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        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

           Wednesday, August 3, 2011, Vol. 14, No. 152

                            Headlines


A U S T R A L I A

ABC LEARNING: Former ABC Director to Stand Trial
METAL STORM: Shareholders OK Issuance of Shares to Dutchess
METAL STORM: Signs Memorandum of Understanding with TASER


C H I N A

CHINA CABLECOM: UHY Vocation Raises Going Concern Doubt


H O N G  K O N G

ALFRED DUNHILL: Yeung and Moyes Step Down as Liquidators
ALFRED DUNHILL (PACIFIC): Yeung and Moyes Step Down as Liquidators
ASHLEY 27: Creditors' Proofs of Debt Due August 29
BAHT NAVIGATION: Man Yun Wah Steps Down as Liquidator
CAPITAL HUMAN: Au and Wong Step Down as Liquidators

C & Y ACCOUNTING: Members' Final Meeting Set for August 31
CHLOE LIMITED: Yeung and Moyes Step Down as Liquidators
CONCORD CAMERA: Ira Lambert Appointed as New Liquidator
DR. WONG: Creditors' Proofs of Debt Due August 29
DUNHILL INVESTMENTS: Yeung and Moyes Step Down as Liquidators

FENG YA: Members' Final Meeting Set for August 29
FIRST TECHNOLOGY: Leung Mei Fan Steps Down as Liquidator
FORE-Z (H.K.): Annual Meetings Set for August 5
HONNIC INTERNATIONAL: Creditors' Meeting Set for August 5


I N D I A

AGARWALLA TIMBERS: ICRA Places 'LBB' Rating to INR4.5cr Term Loan
AINAJ INDUSTRIES: CARE Rates INR12cr Long-Term Loan at 'CARE B'
AIR INDIA: Star Alliance Membership Put on Hold
BHANWARDEEP COPPER: CARE Assigns CARE B Rating to INR4.66cr Loan
CORNER POINT: CARE Rates INR13.3cr Long-Term Loan at 'CARE BB'

GRN CONSTRUCTIONS: ICRA Rates INR10cr Loan at '[ICRA]BB+'
KAMAL INT'L: ICRA Rates INR8cr Bank Loan at '[ICRA]B/[ICRA]A4'
KANADE AQUA: CARE Rates INR17.18cr LT Bank Loan at 'CARE BB'
KANUNGA EXTRUSION: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
MALABAR FOOD: ICRA Assigns '[ICRA]B' Rating to INR0.85cr Term Loan

MASINA ALLOYS: ICRA Assigns '[ICRA]BB' Rating to INR5.75cr Loan
MITHRA AGENCIES: ICRA Rates INR20cr Fund Based Loan at '[ICRA]BB+'
M.R.A. METAL: ICRA Rates INR12cr Loan at '[ICRA]B/[ICRA]A4'
NEXTGEN PRINTERS: ICRA Reaffirms '[ICRA]BB-' on INR11.25cr Loan
RANA PAPERS: ICRA Upgrades Rating on INR25.4cr Loan to '[ICRA]B+'

RISHABH GOLD: ICRA Puts '[ICRA]BB' on INR7cr Fund Based Facilities
SHINE PETTRO: ICRA Assigns '[ICRA]BB-' Rating to INR5.57cr Loan
STL GLOBAL: Fitch Withdraws 'C(ind)nm' National LongTerm Rating
TRANSTECH GREEN: Fitch Cuts Rating on INR406MM Loans to 'BB-(ind)'
TRIVISTA STEELS: ICRA Ups Rating on INR15.85cr Loan to '[ICRA]BB-'


I N D O N E S I A

GAJAH TUNGGAL: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable


J A P A N

KENEDIX REALTY: Moody's Raises Unsecured Debt Ratings to 'Baa3'
SONY CORP: Swings to JPY15.5BB Loss in April-June 2011 Quarter
SONY CORP: Plans to Revamp Unprofitable TV Business


M A L A Y S I A

RANHILL BERHAD: Fitch Affirms, Withdraws B- Foreign Currency IDRs


N E W  Z E A L A N D

BLUE CHIP: Genworth Said to Partially Pay Blue Chip Claims
PULSE UTILITIES: BEL Could Force Firm Into Receivership


S I N G A P O R E

GLOBAL ALLOCATION: Creditors' Proofs of Debt Due August 30
INFINITEA ILUMA: Court Enters Wind-Up Order
J&U HOLDINGS: Court to Hear Wind-Up Petition on August 12
KOON HIAP: Creditors Get 3.51608% Recovery on Claims
LEKIM TEXTILE: Creditors' Proofs of Debt Due August 12

MARICO ENGINEERING: Court to Hear Wind-Up Petition on August 12
MPL PTE: Creditors' Proofs of Debt Due August 29


T H A I L A N D

PICNIC CORP: Three Sixty Five Drops Plan to Buy Major Stake


V I E T N A M

DOT VN: Registrations of Vietnamese IDNs Exceed 294,000


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ABC LEARNING: Former ABC Director to Stand Trial
------------------------------------------------
The Australian Securities and Investments Commission said Martin
Kemp, a former executive director of ABC Learning Centres Ltd, has
been committed to stand trial on criminal charges of breaching his
duties as a director.

Mr. Kemp, the former chief executive of the Australian and New
Zealand operations of ABC Learning, was committed for trial
following the conclusion of a two-week committal hearing in
Brisbane Magistrates Court on July 29, 2011.

Mr. Kemp has been committed on two charges:

   * one count of breach of his duties as a director and use of
     his position as an ABC director to dishonestly gain an
     advantage for himself whereby he sought to sell three
     childcare centres to ABC between Jan. 9 and 12, 2008;

   * one count of failure to discharge his duties as a director
     of ABC in good faith and was dishonest on Feb. 1, 2008,
     by not disclosing the transactions to ABC's board members.

The charges are part of an ongoing ASIC investigation, which
commenced in November 2008 when ABC was placed into
administration.

The charges relate to Mr. Kemp's purported sale of three childcare
centres owned by companies controlled by him to ABC.  The
childcare centres are: Hamilton House Early Childhood Centre,
Queensland; Parklands Drive Early Childhood and Pre School Centre,
Boronia Heights, Queensland; and Children's Centre of Beenleigh,
Queensland.  In January 2008, ABC paid deposits of
AUD3.082 million, which is approximately 75% of the purchase
price, to companies associated with Mr. Kemp (Volbane Pty Ltd and
Silipo Pty Ltd).  The board of ABC Learning was not informed of
the transactions.

The criminal charges each carry a maximum penalty of five years
imprisonment and/or a AUD200,000 fine.

Mr. Kemp's bail conditions are to continue.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

On Feb. 25, 2011, Edmund Groves, former chief executive of ABC
Learning Centres, appeared in the Brisbane Magistrates Court for
mention on the charge of breaching his duties as a director of ABC
in relation to the sale of the aforementioned three childcare
centres.  He has confirmed his plea of not guilty.  He consented
to a full hand up committal and was committed for trial in the
Brisbane District Court at a date to be fixed.  Mr. Groves' bail
conditions continue.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On Jan. 26,
2007, it acquired La Petite Holdings Inc.  On Feb. 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.


METAL STORM: Shareholders OK Issuance of Shares to Dutchess
-----------------------------------------------------------
Metal Storm Limited held an extraordinary general meeting on
July 19, 2011.  At the meeting, shareholders approved:

   (1) the issue of up to 500,000,000 shares to Dutchess or its
       nominee in accordance with the terms of the Line Agreement;

   (2) the previous issue of 76,491,759 shares to Dutchess in
       accordance with the terms of the Line Agreement; and

   (3) the previous issue of 32,666,667 shares at the issue prices
       and 2,333,333 Options for nil consideration to Andrew
       Doyle.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.


METAL STORM: Signs Memorandum of Understanding with TASER
---------------------------------------------------------
Metal Storm Limited announced that it has entered into a
Memorandum of Understanding with TASER International Inc. and
BREON Defence Systems Pty Limited to develop and market TASER(R)
less-lethal ammunition for the Metal Storm MAUL TM weapon.  Under
the MoU, the parties will collaborate to develop, produce and
market Metal Storm MAUL TM ammunition that launches the TASER (R)
Extended Range Electronic Projectile (XREP TM).

TASER International manufactures industry leading Electronic
Control Devices that are used worldwide by law enforcement,
military, correctional services, professional security, and
personal protection markets.  TASER ECDs use proprietary
technology to incapacitate dangerous or high-risk subjects who
pose an immediate risk to themselves or others.  The use of TASER
devices dramatically reduces injury rates for law enforcement
officers and suspects.

