------------------------------------
Lai Kar Yan Derek and Yeung Lui Ming Edmund on July 17, 2012,
were appointed as liquidators of Hennic Properties Limited.

The liquidators may be reached at:

         Lai Kar Yan Derek
         Yeung Lui Ming Edmund
         35/F, One Pacific Place
         88 Queensway, Hong Kong


HUGE BEST: Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------
Creditors of Huge Best International Limited, which is in
liquidation, are required to file their proofs of debt by Aug.
31, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Fok Hei Yu
          Level 22 The Center
          99 Queen's Road Central
          Central, Hong Kong


JOIN LEADER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 8, 2012, to
wind up the operations of Join Leader Godown Logistics Company
Limited.

The official Receiver is Teresa S W Wong.


LAM'S & PARTNER: Court to Hear Wind-Up Petition on Oct. 10
----------------------------------------------------------
A petition to wind up the operations of Lam's & Partner Limited
will be heard before the High Court of Hong Kong on Oct. 10,
2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 27, 2012.

The Petitioner's solicitors are:

          Chu & Lau
          Unit A, 33rd Floor, United Centre
          No. 95 Queensway
          Hong Kong


MART TREASURE: Lo and Leung Appointed as Liquidators
----------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Aug. 17, 2012,
they have been appointed by the High Court of Hong Kong as joint
and several liquidators of Mart Treasure Investment Limited.  The
High Court entered an order on Oct. 21, 2011, to wind up the
operations of Able System.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


MACPI GROUP: Court to Hear Wind-Up Petition on Sept. 5
------------------------------------------------------
A petition to wind up the operations of Macpi Group (HK) Limited
will be heard before the High Court of Hong Kong on Sept. 5,
2012, at 9:30 a.m.

Yap Bee Hong Chrisand filed the petition against the company on
July 3, 2012.

The Petitioner's solicitors are:

          Messrs. S. H. Chan & Co
          Units C-F, 18th Floor
          China Overseas Building
          139 Hennessy Road
          Wan Chai, Hong Kong


ORIENTAL PLAN: Creditors Get 1.46% Recovery on Claims
-----------------------------------------------------
Oriental Plan Development Limited will declare the first and
final dividend to its creditors on Aug. 22, 2012.

The company will pay 1.46% for ordinary claims.

The company's liquidators are:

         Kong Chi How Johnson
         25th Floor, Wing On
         Centre, 111 Connaught Road
         Central, Hong Kong



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


AL-HAMD AGRO: ICRA Assigns '[ICRA]B+' Rating to INR3.87cr Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR2.0 crore
sanctioned term loans and INR1.87 crore unallocated fund based
limits of Al-Hamd Agro Food Product Private Limited. ICRA has
also assigned ratings of [ICRA]A4 to the INR20.0 crores fund
based limits of Al-Hamd.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans              2.00     [ICRA]B+ assigned

   Fund based limits       1.87     [ICRA]B+ assigned

   Fund based limits      20.00     [ICRA]A4 assigned

The rating of ICRA reflects the company's track record of low
profitability because of the intensely competitive nature of the
meat export industry. Further, the significant turnover growth
has necessitated higher working capital requirements thereby
resulting in negative cash generation during past years. The
incremental funding requirement of the company has largely been
met by increased borrowings although the promoters too
contributed by way of unsecured loans and equity. As a result,
the gearing of the company stood at 4.41 times as on March 2012.
The rating is also constrained on account of the inherent
business risk arising out of the company's presence in buffalo
meat export business, whereby it remains exposed to social,
political and disease out-break risks, however ICRA has taken a
comfort from the long experience of the promoters in the business

Going forward, ICRA expects the company to benefit from
sufficient growth opportunities in its business, however low
operating profitability coupled with high interest expenses will
continue to result in limited cash generation which is required
to fund its growth; thereby necessitating future funding support.
As a result the capital structure and debt protection indicators
of the company are expected to remain relatively modest.

Incorporated in 2005 Al-Hamd Agro Food Products Pvt. Ltd. has
operations primarily into processing and export of buffalo meat.
The company has an integrated Abattoir cum Meat Processing Plant
with a rendering unit located in Aligarh, Uttar Pradesh, India
with freezing capacity of 40000 MT per tone. It is registered
with the Agricultural and Processed Food Products Export
Development Authority (APEDA) for export of buffalo meat and also
holds a Hazard Analysis Critical Control Point certification.

