TCRAP_Public/120903.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, September 3, 2012, Vol. 15, No. 175

                            Headlines


A U S T R A L I A

FORTESCUE METALS: Moody's Reviews 'Ba3' CFR for Downgrade
FUEL VFX: Placed Into Voluntary Administration
NEW DIMENSION: Victoria Builder Enters Administration


C H I N A

GLORIOUS PROPERTY: 1H 2012 Results No Impact on Moody's 'B3' CFR
RENHE COMMERCIAL: Moody's Downgrades CFR to 'Caa1'; Outlook Neg.
ROAD KING: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.


H O N G  K O N G

MASAKA JAPANESE: Members and Creditors Meetings Set for Sept. 25
MAXIMA GROUP: Members' Final General Meeting Set for Sept. 25
MEGURO SUSHI: Members and Creditors Meetings Set for Sept. 25
MEMSUN WORLD: Members and Creditors Meetings Set for Sept. 25
MING ARTS: Members' Final Meeting Set for Sept. 25

NICHICA (H.K.): Members' Final General Meeting Set for Sept. 29
ORIENT REGENT: Members' Final Meeting Set for Sept. 24
PINGHSI COMPANY: Members' Final General Meeting Set for Sept. 28
RIGHT TEAM: Members' Final General Meeting Set for Sept. 25
SING WAN: Members and Creditors Meetings Set for Sept. 25

SKB TECHNOLOGIES: Members' Final General Meeting Set for Sept. 25
SKY BRAVE: Members and Creditors Meetings Set for Sept. 25
TREASURE WIN: Members and Creditors Meetings Set for Sept. 25
UNITECH NETWORKS: Members and Creditors Meetings Set for Sept. 25
WIDER SHIPPING: Members' Final Meeting Set for Sept. 24


I N D I A

AKSHAR COTTON: ICRA Assigns '[ICRA]B' Rating to INR7.57cr Loans
DAEWOO MOTORS: Former Employees Yet to Receive Salaries, Benefits
KADER INVESTMENT: ICRA Reaffirms 'BB' Rating on INR10.2cr Loan
LAMBODHARA TEXTILES: Fitch Affirms Nat'l Long Term Rating at 'BB'
LIBERTY FROZEN: ICRA Reaffirms 'BB' Rating on INR6.7cr Loan

MAGNA PUBLISHING: ICRA Assigns 'B+' Rating to INR4.62cr Loans
NEELI AQUA: ICRA Rates INR5cr Loan at '[ICRA]B
PADMASRI RICE: ICRA Reaffirms 'B' Rating on INR24.97cr LT Loan
PREMIER MARINE: ICRA Reaffirms 'BB' Rating on INR12.88cr Loan
RELIABLE AUTOTECH: ICRA Assigns 'BB' Rating on INR55.66cr Loans

SAHARA INDIA: High Court Orders Group to Refund INR24,000cr
SAMRAT AUTO: ICRA Rates INR8.5cr Loan at '[ICRA] B+'
TOPLINK MOTORS: ICRA Assigns 'BB-' Rating to INR10cr Loans


N E W  Z E A L A N D

BELGRAVE FINANCE: Ex-Director Face 3-Year Jail Terms
CAPITAL + MERCHANT: Execs Get Jail Sentences Over Fraud


P H I L I P P I N E S

NICUA MINING: Suspends Operations; Sacks 180 Workers


S I N G A P O R E

AMTEL INVESTMENT: Court Enters Wind-Up Order
BELIER INVESTMENT: Creditors' Proofs of Debt Due Sept. 30
CIT GROUP: Creditors' Proofs of Debt Due Oct. 1
DONGFANG SHIPBUILDING: Court Enters Wind-Up Order
FLINSTONE MANUFACTURING: Court to Hear Wind-Up Petition Sept. 14


                            - - - - -


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


FORTESCUE METALS: Moody's Reviews 'Ba3' CFR for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Ba3 corporate family rating of Fortescue Metals
Group Limited and the Ba3 senior unsecured rating of FMG
Resources (August 2006) Pty Ltd.

Ratings Rationale

"The rating action reflects the considerable constraints on
Fortescue's liquidity profile due to the rapid and continuing
decline in the iron ore price to levels that are below our base
case expectation," says Matthew Moore, a Moody's AVP -- Analyst.

"Fortescue is investing heavily in its significant capacity
expansion project, and the depressed operating cash flow, arising
from the drop in iron ore prices combined with the potential for
ongoing short-term weakness, is raising material challenges for
Fortescue."

These challenges may include 1) the need to raise substantial
incremental funding to meet project delivery schedule, and 2)
increased pressure on remaining within its financial covenants
for the twelve-months to December 2012, particularly its Debt-to-
Consolidated Cash Flow covenant. The recent announcement of $600
million cost over-run to the expansion project has also added to
Fortescue's challenges.

Accordingly, Moody's sees an increased risk of a delay to capital
expenditures related to the company's expansion project (to
increase production capacity from 55 to 155 million tons per
annum - 'mtpa') without additional external funding, or in the
absence of a meaningful iron ore price rebound in the short-term.

The review will focus on 1) the company's ability to reduce
and/or delay its cash expenditures, 2) its plans and ability to
secure additional non-debt financing in order to maintain
adequate liquidity to continue to fund its operations and remain
within covenant levels. The review will also consider any plans
that Fortescue may have to obtain covenant relief should the
price environment in the short-term remain at current depressed
levels.

In addition, the review will consider the near-term performance
and outlook for iron ore prices. Moody's notes that a near-term
rebound in iron ore prices to around the $115 to $125 per tonne
level will substantially reduce concerns around liquidity and
covenant pressure.

Moody's recognizes that Fortescue's credit profile should improve
materially upon successful commissioning of the expansion
project, with production capacity expected to grow from 55mtpa to
155mtpa by mid next year. This will support a solid credit
profile over the medium to long term.

The principal methodology used in rating Fortescue Metals Group
Ltd. and FMG Resources (August 2006) Pty Ltd was the Global
Mining Industry Methodology published in May 2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


FUEL VFX: Placed Into Voluntary Administration
----------------------------------------------
Screendaily.com reports that Sydney-based Fuel VFX has placed
itself into voluntary administration due to financial
difficulties.  The company's five directors last week appointed
Andrew Spring from Jirsch Sutherland Partners as administrator,
the report says.

"We have frozen the liabilities of Fuel while a rescue package is
prepared," the report quotes Mr. Spring as saying.

About half of Fuel's 80 staff have been stood down,  Mr. Spring
told Screendaily.com.  The business and its assets are for sale
as a going concern, although it is possible that the company
could be restructured and trade out of trouble, according to the
report.

Screendaily.com relates that Mr. Spring said he has been told by
the directors that the company is over resourced, that is, it is
geared up for a lot more work than it currently has. In part this
has been caused by not reacting quickly enough to delays on some
of the projects in the pipeline.