The TASER XREP is the most technologically advanced projectile
ever deployed from a 12-gauge cartridge.  It delivers a similar
Neuro Muscular Incapacitation bio-effect as handheld TASER ECDs,
but can be delivered to a much greater effective range - up to 100
feet from the operator.

Metal Storm's MAUL TM is a highly compact, multi-shot 12 gauge
launcher that is ideally suited to law enforcement and military
applications.  It can be fitted as an accessory to an assault
rifle, or operated from its own shoulder stock or pistol grip
attachments.  Weighing just 800 grams, MAUL TM uses Metal Storm's
patented stacked projectile technology to provide semi-automatic
fire as fast as the operator can squeeze the trigger.  A full
weapon reload of up to five rounds takes less than two seconds.
TASER International Chairman and Founder Tom Smith said the MAUL
TM and XREP combination would be ideal for sectors of the market
where extended range was needed but size and weight had to be
minimized.

"We developed the XREP to provide an extended range for situations
where a close approach was dangerous or not possible," he said.
"MAUL TM will provide this capability from a very lightweight,
compact accessory launcher, rather than the operator having to
carry a separate conventional shotgun."

Metal Storm CEO Lee Finniear said the TASER XREP will add a new
and highly effective projectile to the MAUL TM less-lethal
capability.

"Our objective with MAUL TM has been to deliver a lightweight
launcher that complements conventional assault rifles by providing
a broad range of capabilities for non-lethal, door breaching and
other specialized missions," he said.  "The TASER XREP ammunition
will provide the exceptionally versatile TASER Neuro Muscular
Incapacitation from the MAUL TM weapon, with the added benefit of
a longer range than the conventional TASER.  In our view MAUL TM
plus the XREP will be a game changing combination for urban
military and law enforcement operations."

BREON Defence Systems is also a party to the MoU. BREON is the
exclusive Asia Pacific Distributor for TASER products, and it
recently signed an exclusive distributorship agreement with Metal
Storm for MAUL TM for the law enforcement market in Australia and
New Zealand.  BREON will provide local Australian support for the
collaboration, plus assist with the development of effective
marketing and business development strategies for the combined
system.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States.  It specializes in the research, design,
development and integration of projectile launching systems
development and integration of projectile launching systems
utilizing its "electronically initiated/stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.


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C H I N A
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CHINA CABLECOM: UHY Vocation Raises Going Concern Doubt
-------------------------------------------------------
China Cablecom Holdings, Ltd., filed on July 28, 2011, with the
U.S. Securities and Exchange Commission its annual report on Form
20-F for the year ended Dec. 31, 2010.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
significant losses during 2010 and 2009, and has relied on debt
and equity financings to fund their operations.

The Company reported a net loss of US$27.0 million on
US$54.0 million of revenue for 2010, compared with a net loss of
US$56.2 million on US$45.6 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
US$179.7 million in assets, US$156.1 million in liabilities, and
US$23.6 million of stockholders' equity.

A copy of the Form 20-F is available at http://is.gd/unPoev

Based in Jinan, in the PRC, China Cablecom Holdings, Ltd. (NASDAQ:
CABL) -- http://www.chinacablecom.net/-- is a joint-venture
provider of cable television services in the PRC, operating in
partnership with a local state-owned enterprise authorized by the
PRC government to control the distribution of cable TV services
("SOE").


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


ALFRED DUNHILL: Yeung and Moyes Step Down as Liquidators
--------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Alfred Dunhill of London Limited on July 18, 2011.


ALFRED DUNHILL (PACIFIC): Yeung and Moyes Step Down as Liquidators
------------------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Alfred Dunhill (Pacific) Limited on July 18, 2011.


ASHLEY 27: Creditors' Proofs of Debt Due August 29
--------------------------------------------------
Creditors of Ashley 27 Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 29,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


BAHT NAVIGATION: Man Yun Wah Steps Down as Liquidator
-----------------------------------------------------
Man Yun Wah stepped down as liquidator of Baht Navigation Company
Limited on July 29, 2011.


CAPITAL HUMAN: Au and Wong Step Down as Liquidators
---------------------------------------------------
Au Wai Keung and Wong Kam Wah stepped down as liquidators of
Capital Human Resources Company Limited on July 27, 2011.


C & Y ACCOUNTING: Members' Final Meeting Set for August 31
----------------------------------------------------------
Members of C & Y Accounting Limited will hold their final general
meeting on Aug. 31, 2011, at 11:00 a.m., at 22K, Goldfield
Industrial Building, at 144-150 Tai Lin Pai Road, Kwai Chung,
in New Territories, Hong Kong.

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


CHLOE LIMITED: Yeung and Moyes Step Down as Liquidators
-------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Chloe Limited on July 18, 2011.


CONCORD CAMERA: Ira Lambert Appointed as New Liquidator
-------------------------------------------------------
Ira Lambert on July 21, 2011, was appointed as liquidator of
Concord Camera HK Limited.

Ira Lambert replaces Wong Kim Fai Paul who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Ira Lambert
         Suite 4020, Jardine House
         1 Connaught Place
         Central, Hong Kong


DR. WONG: Creditors' Proofs of Debt Due August 29
-------------------------------------------------
Creditors of Dr. Wong Wing Hee Sacred Music Foundation Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Aug. 29, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         Wan Choi Yam
         7/F, Chuang's Enterprises Building
         382 Lockhart Road
         Wanchai, Hong Kong


DUNHILL INVESTMENTS: Yeung and Moyes Step Down as Liquidators
-------------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Dunhill Investments Limited on July 18, 2011.


FENG YA: Members' Final Meeting Set for August 29
-------------------------------------------------
Members of Feng Ya Textiles Limited will hold their final general
meeting on Aug. 29, 2011, at 10:00 a.m., at 2201, Hong Kong Trade
Centre, 161 Des Voeux Road Central, in Hong Kong.

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


FIRST TECHNOLOGY: Leung Mei Fan Steps Down as Liquidator
--------------------------------------------------------
Leung Mei Fan stepped down as liquidator of First Technology
International (H.K.) Co., Limited on July 21, 2011.


FORE-Z (H.K.): Annual Meetings Set for August 5
-----------------------------------------------
Members and creditors of Fore-Z (H.K.) Limited will hold their
annual meetings on Aug. 5, 2011, at 11:00 a.m., at 14th Floor,
The Hong Kong Club Building, 3A Chater Road, in Central,
Hong Kong.

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


HONNIC INTERNATIONAL: Creditors' Meeting Set for August 5
---------------------------------------------------------
Creditors of Honnic International Technology Limited will hold
their meeting on Aug. 5, 2011, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Training Room B, The Joint
Professional Centre, Unit 1, G/F, The Center, at 99 Queen's Road
Central, in Hong Kong.


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I N D I A
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AGARWALLA TIMBERS: ICRA Places 'LBB' Rating to INR4.5cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR4.5 crore
bank term loan and INR3.0 Crore of fund-based limits of Agarwalla
Timbers Private Limited.  ICRA has also assigned short term rating
of 'A4' to INR39.0 Crore of non-fund based limits of the company.
The long term rating carries a stable outlook.

The ratings takes into account the relatively low value additive
and highly competitive nature of the business which has resulted
in below average margins in this business and this is unlikely to
change significantly in the medium term. Further, the entire
timber requirement is met through imports (in USD) and the import
payables are not completely hedged by the company exposing the
company to exchange rate fluctuations. However, the ratings draw
comfort from the long experience of promoters, significant
turnover growth witnessed in FY 11, and low gearing of the
company.

ATPL is a privately owned company that was incorporated in year
1999. Prior to this, it operated as a partnership firm (that got
incorporated in year 1975) under the name Agarwalla Timbers which
was later converted to a private limited company in year 1999.
The company imports timber mainly from Malaysia, New Zealand and
Africa. The variety of timber that the company deals in is mainly
used in furniture making and light construction work. The
company's factory located at Gandhidham (Gujarat) is engaged in
cleaning and sawing of logs to make clean squared timber
blocks.All the sawn timber produced at its Gandhidham (Gujarat)
factory is sold from its offices in Mundka in Delhi, Ludhiana in
Punjab, Bahadurgarh in Haryana and Gandhidham in Gujarat. The
company sells predominantly to the timber traders based out of
Delhi, Madhya Pradesh, Karnataka, Rajasthan, Punjab, Haryana and
Gujarat.

As per the provisional results for the financial year ending
March 2011, the company reported an operating income of INR105.05
Crore with a net profit of INR1.07 Crore.