Recent Results

The company reported operating income of INR339.82 crores and PAT
of INR2.19 crores during the financial year ending March 2012, as
against operating income of INR261.24 crores and PAT of INR0.68
crores during FY 2011.


BANNA LAL: ICRA Assigns '[ICRA]B+' Rating to INR14.5cr Loans
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR4.00 crore long term
fund based and INR10.50 crore long term non-fund based bank
facilities of Banna Lal Jat Constructions Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term: Fund          4.00    [ICRA]B+ assigned
   Based Limits

   Long Term: Non-Fund     10.50    [ICRA]B+ assigned
   Based Limits

The assigned rating is constrained by the company's aggressive
growth plans as reflected in a large pending order book, which
though provides revenue visibility over the near term, also
increases the execution and funding risks. The order book of the
company which largely constituted of small scale orders till
recent past has witnessed sharp jump owing to a large size order
which has been awarded to the company under a joint venture. In
addition to this, the company has also emerged as lowest bidder
in other large scale road projects which increases the execution
risk, given the limited track record in executing large orders.
Moreover, given the already high gearing levels on account of
debt funded purchase of construction equipments to support the
execution of the increased order book, the company's financial
flexibility is low and hence shall necessitate additional funding
support from promoters to fund margin money contributions for
enhanced working capital requirements. The rating is also
constrained on account of concentration risks arising out of
order book concentration towards few particular orders in road
projects floated by various entities of government of Rajasthan.
While there are ample opportunities in road construction sector,
however the sector is characterised by relatively low complexity
of the work and low entry barriers which results in high
competitive intensity. The ratings favourably factor in the
relatively low execution risk in road projects due to low
complexity and shorter execution cycle which will partly mitigate
the concerns arising of large order book; and the experience of
more than two decades of the promotes in the road construction.

Going forward, satisfactory execution of the order book , timely
infusion of funds for availing working capital which shall be
required for timely project execution and scale of debt funded
capex (if any) towards the purchase of equipments for execution
of the order book, would be the key rating sensitivities.

BLJ was incorporated in December 2005 and is primarily engaged in
construction, up-gradation and widening of state roads and
highways for government departments in Rajasthan. The company is
an AA class contractor registered with PWD, Rajasthan. The
operations were earlier carried out in a proprietorship firm,
Banna Lal Jat, by Mr. Banna Lal Jat for last more than two
decades and from 2011-12 all the new orders are been executed in
BLJ.


KAY KAY: ICRA Assigns '[ICRA] BB+' Rating to INR15cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR13.50 crore
fund based facilities of Kay Kay Overseas Corporation. ICRA has
assigned an '[ICRA]A4+' rating to the INR6.00 crore non fund
based facilities of Kay Kay. ICRA has also assigned
[ICRA]BB+/[ICRA]A4+ rating to the INR1.50 crore unallocated
limits of Kay Kay. The outlook assigned to the long term rating
is stable

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based-Cash Credit   13.50   [ICRA]BB+ (Stable) assigned

   Unallocated amount        1.50   [ICRA]BB+ (Stable)/[ICRA]A4+
                                    Assigned

   Non Fund Based- Bank
   Guarantee                 6.00   [ICRA]A4+ assigned

The assigned ratings factor in long standing experience of the
management in trading technology products; exclusive dealership
for DELL's consumer laptops and a reputed customer profile. ICRA
also takes into account firm's sustained growth in operating
income over the years. However, the ratings are constrained by
the firm's moderate scale of operations and risks arising from
concentration on a single brand. ICRA also notes that the
financial profile is characterised by low profitability and
leveraged capital structure leading to weak coverage indicators.
The ratings also factor in the risks associated with the legal
status as a partnership firm.

Incorporated in April, 1995, Kay Kay is engaged in trading of
technological products in domestic market. The firm commenced its
operations with import of computer peripherals and trading in the
domestic market. Within the distribution business, the firm
offers a range of products from laptops, notebook and desktops to
computer parts and accessories, networking products and
softwares. Mr. Sharad Khandelwal and Mrs. Vidhi Khandelwal are
the partners of the firm. It has seven stores in Mumbai located
at Bandra, Thane, Vashi, Lokhandwala, Vile Parle, Lamington and
Andheri.

Recent Results

Kay Kay recorded an operating profit of INR2.53 crore on an
operating income of INR128.74 crore for the year ending March 31,
2011, while it recorded an operating profit of INR3.88 crore on
an operating income of INR155.81 crore for the financial year
2011-12 (provisional).


