TCRAP_Public/120917.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 17, 2012, Vol. 15, No. 185

                            Headlines


A U S T R A L I A

FP TURBO 2007-1: Amendments No Impact on Moody's Ratings
NINE ENTERTAINMENT: Goldman Rejects Funds' Recapitalisation Plan
PREMIUM FRESH: Creditors to Vote This Month on Restructure
STORM FINANCIAL: ASIC & CBA Reach AUD136-Mil. Settlement Deal


C H I N A

LONKING HOLDINGS: S&P Affirms 'BB-' Corporate Credit Rating
YUZHOU PROPERTIES: S&P Affirms 'B+' Corporate Credit Rating


H O N G  K O N G

80S RENAISSANCE: Placed Under Voluntary Wind-Up Proceedings
ACP INSURANCE: Final Meetings Set for Oct. 8
AP FAR: Creditors' Proofs of Debt Due Oct. 8
CHUNG-PAO RESIN: Final Meetings Set for Oct. 10
DIODES ZETEX: Members' Final Meeting Set for Oct. 10

EASYNET TELECOM: Gronow and Fok Step Down as Liquidators
ECUMENICAL COALITION: Final Meetings Set for Oct. 8
FINESTYLE MARITIME: Final Meetings Set for Oct. 9
FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7
J-TECH CORPORATION: Cheung Hang Ngai Steps Down as Liquidator

ON KIN: Members' Final General Meeting Set for Sept. 28
SINCE-TECH INDUSTRIAL: Annual Meetings Set for Sept. 20
TECHNOTREND TRADING: Yeung and Haughey Step Down as Liquidators
THERESA INTERNATIONAL: Creditors' Meeting Set for Sept. 20
UNIVERSAL PACKAGING: Creditors' Proofs of Debt Due Sept. 28

YIM KWONG: Creditors' Proofs of Debt Due Oct. 8


I N D I A

CHANDI CHARAN: CRISIL Assigns 'D' Ratings on INR128.4MM Loans
COLDSPACE AGROTECH: CRISIL Rates INR60MM Loan at 'CRISIL B'
G3 FABRICATION: CRISIL Cuts Rating on INR110MM Loans to 'B-'
HIGHTECH HEALTHCARE: CRISIL Cuts Rating on INR150MM Loans to 'B+'
LAHLIWALA STEELS: CRISIL Cuts Rating on INR95.5MM Loans to 'B-'

MGR ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings
NEW GUJARAT: Delays in Loan Payment Cues CRISIL Junk Ratings
SECURE PRINT: CRISIL Rates INR100MM Loan at 'CRISIL B-'
SHELAR PROPERTIES: CRISIL Puts 'D' Ratings on INR150MM Loans
SIDDIQUE TRADING: CRISIL Upgrades Rating on INR100MM Loan to 'B+'

STAR GLOBAL: CRISIL Assigns 'BB-' Rating to INR170.5MM Loans
T.K. INTERNATIONAL: Loan Payment Delays Cue CRISIL Junk Ratings
TOSHBRO MEDICALS: CRISIL Rates INR65MM Cash Credit at 'CRISIL B'
VIJAYAWADA HOSPITALITIES: CRISIL Cuts Loan Ratings to 'D'
VIVEK STEELCO: CRISIL Cuts Rating on INR106.7MM Loans to 'D'


J A P A N

PEGASUS FUNDING: S&P Lowers Rating on Class B ABL to 'D'


S I N G A P O R E

AIK LIAN: Court to Hear Wind-Up Petition Sept. 21
ALLCO MANAGEMENT: Creditors' Proofs of Debt Due Oct. 15
ALLCO ORIGINATION: Creditors' Proofs of Debt Due Oct. 15
BUND PTE: Court to Hear Wind-Up Petition Sept. 28
GERANIUM SHIPPING: Creditors' Proofs of Debt Due Oct. 13


                            - - - - -


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


FP TURBO 2007-1: Amendments No Impact on Moody's Ratings
--------------------------------------------------------
Moody's Investors Service has determined that the amendments to
transaction documents for both FP Turbo Trust 2007-1 (Australia)
and FP Ignition Trust 2011-1 - New Zealand, will not, in and of
themselves and at this time, result in the reduction or
withdrawal of the current ratings. The assigned ratings and
facility limits are listed below.

FP Turbo Trust 2007-1 (Australia)

  AUD678,000,000 Class A Notes Aaa(sf)

  AUD33,000,000 Class B Notes Aa2(sf)

  AUD24,000,000 Class C Notes A2(sf)

  AUD42,000,000 Class D Notes Baa2(sf)

  AUD25,000,000 Class E Notes Ba1(sf)

  AUD19,000,000 Seller 1 Notes NR

  AUD80,000,000 Seller 2 Notes NR

FP Ignition Trust 2011-1 - New Zealand

  NZD251,250,000 Class A Notes Aaa(sf)

  NZD24,375,000 Class B Notes Aa2(sf)

  NZD15,000,000 Class C Notes A2(sf)

  NZD22,500,000 Class D Notes Baa2(sf)

  NZD15,000,000 Class OA1 Notes NR

  NZD46,875,000 Class OA2 Notes NR

Moody's believed that the amendments did not have an adverse
effect on the credit quality of the securities such that the
Moody's ratings were impacted. Moody's does not express an
opinion as to whether the amendment could have other, non-credit-
related effects.

FP Turbo Trust 2007-1 (Australia) is an Australian prime ABS. It
is a cash securitization of operating, novated and finance leases
extended to Australian corporates, small and medium-sized
businesses and their employees. The leases securitized in this
portfolio are secured by passenger cars, commercial vehicles and
equipment. The collateral pool composition is revolving with
substitution of receivables taking place until the scheduled
amortization date.

FP Ignition Trust 2011-1 - New Zealand is a New Zealand prime
ABS. It is a cash securitization of operating and finance leases
extended to New Zealand corporates, small and medium-sized
businesses. The leases securitized in this portfolio are secured
by passenger cars and light commercial vehicles (LCV) which
comprises operating and finance leases. Additionally, the
portfolio includes finance lease heavy commercial vehicles (HCV).
The collateral pool composition is revolving with substitution of
receivables taking place until the scheduled amortisation date.

For both transactions, due to the right of the lessees to return
the vehicle at contract maturity in order to cover the final
lease balance outstanding under an operating lease, the notes are
exposed to both default and market or residual value risk of the
related vehicles.