Fuel VFX is one of Australia's few world-class visual effects and
animation companies.  Fuel most recently worked on Prometheus and
The Avengers. Other US feature film credits include Thor, Cowboys
& Aliens, Mission Impossible: Ghost Protocol and Iron Man 2.


NEW DIMENSION: Victoria Builder Enters Administration
-----------------------------------------------------
SmartCompany reports that Victorian construction company New
Dimension Homes has entered administration with Glenn Crisp of
Jirsch Sutherland appointed as administrator.

Mr. Crisp told SmartCompany the business went into administration
earlier last week, by which stage all of its 15 or so employees
had left.

"It ceased trading about a month ago so we are dealing with a
shell of a company," the report quotes Mr. Crisp as saying.

"The company does not have any cash and does not hold a builder's
licence to build any homes .  . . We had a meeting with the
Housing Industry Association to work out how to get the homes
finished for the home owners who are affected at the home owners'
insurers would not deal with us."

SmartCompany relates that Mr. Crisp said around 50 home owners
have been impacted across Melbourne.

New Dimension Homes had a turnover last year of around
AUD7 million and previously traded as Icon Designer Homes, the
report discloses.

Based in Victoria, Australia, New Dimension Homes offers single
and double-storey homes and house and land packages.



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


GLORIOUS PROPERTY: 1H 2012 Results No Impact on Moody's 'B3' CFR
----------------------------------------------------------------
Moody's Investors Service says that Glorious Property Holdings
Limited's B3 corporate family rating and Caa1 senior unsecured
debt rating of its USD notes will not be affected by its 1H 2012
results.

The ratings outlook remains negative.

Glorious' 1H 2012 weak results have been factored in its B3
rating and negative outlook.

"The current ratings and outlook continue to reflect Moody's
concern over Glorious' weak management of its debt maturities,"
says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Glorious had short-term debt amounting to 65% of its total debt
as of 30 June 2012 compared with 62.5% in December 2011. This
debt level weighs on its near-term refinancing risk at a time
when banks remains cautious about property sector financing.

Glorious reported a 43.6% year-on-year decrease in revenue to
RMB1.34 billion in 1H 2012. This resulted in low EBITDA and
interest coverage in 1H 2012.

"Glorious' sales continue to be affected by regulatory measures,
which will pressure its ratings," adds Mr. Leung.

The weak sales in the first quarter of this year have also
translated into weak liquidity. Glorious' cash position covered
less than 35% of its short-term debt in June 2012.

While purchase restrictions remain in its key regions, that is in
Shanghai and the Yangtze River Delta, the company has
demonstrated good sales execution since April this year.

Contracted sales amounted to RMB6.7 billion in the first seven
months of 2012, which account for 51.7% of its full-year 2012
target of RMB13 billion.

Despite its weak 1H 2012 results and debt maturity profile,
Glorious' B3 corporate family rating continues to be supported by
its high-quality land bank which is located in the major
districts of first-tier cities, such as Shanghai and Beijing.

Its high-profit margins also offer some flexibility with pricing
in a downmarket. As of Jun 2012, the company had a land bank with
a gross floor area (GFA) of 18.1 million square meters (sqm).

Glorious has slowed down the pace of its land acquisitions in
June 2012, it purchased a piece of land for a low price of RMB291
million.

The principal methodology used in rating Glorious was the Global
Homebuilding Industry Methodology published in March 2009.

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. It has now expanded to
eastern and northern China. It has a land bank of around 18.1
million sqm (GFA) in Shanghai, Beijing, Tianjin, and several
second-tier cities in the Yangtze River Delta and Northeast China
as of Jun 2012. Glorious was listed on the Stock Exchange of
Hong Kong in 2009. Its chairman, the major shareholder, owns
68.4%, and also has a shipbuilding company listed in Hong Kong.


RENHE COMMERCIAL: Moody's Downgrades CFR to 'Caa1'; Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family and senior unsecured debt ratings of Renhe
Commercial Holdings Co Ltd.

The ratings outlook remains negative.

Ratings Rationale

"The downgrade reflects the uncertainty over the sustainability
of the company's business model, given its track record of weak
sales execution and collection of receivables," says Franco
Leung, a Moody's Assistant Vice President and Analyst.

Renhe's book sales of RMB201 million in 1H 2012 are well below
Moody's expectation. The company generated its book sales only
from rental income, with no contribution from the transfer of
operation rights.

Although the company has managed to collect some sales proceeds
from the disposal of its British Virgin Islands subsidiaries that
own its projects in 1H 2012, its accounts receivables remained
high at RMB3.8 billion as at June 2012.

"The downgrade also reflects Moody's concern over Renhe's
heightened liquidity risk and the lack of funds for further
property development," adds Mr. Leung.

Renhe's cash balance dropped to RMB1.4 billion in June, from
RMB2.2 billion as of December 2011, and is inadequate to provide
a buffer against a further slowdown in sales and receivable
collection.

Furthermore, although it obtained RMB500 million bank loans
secured by the joint guarantee provided by one of its
subsidiaries and the chairman of the company, its access to bank
funding remains limited as its underground properties do not have
transferrable title rights. The company has used up most of the
cash from its bond issuance, the key source of funding for
development.

Rental income from Renhe's investment properties can only cover a
fraction of the annual interest payments, reflecting the
company's inability to effectively service debt.

"Moody's is also concerned about Renhe's aggressive accounting
treatment for revaluating some of its projects that are still
under construction," says Mr. Leung.

Renhe plans to adjust its business model to increase its holdings
of investment properties, and it has reported a fair-value gain
from some properties that were previously designated for sale.
Since the revaluations include some incomplete projects, such an
approach to accounting has inflated its asset values.

The Caa1 ratings reflect the company's weak credit metrics.
Moody's expects no significant improvement in Renhe's EBITDA
interest coverage, which dropped below 1.5x in 2011 and well
below 1X in 1H 2012.

The negative ratings outlook reflects Moody's concerns that
Renhe's liquidity and financial profile could weaken further in
the next 12-18 months.

Renhe's ratings could be downgraded further if its business
continues to underperform, resulting in substantial deterioration
in its balance sheet liquidity -- a situation that would
jeopardize its ability to repay debt.

Furthermore, changes in regulations that negatively impact the
conditions for developing underground air defense shelters for
commercial use could also be negative for the ratings.

The ratings are unlikely to be upgraded in the near term, given
the negative outlook.

Renhe Commercial Holdings Company Limited's ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Renhe Commercial Holdings Company Limited's core industry
and believes Renhe Commercial Holdings Company Limited's ratings
are comparable to those of other issuers with similar credit
risk.