OASIS AGRO: ICRA Rates INR18.8cr Loan at '[ICRA]B+'
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR18.80 crore1 fund based facilities of Oasis Agro Infra
Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based limits       18.80    [ICRA]B+ (assigned)

The rating is constrained by OAIL's initial stage of operations
(with the first crop of poplar trees to be harvested only in
FY2016), small scale of operations with dependence of revenues on
intercropping sales during the interim years with the company
reporting an operating income of INR2.24 crore in FY12 . The
rating also factors in agro climatic risks, which can affect the
crop adversely, as the growth of plants is highly dependent on
rainfall. The rating however, favorably factors in positive
demand outlook of Poplar (used for making matchsticks, plywood,
block boards, charcoal, etc), strategic location of the sites
which are conducive in terms of climate & quality of soil
required; and an integrated business model with intercropping of
crops like cereals, sugarcane, mustard to provide regular cash
flows in the interim years.

Further, repayment of the term loan commences from FY16, allowing
moratorium for the rotation period of poplar (4-5 years). This is
expected to help the company to augment its poplar cash flows by
the accruals generated from Intercropping during the rotation
years, thus ensuring adequate cash flows to service its debt
obligations. ICRA has also taken note of the tax exemption on
agricultural income. Further, the Company get its plantation
audit time to time from different Institutes and as per recent
audit report the progress is satisfactory in terms of plantation
growth.

Going forward, ability to add the projected land (500 acres)
every year, satisfactory growth of plants in the next couple of
years and revenues from intercropping would thus remain key
rating drivers in the medium term.

Incorporated in October 2010, Oasis Agro Infra Limited is engaged
in growing Poplar plants along with inter crop farming like
growing of crops such as Cereals (Paddy & Wheat); Sugarcane,
Mustard, Vegetable crops (Potato, Garlic, Onion, Cauliflower,
Tomato, etc.), Fruit crops (Mangoes, Guava, Litchi, Banana,
Papaya), Turmeric etc. The rotation followed is 4-5 years. As on
date the area under cultivation is around 900 Acres, all under
lease agreement of 5 years from different farmers.

Recent Results

As per provisional FY12 results the company reported a profit
after tax (PAT) of INR1.57 crore on an operating income of
INR2.24 crore. All the expenses pertaining to poplar planting is
considered as deferred revenue expenditure, as the benefits of
poplar planting will be availed by OAIL in FY16.


PIONEER TEA: ICRA Reaffirms '[ICRA]B+' Rating on INR3.39cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR3.39 crore
term loans and INR3.00 crore cash credit facilities of Pioneer
Tea & Exports Limited. ICRA has also reaffirmed the '[ICRA]A4'
rating to the INR0.50 crore non-fund based bank facilities of
PTEL.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Fund Based Limits       3.39      [ICRA]B+ reaffirmed
   (Term Loans)

   Fund Based Limits       3.00      [ICRA]B+ reaffirmed
   (Cash Credit)

   Non-Fund Based Limits   0.50      [ICRA]A4 reaffirmed
   (Bank Guarantee)

The reaffirmation of ratings takes into consideration PTEL's
small scale of current operations, weak financial profile
characterized by low net profitability, an aggressive capital
structure and depressed levels of coverage indicators. The
ratings also consider PTEL's dependence on purchased leaves as it
has no gardens of its own, which exposes the company to
availability, quality and price risks of purchased green leaves.
The ratings also take into account the lower realisations PTEL's
tea commands as compared to average auction prices in the overall
Terai region, although the same remains at par when compared to
average auction prices of the bought leaf factories in the same
region. In addition, domestic tea prices to a large extent are
influenced by international prices and hence the demand supply
situation in the global tea market, in ICRA's opinion, would
continue to impact the profitability of Indian players including
PTEL. The ratings, however, factor in the experience of the
management in the tea business, improvement in PTEL's operating
profitability during 2011-12 and the favourable price outlook for
the domestic tea industry over the short to medium term.

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets
its tea under the brand name of 'Raajdhanee', 'Pioneer Tea',
'Daffodil', and 'Saffron Valley'.

Recent Results

The company has reported a net profit of INR0.04 crore
(provisional) on an operating income of INR11.39 crore
(provisional) during 2011-12 as compared to a net profit of
INR0.04 crore on an operating income of INR12.83 crore during
2010-11.