AINAJ INDUSTRIES: CARE Rates INR12cr Long-Term Loan at 'CARE B'
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ainaj
Industries.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      12.00       'CARE B' Assigned

Key Rating Considerations

Rating Strengths

   -- Proprietor's experience in the cotton ginning business

   -- Proximity to the cotton growing area of Gujarat but
      seasonality associated with the availability of cotton crop

Rating Weaknesses

   -- Constitution as a proprietorship firm together with the
      small scale of operations and presence in the lowest segment
      of the textile value chain and in a highly fragmented cotton
      ginning industry with low entry barriers and susceptible to
      changes in the government policies

   -- Weak financial risk profile marked by thin and fluctuating
      profitability, low cash accruals, low capital base and
      highly leveraged capital structure

Key Rating Sensitivity

   -- Ability of the firm to increase its scale of operations and
      improve its profitability.

                      About Ainaj Industries

Radhanpur based M/s. Ainaj Industries, was setup as a partnership
firm in 1997 by the five partners namely Mr. Dayaram Thakkar,
Mr. Vasant Thakkar, Mr. Dinesh Thakkar, Mr. Suresh Thakkar and
Mr. Rajesh Thakkar. Later on in 2010, all but one of the partners
retired from the firm leading to the dissolution of the
partnership firm and its reconstitution as a proprietorship firm
named 'Ainaj' with Mr Suresh Thakkar looking after the firm.
Although outgoing partners have withdrawn the capital, they have
kept the funds in the firm as unsecured loans bearing an interest
of 12% p.a. Ainaj is engaged in the manufacturing of cotton bales
through ginning and pressing and oil extraction from seeds. It has
an installed capacity of 36,000 MTPA (Metric Tons Per Annum) for
cotton bales and 3,000 MTPA for cotton oil. The sales are largely
to Gujarat and Maharashtra while raw material is procured from the
local mandis in Gujarat.


AIR INDIA: Star Alliance Membership Put on Hold
-----------------------------------------------
The Economic Times reports that Star Alliance, a global network of
airline firms, has declined to accept Air India as a member.

Star Alliance, a 27-airline network which flies to 1,185 airports
in 185 countries, formally barred Air India's admission on Sunday
saying that the domestic airline has not fulfilled certain
conditions, according to The Economic Times.

Air India and Star Alliance had signed a memorandum of
understanding in 2007, under which the former agreed to fulfill
some conditions to facilitate its induction, the report discloses.

"Member airlines of the network and Air India have jointly
concluded that the integration of Air India into the global
airline alliance will be suspended. This is due to the fact that
Air India has not met the minimum joining conditions that were
contractually agreed in December 2007," The Economic Times cited
Star Alliance's statement after member airlines concluded a vote
late on Sunday.

The move, the report notes, is a blow to Air India and is likely
to make its task of expanding its international operations more
difficult. Its turnaround plan hinges on improving its
international passenger load to 75% from the current 65%, The
Economic Times says.

"It is a setback to Air India's overall attempt to achieve a
financial as well an operational turnaround as the membership of
Star Alliance was important for the plan," the report quotes an
aviation analyst with a leading advisory and consultancy firm as
saying.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


BHANWARDEEP COPPER: CARE Assigns CARE B Rating to INR4.66cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Bhanwardeep Copper Strips Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      4.66        'CARE B' Assigned
   Short-term Bank Facilities     3.75        'CARE A4' Assigned

Key Rating Considerations

Rating Strengths        Rating Weaknesses   Key Rating Sensitivity
----------------        -----------------   ----------------------
Experienced promoters   Processing nature    Increase in the
Increase in the         of operations        scale of
and management          having low value     operations
                        addition

Association with the    Susceptibility to    Improvement in the
reputed client base     fluctuation in the   overall financial
                        copper prices        risk profile with
                                             the rationalization
                                             of debt levels and
                                             improvement in the
                                             liquidity ratios

Favorable demand        High overall gearing
Outlook                 and weak liquidity
                        Indicators

                        Fragmented nature
                        of the copper
                        industry

                        About Bhanwardeep Copper

Bhanwardeep Copper Strips Pvt Ltd was incorporated during 1999 at
Bhopal. BCPL is a family run business with the board of directors
comprising of all the family members. Mr. Dharam Chand Bafna is
the managing director of BCPL having an experience of four
decades. BCPL is engaged in the business of making copper strips
and flats, insulated wires, bus bars and connectors, shunts as
well as forged components. BCPL has two manufacturing units: Unit
I having a capacity of making 600 MTPA of copper products and Unit
II having a capacity of 325 MTPA. BCPL established Unit II at SEZ
and it enjoys 50% refund on VAT payable for the period 2007-14.


CORNER POINT: CARE Rates INR13.3cr Long-Term Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Corner Point Infrastructure Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     13.30        'CARE BB' Assigned

Rating Rationale

The rating is primarily constrained by the small size of
operations of Corner Point Infrastructure Pvt. Ltd. (CPIPL) with
low capitalization, limited track record in developing high-end
residential real estate projects, geographical concentration of
projects and presence of many residential projects in the vicinity
of the project site which could impact the future realizations.
The rating take cognizance from the rich experience of promoter
and benefit of professional team associated with the on-going
projects.  Successful completion of the on-going real estate
projects with timely sale of residential units at envisaged price
and impact of significant debt-funded project if any, on CPIPL's
financial profile are the key rating sensitivities.

CPIPL, incorporated in 2007, is promoted by Mr. Mehul D. Pandya
who had more than 15 years of experience in the construction
industry. CPIPL is a part of the Corner Point Group which includes
three group concerns namely Corner Point Developers (CPD;
established in 2001), Benison Developers (BD; established in 2006)
and Aakar Enterprise. All the firms are closely held by Mr. Mehul.
D. Pandya & Mrs. Dimple M. Pandya. CPD and BD are engaged in real
estate development whereas Aakar Enterprise is engaged in trading
activities. The Corner Point group has track record of executing
diverse building and infrastructure projects for a wide range of
clients from various sectors such as Banks, Government sector
units such as Defense, Army, Central Excise & Customs and
Universities. However, present operations are geographically
concentrated at Vadodara.

In the past, CPIPL has executed a project named Synergy Square -
commercial complex having area of one lakh sq ft at Gorwa,
Vadodara and is currently developing two projects namely Utopian
Corner (residential) and Corner Heights (commercial) at Vadodara
having a project cost of INR41.98 crore and INR34.44 crore
respectively. CPIPL has incurred INR21.07 crore for Utopian
Project as on Mach 15, 2011 and Corner Height project is in
initial phases.


GRN CONSTRUCTIONS: ICRA Rates INR10cr Loan at '[ICRA]BB+'
---------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR10.00 crore fund based
facilities of GRN Constructions Pvt. Ltd.  ICRA has also assigned
'[ICRA]A4+' rating to INR10.0 crore non-fund based facilities of
GRN.  The outlook on the long-term rating is Stable.

The assigned ratings favorably take into account the promoter's
established track record in the mining sector with more than 10
years of experience and the steady growth in the operating income
with healthy profitability which has resulted in healthy debt
coverage indicators despite leveraged capital structure. The
current order book of the company is healthy at 8.5 times the
gross sale in 2010-11, which provides revenue visibility in the
medium term. The ratings also take into account the limited
exposure to the fluctuations in the raw material prices due to the
nature of the orders been executed by the company and the strong
customer profile which is however constrained by high dependence
on these customers.

ICRA notes that the demand outlook for the sector is positive,
given the large investment expected in the infrastructure sector
and coal mining in particular as coal would continue to meet -50%
of the primary energy requirements in India.  The ratings are
constrained by the company's leveraged capital structure with a
gearing of 1.9 times as on March 31, 2011, on account of debt
funded investment in the capital assets and the high sectoral and
customer concentration with two customers in the mining industry
accounting for most of the sales of the company in the past.
Though the company has been able to diversify its customer base
with a major order in Zambia recently, the sectoral concentration
continues to remain high.

The ratings also take into account the modest scale of operations
of the company in a highly competitive industry given the tender
based nature of most of the orders and low complexity of the work
involved. ICRA notes that the capital intensive nature of the
business would keep the capital structure stretched as the company
would have to incrementally invest in capital assets in line with
the increase in its order book. Going forward, the company's
ability to secure sufficient orders to maintain a healthy turnover
growth while maintaining its profitability; sectoral and customer
diversification; and improvement in the capital structure would be
the key sensitivities.