Renhe Commercial Holdings Co Ltd. specializes in the commercial
operation and development of underground shopping centers that
can also function as civilian air defense shelters in China. The
projects are built below city commercial centers and
transportation hubs, and are free of land-use premium fees. As of
December 2011, the company was operating and managing 22 malls in
15 cities in China.


ROAD KING: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based property developer and
toll road operator Road King Infrastructure Ltd. The outlook is
negative. "At the same time, we affirmed our 'BB-' issue rating
on the company's outstanding guaranteed senior unsecured notes.
We also affirmed our 'cnBB' long-term Greater China credit scale
rating on Road King and on the company's notes," S&P said.

"We affirmed the rating to reflect Road King's stable cash flows
from toll roads and healthier property sales over the next six to
12 months," said Standard & Poor's credit analyst Steffi Chen.
"We expect these factors to improve the company's cash flows and
support its debt servicing and other obligations."

"Road King's contracted sales of Chinese renminbi (RMB) 4.7
billion in the first half of 2012 met about half the company's
full-year target. Nevertheless, Road King's financial strength
may not recover materially because of lower profitability from
sales in a weak property market. We assess the company's business
risk profile as 'weak' and its financial risk profile as
'aggressive,' as our criteria define these terms," S&P said.

"In our view, aggressive price cuts in 2012 largely fueled the
increase in Road King's property sales. The company's sales in
the first half of 2012 rose 95%, compared with that in the first
half of 2011. But we expect its EBITDA margin to decline to about
15% in 2012, from 18% in 2011. The margin is weak compared with
that of Road King's developer peers and its average borrowing
cost of about 8%," S&P said.

"The rating on Road King reflects the company's volatile
performance due to its exposure to the cyclical and highly
competitive property market in China, its weaker profitability
than similarly rated developer peers, and its financial risk
profile. Road King's stable operating performance and the sizable
cash flows from its toll road operations, its disciplined debt-
funded investments and proactive financial management, and
improving liquidity position temper the weaknesses," S&P said.

"The negative outlook reflects our view that Road King's
financial strength may not recover over the next 12 months
because weak profitability will offset the improvement in
property sales," said Ms. Chen.

"We expect Road King's capital structure and cash flow coverage
to weaken somewhat in 2012 due to lower margins and higher debt.
Nevertheless, the company is likely to maintain 'adequate'
liquidity, as our criteria define the term, in the next 12
months," S&P said.

"We may lower the rating if: (1) we believe Road King's liquidity
will deteriorate to less than adequate, indicating that liquidity
sources will be lower than its uses; (2) the company's EBIT
interest coverage is less than 2x for a sustained period; or (3)
its growth and debt-funded expansion are more aggressive than we
expected," S&P said.

"We may revise the outlook to stable if Road King materially
improves its property sales, maintains its profit margins, and
remains disciplined toward debt-funded expansion, such that its
EBIT interest coverage stays well above 2x with EBITDA margin of
more than 15% for the next 12 months," S&P said.



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


MASAKA JAPANESE: Members and Creditors Meetings Set for Sept. 25
----------------------------------------------------------------
Members and creditors of Masaka Japanese Restaurant Limited will
hold their annual meetings on Sept. 25, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.

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


MAXIMA GROUP: Members' Final General Meeting Set for Sept. 25
-------------------------------------------------------------
Members of Maxima Group Limited will hold their final general
meeting on Sept. 25, 2012, at 10:00 a.m., at 23rd Floor, Tung Hip
Commercial Building, at 244 Des Voeux Road Central, in Hong Kong.

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


MEGURO SUSHI: Members and Creditors Meetings Set for Sept. 25
-------------------------------------------------------------
Members and creditors of Meguro Sushi Limited will hold their
annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


MEMSUN WORLD: Members and Creditors Meetings Set for Sept. 25
-------------------------------------------------------------
Members and creditors of Memsun World Wide Limited will hold
their annual meetings on Sept. 25, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.

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


MING ARTS: Members' Final Meeting Set for Sept. 25
--------------------------------------------------
Members of Ming Arts Dance Studio Limited will hold their final
general meeting on Sept. 25, 2012, at 10:00 a.m., at Room 603,
6/F, Alliance Building, at 130-136 Connaught Road Central, in
Hong Kong.

At the meeting, Ho Chiu Lung Michael, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NICHICA (H.K.): Members' Final General Meeting Set for Sept. 29
---------------------------------------------------------------
Members of Nichica (H.K.) Limited will hold their final general
meeting on Sept. 29, 2012, at 10:30 a.m., at Unit 505, 5/F, Wing
On House, at 71 Des Voeux Road, Central, in Hong Kong.

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


ORIENT REGENT: Members' Final Meeting Set for Sept. 24
------------------------------------------------------
Members of Orient Regent Development Limited will hold their
final meeting on Sept. 24, 2012, at 11:00 a.m., at Room 501,
General Commercial Building, 156-164 Des Voeux Road, Central, in
Hong Kong.

At the meeting, Kwok Siu Nam Dave, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


PINGHSI COMPANY: Members' Final General Meeting Set for Sept. 28
----------------------------------------------------------------
Members of Pinghsi Company Limited will hold their final general
meeting on Sept. 28, 2012, at 10:43 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


RIGHT TEAM: Members' Final General Meeting Set for Sept. 25
-----------------------------------------------------------
Members of Right Team Industrial Limited will hold their final
general meeting on Sept. 25, 2012, at 10:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in
Kowloon.

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


SING WAN: Members and Creditors Meetings Set for Sept. 25
---------------------------------------------------------
Members and creditors of Sing Wan Decoration Materials Co.,
Limited will hold their annual meetings on Sept. 25, 2012, at
3:00 p.m., and 3:30 p.m., respectively at Room 2611-13A, 26/F,
113 Argyle Street, Mongkok, Kowloon, in Hong Kong.

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


SKB TECHNOLOGIES: Members' Final General Meeting Set for Sept. 25
-----------------------------------------------------------------
Members of SKB Technologies Limited will hold their final general
meeting on Sept. 25, 2012, at 11:00 a.m., at Room 1205, 12/F,
Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon.

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


SKY BRAVE: Members and Creditors Meetings Set for Sept. 25
----------------------------------------------------------
Members and creditors of Sky Brave Limited will hold their annual
meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


TREASURE WIN: Members and Creditors Meetings Set for Sept. 25
-------------------------------------------------------------
Members and creditors of Treasure Win Limited will hold their
annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


UNITECH NETWORKS: Members and Creditors Meetings Set for Sept. 25
-----------------------------------------------------------------
Members and creditors of Unitech Networks Limited will hold their
annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


WIDER SHIPPING: Members' Final Meeting Set for Sept. 24
-------------------------------------------------------
Members of Wider Shipping Limited will hold their final meeting
on Sept. 24, 2012, at 4:00 p.m., at 13/F., Chun Hoi Commercial
Building, at 688-690 Shanghai Street, Mongkok, Kowloon, in Hong
Kong.