PRESTIGE FEED: ICRA Reaffirms 'BB+' Rating on INR48cr Loan
----------------------------------------------------------
The ratings of '[ICRA]BB+' and '[ICRA] A4+' have been reaffirmed
for the INR57.70 crore (enhanced from INR46.50 crore) bank limits
of Prestige Feed Mills Limited. The outlook on the long term
rating remains Stable.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based Limits       48.00    [ICRA]BB+ (Stable) Reaffirmed
   Non Fund Based Limits    9.70    [ICRA]A4+ Reaffirmed

The ratings continue to be constrained by the high business risks
associated with the edible oil (and related products) industry
including the high competitive intensity and fragmentation;
vulnerability of profitability of domestic edible oil players to
import pressure, volatility in global edible oil prices and
changes in import duty differential between crude and refined
oil; exposure to commodity price and forex risks and; agro-
climatic risks associated with the availability of raw material.
The ratings are also inhibited by the company's modest financial
risk profile as reflected in its low profitability margins; high
gearing levels and modest debt protection metrics. Nevertheless,
while assigning the ratings, ICRA has favorably factored in the
considerable experience of Prestige's promoters in the soya
business; the company's locational advantage being situated in
the soybelt of the country; favorable export prospects for soya
meal and in particular the current buoyant market scenario and
favorable near term outlook; integrated nature of the company's
manufacturing operations and presence in the value added edible
grade soya product segment.

Prestige Feed Mills Limited based out of Indore in Madhya Pradesh
is engaged in the manufacture and sale of soybean oil and DOC. It
also undertakes trading of agro-commodities. The company has been
promoted by the Jain family who hold more than two decades of
experience in the soya oil and meal business and are a well known
business group in the region with their "Prestige" brand. The
manufacturing facilities of the company are located in Dewas,
Madhya Pradesh and include a 550 tpd solvent extraction unit and
a 110 tpd refinery. The company reported a net profit after tax
of INR2.61 crore on a turnover of INR511.02 crore in the year
ended March 31, 2012.


RAVE SCANS: ICRA Reaffirms '[ICRA]BB+' Rating on INR35cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' assigned
to the INR35.00 crore fund based bank facilities of Rave Scans
Private Limited. The outlook on the long term rating is Stable.
ICRA has also reaffirmed short term rating of '[ICRA]A4+'
assigned to the INR3.00 crores non fund based bank facilities of
RSPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund-Based Limits       35.00    [ICRA]BB+ (Stable) reaffirmed
   Non-fund Based Limits    3.00    [ICRA]A4+ reaffirmed

The reaffirmation of the ratings continues to derive comfort from
the experienced management of the company, which coupled with a
diversified customer base and constant capacity additions done in
FY11 & FY12 has resulted in steady turnover growth in the past,
which is expected to be sustained in the medium term. ICRA also
notes that despite increase in debt levels (on account of
increased working capital borrowings and capital expenditure
incurred), the gearing of the company fell to 1.29X in FY 2012
from 1.60X in FY 2011 on account of equity infusion being done by
the company in the past two years. However the rating continues
to be constrained by the modest operating position of the company
in the printing business as reflected in the relatively small
scale of operations which has resulted in limited bargaining
power vis-a-vis its customers and high working capital intensity
(NWC/OI of 46% in FY 2012) of the business leading to pressure on
cash flows. The ratings also take into account the fragmented
nature of industry resulting in competitive pressures from both
organised as well as unorganized sector. Going forward, the
company's ability to scale up its operations and to maintain
adequate margins in the intensely competitive business will be
the key rating sensitivities.

Established in 1993, RSPL Scan Private Limitedis engaged in the
business of printing of magazines, corporate brochures, annual
reports, calendars, advertising posters, and other promotional &
merchandising materials etc. The range of services provided by
the company includes designing, editing, typesetting, scanning,
image manipulation, printing, binding, finishing and
distributing. RSPL is an ISO 9001:2000 certified company promoted
by Mr. Rakesh Bhatnagar in 1993 along with two more partners who
exited the erstwhile partnership firm and RSPL got converted into
a private company in 2002. The company was only a prepress unit
till 2004, post which it also entered into printing of the
materials. RSPL operates from its printing units located in
Naraina and one unit located in Gurgaon (which was set up in FY
2011). In FY 2012, all machines and equipments from 2 of the
units located in Naraina have been shifted to the Gurgaon unit.