The principal methodology used in these ratings was Moody's
Approach to Rating Australian Asset-Backed Securities published
in July 2009. Moody's modelling approach follows Moody's expected
loss methodology. It derives a joint probability distribution
assuming that the cumulative default rate of the portfolio
follows a log-normal distribution while the residual value ("RV")
return is normally distributed.

Moody's calculates for n default rate scenarios and m residual
value return scenarios respectively the probabilities for each
default rate scenario and each residual value return scenario
given the respective distributions for the default rate and the
residual value return rate. Moody's then calculates the joint
probability for each default rate scenario i combined with the
residual value return scenario j by multiplying the two
probabilities assuming 0% correlation between the two risk
variables resulting in the probabilities for each joint scenario
of default rate i and residual value return j.


NINE ENTERTAINMENT: Goldman Rejects Funds' Recapitalisation Plan
----------------------------------------------------------------
Richard Gluyas at The Australian reports that Goldman Sachs and a
group of distressed debt hedge funds have squared off over Nine
Entertainment, with Goldman "categorically" rejecting a counter-
proposal from the funds.

According to the report, the proposal from US funds Apollo Global
Management and Oaktree Capital was fundamentally different to an
earlier deal put forward by Nine's owner, CVC Asia Pacific, in
conjuction with Goldman, which manages mezzanine debt funds that
are owed $1 billion by Nine.

The Australian relates that the Apollo-Oaktree recapitalisation
proposal, which was presented to senior lenders owed
$2.8 billion, involves a complete wipe-out of CVC's $1.9 billion
in equity. Goldman, for its part, would get warrants worth 5% of
the excess value achieved in any future sale of Nine above the
$2.8 billion in senior debt, the Australian notes.

"Unfortunately, the counter-proposal Apollo and Oaktree sent to
lenders [] clearly fails to understand the value of Nine and has
been categorically rejected," a Goldman source told The
Australian.

Under the CVC-Goldman deal, the report says, the Goldman funds
would get 30% of a refloated Nine, with a small part of that
going to CVC.  The senior debt holders dominated by Apollo-
Oaktree would get the remaining 70%, with Nine keeping a
$1.25 billion debt load.

So the mezzanine debt holders would get a miserly 5% of any value
above $2.8 billion under the Apollo-Oaktree plan, compared with
30% of any value above $1.25 billion under the CVC-Goldman
proposal, The Australian states.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2011, Bloomberg News related that Nine Entertainment Co.
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015. CVC Capital
Partners Ltd. will continue talks with lenders, including Goldman
Sachs Group Inc., on a revised proposal to refinance the
Australian media company, one of the sources told Bloomberg.
According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


PREMIUM FRESH: Creditors to Vote This Month on Restructure
----------------------------------------------------------
ABC News reports that the voluntary administrators of Premium
Fresh Tasmania have met creditors for the first time.

ABC News says Premium Fresh went into voluntary administration
earlier this month as the company struggles with $6.5 million of
debt.

The report relates that creditors were briefed on the company's
situation at a meeting in Launceston last week.

According to the report, the company is continuing to trade as
normal.

Creditors will meet again later in the month to vote on a
restructure of the company, ABC News reports.

Premium Fresh Tasmania is a north-west Tasmanian vegetable
processor. It employs 140 people and buys produce from 80 north-
west farms.


STORM FINANCIAL: ASIC & CBA Reach AUD136-Mil. Settlement Deal
-------------------------------------------------------------
The Australian Securities and Investments Commission Chairman
Greg Medcraft on Sept. 14 welcomed an agreement between ASIC and
the Commonwealth Bank of Australia for CBA to make available up
to AUD136 million as compensation for losses suffered on
investments made through Storm Financial Limited.  The
compensation will be available to many CBA customers who borrowed
from the bank to invest through Storm, including CBA customers
who are members of the Sherwood class action that has been
brought against CBA.

The AUD136 million is in addition to payments of approximately
AUD132 million, and other benefits, CBA has already provided to
Storm investors under its CBA Resolution Scheme.

ASIC has developed a compensation model (in conjunction with
external forensic accountants) to calculate Storm investors'
losses. That model has calculated the estimated loss for each
investor (or investor group, where two or more investors invested
jointly in the Storm model). It has also allocated each
investor's loss between the banks which funded investments in the
Storm model.

CBA's AUD136 million of additional compensation is intended to
ensure that each CBA investor (or investor group) who takes part
in the settlement will get compensation of approximately 55% of
that part of their total loss allocated to CBA under the ASIC
compensation model. This calculation takes into account the
compensation CBA already provided to investors under its
Resolution Scheme. In determining the aggregate amount of
compensation, allowance has also been made for the period that
has elapsed between the time that Storm investors suffered loss
and the time of receipt of compensation.

The agreement provides other benefits to Storm investors who
borrowed from CBA if:

   -- after compensation is applied to an investor's
      outstanding Storm-related margin loan, the investor
      is still in negative equity on their margin loan,
      the balance of the loan will be written off, and

   -- an investor granted an interest-payment moratorium
      by CBA will have that moratorium interest written
      off.

Subject to the Court dismissing ASIC's claim against CBA, this
agreement will bring to a close the legal action against CBA in
ASIC's unregistered managed investment scheme proceedings which
were brought in the Federal Court of Australia in Brisbane in
December 2010. Today's agreement was reached as a culmination of
discussions between CBA and ASIC about whether it was appropriate
to provide additional compensation, over and above that already
provided under the CBA Resolution Scheme, and was reached without
any admission of liability by CBA.  ASIC will request the Court
to dismiss its proceedings against CBA and the agreement will
become effective upon that occurring.

ASIC will continue the unregistered managed investment scheme
proceedings against Storm, Bank of Queensland and Macquarie,
which are scheduled to start today, Sept. 17, 2012.  ASIC
estimates the total loss suffered by all investors who borrowed
monies from banks to invest through Storm to be approximately
AUD830 million.

Mr. Medcraft said: "ASIC's objective of obtaining compensation
for Storm investors has been achieved today for CBA customers,
without the need for a long, costly legal process that brings
with it a level of uncertainty.

"[The] compensation deal is a timely, fair and certain outcome
for Storm investors who borrowed from CBA.

"Storm investors can be confident we would not have agreed to a
settlement unless we thought the compensation was appropriate.

"ASIC recognises CBA's earlier Resolution Scheme was a
constructive response by the bank to the hardship of its
customers who invested through Storm. ASIC welcomes CBA's
positive engagement in resolving this matter and its responsible
approach in dealing with its customers."