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



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I N D I A
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AKSHAR COTTON: ICRA Assigns '[ICRA]B' Rating to INR7.57cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR6.00 crore fund
based cash credit facility and INR1.57 crore term loan facility
of Akshar Cotton Industries.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Cash Credit Limits      6.00       [ICRA]B assigned
   Term Loan Limits        1.57       [ICRA]B assigned

The assigned rating is constrained by ACI's small scale of
operations; limited value addition and intense competition due to
fragmented industry structure leading to low profitability and
weak financial profile characterized by adverse capital structure
and weak debt protection indicators. The rating is further
constrained by vulnerability of profitability to adverse movement
in raw material prices which are subject to seasonality and crop
harvest. ICRA also notes that the ACI is a partnership firm and
any significant withdrawals from the capital account would affect
its net worth and thereby its capital structure.

The rating, however, takes into account the favorable location of
the firm giving it easy access to raw cotton and positive outlook
for edible oil as well as for cotton business in the short to
medium term following the Government of India decision to lift
ban on cotton exports.

Akshar Cotton Industries was incorporated in August 2011 by Mr.
Ashok Dudhagara along with two other partners. The firm is
currently involved in cotton ginning and pressing business with
its production unit located at Kalavad, Gujarat. The
manufacturing plant of the firm is equipped with eighteen ginning
machines and one pressing machine with the production capacity of
6,450 MTPA (metric tonnes per annum) of cotton bales.

Recent Results

For the year ended 31st March 2012 (provisional), the firm has
reported an operating income of INR21.42 crore with profit before
depreciation and tax of INR0.17 crore.


DAEWOO MOTORS: Former Employees Yet to Receive Salaries, Benefits
-----------------------------------------------------------------
The Hindu BusinessLine reports that nine years after the
liquidation of Daewoo Motors India Ltd (DMIL), the Korean major's
Indian arm, its erstwhile employees are yet to be paid salaries
and other benefits.

Labour Minister Mallikarjun Kharge, however, denied in the Lok
Sabha on Monday that the troubled Indian arm's assets had been
sold to Argentum Motors, the report relates.

According to the report, Mr. Khare said in a written reply, :
"The official liquidator has no knowledge as to the fact of
selling the assets to Argentum Motors," and added that the
official liquidator "has not sold DMIL and has not made any
settlement to the third party."

The car company was reported to have liquidated its assets in
March 2003. The Minister admitted that the employees' claims had
not been settled. Asked what the Government was doing in this
regard, he said a committee had filed its report, which was
pending adjudication before the Delhi Court.

Daewoo Motors India went into liquidation pursuant to a wind-up
order issued by the High Court of Delhi on August 28, 2004.

The auction for the Daewoo plant had been opened last year by
the Debt Recovery Tribunal but since there were was no one party
willing to buy all the assets of the unit, the auction was
scrapped and a fresh bidding process was restarted.


KADER INVESTMENT: ICRA Reaffirms 'BB' Rating on INR10.2cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB'
outstanding on the INR10.20 crore fund based facilities of Kader
Investment and Trading Company Private Limited. The outlook on
the long-term rating is stable. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' outstanding on the INR3.00 crore
fund based facilities of the Company.

                           Amount
   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Fund based facilities     10.20        [ICRA]BB reaffirmed
   (long-term)

   Fund based facilities      3.00        [ICRA]A4 reaffirmed
   (short-term)

The rating reaffirmation considers the long-standing and
established presence of the Liberty group in the seafood business
and the medium scale of the group's operations in the highly
fragmented seafood industry. The ratings are, however,
constrained by the group's thin profitability, on the back of
limited pricing flexibility arising from high competition, highly
geared capital structure and stretched coverage indicators. While
the group's long standing relationship with key clients (spanning
15-20 years) is expected to drive business, the slow pace of
economic recovery in the group's major market-the United States
of America and the ongoing euro zone crisis are likely to
restrict revenue / margin growth over the medium term. The
seafood industry remains vulnerable to the risk of raw material
availability and pricing owing to climatic conditions, which may
adversely impact revenue growth. Margins in the business also
remain vulnerable to any sharp fluctuations in foreign exchange
rates.

ICRA has considered the consolidated business / financial
performance of the six entities (Devi Marine Food Exports Private
Limited, Universal Cold Storage Private Limited, Liberty Frozen
Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products) engaged in export of seafood, for the purpose of
ratings in view of the common management and close operational
linkages between these entities.

                       About Kader Investment

Kader Investment and Trading Company Private Limited is primarily
engaged in the processing and export of seafood (largely
shrimps). The Company's seafood processing plant is located in
Tuticorin (Tamil Nadu).

The Company forms part of the Liberty group (belongs to Kader
family), which through its flagship company Liberty Oil Mills
Limited is engaged in processing and marketing cooking oils and
vanaspati. The group entered into the seafood business in 1982
and presently has five seafood processing plants at Andhra
Pradesh (Bhimavaran and Vishakapatnam) and at Tamil Nadu
(Mandapam and Turicorin). The group exports seafood largely to
the US, Europe and Japan. The group deals with a variety of
marine products ranging from aqua-cultured (L. vannamei),
freshwater and sea caught shrimps (Black Tiger, Brown tiger,
White and Flower Shrimps) to various other seafood under brand
names Unistar, Anchor, U, Petals, Meizen, Vital and Premier.

Recent Results

The Company has reported net profit of INR0.1 crore on an
operating income of INR22.7 crore during 2011-12 (according to
unaudited results) as against net profit of INR0.04 crore on an
operating income of INR13.1 crore in 2010-11.


LAMBODHARA TEXTILES: Fitch Affirms Nat'l Long Term Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Lambodhara Textiles
Limited's National Long-Term rating at 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings reflect Lambodhara's deteriorated credit metrics for
FY12 (year end March) because of its debt-funded INR201m capex
for a second wind mill and modernisation of its facilities.  In
FY12, interest cover fell to 1.97x (FY11: 3.06x) and financial
leverage (debt/EBIDTA) increased to 5.75x (4.57x) due to an
increase in debt to INR543m (INR394m).  Fitch expects credit
metrics to deteriorate further considering the company's another
debt-funded capex for FY13 for modernisation and expansion.

The ratings continue to be constrained by the company's modest
scale of operations as indicated by a low revenue base of INR746m
in FY12 (FY11: INR764m).

The ratings continue to reflect Lambodhara's over 15-year
operational track record in manufacturing viscose yarn and
polyester yarn.  The ratings also reflect the company's long-
standing relationships with its customers and its niche position
in the domestic market for value-added products of fancy yarn and
slub yarn.