Recent Results:

As per the audited results, RSPL reported a net profit of INR4.28
crore on an operating income of INR55.97 crore for the year ended
March 31, 2012 as against a net profit of INR3.66 crore on an
operating income of INR41.34 crore for the year ended March 31,
2012.


SRINIVASA AGRO: ICRA Rates INR12cr Loan at '[ICRA]BB-'
------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR12.00 crore
fund based limits of Srinivasa Agro Products.  The long-term
rating carries stable outlook.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund based limits       12.00    [ICRA]BB- (Stable) assigned

The assigned ratings take into account the long experience of the
management in the edible oils business, locational advantage
arising from its presence in the oil seed growing belt of Guntur
region in Andhra Pradesh and favorable demand outlook with India
being traditionally deficit in edible oil. The rating is however
constrained by the intense competition in the sector from
organized and unorganized players, threat from cheaper
substitutes like palm oil and vulnerability of operations to
fluctuations in raw material prices and availability due to its
dependence on externalities such as monsoon and the regulatory
framework. The rating is also constrained by firm's weak
financial profile as reflected by low profitability, leveraged
capital structure on account of working capital intensive nature
of the business which is primarily debt funded and weak debt
protection indicators. ICRA also notes that SAP is a partnership
firm and any significant withdrawals from the capital account
would affect its net worth and thereby have an adverse impact on
the capital structure.

Established in 1991, Srinivasa Agro Products is engaged in
delintering and processing of cotton seed via the unscientific
method to extract and market crude cotton seed oil along with
various by-products which include C.S.U.D. Cake, Hulls and
Linters. The manufacturing facility is favourably located in the
Guntur district of Andhra Pradesh which is a hub for the
cottonseed business in the state. The firm is owned and managed
by Mr. Srinivasa Rao who has two decades of industry experience.

Recent Results

SAP has, for the year ended March 31, 2012, reported an operating
income of INR60.67 crore and a net profit of INR0.71 crore
whereas the financial statements prepared for the year ended
March 31, 2011 reported an operating income of INR52.28 crore and
a net profit of INR0.39 crore.


VIJAYNAGAR BIOTECH: ICRA Puts 'BB+' Rating on INR47.5cr Loans
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR47.00 crore
fund based facilities and INR0.50 crore non fund based facilities
of Vijaynagar Biotech Limited. ICRA has also assigned an
'[ICRA]A4+' rating to the INR1.00 crore non fund based facilities
of VBL. The outlook on the long-term rating is Stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Long Term Fund Based      47.00     [ICRA]BB+ assigned
   Limits

   Long Term Non Fund         0.50     [ICRA]BB+ assigned
   Based Limits

   Short Term Non Fund        1.00     ICRA]A4+ assigned
   Based Limits

ICRA's assigned rating is supported by the increasing sales of
value added starch derivatives in the product mix which is
indicative of the company's improved position in the value chain
of maize starch industry. ICRA also takes into account the
proximity of the plant to major maize cultivating regions and
long standing relationships with its customers which mitigates
operating risks like raw material availability and finished goods
off take to significant extent.

In addition, ICRA has also taken into account the expected
benefits which would accrue from the successful commissioning of
the captive power plant as a result of significant savings in the
power & fuel costs. The rating is however, constrained by the
significant deterioration observed in the profitability metrics
and coverage indicators of the company on account of the lack of
ability to pass through fluctuations in the raw material prices,
continued weak industry fundamentals in first quarter of FY 13
and high dependency on the paper industry to generate sales of
value added products which exposes the company's financial
performance to user industry issues. Going forward, the ability
of the company to gain market share in the value added products
category, pass on the fluctuations in the raw material prices to
the end customers and diversify its customer base by reducing
dependency on the paper industry are key rating sensitivities.

Vijaynagar Biotech Limited was formed and incorporated on
May 26, 2004. VBL focuses on manufacture of maize starch powder
and by products of maize (ie maize germs, maize gluten, fiber,
cattle feed), modified starches and starch derivatives. The plant
is located at kothkopperla village, pusapatiregu mandal,
vijayanagaram district, Andhra Pradesh. The plant was erected
with a processing capacity to handle 150 tpd of maize. However,
the crushing capacity has been increased to 300 TPD in FY 2011.
In addition a newly built captive power plant with 3MW capacity
has commenced operation since April 2011. VBL's customers
comprise of reputed firms in the paper, food, textile and
pharmaceutical industries.