CBA is developing processes to implement the settlement
arrangements. Once those processes are developed, CBA will notify
Storm investors who may receive compensation as a result of the
agreement reached today. For each investor or investor group, the
notification will set out the compensation payable, and the time
frame and mechanics of participation in the settlement. CBA
investors who have not previously provided a release to CBA will
be required to do so if they wish to take part. Arrangements with
a CBA customer who is a member of the Sherwood class action may
require further Court order or direction.

                      About Storm Financial

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

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

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

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



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


LONKING HOLDINGS: S&P Affirms 'BB-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based construction machinery
manufacturer Lonking Holdings Ltd. The outlook is negative. "We
lowered the issue rating on the company's US$350 million senior
unsecured notes to 'B+' from 'BB-'. At the same time, we lowered
our long-term Greater China regional scale ratings on Lonking to
'cnBB' from 'cnBB+' and on the notes to 'cnBB-' from 'cnBB+'. We
removed all the ratings from CreditWatch, where they were first
placed with negative implications on June 5, 2012," S&P said.

"We affirmed the rating to reflect our view that Lonking has
reduced refinancing risks relating to its convertible bonds
issued in 2009," said Standard & Poor's credit analyst Johnson
Ng. "The bonds had US$168 million outstanding and were due Aug.
24, 2012. By the due date, Lonking had purchased US$5.2 million
convertible bonds from the market using its own cash. It also
redeemed bonds under the early redemption notices from holders,
with an aggregate redemption price of US$156.7 million (Chinese
renminbi [RMB] 987 million), through offshore borrowings."

"We assess Lonking's business risk profile as 'weak,' as defined
in our criteria. The company's profit margins have declined
significantly due to rising operating and financing costs, and
increasing competition from domestic and international players.
Lonking has also lost its competitive position in its key product
segments in China as its competitors adopted more aggressive
pricing and financing strategies," S&P said.

"We expect Lonking's financial performance to be adequate for the
rating despite a weaker showing in the first half of 2012 than we
expected. In our revised base-case scenario, we estimate
Lonking's sales to be RMB10 billion in 2012, with gross margin of
24%. Its ratio of funds from operations (FFO) to debt is likely
to fall to about 13% from 27.2% in 2011. The debt-to-capital
ratio will likely stay at about 50%," S&P said.

"We lowered the issue rating on Lonking's US$350 million senior
unsecured notes to one notch below the corporate credit rating
because we believe the company's ratio of priority debt to total
assets will likely be above our threshold of 15% for speculative-
grade issuers. The management's cash tender offer to partially
redeem its outstanding offshore senior unsecured notes will
likely increase priority debt (including secured debt and onshore
debt) to fund working capital in weakening operating conditions,"
S&P said.

"We assess Lonking's liquidity to be 'less than adequate,' as
defined in our criteria. We expect the company's sources of
liquidity to be less than 1.2x its uses in the next 12 months,"
S&P said.

"The negative outlook reflects the uncertainty of recovery in the
company's sales and profitability over the next six to 12
months," said Mr. Ng.

"We could lower the rating if Lonking's financial performance
weakens, such that its ratio of FFO to total debt is less than
12% or its ratio of total debt to total capital exceeds 60%. This
could happen if the company's operating conditions deteriorate
more than we expect or its market position weakens further due to
increasing competition or adverse government policies."

"We may revise the outlook to stable if the operating conditions
stabilize, leading to greater visibility on price and demand. A
ratio of FFO to debt above 15% and an improvement in Lonking's
liquidity to 'adequate,' could trigger an outlook revision," S&P
said.


YUZHOU PROPERTIES: S&P Affirms 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
China-based property developer Yuzhou Properties Co. Ltd. to
stable from negative. "At the same time, we affirmed our 'B+'
long-term corporate credit rating on the company and the 'B'
issue rating on its outstanding senior unsecured notes. As a
result of the outlook revision, we raised our Greater China
regional scale rating on Yuzhou to 'cnBB' from 'cnBB-' and on the
notes to 'cnBB-' from 'cnB+'," S&P said.

"The outlook revision reflects our expectation that Yuzhou's
improving property sales are likely to strengthen its cash flow
and financial performance over the next 12 months. The company's
financial management has been consistent and its sales execution
has improved over the past year," said Standard & Poor's credit
analyst Steffi Chen. "We believe Yuzhou will continue to benefit
from a more stable outlook for the property market in China over
the next 12 months as first-time buyers reenter the market."

"We expect Yuzhou to continue to improve its sales execution and
product mix over the next 12 months. The company's property sales
in the first eight months of 2012 were better than we expected as
it cut prices moderately and adjusted its product mix to cater
more to first-time home buyers. Yuzhou's contracted sales were
Chinese renminbi (RMB) 4.5 billion, or 90% of the full-year
target. The company's sales execution improved as contributions
from new markets outside of Xiamen increased," S&P said.

"Yuzhou's profitability is likely to weaken as the company
expands outside of its home market and adopts a more flexible
pricing strategy. Nevertheless, we believe Yuzhou's profitability
will continue to be good, compared with peers' in the same rating
level. The company's low-cost land bank in good locations
supports its profitability, in our view. We expect Yuzhou's
EBITDA margin to remain satisfactory at about 35% in the next one
to two years," S&P said.

"We expect the company's financial performance to improve
moderately in 2012 compared with 2011. In our base-case scenario,
we expect Yuzhou's 2012 credit metrics to improve as higher
property sales offset lower margins and stronger cash flows
result in a more stable leverage. Our key forecast assumptions
for the year are that: (1) Yuzhou's contracted sales will reach
RMB5 billion compared with RMB4.3 billion in 2011; (2) its EBITDA
margins will weaken to about 35% from 42%; and (3) its borrowings
will increase moderately to RMB6.5 billion to fund working
capital and capital spending. As a result, we expect Yuzhou's
adjusted debt-to-EBITDA ratio to be 4x and EBITDA interest
coverage 3x by the end of this year," S&P said.

"We affirmed the rating on Yuzhou to reflect the company's
limited operating flexibility due to its small scale of
operations and high geographic concentration. Yuzhou's limited
record and expansion into new markets could also heighten its
business and execution risks, in our view," said Ms. Chen. "The
company's leading market position in Xiamen, its low-cost land
bank, and
above-average profitability compared with that of peers with a
similar rating temper the above weaknesses. We view Yuzhou's
business risk profile as 'weak' and its financial risk profile as
'aggressive,' as our criteria define the terms."

"We could lower the rating if Yuzhou's property sales and
profitability in the next 12 months are significantly weaker than
we expected or its debt-funded expansion is more aggressive than
we anticipated. This could lead to a more leveraged capital
structure and weaker credit metrics than we expected. We consider
total debt to total capitalization of more than 60% and EBITDA
interest coverage of less than 2x as indicators of such
weakness," S&P said.