Fitch expects Lambodhara's EBIDTA margins to improve during FY13
through a reduction in its power costs. Power generated by the
company's two wind mills, which have started operations from
early FY13, is supplied to the state power utility and its value
will be offset against the gross power bill.  EBIDTA margin for
Q1FY13 was 15.9% compared with FY12 EBIDTA margins of 12.7%.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- EBIDTA DSCR below 1.2x and interest coverage below 2.0x
  -- any cost and time overruns in the proposed capex resulting
     in higher-than-projected debt levels

Positive: Future developments that may lead to positive rating
action include debt/EBIDTA below 4x from a sustained improvement
EBIDTA margins.

Rating actions on Lambodhara's debt instruments:

  -- INR160m fund-based working capital limits: affirmed at
     National Long-Term 'Fitch BB(ind)' and National Short-Term '
     Fitch A4+(ind)'
  -- INR15m non-fund-based working capital limits: affirmed at
     National Long-Term 'Fitch BB(ind)' and National Short-Term
     'Fitch A4+(ind)'
  -- Outstanding INR255.17m long-term loans: affirmed at National
     Long-Term 'Fitch BB(ind)'


LIBERTY FROZEN: ICRA Reaffirms 'BB' Rating on INR6.7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB'
outstanding on the INR6.70 crore1 fund based facilities of
Liberty Frozen Foods Private Limited. The outlook on the long-
term rating is stable. ICRA has also reaffirmed the short-term
rating of '[ICRA]A4' outstanding on the INR6.00 crore fund based
facilities and INR0.50 crore non-fund based facilities of the
Company.

                                    Amount
   Facilities                       (INR Cr)   Ratings
   ----------                       ---------  -------
   Fund based facilities (LT)        6.70     [ICRA]BB reaffirmed
   Fund based facilities (ST)        6.00     [ICRA]A4 reaffirmed
   Non-fund based facilities         0.50     [ICRA]A4 reaffirmed
   (short-term)

The rating reaffirmation considers the long-standing and
established presence of the Liberty group in the seafood business
and the medium scale of the group's operations in the highly
fragmented seafood industry. The ratings are, however,
constrained by the group's thin profitability, on the back of
limited pricing flexibility arising from high competition, highly
geared capital structure and stretched coverage indicators. While
the group's long standing relationship with key clients (spanning
15-20 years) is expected to drive business, the slow pace of
economic recovery in the group's major market-the United States
of America and the ongoing euro zone crisis are likely to
restrict revenue / margin growth over the medium term. The
seafood industry remains vulnerable to the risk of raw material
availability and pricing owing to climatic conditions, which may
adversely impact revenue growth. Margins in the business also
remain vulnerable to any sharp fluctuations in foreign exchange
rates.

ICRA has considered the consolidated business / financial
performance of the six entities (Devi Marine Food Exports Private
Limited, Universal Cold Storage Private Limited, Liberty Frozen
Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products) engaged in export of seafood, for the purpose of
ratings in view of the common management and close operational
linkages between these entities.

                        About Liberty Frozen

LFFPL is primarily engaged in the processing and export of
seafood (largely shrimps). The Company's seafood processing plant
is located in Vishakapatnam (Andhra Pradesh). The Company forms
part of the Liberty group (belongs to Kader family), which
through its flagship company Liberty Oil Mills Limited is engaged
in processing and marketing cooking oils and vanaspati. The group
entered into the seafood business in 1982 and presently has five
seafood processing plants at Andhra Pradesh (Bhimavaran and
Vishakapatnam) and at Tamil Nadu (Mandapam and Turicorin). The
group exports seafood largely to the US, Europe and Japan. The
group deals with a variety of marine products ranging from aqua-
cultured (L. vannamei), freshwater and sea caught shrimps (Black
Tiger, Brown tiger, White and Flower Shrimps) to various other
seafood under brand names Unistar, Anchor, U, Petals, Meizen,
Vital and Premier.

Recent Results

The Company has reported net profit of INR0.2 crore on an
operating income of INR37.3 crore during 2011-12 (according to
unaudited results) as against net profit of INR0.1 crore on an
operating income of INR26.0 crore in 2010-11.


MAGNA PUBLISHING: ICRA Assigns 'B+' Rating to INR4.62cr Loans
-------------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR1.87
crore1 term loans and the INR2.75 crore, long-term, fund-based
working capital facilities of Magna Publishing Company Limited.
A short-term rating of '[ICRA]A4' has also been assigned to the
INR1.50 crore, short-term, non-fund-based working capital
facilities of the company.

                                   Amount
   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Term loan                        1.87      [ICRA]B+ assigned
   Long-term, fund-based limits     2.75      [ICRA]B+ assigned
   Short-term, non-fund-based       1.50      [ICRA]A4 assigned
   limits

The ratings factor in the vast experience of the promoters in the
magazine publishing business, well established presence of its
flagship magazine 'Stardust' for more than four decades in the
film magazine segment, and diversified portfolio of magazines
covering multiple segments. The ratings are, however, constrained
by the stagnant scale of company's operations in a highly
competitive and fragmented print magazine industry; intensified
competition due to the entry of international players into niche
categories and growth of digital media as an alternate to printed
magazines; exposure to volatility in newsprint prices with
limited ability to pass on increase in costs; stretched financial
risk profile marked by low margins, high gearing and weak debt
coverage indicators; and losses in the film production business.

                      About Magna Publishing

Magna Publishing Company Limited was established in 1971 as a
partnership firm in the name of Lana Publishing Company, with Mr.
Nari Hira and Mr. Lalu Bajaj as the partners, for providing media
publishing services. In July 1979, the partnership firm was
converted into a private limited company in the name of Lana
Publishing Company Private Limited. In 1989, the name of the
company was changed to Magna Publishing Company Limited. The
company is currently managed by the promoter Mr. Nari Hira and
his son Mr. Vikram Hira; entire shareholding of the company is
with Hira family and group companies. The company launched its
first magazine, Stardust, in 1971.

While the company is primarily present in publishing of magazines
and books, it is also engaged in production of films,
distribution of movie videos (DVDs), managing exhibitions, and
managing a book and video retail outlet (at Kala Ghoda, Mumbai).
The company publishes the largest bouquet of special interest
magazines in India with a circulation of over 28 lakh copies
across the 13 magazines published by the company in FY2011. The
13 magazines published by the company include Stardust (in
English and Hindi), Savvy, Society, Health & Nutrition (English
and Hindi), Showtime, Society Interiors, Savvy Cook Book,
Citadel, Savvy Fashion & Glamour, Society World of Luxury, and
Star Week. The company estimates a combined readership of over 20
million readers.

Recent Results

Magna reported a profit after tax (PAT) of INR0.16 crore on an
operating income of INR37.91 crore in FY2011, as against a PAT of
INR0.10 crore on an operating income of INR32.78 crore in FY2010.