GRN was incorporated in April 2008 and is primarily engaged in
overburden removal during mining, primarily that of coal. Prior to
GRN, the operations were carried out in a proprietorship firm
Ganta Ramanaiah Naidu till September 2008. With effect from
October 1, 2008, all the operations including all the assets,
liabilities and other intangible assets were transferred to GRN.
The company is promoted by Mr. Ganta Ramanaiah Naidu who has been
involved in this line of business since 1983.


KAMAL INT'L: ICRA Rates INR8cr Bank Loan at '[ICRA]B/[ICRA]A4'
--------------------------------------------------------------
ICRA has assigned '[ICRA]B/[ICRA]A4' ratings to the INR8.0 Crore
bank facilities of Kamal International.

The ratings favorably consider the long experience of the
promoters in the trading business as well as the firm's healthy
growth in top line in the past 2 years, driven by initiation of
trading operations in rice. The ratings are however constrained by
the firm's weak financial risk profile characterized by high
gearing and low debt coverage indicators, tight liquidity position
as reflected in high utilization of working capital limits as well
as its thin profitability margins as is the norm in the trading
business. In ICRA's view, the firm's ability to increase its scale
of operations and improve its financial risk profile would remain
key rating sensitivities going forward.

Kamal International is a partnership firm engaged in wholesale
trading of iron, non-ferrous, plastic and other scrap as well as
rice. The firm was earlier engaged in manufacturing of aluminium
ingots with a manufacturing facility located in Bahalgarh, along
with trading in wholesale trading of iron, non-ferrous, plastic
and other scrap. However, with its group company MRA Metal Pvt.
Ltd. also setting up a manufacturing facility to manufacture the
same, the promoters decided to shut down the manufacturing
facilities and concentrate solely on wholesale trading.

Recent Results

In 2010-11, Kamal International reported an operating income of
INR58.5 crore. The firm's operating profit before depreciation,
interest and tax stood at INR1.9 crore. The firm recorded Profit
after Tax (PAT) of INR0.2 crore.


KANADE AQUA: CARE Rates INR17.18cr LT Bank Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Kanade Aqua Farm Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      17.18      'CARE BB' Assigned

Key Rating Considerations

Rating Strengths

   -- Experienced and resourceful promoters having wide
      experience in aqua culture industry.

   -- Good growth prospects in 'Vannamei' shrimp farming.

Rating Weaknesses

   -- Small scale of operations with low capital base

   -- High degree of fragmentation in the aqua culture industry
      resulting in low bargaining power because of intense
      competition.

   -- Operations are highly dependent on climatic conditions and
      stringent bio security requirements. Further, shrimps are
      also known to be highly susceptible to certain diseases.

   -- High project risk, being large-sized and predominantly
      debt-funded.

   -- Modest financial risk profile marked by fluctuating
      profitability, high leverage, weak liquidity position and
      working capital intensive nature of its operations.

Key Rating Sensitivity

   -- Improving profitability while meeting high degree of
      competition along with moving up the value chain in the aqua
      culture industry.

   -- Successful completion and stabilization of project
      capacities within envisaged time and cost parameters.

                          About Kanade Aqua

Mumbai-based, Kanade Aqua Farm Pvt Ltd was incorporated in the
year 1993 as a private limited company promoted by Kanade Group of
enterprise. KAFPL was founded by Mr. Dinanath Kanade, Managing
Director , and Mr. Sunil Kanade, Chairman. KAFPL is engaged in the
cultivation of two varieties of prawns 'Black Tiger Prawn' and
'Vannamei' . The company carries out aqua farming activities
across 83 ponds in Raigad and Sindhurg districts of Maharashtra.
KAFPL is currently undertaking a capex for renovation of 16 of its
existing ponds and purchase of additional eight ponds. The total
cost of the project is INR8.66 crore which is envisaged to be
funded through debt of INR6.00 crore and remaining through
infusion of interest free unsecured loans from promoter.

During FY10, KAFPL reported total operating income of
INR3.48 crore and PAT of INR0.09 crore as against total operating
income of INR3.43 crore and PAT of INR0.18 crore in FY09.  As per
provisional results for FY11, KAFPL reported PAT of INR0.58 crore
on a total operating income of INR11.33 crore.


KANUNGA EXTRUSION: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating, with stable outlook, to
the INR22 crore fund based working capital facilities of Kanunga
Extrusion Private Limited.

The rating takes into account the trading experience of KEPL's
promoters and its reputed clientele, which is diversified across
sectors such as auto, power, telecom, capital goods and
agriculture. The rating is, however, constrained by KEPL's
stretched financial profile characterized by thin profit margin,
small size and below moderate return (RoCE) as well as debt
coverage indicators.  Further, the rating factors in the KEPL's
high working capital intensity on account of high receivables,
which results in negative funds flow from operation. The key
rating sensitivities would be KAPL's working capital intensity and
its capital expenditure plan, which may constrain its financial
flexibility.

KEPL, incorporated in 1979 at Bengaluru by Mr. Ranjit Kanunga,
trades in ferrous and non-ferrous metals. The company sells
ferrous and nonferrous Metals such as MS (HR and CR) sheets,
Angles, Flats, Channels, Rounds, Beams, Plates and Tubes,
Stainless Steel (all grades), sheets, tubes, etc., all grades of
copper and brass materials, and all types of aluminium and GI
sheets. The company deals in products manufactured by Essar Steel
Ltd, JSW Steel Ltd, and other rolling mills in Raipur.

Recent Results

KEPL reported an operating income of INR125.55 crore and a profit
after tax of INR0.41 crore in 2010-11 as compared to an operating
income of INR108.04 crore and a profit after tax of INR0.41 crore
in 2009-10.


MALABAR FOOD: ICRA Assigns '[ICRA]B' Rating to INR0.85cr Term Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR0.85 crore term loan
facilities and INR0.50 crore fund based facilities (sub limit of
packing credit) of Malabar Food Stuff Company.  ICRA has also
assigned '[ICRA]A4' rating to the INR5.50 crore fund based bank
facilities of the firm.

The assigned ratings reflect the firm's small scale of operations
restricting economies of scale.  While the ratings favorably
factor in the experience of the partners in spice exports business
and its inherent advantage of being located in Kochi, a major
spice growing belt. The thin profit margins, highly geared capital
structure and weak debt coverage indicators affect the financial
profile of the firm. The margins are thin owing to the limited
value additions and its susceptibility to volatile input prices
and foreign exchange rate movements. The ratings also consider the
intense competition in a fragmented industry on account of low
entry barriers and low capital intensive nature of business.

Malabar Food Stuff Company is primarily engaged in exporting of
spices and consumer packed spice products. Established in 2003,
the firm has its processing facility in Thrissur, Kerala. The
promoter and his family hold 100.0% ownership of MFSC.

Recent Results

During the year ended March 31, 2011, MFSC reported net profit of
INR0.07 crore on an operating income of INR18.6 crore, indicating
a growth of 65.6% over 2009-10.


MASINA ALLOYS: ICRA Assigns '[ICRA]BB' Rating to INR5.75cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR5.75 crore long
term fund based facilities of Masina Alloys Private Limited.  The
long term rating has been assigned stable outlook.  ICRA has also
assigned an '[ICRA]A4' rating to the INR1.00 crore short term non
fund based facilities MAPL.

The assigned ratings take note of the long standing experience of
the promoters in trading of MS Scrap, which in turn ensures timely
procurement of raw material, locational advantage derived from
proximity of the manufacturing plant to suppliers of raw material
and presence of rolling mills and metal processors in the
vicinity, which are the company's major customers. The ratings
also draw comfort from the company's moderate gearing and healthy
debt coverage indicators. The ratings are however constrained by
MAPL's high client concentration risk with top 8 customers
accounting for -97% of total FY11 sales, the company's modest
scale of operations, low operating margins as a result of highly
fragmented nature of the industry and low value adding nature of
operations.

The ratings also take note of the susceptibility of the company's
profit margins to raw material price volatility.  Going forward,
MAPL's ability to scale up its operations while maintaining stable
profit margins remains the key rating sensitivities.

MAPL was incorporated on March 14, 2008, as a private limited
company and is engaged in the business of manufacturing M. S.
Ingots. The promoter and his family have been in the business of
supplying MS Scrap to induction furnaces for more than 40 years.
The company has its manufacturing facility at Sinnar (Nashik,
Maharashtra) where it started its commercial production in
September 2008 with an installed capacity of 27,200 MT/annum.