"The upside to the rating is limited until the company improves
its operating scale and project diversity, and maintains
satisfactory profit margins. Further, we may raise the rating if
Yuzhou shows financial discipline and a record of prudent
expansion," S&P said.



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


80S RENAISSANCE: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Aug. 26, 2012,
creditors of 80s Renaissance Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Wong Chau Keung
         Flat A, 11/F
         Dao Shing Building
         No. 51, Heung Wo St
         Tsuen Wan


ACP INSURANCE: Final Meetings Set for Oct. 8
--------------------------------------------
Members of ACP Insurance Brokers Limited will hold their final
general meeting on Oct. 8, 2012, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


AP FAR: Creditors' Proofs of Debt Due Oct. 8
--------------------------------------------
Creditors of AP Far East Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 8,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


CHUNG-PAO RESIN: Final Meetings Set for Oct. 10
-----------------------------------------------
Members and creditors of Chung-Pao Resin Chemical Co Limited will
hold their final meetings on Oct. 10, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Unit 102, 1st Floor, Hong Kong Trade
Centre, at 161-167 Des Voeux Road Central, in Hong Kong.

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


DIODES ZETEX: Members' Final Meeting Set for Oct. 10
----------------------------------------------------
Members of Diodes Zetex (Asia) Limited will hold their final
meeting on Oct. 10, 2012, at 2:30 p.m., at Unit 511, 5/F, Tower
1, Silvercord, at 30 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EASYNET TELECOM: Gronow and Fok Step Down as Liquidators
--------------------------------------------------------
Nicholas James Gronow and Fok Hei Yu stepped down as liquidators
of Easynet Telecommunications (Hong Kong) Limited.


ECUMENICAL COALITION: Final Meetings Set for Oct. 8
---------------------------------------------------
Members of Ecumenical Coalition on Third World Tourism (ECTWT)
Limited will hold their final meeting on Oct. 8, 2012, at 10:00
a.m., at Room 1107, 11/F, Celebrity Commercial Centre, at 64
Castle Peak Road, Shamshuipo, in Kowloon.

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


FINESTYLE MARITIME: Final Meetings Set for Oct. 9
-------------------------------------------------
Members and creditors of Finestyle Maritime Services Limited will
hold their final meetings on Oct. 9, 2012, at 10:00 a.m., at
62/F, One Island East, at 18 Westlands Road, Island East, in Hong
Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7
--------------------------------------------------------------
A petition to wind up the operations of Fortress Commodities
Limited will be heard before the High Court of Hong Kong on
Nov. 7, 2012, at 9:30 a.m.

Cementia Trading AG filed the petition against the company on
Aug. 24, 2012.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


J-TECH CORPORATION: Cheung Hang Ngai Steps Down as Liquidator
-------------------------------------------------------------
Cheung Hang Ngai stepped down as liquidator of J-Tech Corporation
Limited on Aug. 28, 2012.


ON KIN: Members' Final General Meeting Set for Sept. 28
-------------------------------------------------------
Members of On Kin Services Company Limited will hold their final
general meeting on Sept. 28, 2012, at 11:00 a.m., at 14 Princess
Margaret Road, Kowloon, in Hong Kong.

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


SINCE-TECH INDUSTRIAL: Annual Meetings Set for Sept. 20
-------------------------------------------------------
Members and creditors of Since-Tech Industrial Limited will hold
their annual meetings on Sept. 20, 2012, at 2:30 p.m., and 3:00
p.m., respectively at 25/F, Tern Centre Tower I, 237 Queen's Road
Central, in Hong Kong.

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


TECHNOTREND TRADING: Yeung and Haughey Step Down as Liquidators
---------------------------------------------------------------
Yeung Lui Ming (Edmund) and Darach E. Haughey stepped down as
liquidators of Technotrend Trading Limited on Aug. 30, 2012.


THERESA INTERNATIONAL: Creditors' Meeting Set for Sept. 20
----------------------------------------------------------
Creditors of Theresa International Limited will hold their
meeting on Sept. 20, 2012, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at Room 607, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


UNIVERSAL PACKAGING: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------------
Creditors of Universal Packaging & Design Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 28, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 27, 2012.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


YIM KWONG: Creditors' Proofs of Debt Due Oct. 8
-----------------------------------------------
Creditors of Yim Kwong Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 3, 2012.

The company's liquidator is:

         Lee Wai Fong
         2/F, 228 Prince Edward Road
         Kowloon, Hong Kong



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


CHANDI CHARAN: CRISIL Assigns 'D' Ratings on INR128.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the long-
term bank facilities of Chandi Charan Cold Storage Pvt Ltd. The
ratings reflect the instances of delay by CCCSPL in servicing the
interest obligations on its term loan; the delays have been
caused by the company's weak liquidity.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Working Capital Loan      7.50      CRISIL D (Assigned)
   Term Loan                60.00      CRISIL D (Assigned)
   Bank Guarantee            1.80      CRISIL D (Assigned)
   Cash Credit              59.10      CRISIL D (Assigned)

CCCSPL has a weak financial risk profile, marked by high gearing
and weak debt protection metrics, and is exposed to the highly
regulated and intensely competitive cold-storage industry in West
Bengal. However, the company benefits from its promoters'
extensive industry experience.

                        About Chandi Charan

CCCSPL was established in 2011 by the Gorai family of Kolkata.
The company has set up a cold-storage unit (with two chambers) in
Bankura, West Bengal.


COLDSPACE AGROTECH: CRISIL Rates INR60MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
loan facility of Coldspace Agrotech India Pvt Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long Term Loan         60      CRISIL B/Stable (Assigned)

The rating reflects CAIPL's exposure to risk related to
implementation of its on-going cold storage project. This rating
weakness is partially offset by the extensive experience of
CAIPL's promoters in the agricultural field.

Outlook: Stable

CRISIL believes that CAIPL will implement its on-going project
without any significant time or cost overruns. The outlook may be
revised to 'Positive', in case CAIPL reports higher-than-expected
cash accruals, on the back of higher utilization of its storage
capacities. Conversely, the outlook may be revised to negative,
in case the company witnesses low capacity utilization levels or
if it undertakes larger-than-expected, debt-funded capital
expenditure programme, resulting in deterioration in its
financial risk profile.

Incorporated in August 2011, Coldspace Agrotech India Pvt Limited
(CAIPL) is setting-up cold storage and ripening chambers. The
company is promoted by Mr. Narasimha Raju, Mr. Indukuri Varma and
their family members.