VIMS IMPEX: ICRA Reaffirms '[ICRA] B-' Rating on INR7.38cr Loans
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B-'
outstanding on the INR3.76 crore term loan facilities and
INR3.62 crore fund based facilities of Vims Impex Limited. ICRA
has also re-affirmed the short-term rating of '[ICRA]A4'
outstanding on the INR0.25 crore fund based facilities and
INR2.00 crore non-fund based facilities of the Company.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term loan facilities     3.76      [ICRA]B-/reaffirmed
   Fund based facilities    3.62      [ICRA]B-/reaffirmed
   Fund based facilities    0.25      [ICRA]A4/reaffirmed
   Non-fund based           2.00      [ICRA]A4/reaffirmed
   facilities

The re-affirmation of the ratings factor in the Company's small
(albeit growing) scale of operations which restrict scale
economies, the intense competition prevalent in the industry
limiting VIL's pricing flexibility and the large proportion of
revenues from trading operations which entail thin margins and
low accruals. The Company's financial profile is modest,
characterized by stretched capital structure on account of recent
debt funded capex, and by modest coverage indicators on account
of its relatively low margins. The ratings also factor in the
inherent agro-climatic risks and tight government controls which
impact the operations of the industry. The ratings, however, take
into account the experience of promoters in the flour milling
industry, the Company's association with the Savorit Group which
enables access to a wider supply chain network and VIL's
established clientele consisting of leading FMCG brands which
limits order volatility to an extent.

Incorporated in 1992 as a part of the Savorit group (based out of
Tamil Nadu), Vims Impex Limited is primarily engaged in the
trading of wheat and wheat products to various bakers,
confectioners in Tamil Nadu (TN) besides certain leading FMCG
brands. VIL is closely held by the promoters and their promoter's
relatives. The Company does not have any grinding / milling
facilities and outsources it entire milling requirements to
Savorit Limited (Group Company). In 2007, VIL established its own
manufacturing plant (capacity of 4,380 MTPA) near Dindigul (TN)
for manufacturing pasta products such as vermicelli and macroni
on job work basis for Savorit Limited. The company has
subsequently increased it installed capacity to 6,480 MTPA during
2011-12.

Recent Results

According to un-audited results, for the financial year 2011-12,
the Company reported profit before tax of INR0.2 crore on an
operating income of INR50.7 crore as against a profit before tax
of INR0.04 crore on an operating income of INR36.3 crore during
the financial year 2010-11.


VINIR ENG'G: ICRA Puts '[ICRA]BB' Rating on INR31.47cr Loans
------------------------------------------------------------
ICRA has revised the rating assigned to the  INR 19 crore
(revised from  INR 21 crore) fund based limits, and  INR 12.47
crore (revised from  INR 9.47 crore) term loan of Vinir
Engineering Private Limited from '[ICRA]BBB-' to '[ICRA]BB'. The
outlook on the long term rating is stable. ICRA has also revised
the rating assigned to the  INR 6 crore (revised from  INR 4
crore) fund based limits, and  INR 17 crore (revised from
INR 20 crore) non fund based limits of Vinir from [ICRA]A3 to
[ICRA]A4.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based Limits        19      [ICRA]BB(stable)
   Term Loans               12.47   [ICRA]BB(stable)
   Fund Based Limits          6     [ICRA]A4
   Non-Fund Based Limits     17     [ICRA]A4

The ratings revision takes into account Vinir's significant debt
repayment obligation during FY13, and substantial decline in its
return indicators on account of drop in its capacity utilization.
During FY2010, the company increased its installed capacity from
7,200 tonnes/ annum to 31,200 tonnes/ annum. However the volume
of business has not gone up proportionately resulting in decline
in capacity utilization from almost 80-90% pre-expansion to
almost 30-40% post expansion. This has in-turn resulted in
decline in ROCE from 30.6% in FY09 to 19% in FY12. Given the
current weak macro-economic scenario, the company's utilization
levels is expected to remain subdued in the near to medium term.
Besides, the ratings continue to remain constrained by Vinir's
moderate scale of operation, its relatively high gearing level,
and the high working capital intensity of the business. Further
the risk profile of the company is adversely impacted by its
exposure to raw material price and foreign currency fluctuation
risk, and the intense competition in the industry.