MITHRA AGENCIES: ICRA Rates INR20cr Fund Based Loan at '[ICRA]BB+'
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR20.00 crore fund based
facilities of The Mithra Agencies.  ICRA has also assigned
'[ICRA]A4+' to INR4.00 crore letter of credit facility of MA.  The
outlook on the long term rating is Stable.

The ratings assigned reflect The Mithra Agencies' (MA) moderate
scale of operations and the highly competitive nature of the
automotive dealership business which have resulted in thin profit
margins and this situation is unlikely to change in the medium
term. The rating also factors in the limited financial flexibility
arising out of relatively high gearing and modest cash flows. The
ratings also take into consideration the downward revision in
sales growth target of Maruti Suzuki India Limited (of which it is
a dealer) following a production loss because of strike at its
Haryana plant, and the increasing interest rates and fuel prices
which may impact MA's turnover in the near term. However, ICRA
draws comfort from MA being an authorized dealer of MSIL, which is
the market leader in the passenger car segment in India and MA's
long and established track record of operations in the automobile
dealership business in Andhra Pradesh.

MA, a partnership firm incorporated in 1988, is the first MSIL
dealer in passenger cars in Hyderabad, engaged in sales of new and
used cars, service of vehicles along with sale of spare parts.
There are two showrooms at Himayatnagar and Mehdipatnam. The main
true value sales outlet is located at Himayatnagar and the other
at Lal Bahadur Nagar. There are five workshops at RTC X Roads,
Madhapur, Moosapet, Lal Bahadur Nagar and Nacharam. The stockyard
is also located at Nacharam. MA is run by partners, Mr. Bhaskara
Murthy, Mr. Ramalingam and Mr. Chandramouli Sarma, who have
experience in the automobile dealership business for last 20
years.

Recent Results

As per provisional numbers for FY11, MA reported operating income
of INR175.84 crore and Operating margin of INR4.57 crore.


M.R.A. METAL: ICRA Rates INR12cr Loan at '[ICRA]B/[ICRA]A4'
-----------------------------------------------------------
ICRA has assigned '[ICRA]B/[ICRA]A4' ratings to the INR12.0 crore
bank facilities of M.R.A. Metal Private Limited.

The ratings favorably consider the long experience of the
promoters in business of manufacturing aluminium die casted
components. The ratings are however constrained by the company's
low scale of operations and its weak financial risk profile
characterized by high gearing and low debt coverage indicators.
The company is also exposed to high client concentration risk with
its top two customers accounting for about 75% of total sales in
9m, 2010-11.

In ICRA's view, the company's ability to increase its scale of
operations and maintain its financial risk profile in the context
of moderate capex plans to increase its capacity would remain key
rating sensitivities going forward.

Established in 2004, MRA Metals Private Limited is engaged in the
manufacture of aluminium die casted components for various
automotive applications. The company has a production facility
located in Sonipat with an annual capacity of 30,00,000 shots of
casting. The company is presently engaged in the business of
manufacturing and supply of casting components to customers such
as FCC Rico, Rico Auto Industries Limited and Fiem Industries
Limited. The company's casted components include castings for
clutch housings, clamps, rack housing etc.

Recent Results

In 2010-11, MMPL reported an operating income of INR29.0 crore.
The company's operating profit before depreciation, interest and
tax stood at INR2.7 crore. The company recorded Profit after Tax
(PAT) of INR0.5 crore.


NEXTGEN PRINTERS: ICRA Reaffirms '[ICRA]BB-' on INR11.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' to the
INR11.25 crore term loan and INR5.50 crore cash credit facilities
of Nextgen Printers Private Limited.  The outlook on the long term
rating is stable.

The rating reaffirmation takes into account the experience of the
promoters in the printing and packaging business, locational
advantage of NPPL because of its proximity to the local units of
major customers in the pharmaceutical industry and limited
competition in the state of Sikkim due to absence of any organized
player in manufacturing of mono and corrugated cartons. ICRA also
takes into account the fiscal benefits enjoyed by the company,
like exemption of excise duty, income tax, subsidies available on
transportation expenses and interest on working capital loans for
10 years from the start of commercial production, are likely to
ensure profitable operations going forward. The rating, however,
continue to be constrained by NPPL's small scale of current
operations, high working capital intensity of the business and its
adverse financial profile with weak net profitability, moderately
aggressive capital structure and low coverage indicators. The
rating also factors in NPPL's significant client concentration
risks, as sales to top 2 customers account for more than 75% of
its total turnover during 2010-11.

Nextgen Printers Private Limited was incorporated in October 2007
and is promoted by the Agarwal and Khandelwal families based in
Kolkata. The company has its manufacturing plant located in
Rangpo, Sikkim which produces mono boxes, labels, leaflets and
corrugated boxes. The manufacturing facility of the company has
two operational units: an offset printing unit and a corrugation
unit. The offset printing unit has the capacity to produce 18
crore boxes per year, while the corrugation unit has an installed
capacity of 2050 MTPA.

Recent Results

The company reported a profit of INR0.02 crore in FY11 on an
operating income of INR7.63 crore (Provisional), as compared to a
net loss of INR0.29 crore on an operating income of INR1.08 crore
during FY10.


RANA PAPERS: ICRA Upgrades Rating on INR25.4cr Loan to '[ICRA]B+'
-----------------------------------------------------------------
ICRA has upgraded the long term rating to '[ICRA]B+' from 'LB'
assigned to the INR25.40 crore fund-based bank facilities of Rana
Papers Limited.  ICRA has also reassigned the short-term rating
from 'A5' to '[ICRA]A4' to the INR9.10 crore non-fund based bank
facilities of RPL.

The upgrade of the ratings takes into account the long experience
of the promoters and the satisfactory capital structure as
evidenced by a low gearing of 0.71 times as on March 31st, 2011
and adequate debt coverage indicators. RPL has been delaying in
its principal and interest payments in the past, however, the
company has been regular in its debt servicing in the past three
months.

The ratings assigned continues to reflect the high business risk
profile of RPL, arising out of the highly fragmented and
competitive nature of both the key business segments of the
company - Paper and MS Ingots. These risks are further accentuated
by the fact that the company has limited control over input costs
as it has neither captive pulping facility (for paper) or steel
manufacturing facility (for MS ingots), thus exposing it to raw
material price risks apart from the cyclicality associated with
both industries.

The ratings are also constrained by fall in revenues of the
company in the past two years as a result of limited production of
in the paper division in FY 2010 following the shutdown of
manufacturing facility every month since November 2009 in order to
correct the demand supply balance and prices. Going forward, the
company's ability to sustain its revenue growth and to service its
debt obligations in a timely manner would remain the key rating
sensitivities.

                          About Rana Papers

RPL is a closely held company that was incorporated in 1997 by
Mr. Noor Saleem Rana and his brothers. It is part of Rana Group of
companies and is engaged in the manufacturing of Kraft paper from
agricultural residues and MS ingots. The company operates its unit
in Muzaffarnagar district in UP. RPL has an installed capacity of
49500 TPA of Kraft paper and 52500 TPA of MS ingots. The company
also has a captive power plant having two turbines of 6MW and 8MW
power generated form which is used in house.

Recent Results:

As per the provisional results, RPL reported a net profit of
INR3.61 crore on an operating income of INR118.21 crore for the
year ended March 31, 2011 and a net profit of INR5.28 crore on an
operating income of INR121.47 crore for the year ended March 31,
2010 (audited results).


RISHABH GOLD: ICRA Puts '[ICRA]BB' on INR7cr Fund Based Facilities
------------------------------------------------------------------
ICRA has assigned ratings of '[ICRA]BB' and '[ICRA]A4' to the
INR7 Crore fund based facilities and INR13 Crore proposed fund
based and non fund based facilities of Rishabh Gold Jewels India
Private Limited. The outlook assigned on the long-term rating is
stable.

Rating Rationale

The ratings draw support from the long experience of promoters in
the gold retailing industry; strong focus on community focused
designs and hallmarked jewellery, which has resulted in the
company developing a niche for itself in an otherwise competitive
and fragmented market; & a growing client base. Further, the
proposed expansions comprising integration with retail operations
and planned export business is expected to augur well for the
company by enhancing business presence.

The ratings are however constrained by moderate scale of
operations; high geographic concentration with all the three
retail show-rooms located in the same locality in Bangalore and
increasing competitive pressures from large retailers as well as
the unorganized players. The ratings are also constrained by
vulnerability of the company's profitability to the volatility in
gold prices, inherently low & volatile margins in this business
and high working capital requirements (necessitated by the need to
maintain high inventory base). Further, significant debt funded
capacity addition coupled with the working capital intensive
nature of the business is expected to result in relatively higher
debt levels and moderate liquidity and coverage indicators in the
medium term, till the manufacturing operations are stabilized.