G3 FABRICATION: CRISIL Cuts Rating on INR110MM Loans to 'B-'
------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of G3 Fabrication and Engineering Pvt Ltd to 'CRISIL
B-/Stable' from 'CRISIL B/Stable' and has reaffirmed its rating
on G3's short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         20      CRISIL A4 (Reaffirmed)

   Cash Credit            30      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Rupee Term Loan        80      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The downgrade reflects the lower revenues and cash flows of the
company than anticipated earlier owing to delay in commencement
of its production activities. The company is expected to have
moderate revenue visibility due to initial years of operations
and its small order book. Also, CRISIL believes that G3's cash
accruals will continue to be less than adequate to service its
debt repayment obligations over the near term, similar to 2011-
12. The company, thus, will depend on infusion of funds by
promoter to service its debt obligations in a timely manner. The
extent and timing of such infusion of funds will remain a key
rating sensitivity factor over the medium term.

The ratings also reflect G3's weak financial risk profile, marked
by high gearing and weak debt protection measures, and
susceptibility to cyclicality in capacity addition in end-user
industry. These weaknesses are offset by the extensive experience
of G3's promoters in the engineering and capital goods industry.

Outlook: Stable

CRISIL believes that G3 will maintain its business risk profile
over the medium term on the back of the industry experience of
its promoters. The company's financial risk profile will be
constrained because of large debt contracted to fund its project
and working capital requirements. The outlook may be revised to
'Positive' if G3 achieves better-than-expected revenue growth and
margins, leading to improvement in its financial risk profile,
and if the company manages its working capital requirements
efficiently. Conversely, the outlook may be revised to 'Negative'
in case of significantly less-than-expected revenue growth and/or
profitability margins.

G3 was established in June 2009 by Mr. Sureshkumar Bhatt, Mr. T M
Raju, Mr. B K Mohan Nair, and Mr. Suresh Kotadia to manufacture
equipment, including pressure vessels, heat exchangers for the
power, oil and gas, petrochemicals, refinery, and fertiliser
sectors. The plant started commercial production in September
2011.


HIGHTECH HEALTHCARE: CRISIL Cuts Rating on INR150MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hightech Healthcare.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              0.7      CRISIL B+/Stable (Assigned)

   Proposed Long-Term    99.3      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Packing Credit         5.0      CRISIL B+/Stable (Assigned)

   Bill Purchase-        45.00     CRISIL B+/Stable (Assigned)
   Discounting Facility

   Letter of Credit      30.0      CRISIL A4

   Bank Guarantee        20.0      CRISIL A4 (Assigned)

The ratings reflect HH's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
The ratings also reflect customer concentration in HH's revenue
profile, and its exposure to volatility in revenues and
profitability because of inherent uncertainties in its tender-
based business. These rating weaknesses are partially offset by
the benefits that HH derives from its promoters' experience in
the medical equipment trading business, its established track
record with key customers, and moderate order book position,
leading to revenue visibility over the medium term.

Outlook: Stable

CRISIL believes that HH will continue to benefit over the medium
term from the extensive experience of its promoters in the
healthcare equipment trading industry and their established
relations with customers and suppliers. The outlook may be
revised to 'Positive' if the firm's order book position improves
or it registers significant and sustainable improvement in its
revenues and margins, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a significant decline in the firm's revenues and
margins, leading to further deterioration in its financial risk
profile.

                      About Hightech Healthcare

Based in Noida (Uttar Pradesh), HH was established as a
partnership firm in 2001 by Mr. Rajesh Sondhi and Mr. Prabhat
Kumar; the firm trades in medical equipment. The majority of its
revenues are derived from tender-based business from African
countries such as Ethipoia and Zimbabwe. The firm is also engaged
in exporting thermal wear to Russia. The firm has branch offices
in Russia and Ethiopia.

HH's profit after tax (PAT) and net sales are estimated at INR1
million and INR80 million respectively for 2011-12 (refers to
financial year, April 1 to March 31); it reported a PAT of INR14
million on net sales of INR207 million for 2010-11.


LAHLIWALA STEELS: CRISIL Cuts Rating on INR95.5MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lahliwala Steels Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        3.5      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit          80.0      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Long Term   15.5      CRISIL B-/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The rating downgrade reflects pressure on LSPL's liquidity
profile, with high average bank limit utilization of around 100
per cent over the 12 months through June 2012 and weaker-than-
expected operating performance of the company in 2011-12 (refers
to financial year, April 1 to March 31). Liquidity has
deteriorated because of more-than-expected working capital
requirements due to stretched debtors, coupled with small cash
accruals. CRISIL believes that large working capital requirements
and high debt repayment obligations will continue to result in
LSPL's weak liquidity over the medium term.

LSPL has a below-average financial risk profile on account of its
low profitability which also is susceptible to volatility in raw
material prices and cyclicality in the steel industry. These
rating weaknesses are partially offset by the extensive
experience of LSPL's promoters in the steel industry and its
established relationships with its suppliers and customers.

Outlook: Stable

CRISIL believes that LSPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of a substantial improvement in the
company's financial risk profile, driven most likely by better
working capital management, improvement in profitability, or
capital infusion by the promoters. Conversely, the outlook may be
revised to 'Negative' in case of a decline in LSPL's margin or
larger-than-expected working capital requirements, resulting in a
weaker financial risk profile.

                      About Lahliwala Steels

LSPL was incorporated in December 2005 by Mr. Raj Kumar Agarwal
and his son, Mr. Mohit Agarwal. Its rolling mill in Dhulagarh
Industrial Park (West Bengal) has capacity of 20,000 tonnes per
annum. LSPL manufactures structural products, such as flat bars,
angles, channels, beams/joists, rounds, and square bars. It also
does opportunistic trading in structural steel.

LSPL's profit after tax (PAT) and net sales are estimated at INR7
million and INR474 million respectively for 2011-12 (refers to
financial year, April 1 to March 31); the company reported a net
loss of INR3 million on net sales of INR350 million for 2010-11.


MGR ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of MGR Enterprises to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          80.0      CRISIL D (Downgraded from
                                  'CRISIL/Stable')

   Proposed Long-Term   19.9      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The rating downgrade reflects MGR's overdrawn cash credit limit
and its non-payment of interest on the same; the delays have been
caused by the firm's weak liquidity. The firm has, currently,
discontinued its operations.