NEELI AQUA: ICRA Rates INR5cr Loan at '[ICRA]B
----------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' and a short
term rating of '[ICRA]A4' to INR5.00 crore proposed bank limits
of Neeli Aqua Private Limited.

                         Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Proposed limits          5.00      [ICRA]B/[ICRA]A4 assigned

Rating Rationale

The ratings are constrained by the highly fragmented nature of
Indian shrimp exports industry given the low entry barriers,
competition from other competing countries, and threat from other
sea food varieties; and the exposure to Indian shrimp exports to
factors like agro-climatic conditions and government policies
(both in India and importing country) which can affect off-take
and the availability and pricing of raw material. The ratings are
also constrained by NAPL's limited track record of operations
given that the company is in its first year of operation and thus
exposed to risk associated with stabilization and scaling of
operations.

However, the ratings positively factor in the long experience of
the promoters in the shrimp exports business; and satisfactory
demand outlook for shrimps exports. Further, NAPL benefits from
its favorable location in proximity to the major aquaculture belt
of Andhra Pradesh. The company's ability to stabilize its
operations, achieve the planned turnover and margins, and its
capital structure in light of the planned debt funded capital
expenditure would remain the key rating sensitivities.

Neeli Aqua Private Limited was promoted by Mr. K. V. Ramana, who
has more than 18 years of experience in shrimp business, in 2005
in order to undertake aqua-culture, processing and export of
shrimps. After just one year, the operations of the company were
discontinued in 2006. The operations were restarted under NAPL in
April 2012. The company owns 54 shrimps ponds spread across 60
acres of land and has taken a hatchery from Kalyani Hatcheries on
lease to produce shrimp seeds having a capacity to produce 100
million seeds per annum. The company has production capacity of
400 MT per annum of shrimps.


PADMASRI RICE: ICRA Reaffirms 'B' Rating on INR24.97cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' for
INR24.97 crore fund-based limits and short-term rating of
'[ICRA]A4' assigned to INR0.03 crore non fund based limits of
Padmasri Rice Mill.

                                  Amount
   Facilities                     (INR Cr)     Ratings
   ----------                     ---------   -------
   Long Term Fund Based limits     24.97      [ICRA]B reaffirmed
   Short Term Non Fund Based       0.03       [ICRA]A4 reaffirmed
   limits

The reaffirmation of the ratings takes into account, the weak
financial profile characterized by low operating and net profit
margins, stretched coverage indicators, agro climatic risks
associated with the cultivation of paddy and highly regulated and
intensely competitive nature of the industry. However the rating
draws comfort from the long experience of the partners in the
rice mill industry, the easy availability of paddy in the region
where the mill is located and the commencement of operations at
the new milling unit which is expected to drive the revenue
growth in the future.

                        About Padmasri Rice

Padmasri Rice Mill was established in the year 2010 and is
engaged in the milling of paddy and produces raw and boiled rice.
It was prompted by Mr. P. Gangi Reddy and partners. The partners
have more than 20 years of experience in the rice mill industry.
The firm has a milling unit in Duppalapudi (East Godavari
district) of Andhra Pradesh with a milling capacity of 1,20,000
MTPA.

Recent Results

In FY2011-2012, as per the audited accounts, the rice mill has
recorded an operating income of INR55.64 crore and an operating
profit of INR3.49 crore as against an operating income of
INR35.99 crore and an operating profit of INR1.96 crore in (9M)
FY 2010-2011.


PREMIER MARINE: ICRA Reaffirms 'BB' Rating on INR12.88cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB'
outstanding on the INR12.88 crore1 fund based facilities of
Premier Marine Products. The outlook on the long-term rating is
stable. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4' outstanding on the INR12.00 crore fund based
facilities and INR6.12 crore non-fund based facilities of the
Firm.

                                 Amount
   Facilities                   (INR Cr)    Ratings
   ----------                   ---------   -------
   Fund based facilities         12.88      [ICRA]BB reaffirmed
   (long-term)

   Fund based facilities         12.00      [ICRA]A4 reaffirmed
   (short-term)

   Non-fund based facilities      6.12      [ICRA]A4 reaffirmed
   (short-term)

The rating reaffirmation considers the long-standing and
established presence of the Liberty group in the seafood business
and the medium scale of the group's operations in the highly
fragmented seafood industry. The ratings are, however,
constrained by the group's thin profitability, on the back of
limited pricing flexibility arising from high competition, highly
geared capital structure and stretched coverage indicators. While
the group's long standing relationship with key clients (spanning
15-20 years) is expected to drive business, the slow pace of
economic recovery in the group's major market-the United States
of America and the ongoing euro zone crisis are likely to
restrict revenue / margin growth over the medium term. The
seafood industry remains vulnerable to the risk of raw material
availability and pricing owing to climatic conditions, which may
adversely impact revenue growth. Margins in the business also
remain vulnerable to any sharp fluctuations in foreign exchange
rates.

ICRA has considered the consolidated business/financial
performance of the six entities (Devi Marine Food Exports Private
Limited, Universal Cold Storage Private Limited, Liberty Frozen
Foods Private Limited, Kader Exports Private Limited, Kader
Investment and Trading Company Private Limited and M/s. Premier
Marine Products) engaged in export of seafood, for the purpose of
ratings in view of the common management and close operational
linkages between these entities.

Entity / Group Profile PMP is primarily engaged in the processing
and export of seafood (largely shrimps). The Firm's seafood
processing plant is located in Mandapam (Tamil Nadu). The Firm
forms part of the Liberty group (belongs to Kader family), which
through its flagship company Liberty Oil Mills Limited is engaged
in processing and marketing cooking oils and vanaspati. The group
entered into the seafood business in 1982 and presently has five
seafood processing plants at Andhra Pradesh (Bhimavaran and
Vishakapatnam) and at Tamil Nadu (Mandapam and Turicorin). The
group exports seafood largely to the US, Europe and Japan. The
group deals with a variety of marine products ranging from aqua-
cultured (L. vannamei), freshwater and sea caught shrimps (Black
Tiger, Brown tiger, White and Flower Shrimps) to various other
seafood under brand names Unistar, Anchor, U, Petals, Meizen,
Vital and Premier.

Recent Results

The Firm has reported net profit of INR0.3 crore on an operating
income of INR76.7 crore during 2011-12 (according to unaudited
results) as against net profit of INR0.2 crore on an operating
income of INR53.1 crore in 2010-11.


RELIABLE AUTOTECH: ICRA Assigns 'BB' Rating on INR55.66cr Loans
---------------------------------------------------------------
A long-term rating of '[ICRA]BB' has been assigned to the
INR25.66 crore term loans and INR30.00 crore long-term, fund-
based working capital facilities of Reliable Autotech Private
Limited. A short-term rating of '[ICRA]A4+' has also been
assigned to the INR23.04 crore short-term, non-fund based limits
of the company. The outlook on the long-term rating is stable.