Rishabh Gold Jewels India Private Limited was incorporated in 2006
and the promoters of the company are in the gold retailing
business since 1993. Presently the manufacturing of the jewellery
is outsourced and the company presently operates through 3 retail
shops in Nagarathpet area of Bangalore, which is adjacent to one
of the prime business localities. RGJIPL is planning to come up
with its own manufacturing facility in Bangalore and is also
planning to export a part of its production. It also has an
associate company called Riddhi- Siddhi Exports Private Limited.
In FY2011 RGJIPL recorded INR55.34 Cr turnover and INR0.44 Cr net
profit.


SHINE PETTRO: ICRA Assigns '[ICRA]BB-' Rating to INR5.57cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR5.57 crore long-
term, fund-based facilities and term loans of Shine Pettro Chem &
Resins (India) Private Limited.

The rating is constrained by the limited track record of the
Company as well as the modest scale of operations; elevated
competition from the unorganized segment of the industry leading
to lower margins; the limited bargaining power against feedstock
suppliers; the lack of geographical diversification, with the
customers concentrated in Tamil Nadu; and the weak financial risk
profile of the Company, characterized by modest margins, high
gearing, high working capital utilization and free cash outflows.
The rating, however, favorably factors the limited competition in
the unorganized segment of the paint industry within Tamil Nadu;
the proximity to customer base; growth in revenues and
profitability in recent years; and the experience and technical
expertise of the promoter.

Shine Pettro Chem & Resins (India) Private Limited was
incorporated as a partnership firm in 2005 and subsequently
converted into a private limited company in 2008.  The Company was
promoted by Mr. K.K. Ganesan, who has been in the paints and
thinners industry for 12 years prior to setting up SPRPL. SPRPL
manufactures thinners and paints, while solvents are manufactured
as an intermediate in the manufacture of paints. The manufacturing
unit of SPRPL is in Karur Dist. (Tamil Nadu) with a capacity of 10
TPD (tonnes per day) of paint, 20 TPD of alkyd resin and 10 TPD of
thinners. The Company is a closely-held private limited entity,
with Mr. Ganesan and his wife, Mrs. Shanmugavadivu being the
directors .

As of December 2010, the Company reported operating income of
INR19.5 crore (provisional) and net after-tax profit of
INR0.4 crore (provisional). In FY2010, the Company reported
operating income of INR19.4 crore and net after-tax profit of
INR0.4 crore.


STL GLOBAL: Fitch Withdraws 'C(ind)nm' National LongTerm Rating
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based STL Global Limited's
'C(ind)nm' National Long-Term rating. The agency has also
withdrawn STL's bank loan ratings:

   -- INR1,133.4 million fund-based working capital limits:
      'C(ind)nm'/'F5(ind)nm'; rating withdrawn; and

   -- INR209.2 m million non-fund based working capital limits:
      'C(ind)nm'/'F5(ind)nm'; rating withdrawn.

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of STL.

The ratings were reclassified as "Non-Monitored" in January 2011.


TRANSTECH GREEN: Fitch Cuts Rating on INR406MM Loans to 'BB-(ind)'
------------------------------------------------------------------
Fitch Ratings has downgraded India-based Transtech Green Power
Private Ltd's INR406 million long-term senior bank loans to 'Fitch
BB-(ind)' from 'Fitch BB+(ind)'.  The Outlook is Negative.

The downgrade reflects TGPL's significantly weak operational
performance since the commercial operations date (COD: Oct. 31,
2010). This resulted in its coverage metrics falling substantially
below 1.0x, necessitating sponsor's cash injection to meet
principal obligations that fell due in June 2011.

The Negative Outlook reflects Fitch's expectation that operating
cash flow will be insufficient for the project's upcoming debt
servicing absent sponsor support, at least over the short to
medium term. Resolution of the Negative Outlook is linked to the
continuation and extent of sponsor support and the stabilization
of energy output over the medium term. The Outlook also factors in
uncertainties on fuel availability at the projected price levels
as well as in execution and financing risks. The latter arise from
TGPL's debt-funded plans to add another staggering about 25
projects notwithstanding its intention to ring-fence them.  The
agency notes the company's structural weakness in its inability to
create a debt service reserve account despite its requirement,
which is accentuated by the absence of a strong waterfall
mechanism in the financial documents.

The Negative Outlook will result in a further downgrade, should
the sponsor fail to support TGPL's debt servicing and the expected
tariff revision by the government of Rajasthan (GoR) not
materialize or be lower than the rating case assumption. The
downgrade and Negative Outlook are consistent with Fitch's
concerns on fuel price volatility and a possibility of an increase
in input costs.

TGPL's weak coverage metrics is also a result of a steep about 55%
surge in biomass fuel prices in FY11 from the initial rating case
assumptions without a corresponding tariff hike. Rising interest
costs have further attenuated the coverage ratios. The
unprecedented rainfall in FY11 also contributed to reduced fuel
availability at forecasted price levels. The project has averaged
a 30% capacity as against the management's expectation of 80%.

The rating also reflects the mitigation of offtake risks through
TGPL's firm 20-year power purchase agreement with a state owned
power utility. The rating benefits from GoR's policy to support
non-conventional energy sources by way of subsidies through higher
tariffs. The policy also exempts the project from the merit-order
system as well as from penalties for non-achievement of targeted
capacity levels.

TGPL operates a 12MW biomass-based power plant in the Jalore
district of Rajasthan at a total project cost of INR580 million.
The company is promoted by Teltech Finsec group having interests
in telecom and fertilizers. The company has recently acquired a
sizing equipment through a INR220m equity infusion that has
improved its gearing level to 49:51 in FY11 from 70:30 in FY10.


TRIVISTA STEELS: ICRA Ups Rating on INR15.85cr Loan to '[ICRA]BB-'
------------------------------------------------------------------
ICRA has upgraded the rating assigned to INR15.85 crore fund based
facilities and INR3.00 crore non fund-based facility of Trivista
Steels & Power Limited from 'LB' to '[ICRA]BB-'.  The outlook on
the long term rating is stable.

The ratings reflect TSPPL's moderate scale of operations and
limited value addition in the existing stand-alone sponge iron
facility. The ratings also take into account the cyclicality
inherent in the steel business and raw material intensive nature
of business, which make margins and cash flows volatile due to
fluctuations in prices. In addition, the company's working capital
intensity has remained high on account of large inventory leading
to stretched short term liquidity position of the company. The
future capital expenditure plan is expected to be largely debt
funded; this would not only exert pressure on the company's
liquidity and capital structure, going forward, but also expose it
to project related risks. The ratings, however, take comfort from
the proximity of TSSPL's plant to raw material sources, which
results in lower freight cost; company's efficient procurement
strategy and established customer relationship which have resulted
in healthy operating profitability in FY2011 and increased
capacity utilization leading to higher revenues in FY 2011.

Trivista Steel & Power Private Limited incorporated in 2006, is
currently into production of sponge iron and has installed
capacity of 100 tonne per day (TPD). The company has plans of
doubling its production capacity and also setting up a power plant
to utilize the waste gas energy in near future.

Recent Results

According to the provisional figures the company has recorded
revenues of INR40.04 crore for the year ending March, 2011 with an
OPBIDTA of INR5.61 crores.


=================
I N D O N E S I A
=================


GAJAH TUNGGAL: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'B' long-term
corporate credit rating on PT Gajah Tunggal Tbk. and the 'B' issue
rating on the company's senior secured notes. "We also removed the
ratings from CreditWatch, where they were placed with negative
implications on July 6, 2011.  The outlook is stable," S&P
related.

"We removed the ratings on Gajah Tunggal from CreditWatch because
we believe speculation that a recent dividend paid by the company
constituted a covenant breach under the terms of its 2009
restructured bond has not been substantiated," Standard & Poor's
credit analyst Xavier Jean, said.

Gajah Tunggal has notified bondholders that the dividend paid was
in compliance with the Indonesian Company Law and in accordance
with the terms and conditions of the 2009 restructured bond. "No
additional information is available to substantiate the initial
suggestion of a covenant breach and, to our knowledge, the bond
trustee has taken no action in response to it. As a result, we
believe the dividend payment is unlikely to constitute a covenant
breach or lead to an accelerated repayment of the bond," S&P
stated.