MGR was established in 1999 as a partnership concern by
Mr. Rajendra Reddy and his family. MGR was a wholesale
distributor of electronic goods (television sets, washing
machines, microwaves, vacuum cleaners, air conditioners, geysers,
mixer grinders, and fans) manufactured by LG Electronics India
Pvt Ltd, Samsung India Pvt Ltd, Mirc Electronics Ltd, and
Videocon Industries Ltd, among others; the firm used to
distribute these products across Andhra Pradesh (AP). The firm
has, currently, discontinued its operations.


NEW GUJARAT: Delays in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
New Gujarat Cotton Industries to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             37.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long-Term      30       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Rupee Term Loan         15       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Standby Line of Credit   5.5    CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by NGCI in servicing
its term loan; the delays have been caused by weakening in
liquidity. Liquidity weakened because it incurred substantial
losses as a result of high volatility in the cotton prices and
ban on cotton exports.

NGCI's weak financial risk profile is marked by a small net worth
and it has large working capital requirements. The firm is also
exposed to risks related to volatility in prices of cotton and to
adverse regulatory changes in the cotton industry.

                        About New Gujarat

NGCI was started by Mr. Abdulrasid Yusufbhai Saiyad and Mr.
Zahirbhai Yusufbhai Saiyad in 2009. The firm is engaged in cotton
ginning and pressing, and produces cotton bales and cotton seeds
from kapas (raw cotton).

For 2010-11 (refers to financial year, April 1 to March 31), NGCI
reported a profit after tax (PAT) of INR 0.6 million on net sales
of INR324.5 million, against a PAT of INR0.5 million on net sales
of INR128.5 million for 2009-10.


SECURE PRINT: CRISIL Rates INR100MM Loan at 'CRISIL B-'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Secure Print Solutions Pvt Ltd (part of the Secure group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', and has reaffirmed its
rating on SPSPL's short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            100     CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit        30     CRISIL A4 (Reaffirmed)

   Bank Guarantee          30     CRISIL A4 (Reaffirmed)

   Bill Discounting        10     CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in the Secure group's
liquidity because of significant stretch in its working capital
cycle and sizeable debt repayments. In 2011-12 (refers to
financial year, April 1 to March 31), the group's inventory level
rose to close to 5 months of sales from about 3 months of sales,
as it imported more quantity of raw material to benefit from
favorable prices. In addition, annual debt repayment obligations
of INR67 million will continue to test the group's liquidity over
the medium term.

The ratings reflect the Secure group's weak average financial
risk profile marked by weak capital structure and inadequate debt
protection metrics, exposure to intense competition in the
variable data printing segment, and low bargaining power with its
customers. These rating weaknesses are partially offset by the
benefits that the group derives from its promoters' extensive
experience and its established track record in the data printing
industry.

For arriving at the ratings, CRISIL has combined the financial
and business risk profiles of SPSPL and its wholly owned
subsidiary, Secure Offset Pvt Ltd. This is because both these
entities, together referred to as the Secure group, have
significant operational and financial linkages between them.

Outlook: Stable

CRISIL believes that the Secure group's financial risk profile
will remain constrained by change in its inventory management and
its sizeable debt repayment obligations over the medium term. The
outlook may be revised to 'Positive' if the group's promoters
infuse equity or there is an improvement in its working capital
management, leading to improvement in its liquidity profile.
Conversely, the outlook may be revised to 'Negative' if there in
case of further stretch in liquidity and consequent deterioration
in its debt servicing ability.

                           About the Group

SPSPL, located in Kolkata, is promoted by Mr. Rajneesh Jain and
Mr. Rahul Jain. The company was incorporated in 2002 and is
engaged in variable data printing for prepaid scratch cards for
various telecom players. SOPL is in the same line of business and
started commercial operations in July 2011.

For 2011-12, SPSPL provisionally reported a profit after tax
(PAT) of INR5 million on net sales of INR314 million; the company
reported a PAT INR4.5 million on revenues of INR271 million for
2010-11.


SHELAR PROPERTIES: CRISIL Puts 'D' Ratings on INR150MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shelar Properties Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       8.3      CRISIL D (Assigned)
   Bank Loan Facility

   Term Loan              141.7      CRISIL D (Assigned)

The rating reflects instances of delays by SPPL in servicing its
term loan obligations; the delays have been caused by the
company's weak liquidity. The delays in stabilization of revenues
from the recently expanded room capacity has affected the
liquidity of SPPL and impaired its debt servicing ability.

SPPL also has a weak financial risk profile, marked by a small
net worth and high gearing, and modest scale of operations with
exposure to risks related to cyclicality in the hospitality
segment. These rating weaknesses are partially offset by SPPL's
established presence in its area of operation and the extensive
experience of its promoters in the hospitality industry.

Incorporated in the year 1999, SPPL operates a 3-star multi-
facility hotel at Nashik, Maharashtra. It also operates a multi-
facility hotel at Thane, Maharashtra. Both the hotels are
operated under the name of 'Express-Inn'. The day-to-day
operations of SPPL are managed by the promoter Mr. Narayan
Shelar.

SPPL reported a profit after tax (PAT) of INR19.7 million on
operating income of INR220.8 million (provisional) for 2011-12
(refers to financial year, April 1 to March 31), as against a net
loss of INR103.3 million on operating income of INR147.8 million
for 2010-11.


SIDDIQUE TRADING: CRISIL Upgrades Rating on INR100MM Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on Siddique Trading Company Pvt
Ltd's long-term bank facilities to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Proposed Cash        100       CRISIL B+/Stable (Upgraded from
   Credit Limit                   'CRISIL B/Stable')

   Proposed Letter      450       CRISIL A4 (Reaffirmed)
   of Credit

The rating upgrade reflects improvement in STC's business risk
profile, driven by substantial and sustained growth in scale of
operations. The revenues are also expected to maintain the growth
momentum, backed by established customer relationships. The
rating also factors in improvement in the liquidity profile of
the company, supported by increased accruals and prudent working
capital management. Due to lack of external borrowings, the
financial risk profile remains satisfactory. It is, however,
expected to deteriorate to some extent due to debt expected to be
contracted to fund working capital requirements for proposed coal
trading business.

The rating reflects STC's modest scale of operations, with
limited track record in the present business operations, and
customer concentration in its revenue profile. These rating
weaknesses are, however, partially offset by STC's promoter's
experience in commodities trading and the company's above-average
financial risk profile.

Outlook: Stable

CRISIL believes that STC will maintain a stable business risk
profile, backed by its promoter's experience in the commodities
trading business. The outlook may be revised to 'Positive' if STC
diversifies its customer base and registers significant
improvement in its scale of operations, while maintaining its
comfortable financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the business risk profile is
adversely impacted by any unrelated diversification or in case of
a stretch in the working capital cycle, leading to deterioration
in liquidity of the company.