The ratings however, continue to positively factor in Vinir's
long track record in forging industry with operation since 1983,
and its reputed client base. The company's presence in several
sectors (including Earthmoving equipments, Oil & Gas,
Transmission, Construction, Defence etc) protects it against
slowdown faced by any specific segment. Additionally, the company
has negligible exposure in the crowded auto sector, and has
increased its focus on heavy forgings and machining activity in
order to differentiate itself in the industry.

Vinir was established in 1983 by Mr. N.C.Gupta, a first
generation entrepreneur. The company is engaged in manufacturing
and sale of forgings in both domestic and international markets.
It has established two metal forging units; older one at
Bommasandra, Bangalore (capacity 7,200 tonnes/ annum) and new
unit at Hosur, Tamil Nadu (capacity 24,000 tonnes/ annum)
established in FY10. During FY2012, Vinir generated a net profit
of INR3.9 crore on an operating income (OI) of INR106.2 crore.


WALIA AGNI: ICRA Assigns '[ICRA]D' Rating to INR32cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR28.00 crore Term
Loan facility and INR4.00 crore Cash Credit facility of Walia
Agni Industries Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loan               28.00    [ICRA]D assigned
   Cash Credit              4.00    [ICRA]D assigned

The assigned ratings reflect instances of irregularities in debt
servicing by WAIPL. The financial profile is weak characterized
by high gearing and stretched liquidity. The company has started
operations in FY12 and stabilization might take time. Going
forward, regularizing debt servicing, increasing capacity
utilization and achieving break even will remain key
sensitivities.

WAIPL is engaged in manufacturing of hot forging components for
automobile industry. The company currently operates as a tier II
supplier for the components which are eventually supplied to
commercial vehicle (CV) OEMs like Tata Motors Limited (TML),
Force Motors, Piaggio etc. Going forward, the company will
operate as a tier I supplier of TML.



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


EQUITABLE MORTGAGES: Investors Set to Get Third Payment
-------------------------------------------------------
BusinessDesk reports that investors are set to receive
NZ$35 million from the receivers of failed lender Equitable
Mortgages in the third payment since debenture holders were
bailed out through the Crown's retail deposit guarantee scheme
almost two years ago.

BusinessDesk, citing the latest receiver's report, discloses that
KordaMentha's Grant Graham flagged a third distribution payment
Friday, taking total repayments to NZ$85 million.

According to the report, Mr. Graham kept his forecast recovery at
between 65% and 70% of the NZ$192.3 million owed to the Crown and
investors. Unsecured creditors are owed some NZ$25,000.

"We believe it is extremely unlikely there will be a return to
unsecured creditors and we expect there to be a shortfall owing
to investors and the Crown," Mr. Graham said in his report.

At the time of receivership, BusinessDesk discloses, Equitable
Mortgages had loans worth NZ$188.4 million to be recovered, net
of provisioning for impairments.  Between December 19 and June 18
the receiver got some NZ$20 million in loan repayments and a
further NZ$126,000 in loan interest.

BusinessDesk relates that the bulk of the funds are owed to the
government, which has paid out 99% of the NZ$178 million to about
6,000 investors whose debentures were covered by the now-defunct
retail deposit guarantee scheme.

Mr. Graham said he had reached a NZ$12.5 million settlement with
Equitable General Insurance over loan loss cover policies since
the end of the reporting period, BusinessDesk relays.

Mr. Graham said he has yet to receive a claim from the Inland
Revenue Department, BusinessDesk adds.

Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages called in receivers for
the company.  According to The New Zealand Herald, the
institution has around 6,000 depositors and approximately
NZ$178 million in Crown-guaranteed deposits.  Deloitte's Rod
Pardington and David Levin were initially appointed Equitable
Mortgages' receivers but were replaced by Messrs. Graham and
Gibson on Dec. 17, 2010.


PIANOSHOP LTD: Director Pleads Guilty to Fraud Charges
------------------------------------------------------
Hamish Rutherford at The Dominion Post report that Pianoshop Ltd
director Cameron Crawford has pleaded guilty to 11 fraud charges.

The Post relates that in a brief appearance in the Porirua
District Court on August 16, Mr. Crawford's lawyer Mike
Antunovich entered guilty pleas to seven charges of theft by a
person in a special relationship and another four of causing loss
by deception.

Wearing a mismatched suit and no tie, the report says,
Mr. Crawford stood impassively as Judge Ian Mill remanded him on
bail to reappear for sentencing in the Wellington District Court
on October 19.

Pianoshop was placed in liquidation in May 2012 with debts of
more than NZ$2 million.