                                Amount
   Facilities                   (INR Cr)     Ratings
   ----------                    ---------   -------
   Long-term loans                25.66      [ICRA]BB assigned

   Long-term, fund-based          30.00      [ICRA]BB assigned
   working capital facilities

   Short-term, fund-based         (27.00)    [ICRA]A4+ assigned
   working capital facilities

   Short-term, non-fund-based      23.04     [ICRA]A4+ assigned
   working capital facilities

The ratings take into account the established track record of the
promoters in the auto components industry, long-standing business
relationship with its key customer (M&M), robust revenue growth
over the last two fiscals on the back of growth in volumes from
existing customers and addition of new key customers, superior
tooling and design facilities, and reduction in client
concentration risks with the addition of new customers over the
years. The ratings, however, are constrained by the stretched
capital structure and moderate coverage indicators, pricing
pressures from OEMs given the competitiveness in the domestic
auto industry, slowdown in domestic auto industry and in exports
from the tractor segment. The ratings are also constrained by the
vulnerability of margins to fluctuations in raw material prices,
though the same is partially mitigated by the periodic revision
in prices by the major clients, Since, the company is currently
utilizing ~80% of its production capacity, future long-term
revenue growth would necessitate significant capital expenditure
and company's ability to fund the same without stretching the
capital structure further, remains to be a key rating
sensitivity.

Reliable Autotech Private Limited, incorporated in 1996 by
Mr.  Rajendra Bagwe, Mr. Devendra Bapat and Mr. Amol Chitnis, is
in the business of manufacturing heavy pressed parts, automotive
components and tools and dies for the automotive sector. The
promoters are in this field of business since 1985. The company
has two manufacturing facilities in Nashik and one in Pune. The
company's customers include M&M, John Deere, Benteler Automotive
India Pvt. Ltd., Volkswagen India Pvt. Ltd., Renault India and
Tata Motors. The company is largely catering to the UV and
tractor segments. RAPL is ISO/TS 16949:2009, EMS-ISO 14001:2004,
OHSAS 18001:2007 and ISO 9001:2008 certified.

Recent Results

RAPL reported a profit after tax (PAT) of INR8.74 crore on an
operating income of INR270.65 crore in FY2012, as against a PAT
of INR4.85 crore on an operating income of INR194.85 crore in
FY2011.


SAHARA INDIA: High Court Orders Group to Refund INR24,000cr
-----------------------------------------------------------
Deccan Herald reports that India's Supreme Court on Friday
directed two of Sahara Group's companies to refund around
INR24,000 crore to their investors within three months with 15%
interest per annum.

Deccan Herald relates that in stinging observations against the
companies for violating rules and regulations in raising funds
from common investors, a bench of justices K S Radhakrishnan and
J S Khehar said that such economic offences must be dealt with
"iron hand".

According to the report, if the companies -- Sahara India Real
Estate Corporation (SIREC) and Sahara Housing Investment
Corporation (SHIC) -- fail to refund the amount then the
Securities & Exchange Board of India can attach properties and
freeze bank accounts of the companies.

Deccan Herald says the Court also appointed one of its retired
judges Justice B N Aggarwal to oversee the action taken by SEBI
against the two Sahara firms.

"Saharas (SIRECL & SHICL) would refund the amounts collected
through RHPs dated March 13, 2008 and October 10, 2009 along with
interest @ 15% per annum to SEBI from the date of receipt of the
subscription amount till the date of repayment, within a period
of three months from today," the bench, as cited by the Deccan
Herald, said.

According to Deccan Herald, SIREC had collected INR19,400.87
crore on March 13, 2008 and SHICL had collected INR6,380.50
crore. But the total balance on August 31 is INR24,029.73 crore
after premature redumption.

The report notes that the group might have to fork out around
INR38,000 crore as of now which includes the principal amount of
INR24,029.73 and interest of around INR14,000.

Taking into account the reluctance of the group in providing
financial details including information about the investors, the
bench said that the SEBI would probe into the issue, according to
the report.

Deccan Herald says the bench directed Saharas to furnish all
documents in their custody to the regulator.

The bench said that civil and criminal liability should be
imposed on the company for indulging in such economic offence,
adds Deccan Herald.

Sahara India Pariwar is a major entity on the corporate scene
having diversified business interests that include Finance,
Infrastructure & Housing, Media & Entertainment, Consumer
Merchandise Retail Venture, Manufacturing and Information
Technology.


SAMRAT AUTO: ICRA Rates INR8.5cr Loan at '[ICRA] B+'
----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR8.5crore cash
credit facility of Samrat Automobiles Pvt. Ltd.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Cash Credit             8.5          [ICRA] B+ Assigned

The rating takes into account the stretched liquidity position of
SAPL, high utilisation of the working capital limits reducing the
financial flexibility of the company, limited geographical
presence with all three showrooms being located in the State of
Bihar, adverse financial profile characterised by low
profitability, nominal cash accruals, aggressive capital
structure and weak debt coverage indicators. The rating takes
into consideration the healthy revenue mix from the portfolio of
products, with passenger transportation segment contributing
around 40% to sale of new vehicles, and demonstrated ability of
the promoters to regularly infuse equity to support SAPL's
operations. ICRA also takes note of the prevailing high interest
rates and a slowdown in the automobile industry, which could
impact SAPL's business.

Established in 2006, SAPL is TML's authorized dealer for the sale
of medium and light commercial vehicles as well as for services
and sale of spares in Bihar. SAPL has three showrooms and three
workshops (one each in the city of Ara, Buxar and Patna).

Recent Results

SAPL reported a net profit of INR0.48 crore (provisional) during
FY12 on an OI of INR52.52 crore (provisional) as against net
profit of INR0.40 crore and OI of INR39.66 crore during FY11.


TOPLINK MOTORS: ICRA Assigns 'BB-' Rating to INR10cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR2.00 crore cash
credit and INR8.00 crore cash credit-inventory funding facilities
of Toplink Motors Private Limited. The outlook on the long term
rating is stable.

                                    Amount
   Facilities                      (INR Cr)   Ratings
   ----------                      ---------  -------
   Fund Based Limits (Cash Credit)   2.00     [ICRA]BB- assigned
   Fund Based Limits (Cash Credit-   8.00     [ICRA]BB- assigned
   Inventory Funding)

The rating takes into account the experience of the promoters in
the automobile dealership business and significant growth in
turnover in 2011-12, which is primarily supported by the increase
in the volume of sale of new cars. The rating, however, factors
in the prevailing high interest rates as well as fuel prices in
the country, which are likely to have a sobering impact on sales
of cars in the short term at least. The rating continues to be
impacted by the intense competition in the automobile dealership
business, resulting in low operating profitability. Low net
profit margin and high gearing reflects the company's weak
financial profile.