                      About Siddique Trading

STC was incorporated in 2009 and is part of the Siddique group,
which has operations in India, Hong Kong, China, the United Arab
Emirates, and Singapore. The group has been operating in India
(predominantly high-seas sales) through Siddique Infrastructure
Projects Pvt Ltd since 2007. STC was set up to take care of the
group's Indian trading operations and the operations of the
company commenced in 2010-11 (refers to financial year, April 1
to March 31). STC mainly trades in steel products and agro
products, and has plans to venture in coal trading business this
year.

For 2011-12, STC reported net profit after tax (PAT) of INR3.0
million on the net sales of INR465.0 million as against net PAT
of INR0.4 million on net sales of INR295.0 million for 2010-11.


STAR GLOBAL: CRISIL Assigns 'BB-' Rating to INR170.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Star Global Endura Ltd (part of the
Supreme group).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             89       CRISIL BB-/Stable (Assigned)

   Proposed Long-Term    31.5     CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit           50       CRISIL BB-/Stable (Assigned)

   Letter of credit &    50       CRISIL A4+ (Assigned)
   Bank Guarantee

   Buyer Credit Limit    45       CRISIL A4+ (Assigned)

The ratings reflect the benefits that the Supreme group derives
from its long-standing business presence, its promoter's industry
experience, and its established customer base. These rating
strengths are partially offset by the Supreme group's weak
financial flexibility driven by large term debt obligations over
the medium term, concentrated customer profile, and exposure to
intense industry competition.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SGEL and its group entities, Supreme
Polymers Pvt Ltd (SPPL), Sidharth Polysacks Pvt Ltd (SiPPL), and
Alliance Polymers pvt Ltd (APPL). This is because these entities
(together referred to, herein, as the Supreme group) have
significant operational and financial linkages, and a common
management.

Outlook: Stable

CRISIL believes that the Supreme group will continue to benefit
over the medium term from its promoter's extensive experience in
the woven sacks industry and its established customer base. The
outlook may be revised to 'Positive' in case the group reports
more-than-expected increase in its cash accruals or better-than-
expected working capital management, leading to an improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case the Supreme group reports lower-
than-expected profitability, or stretch in its working capital
management, leading to deterioration in its financial risk
profile.

                        About the Group

SGEL, incorporated in 2009 by Mr. Sanjay Jain, manufactures
multi-filament yarn. The company is the backward-integration
initiative of the group, wherein the yarn it manufactures is used
for stitching woven sacks by its group companies. About 15 to 20
per cent of SGEL's total production meets the entire in-house
yarn requirement of the group; the rest is sold to other woven
sack manufacturers. SGEL's plant is situated at Village Surana in
Jaipur.

SPPL, set up in 1998, is the flagship company of the group. SPPL
manufactures poly proplyene and high density polyethylene
(PP/HDPE) woven sacks at its plant at Jothwara in Jaipur
(Rajasthan).

SiPPL, incorporated in 1999, manufactures woven sacks. Its plant,
situated at Newai in Jaipur (Rajasthan).

APPL, incorporated in 2009, manufactures ad star bags and
traditional woven sacks. Ad star bags are much more durable and
hence, have replaced traditional paper bags used in packaging.
The company's plant is in Village Surana in Jaipur.

For 2011-12 (refers to financial year, April 1 to March 31),
SGEL's net loss is estimated at INR 8 million on net sales of
INR120.0 million, against a net loss of INR3.3 million on net
sales of INR114.5 million for 2010-11.


T.K. INTERNATIONAL: Loan Payment Delays Cue CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
T.K.International Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Negative/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      63.5     CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')


   Cash Credit Limit       17.5     CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')


   Buyer's Credit Limit     1.0     CRISIL D (Downgraded from
                                    'CRISIL A4')

   Bank Guarantee           5.0     CRISIL D (Downgraded from
                                    'CRISIL A4')

   Long-Term Loan          40.0     CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')

The rating downgrade reflects instances of delays in term loan
servicing by TKIL; the delays have been caused by weakening in
liquidity. TKIL's liquidity weakened because of its large working
capital requirements in the tour and travel business and ongoing
capital expenditure (capex). TKIL's weak liquidity is aggravated
by its acquisition of Tudor Resort Pvt Ltd (renamed The Goan
Village Beach Resort) in 2011-12 (refers to financial year, April
1 to March 31) with a total cash outgo of around INR19 million.

TKIL continues to have limited financial flexibility because of
its large working capital requirements for its travel and tour
business. Moreover, its business risk profile is marked by
geographical concentration and modest scale of operations. The
company is also susceptible to downturns in the hospitality
industry. However, TKIL has improved its operating margin on the
back of high occupancy levels at its resorts and decrease in
proportion of timeshare travellers.

TKIL is in the hospitality business. The company has a four-star
resort, Toshali Sands (set up in 1985), in Puri (Odisha), a
three-star resort, Toshali Royal View (set up in 2003), in Simla
(Himachal Pradesh), and a three-star resort, The Goan Village
Beach Resort (leased property), in Goa. TKIL has a travel and
tours division, which sells customised travel packages.


TOSHBRO MEDICALS: CRISIL Rates INR65MM Cash Credit at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Toshbro Medicals Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        50       CRISIL A4 (Assigned)
   Cash Credit           65       CRISIL B/Stable (Assigned)

The ratings reflect TMPL's modest scale of operations and subdued
financial risk profile marked by low networth level, highly
geared capital structure and weak debt protection indicators, and
susceptibility of revenues and margins to intense competition and
to volatility in foreign exchange rates. These rating weaknesses
are partially offset by TMPL's promoters' extensive experience
and established presence in the trading of medical equipments.

Outlook: Stable

CRISIL believes that TMPL will benefit over the medium term from
its promoters' extensive industry experience in the industry. The
outlook may be revised to 'Positive' if TMPL reports significant
and sustainable growth in revenues and profitability margins,
while improving its capital structure and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the company's revenues and operating
margins, or if its working capital cycle lengthens significantly,
adversely impacting its financial risk profile.

TMPL incorporated in 2001, by Mr. Arun Toshniwal and his son Mr.
Anurag Toshniwal. The company is engaged in the trading of
medical equipments primarily related to Ophthalmology,
Neurosurgery, Dentistry and ENT.

TMPL reported a net loss of INR6 million on net sales of INR224.8
million for 2011-12 (refers to financial year, April 1 to
March 31), on provisional basis; against a profit after tax of
INR2.6 million on net sales of INR201 million for 2010-11.