According to the Post, first creditors' report from liquidator
Murray Allott showed the business owed creditors almost
NZ$2.4 million, however its realisable assets were estimated to
be worth less than NZ$90,000.  It had unsecured, non-trade
creditors of NZ$924,643.

A compromise agreement put forward in an attempt to reach a deal
with creditors of Pianoshop earlier this year showed the company
had unsecured, non-trade creditors of NZ$924,643, according to
the Post.  These are understood to be mainly those who bought or
sold pianos through Mr. Crawford, the Post said.

The police arrested Mr. Crawford at his home in Raumati South in
June, following complaints that customers who had sold pianos
through Pianoshop up to two years ago had not been paid, the Post
added.

New Zealand-based Pianoshop Ltd operated a piano sales and
service center.



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


BEDDING SOLUTIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Aug. 10, 2012, to
wind up the operations of Bedding Solutions (Singapore) Pte Ltd.

Foamax Bedding SDN BHD filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


MSD STAMFORD: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------
Creditors of MSD Stamford Singapore Pte Ltd, 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 liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor, Singapore 048583


MSD TUAS: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------
Creditors of MSD Tuas Singapore Pte Ltd, 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 liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor, Singapore 048583


MSD VENTURES: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------
Creditors of MSD Ventures Singapore Pte Ltd, 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 liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor, Singapore 048583


SCHERING-PLOUGH (S): Creditors' Proofs of Debt Due Sept. 12
-----------------------------------------------------------
Creditors of Schering-Plough (Singapore) Research Pte Ltd, 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 liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor, Singapore 048583


SCHERING-PLOUGH TECH: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------------------
Creditors of Schering-Plough Technologies Pte Ltd, 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 liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor, Singapore 048583



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


* Sheppard Mullin Opens Seoul Office, Its 16th Location
--------------------------------------------------------
Sheppard, Mullin, Richter & Hampton LLP disclosed the opening of
a Seoul office in the Mirae Asset CENTER.  The new office, which
is the firm's sixteenth location, opens following last month's
Korean Bar Association registration of the firm's foreign legal
consultant office in Seoul, the final regulatory step needed by
the firm to open a Korean office. Sheppard Mullin is among the
first three law firms in the United States and the European Union
approved to open in Korea.

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

"Aug. 16 marks an important milestone for Sheppard Mullin.  We
are honored to be among the first firms approved and opening an
office in Korea.  Establishing a Seoul presence is a strategic
step in growing and strengthening the firm's global footprint,
especially in Asia.  Many of our clients have Korean operations
and it makes sense for us to establish a presence in Seoul to
provide the support and guidance that our clients require," said
Guy Halgren, chairman of Sheppard Mullin.

"I am excited to be back in Korea.  I look forward to leading the
Seoul office and working more closely with my Korean clients.
Sheppard Mullin has long-standing ties with Korean clients and we
are committed to those relationships and growing the new office.

Initially the office will leverage the success of our finance,
corporate, antitrust, IP and entertainment practices, and help us
serve current and future clients," Kim commented.

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

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

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

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

           About Sheppard, Mullin, Richter & Hampton LLP

Sheppard Mullin is a full service Global 100 firm with close to
600 attorneys in 16 offices located in the United States, Europe
and Asia. Since 1927, companies have turned to Sheppard Mullin to
handle corporate and technology matters, high stakes litigation
and complex financial transactions. In the U.S., the firm's
clients include more than half of the Fortune 100. For more
information, please visit www.sheppardmullin.com .

            About Sheppard Mullin Richter & Hampton LLP

Based in Los Angeles, California, Sheppard Mullin Richter &
Hampton LLP -- http://www.sheppardmullin.com/-- is a full
service AmLaw 100 firm with more than 520 attorneys in 10 offices
located throughout California and in New York, Washington, D.C.
and Shanghai.  The firm's California offices are located in Los
Angeles, San Francisco, Santa Barbara, Century City, Orange
County, Del Mar Heights and San Diego. Founded in 1927 on the
principle that the firm would succeed only if its attorneys
delivered prompt, high quality and cost-effective legal services,
Sheppard Mullin provides legal counsel to U.S. and international
clients.  Companies turn to Sheppard Mullin to handle a full
range of corporate and technology matters, high stakes litigation
and complex financial transactions.  In the U.S., the firm's
clients 7include more than half of the Fortune 100 companies.



                             *********

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 ***