"On June 30, 2011, Gajah Tunggal paid Indonesian rupiah (IDR) 41.8
billion in dividends out of its 2010 profits. The company made the
payment before the interest step-up date on the restructured bond.
We had placed the ratings on Gajah Tunggal on CreditWatch negative
pending clarity on whether the dividend distribution was in
accordance with restrictive covenants in the bond documents," S&P
stated.

The rating on Gajah Tunggal reflects the company's highly
leveraged financial risk profile, its exposure to a cyclical and
competitive tire manufacturing industry, and its limited financial
flexibility. Gajah Tunggal's competitive cost position and leading
share in the Indonesian tire market temper these weaknesses.

"We view Gajah Tunggal's liquidity as adequate. Nevertheless, we
expect negative free operating cash flows for the next 12 months
because high working capital requirements and residual capital
spending will likely exceed Gajah Tunggal's funds from
operations," said Mr. Jean. "This should weaken liquidity
and deplete the company's cash balance."

"In the next 12 months, we expect Gajah Tunggal's liquidity
sources to exceed its liquidity needs by about 1.2x," S&P said.

"The stable outlook reflects our expectation that Gajah Tunggal
will maintain its good market position in the Indonesian tire
market and that its financial performance will remain adequate for
the rating level in the next 12 months despite the challenging
industry environment. We expect the company's EBITDA margin and
the ratio of total debt to EBITDA to remain above 9% and below 4x,
respectively, in the next 12 months even in the context of still-
high raw material prices and increased competition," S&P added.


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


KENEDIX REALTY: Moody's Raises Unsecured Debt Ratings to 'Baa3'
---------------------------------------------------------------
Moody's Japan K.K. has upgraded to Baa3 from Ba1 the unsecured
long-term debt ratings of Kenedix Realty Investment Corporation.

The ratings outlook is stable.

This rating action concludes the review initiated on July 6, 2011.

Rating Rationale

This upgrade incorporates Moody's expectation that:

(1) KRI's financial flexibility will increase due to the de-
     collateralization of all its loans on July 20, 2011, and

(2) The subordination of the KRI bonds will be subsequently
     terminated.

The stable outlook is based on Moody's view that (1) the cash flow
from KRI's mainly mid-sized office portfolio in the Tokyo area
will be stable, and (2) KRI's conservative approach to financial
management will continue.

On July 5, 2011, KRI concluded a memorandum on de-
collateralization with the secured party at the same time that it
announced that it was purchasing four new properties totaling
about JPY15 billion by public offering.

After completion of the paid-in confirmation, which was one of the
conditions for the de-collateralization, the de-collateralization
process was completed.

This involved 47 of its 70 properties, or JPY169.2 billion of
JPY216.8 billion, based on an appraisal value as of the end-April
2011. That value was approximately 78% of the portfolio's value.

The subordination involving KRI's bonds will therefore end as
approximately JPY100.7 billion in loans -- out of approximately
JPY 112.7 billion in debt; that is approximately 89% of its total
debt -- was collateralized.

The absence of any restrictions on debt financing, including on
the use of collateral, helps it diversify its funding sources.
This is evidenced by the bond issuance, the lengthy nature of the
debt, and staggered nature of the maturities.

The public offering (including the third-party allotment) raised
approximately JPY14 billion. The actual amount raised was less
than expected and KRI purchased four new properties with a net
operating income (NOI) yield of 5.6%. This may increase KRI's
profitability as its current NOI yield is 4.7%. The ability to
keep purchasing profitable properties is key to KRI's
profitability.

In addition, as part of the debt had been repaid with funds from
the public offering, KRI's debt to total assets improved to 40%
from 43% as of end April 2011. However, KRI will expand its assets
proactively and therefore increase its leverage gradually after
the property purchase. While KRI has a disciplined approach to
leverage, that is keeping its debt to total asset ceiling at 45%,
it may choose to exceed this.

KRI's ratings would be pressured upwards if (1) its rent revenue
increased, (2) its liquidity improved, and (3) the maturity of its
debt was further extended.

The ratings would be upgraded if (1) the amount of cash on hand
and commitment lines covered to a respectable degree of its debt
due in one year, and (2) the maturities for total debt due each
year were prolonged and staggered, while debt to total assets were
sustained at around 45%.

On the other hand, the ratings would be pressured downwards if (1)
market conditions deteriorated further and damaged earnings, (2)
secured debt amount was increased, and (3) financial leverage
rose.

The rating would be downgraded if KRI were unable to keep debt to
total assets below 50%.

The principal methodology used in this rating was Moody's Global
Rating Methodology for REITs and Other Commercial Property Firms
published on October 1, 2010, and available on www.moodys.co.jp.

Kenedix Realty Investment Corporation, headquartered in Tokyo, is
a listed J-REIT that invests in and manages mainly mid-level
office properties. Its revenues totaled approximately
JPY8.1 billion for the fiscal half-year ended April 2011.


SONY CORP: Swings to JPY15.5BB Loss in April-June 2011 Quarter
--------------------------------------------------------------
The Associated Press reports that Sony Corp. sank to a
JPY15.5 billion quarterly loss, hurt by the disasters in
northeastern Japan, a massive online security breach and plunging
TV prices.

According to the news agency, the company said it had lowered its
profit forecast for the fiscal year ending March 2012 to
JPY60 billion from JPY80 billion it gave in May.  Sony also
lowered its sales forecast for the fiscal year ending March 2012
to JPY7.2 trillion from JPY7.5 trillion.

But that would still mark a return to profit for the maker of the
PlayStation 3 game console, Bravia TVs and Vaio laptops after
three straight years of red ink, the AP notes.

Sony posted a JPY25.7 billion profit in the April-June period of
2010, the AP discloses.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.


SONY CORP: Plans to Revamp Unprofitable TV Business
---------------------------------------------------
Bloomberg News reports that Sony Corp. is planning an overhaul of
its television operations as the business faces its eighth
consecutive year of losses.

Mami Imada, a Tokyo-based spokeswoman, told Bloomberg that the
company is aiming to draw up the plans by the end of the month and
changes may include reforms at the TV business's development,
procurement and sales operations. The plans may also include
partnerships with other companies, Ms. Imada said.

According to Bloomberg, the Tokyo-based maker of Bravia TVs cut
its sales and profit estimate last week, citing sluggish sales of
TVs in the U.S. and Europe.  The company, reeling from three
straight years of company-wide losses, also slashed its full-year
TV sales target by 19% to 22 million units, Bloomberg adds.

In the past two years, Bloomberg notes, Sony has sold three
factories, reducing its number of TV plants worldwide to four, as
part of the company's efforts to reduce costs.

Last March, Bloomberg recalls, Sony agreed to sell 90% of a TV
factory in Nitra, Slovakia, to Hon Hai Precision Industry Co.,
after disposing of 90% of its largest North American TV-making
site to Taipei-based Hon Hai.  Sony also agreed to sell a TV
facility in Barcelona in September, Bloomberg adds.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.


===============
M A L A Y S I A
===============


RANHILL BERHAD: Fitch Affirms, Withdraws B- Foreign Currency IDRs
-----------------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based construction and utility
company Ranhill Berhad's Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B-' with a Stable Outlook and simultaneously
withdrawn this rating.

The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage.

Fitch notes that the refinancing of Ranhill's USD220 million notes
in June 2011 has substantially reduced near-term liquidity risks
for the company. The 'B-' IDR, however, continues to reflect
volatile cash flows and risks associated with its engineering and
construction business and modest cash flows to Ranhill Berhad from
its stable utilities business after debt servicing.

Fitch will no longer provide ratings or analytical coverage of
this issuer.


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


BLUE CHIP: Genworth Said to Partially Pay Blue Chip Claims
----------------------------------------------------------
Rob Stock at Sunday Star Times reports that Genworth appears to
have struck a deal with GE Money to only partially pay claims
associated with loans GE made to Blue Chip victims.

American insurer Genworth provides lenders mortgage insurance,
paid for by home loan borrowers to protect them from losses in the
case of a mortgagee sale.

But in its latest financial statements, for the calendar year
2010, Genworth revealed it struck a deal with a lender in
New Zealand whereby the two companies share losses from loans
associated with "certain persons," Sunday Star Times notes.

Sunday Star Times says that although Blue Chip and its founder
Mark Bryers are mentioned nowhere in the financial statements,
Genworth provided lenders mortgage insurance to GE Money on
millions of dollars of Blue Chip loans.

Blue Chip sold its disastrous property "investments" to often
elderly homeowners, the report relays.