VIJAYAWADA HOSPITALITIES: CRISIL Cuts Loan Ratings to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijayawada Hospitalities Pvt Ltd (VHPL; part of the Minerva
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Rupee Term Loan      65.0      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Proposed Long-Term    2.5      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB-/Stable')


   Overdraft Facility    7.5      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

The rating downgrade reflects delay of around 15-20 days by the
Minerva group in servicing its term debt; the delay has been
caused by the group's weak liquidity on account of its inadequate
cash accruals vis--vis term debt repayment obligations.

The rating reflects the Minerva group's average financial risk
profile, marked by high gearing, small net worth, and below-
average debt protection metrics, and vulnerability to cyclicality
and competition in the hotel industry. These rating weaknesses
are partially offset by the Minerva group's established brand and
promoter's extensive experience in the hotel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Secunderabad Hotels Pvt Ltd (SHPL) and
VHPL, together referred to as the Minerva group. This is because
VHPL is a subsidiary of SHPL, both the companies are engaged in a
similar line of business, and are owned and managed by the same
promoter. Also, both the companies operate hotels under the same
name and support each other in case of business or financial
exigencies.

                        About the Group

Based in Secunderabad (Andhra Pradesh [AP]), SHPL was
incorporated in 2005 and is managed by Mr. A Vijayavardhan Reddy.
SHPL operates two three-star hotels under the name, Minerva
Grand, which have a total of 180 rooms and other facilities, such
as fitness and business centre, restaurants, boardroom, banquette
hall, and marriage hall. The company also operates two restaurant
chains, Blue Fox Restaurants and Minerva Coffee Shops.

VHPL operates a 40 rooms three-star hotel in Vijayawaya (AP),
Minerva Grand. The hotel's operations began from December 2010
and have facilities such as a coffee shop, multi-cuisine
restaurant and bar, business centre, boardrooms, fitness centre,
and banquet hall.

The group has set up a three-star hotel in Tirupati (AP) at a
cost of INR145 million; 70 per cent of the cost was funded by
debt and the hotel is expected to commence operations from August
2012. The group is setting up another three-star hotel in
Hyderabad (AP) at a cost of INR110 million; 65 per cent of the
cost will be funded by debt and the hotel is expected to commence
operations from September 2012.

For 2011-12 (refers to financial year, April 1 to March 31), the
Minerva group reported a provisional profit after tax (PAT) of
INR3.5 million on net sales of INR427 million; the group reported
a PAT of INR3.9 million on net sales of INR332 million for 2010-
11.


VIVEK STEELCO: CRISIL Cuts Rating on INR106.7MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vivek
Steelco Pvt Ltd (VSPL; part of the Agarwal group) to 'CRISIL D'
from 'CRISIL B+/Stable'. The rating downgrade reflects instances
of delays by the Agarwal group in servicing its debt; the delays
have been caused by the group's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          99.0      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Rupee Term Loan       7.7      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The Agarwal group also has a modest financial risk profile,
marked by a high gearing and weak debt protection metrics, and
large working capital requirements. However, the group benefits
from its promoters' extensive experience in the steel industry
and integrated nature of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VSPL, Shubhlaxmi Casting Pvt Ltd
(SCPL), Arjun Alloys (AA), Anjani Enterprises (AE), and VS
Multimetal Pvt Ltd (VSMPL). This is because these entities,
together referred to as the Agarwal group, have the same
promoters and management, and significant intra-group
transactions. As part of the current rating exercise, CRISIL has
not consolidated Ritu Shipping Pvt Ltd (RSPL) with the group. The
change in analytical approach is because RSPL is into scrap
trading with very minimal inter-group sales and purchases. Also,
there is minimal cash fungibility between RSPL and the other
group companies. Furthermore, though the management plans to
merge various group companies in 2012-13 (refers to financial
year, April 1 to March 31), it does not plan to merge RSPL with
the group.

                         About the Group

VSPL was set up as Vivek Steel Industries in 1998; it was
reconstituted as a private limited company in 2008. It
manufactures various alloy steel, stainless steel, and mild-steel
rolled products. Its rolling mill unit is at Changodar (Gujarat).
The company is part of the Agarwal group, which has been
manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The Agarwal group comprises
various entities, such as SCPL, AA, AE, VSMPL, and VSPL.

VSPL's profit after tax (PAT) is estimated at INR8.19 million on
net sales of INR619.19 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR7.33 million on
net sales of INR525.90 million for 2010-11.



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


PEGASUS FUNDING: S&P Lowers Rating on Class B ABL to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class B asset-backed loan (ABL) extended
in September 2006 under the Pegasus Funding transaction.

"We downgraded the class B ABL to 'D (sf)' because we learned
that an interest payment on the ABL was not fully made on the
interest payment date on Sept. 11, 2012, and we believed that
payment would not be made within five business days of that date.
Meanwhile, interest on the class A1 and A2 ABLs was paid in full
on the same date," S&P said.

"Real estate-backed loan receivables that were issued primarily
to small and midsize real estate companies back the ABLs extended
under this securitization transaction," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATING LOWERED
Pegasus Funding
JPY120 billion ABLs (total initial extendable amount)
due December 2014
Class       To         From        Initial extendable amount
Class B     D (sf)     CC (sf)     JPY28.1 billion

The issue date of the transaction was Sept. 29, 2006.



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


AIK LIAN: Court to Hear Wind-Up Petition Sept. 21
-------------------------------------------------
A petition to wind up the operations of Aik Lian Engineering &
Trading Pte Ltd will be heard before the High Court of Singapore
on Sept. 21, 2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Aug. 29, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


ALLCO MANAGEMENT: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------
Creditors of Allco Management Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ng Yau Yee Theresa
         Tan Aik Kiat
         c/o 8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


ALLCO ORIGINATION: Creditors' Proofs of Debt Due Oct. 15
--------------------------------------------------------
Creditors of Allco Origination Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ng Yau Yee Theresa
         Tan Aik Kiat
         c/o 8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


BUND PTE: Court to Hear Wind-Up Petition Sept. 28
-------------------------------------------------
A petition to wind up the operations of THE Bund Pte Ltd will be
heard before the High Court of Singapore on Sept. 28, 2012, at
10:00 a.m.

Scape Co. Ltd filed the petition against the company on Sept. 6,
2012.

The Petitioner's solicitors are:

         JLC Advisors LLP
         22 Malacca Street
         #07-03 RB Capital Building
         Singapore 048980


GERANIUM SHIPPING: Creditors' Proofs of Debt Due Oct. 13
--------------------------------------------------------
Creditors of Geranium Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809



                             *********

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 ***