Incorporated in 2009, TMPL is engaged in the automobile
dealership business, with its showrooms and workshop located at
Ranchi in the state of Jharkhand. The company is an authorized
dealer of Toyota Kirloskar Motor Private Limited (TKM) in the
passenger vehicle segment and is engaged in sales and service of
vehicles along with sale of spare parts in Jharkhand.

Recent Results

The company reported a net profit of INR0.48 crore (provisional)
on an operating income of INR72.16 crore (provisional) in 2011-12
as compared to a net loss of INR0.11 crore on an operating income
of INR21.04 crore in 2010-11.



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


BELGRAVE FINANCE: Ex-Director Face 3-Year Jail Terms
----------------------------------------------------
The Serious Fraud Office said Shane Joseph Buckley, former
Belgrave Finance Limited Director, was sentenced to three years
imprisonment in the Auckland District Court on Aug. 30, 2012.

Mr. Buckley pleaded guilty in May to 19 charges laid by the
Serious Fraud Office (SFO) of theft by a person in a special
relationship, and four charges of false statement by promoter
under the Crimes Act. He also pleaded guilty to one Securities
Act charge of making an untrue statement and one Companies Act
charge of making a false statement to a trustee which had been
brought by the Financial Markets Authority (FMA) in a joint
prosecution.

The charges related to more than $18 million of loans made by
Belgrave to various entities between June 2005 and March 2008.

SFO Chief Executive, Adam Feeley, said "While there may be
understandable fatigue in some quarters with yet another finance
company sentencing, it is important to the integrity of law
enforcement to ensure that the legal system holds those
responsible to account for their financial crimes. There are many
new financial crimes that the SFO is progressively investigating,
but these investigations will not be at the expense of
successfully resolving the long tail of finance company
prosecutions."

Earlier this year, former Belgrave Finance Director, Stephen
Charles Smith (43), and an associate, Raymond Tasman Schofield
(49), were committed for trial on similar charges. The trial date
is set for 29
April 2013.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


CAPITAL + MERCHANT: Execs Get Jail Sentences Over Fraud
-------------------------------------------------------
The Serious Fraud Office said directors of failed finance
company, Capital + Merchant Finance Limited were sentenced to
prison terms in the Auckland High Court on Aug. 31, 2012.

Neal Medhurst Nicholls (56), Wayne Leslie Douglas (58) and Owen
Francis Tallentire (65) had been found guilty in July of fraud
charges brought by the Serious Fraud Office (SFO).

Mr. Nicholls and Mr. Douglas were sentenced to seven and a half
years, and Mr. Tallentire was sentenced to five years.

SFO Chief Executive, Mr. Adam Feeley said "We have long
maintained that the collapse of Capital + Merchant represented
some of the worst excesses of the finance companies saga, and
these sentences support that point of view. They will send a
strong message to the commercial sector regarding the severity of
punishment that will follow cynical crimes of these kinds."

The charges relate to an SFO investigation into transactions
involving approximately $28 million that occurred between 2004
and 2006. It was alleged that these transactions (collectively
known as the Clyde 1 & 2 and Numeria 1 & 2 transactions) were
entered into in breach of the restrictions contained in the
company's trust deed, and resulted in trusts controlled by the
accused receiving benefits totaling approximately $15.9 million.

All defendants were found guilty in respect of the charges
relating to Clyde 1 & 2, and Mr. Nicholls and Mr. Douglas were
also found guilty in respect of the Numeria 1 transaction. Mr
Nicholls and Mr. Tallentire were found not guilty in relation to
the Numeria 2 transaction.

The SFO are seeking to appeal not guilty verdicts against
Mr. Nicholls and Mr. Douglas from a separate Capital + Merchant
trial in April-May.

These relate to the non-disclosure of alleged related party
lending totalling approximately $14.4 million.

                      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.



=====================
P H I L I P P I N E S
=====================


NICUA MINING: Suspends Operations; Sacks 180 Workers
----------------------------------------------------
Sarwell Q. Meniano at BusinessWorld Online reports that some 180
workers lost their jobs when Nicua Mining Corp. voluntarily
suspended its operations in MacArthur, Leyte early this month due
to an internal conflict.

BusinessWorld relates that Exequiel R. Sarcauga, regional
director of the Department of Labor and Employment (DoLE), said
they will make sure that Nicua will pay separation benefits to
the retrenched workers.

According to the report, Mr. Sarcauga said the management is set
to release on Aug. 30-31 the separation pay for 150 workers in
the first batch. The second group will receive their pay next
month.

"Nicua filed a notice of closure early this month. Whether it is
temporary or permanent closure, we have to make sure that the
workers will get whatever is due to them," Mr. Sarcauga told
BusinessWorld.

BusinessWorld says the decision to halt operations came on the
heels of a show cause order against the company for allegedly
violating its Mineral Production Sharing Agreement (MPSA).

BusinessWorld relates that the firm was cited for reportedly
failing to prove the legitimacy of the employment of Chinese
nationals; and the simultaneous transfer of four barges to
another mining area causing the displacement of murky water to
the Mahanod Creek.

But Roger A. de Dios, Mines and Geosciences Bureau (MGB) regional
director, said the government did not issue a suspension order
against Nicua even after it was found to have violated provisions
of its MPSA, the report notes.

Mr. de Dios earlier said the poor quality of magnetite sand in
Leyte along with the lack of endorsements from three villages
covered by its MPSA may have affected operations, the report
adds.

Nicua Mining Corp. is a mining company based in Leyte,
Philippines.



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


AMTEL INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2012, to
wind up the operations of Amtel Investment Holdings Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Chay Fook Yuen
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


BELIER INVESTMENT: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
Creditors of Belier Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Teh Kwang Hwee
         c/o 1 Commonwealth Lane
         #07-32 One Commonwealth
         Singapore 149544


CIT GROUP: Creditors' Proofs of Debt Due Oct. 1
-----------------------------------------------
Creditors of CIT Group Capital Finance (Singapore) Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 1, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


DONGFANG SHIPBUILDING: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2012, to
wind up the operations of Dongfang Shipbuilding (Group) Company
Limited.

Oceanside Development Group Limited filed the petition against
the company.

The company's liquidator is:

         Mr Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


FLINSTONE MANUFACTURING: Court to Hear Wind-Up Petition Sept. 14
----------------------------------------------------------------
A petition to wind up the operations of Flinstone Manufacturing
Pte Ltd will be heard before the High Court of Singapore on
Sept. 14, 2012, at 10:00 a.m.

Leopad Synergy Pte Ltd filed the petition against the company on
Aug. 21, 2012.

The Petitioner's solicitors are:

         Messrs Lee Bon Leong & Co.
         79 Anson Road, #11-01/02
         Singapore 079906



                             *********

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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