In its financial statements, Sunday Star Times notes, Genworth
reveals that during the year, the company "entered into a
commercial agreement with one of the key customers in New Zealand
under which that customer makes a financial contribution to claims
lodged on policies originated by certain persons, with the amount
of the contribution dependent on the identity of the mortgage
originator."

In a later part of the financial statements, Sunday Star Times
notes that Genworth said some of its pain in New Zealand was
caused by "negative economic conditions", but added its poor
claims experience was "also due to one of the lenders in
particular with poor underwriting veracity, however, this adverse
experience has been partially offset by the benefit that the
company receives under a commercial arrangement with that lender".

                      About Blue Chip NZ

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

                          *     *     *

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

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


PULSE UTILITIES: BEL Could Force Firm Into Receivership
-------------------------------------------------------
New Zealand Press Association (NZPA) reports that Buller
Electricity (BEL) will call in its loans to Pulse Utilities,
forcing the cut-price electricity retailer into receivership, if
Pulse Utilities rejects a rescue deal to recapitalize the company.

Pulse Utilities shareholders will vote on the deal on August 18.

"In the event that those resolutions don't pass we have a
receivership strategy," NZPA quoted BEL Chief Executive Erik
Westergaard as saying.  "The options for us are either approval by
the shareholders, or receivership," he added.

Mr. Wastergaard, NZPA notes, said that if Pulse Utilities went
into receivership, BEL would lose its original investment of
NZ$1.215 million.  NZPA relates that the most BEL could lose was
NZ$7.335 million.

NZPA discloses that Mr. Wastergaard said BEL could sustain those
losses without reducing its operations or increasing its charges.

Mr. Wastergaard revealed BEL had also loaned Pulse almost NZ$3
million since Christmas, the report notes.  NZPA says that all the
loans were on call so BEL could demand repayment at any time.

NZPA notes that Mr. Wastergaard said that BEL had first ranking
security over Pulse Utilities' assets of more than NZ$7 million,
so if Pulse Utilities went bust BEL would get the loan money back.

NZPA relates that Mr. Westergaard, BEL Chairman Frank Dooley, and
Chief Financial Officer Peter Best said BEL had first considered
forcing Pulse Utilities into receivership in March, after Pulse
Utilities defaulted on a short-term NZ$750,000 BEL loan.

Pulse Utilities, NZPA relates, had paid back only NZ$165,000 by
the February 28 deadline and is now incurring penalty interest of
20%.

NZPA notes that instead of pulling the plug, BEL decided rescuing
Pulse Utilities by providing a bailout that included investing
another NZ$5 million cash in Pulse Utilities and increasing BEL's
guarantee to Pulse Utilities from NZ$2.8 million to NZ$9 million.
The guarantee, the report relates, allows Pulse Utilities to buy
electricity on the wholesale market without making a deposit
first.  It does not require BEL to put any cash upfront, NZPA
notes.

Mr. Westergaard said that if the Pulse Utilities deal went through
next month, it would immediately benefit BEL and local consumers,
NZPA says.  BEL would receive 54m Pulse shares as a guarantee fee.
Pulse shares which cost BEL 5c could be worth up to 10c, he added.

Mr. Westergaard expects Pulse Utilities would be in profit by 2013
and could be worth NZ$100 million within five years if it met its
performance targets, the report adds.

In the meantime, NZPA discloses that BEL would plough no more
money into Pulse ahead of the August 18 shareholder vote.

                     About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.pulseutilities.com/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.


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


GLOBAL ALLOCATION: Creditors' Proofs of Debt Due August 30
----------------------------------------------------------
Creditors of Global Allocation Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 30,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 25, 2011.

The company's liquidator is:

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


INFINITEA ILUMA: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 8, 2011, to
wind up the operations of Infinitea Iluma Pte Ltd.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         Singapore 069118


J&U HOLDINGS: Court to Hear Wind-Up Petition on August 12
---------------------------------------------------------
A petition to wind up the operations of J&U Holdings Pte Ltd will
be heard before the High Court of Singapore on Aug. 12, 2011, at
10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
July 22, 2011.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


KOON HIAP: Creditors Get 3.51608% Recovery on Claims
----------------------------------------------------
Koon Hiap Woodwork & Construction Pte Ltd declared the first and
final dividend on July 5, 2011.

The company paid 3.51608% to the received claims.

The company's liquidator is:

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


LEKIM TEXTILE: Creditors' Proofs of Debt Due August 12
------------------------------------------------------
Creditors of Lekim Textile Industries Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Aug. 12, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


MARICO ENGINEERING: Court to Hear Wind-Up Petition on August 12
---------------------------------------------------------------
A petition to wind up the operations of Marico Engineering
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on Aug. 12, 2011, at 10:00 a.m.

The Management Corporation filed the petition against the company
on July 15, 2011.

The Petitioner's solicitors are:

          Legal Solutions LLC
          25 Church Street #03-03
          Capital Square Three
          Singapore 049482


MPL PTE: Creditors' Proofs of Debt Due August 29
------------------------------------------------
Creditors of MPL Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by Aug. 29, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce & Industry
          Building
          Singapore 179365


===============
T H A I L A N D
===============


PICNIC CORP: Three Sixty Five Drops Plan to Buy Major Stake
-----------------------------------------------------------
Bangkok Post reports that the MAI-listed media firm Three Sixty
Five has scrapped plans to buy a majority stake in Picnic
Corporation, according to a company filing with the Stock Exchange
of Thailand on August 1.

Bangkok Post recounts that TSF, a small media agency, announced in
late July that it would join property tycoon Pimol Srivikorn in a
bid to take over 85% of Picnic Corp.  But it told the Stock
Exchange of Thailand on Monday that it was calling off the plan as
it was facing a number of obstacles in carrying out due diligence
of Picnic Corp.

Dr. Pimol last Friday submitted a letter to TSF to inform that the
public offering date would be rescheduled from the previous
deadline of October 31 due to the creditors' delay in subscribing
the new shares, Bangkok Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2011, Bangkok Post said Srivikorn and other investors will
take an 85% stake in Picnic Corp. after creditors approved the
company's debt restructuring plan.  Creditors holding THB7.396
billion in debt, including Krung Thai Bank and United Overseas
Bank (Thai), voted 79.56% to keep the cooking gas distributor
afloat.  Under the plan, creditors will accept a haircut of more
than 75% of their obligations, to THB1.8 billion.  Shareholders
will also accept a capital writedown to help clear losses of THB11
billion.  Creditors will hold 5% of the restructured company, with
former shareholders, who include 10,000 retail investors as well
as the founding Lapvisuthisin family, holding the remaining 10%,
Bangkok Post added.

                         About Picnic Corp.

Picnic Corporation Public Company Limited is a Thailand-based
company engaged in the distribution of liquefied petroleum gas
(LPG) under the name Picnic Gas.  It also provides installation
services for electrical systems, water supplies and air
conditioners.

Picnic Corp entered into court-supervised restructuring in
December 2009.

Picnic Corp.'s last reported result was a loss of THB946.3 million
for the first half of 2009.  Its LPG market share has fallen by
half to just 4-5% in recent years.

According to Bangkok Post, the company has been the subject of
numerous investigations since 2004.  The SEC accused Picnic Corp.
and members of the Lapvisuthisin family of accounting fraud in
2005, but the case was dismissed in 2007 for lack of evidence.
Regulators filed a new complaint in 2009 against Suriya
Lapvisuthisin, a deputy commerce minister in the Thaksin
government, for colluding to defraud Picnic in the transfer of
holdings in World Gas to another company prior to entering
rehabilitation.


=============
V I E T N A M
=============


DOT VN: Registrations of Vietnamese IDNs Exceed 294,000
-------------------------------------------------------
Dot VN, Inc., announced that since its official launch of the
Vietnamese Native Language Internationalized Domain Names on
April 28, 2011, registrations have exceeded 294,000 domain names
which surpasses the total number of standard Vietnamese ccTLD
registrations.

"We are very pleased with the continued excitement and demand for
the Vietnamese Native Language domain names," said Dot VN CEO
Thomas Johnson.  "We expect the continued explosive growth of the
Vietnamese IDNs with the eventual launch of cutting edge features
and applications such as social networking functionality, daily
deals and group buying services which deliver the best offers and
content to our users.  Additionally, we believe that the IDNs will
serve as the most effective way for advertisers and brand managers
to reach and influence sophisticated and affluent Vietnamese
consumers.  Dot VN will continue to strive towards evolving the
Vietnamese IDNs into the ultimate online community for the Country
of Vietnam."

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2011, showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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.


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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, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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
Christopher Beard at 240/629-3300.





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