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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

           Monday, September 12, 2011, Vol. 14, No. 180

                            Headlines



A U S T R A L I A

AUSTRALIAN STYLE: Faces Wind Up Petition Over Tax Bill
BILL EXPRESS: Former OnQ Group Ltd CFO Pleads Guilty
SOLAR SHOP: Westpac Banking Appoints Ferrier Hodgson as Receivers
TRIO CAPITAL: APRA Bans Two Former Executives


C H I N A

LDK SOLAR: S&P Affirms 'B+' Corp. Credit Rating; Outlook Negative
SINO-FOREST CORP: Harwood Feffer Begins Probe Into Fraud Claims
SINO-FOREST CORP: OSC Extends Trading Ban Until January 25


H O N G  K O N G

DOUBLECHICK ASIA: Commences Wind-Up Proceedings
FORTEX FASHION: Creditors' Proofs of Debt Due Oct. 9
GENERAL GARMENT: Commences Wind-Up Proceedings
INTERBEST PROPERTIES: Leung and Kam Step Down as Liquidators
KORTEC ASIA: Swenson and Steward Step Down as Liquidators

LEADER RADIO: Creditors' Proofs of Debt Due Oct. 11
OASIS MEZZANINE: Creditors' Proofs of Debt Due Oct. 7
PO YUEN: Creditors' Proofs of Debt Due Sept. 23
PRIVATE CLIENT: Final Meeting Set for Oct. 10
PRIVATE CLIENT SOLUTIONS: Final Meeting Set for Oct. 10

RR DONNELLEY: Creditors' Proofs of Debt Due Oct. 7
SUNGLORY GARDEN: Creditors' Proofs of Debt Due Oct. 3
TRIO EQUITY: Commences Wind-Up Proceedings
WISE POWER: Members' Final Meeting Set for Oct. 10
WOOLWORTHS INTERNATIONAL: Lai and Haughey Step Down as Liquidators


I N D I A

AGNITE EDUCATION: ICRA Reaffirms '[ICRA[D' Long-Term Rating
ANAND TISSUES: ICRA Assigns '[ICRA]B+' Rating to INR8.3cr Loans
FIREPRO SYSTEMS: ICRA Cuts Rating on INR271.58cr Loan to '[ICRA]D'
HI-CAN INDUSTRIES: ICRA Rates INR18.13cr Loan at '[ICRA]BB-(SO)'
INDIAN CANE: ICRA Downgrades Rating on INR245cr Loan to '[ICRA] C'

JAIPURIA INFRASTRUCTURE: ICRA Cuts INR52cr Loan Rating to [ICRA]D
JHUNJHUNWALA OIL: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]D'
LEELA P: ICRA Downgrades Rating on INR17.4cr Loan to '[ICRA]D'
MAHA MARUTI: ICRA Assigns '[ICRA]BB' Rating to INR4cr LT Loan
MODERN INDIA: ICRA Assigns '[ICRA]BB+' Rating to INR34cr Loan

PARUCHURI COTTON: ICRA Puts '[ICRA]BB-' Rating on INR14.75cr Loan
PARVEEN TRAVELS: ICRA Cuts Rating on INR19cr Loan to '[ICRA]D'
ROBOSOFT TECHNOLOGIES: ICRA Reassigns '[ICRA]C' Term Loan Rating
RST TUBES: ICRA Assigns '[ICRA]BB-' Rating to INR30cr LT Loan
RUCHI POWER: ICRA Assigns '[ICRA]D' Rating to INR441.46cr Loan

SARVPRIYA INDUSTRIES: ICRA Cuts INR25.39cr Loan Rating to [ICRA]D
SAURI BREEDING: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Loans
SHREE KRISHNA: ICRA Cuts Rating on INR66cr Limits to '[ICRA] D'
SIGMA CHEMTRADE: ICRA Rates INR0.85cr Limits at '[ICRA]BB+'
SP SUPERFINE: ICRA Cuts Rating on INR43.94cr Loan to '[ICRA]D'

SPR GROUP: ICRA Cuts Rating on INR8.29cr Loans to '[ICRA] D'
SRI MUTHUKUMARAN: ICRA Cuts Rating on INR120cr Loan to '[ICRA]D'
SRI VENKATARAMANA: ICRA Rates INR0.60cr LT Loan at '[ICRA]BB'
SUDHA AGRO: ICRA Assigns '[ICRA]BB+' Rating to INR74.35cr Loan
TELEDATA MARINE: ICRA Reaffirms '[ICRA[D' Long-Term Rating


I N D O N E S I A

BANK INT'L: Fitch Affirms Issuer Default Rating at 'BB+'


N E W  Z E A L A N D

79 MANNERS: Receivers Sell Office Building for NZ4.3 Million
NEW ZEALAND WINE: 2011 Annual Loss Widens to NZ$3.18 Million




                            - - - - -


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


AUSTRALIAN STYLE: Faces Wind Up Petition Over Tax Bill
------------------------------------------------------
The Sydney Morning Herald reports that the Tax Office has lodged a
winding-up application in the Federal Court in Melbourne seeking
an order to wind up and liquidate Australian Style Investments,
run by controversial young Melbourne entrepreneur Nicholas Bolton.

ASI rose to national prominence by making more than AUD4 million
by taking a significant stake in troubled toll road group
BrisConnections in 2009, according to SmartCompany.

"ASI is currently in dispute with the Tax Office over an adverse
GST tax assessment," Mr. Bolton told BusinessDay on Thursday.  "I
do not believe that there is any amount due or payable to the ATO,
and ASI is in the process of making an application to have the
dispute determined."

The current dispute is believed to be around the tax treatment for
one of several transactions ASI was involved with in 2009, SMH
adds.

SmartCompany notes that this is the second wind-up application
Australian Style Investments has faced in the last two years.
Citing Australian Securities and Investments Commission records,
SmartCompany says a wind-up application was made against the
company in March 2009 and dismissed in June of that year.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2011, SmartCompany said Australian Style Pty
Ltd has been placed in liquidation by order of the Supreme Court
of Victoria and was put in the hands of liquidator John Lindholm
of Ferrier Hodgson.

Australian Style is one of 15 companies in IT entrepreneur
Nicholas Bolton's Australian Style Group and previously operated a
domain name registration business.  However, in July 2010,
Australian Style lost an appeal in the Victorian Supreme Court
against a decision by the Australian Domain Name Administrator to
strip Australian Style of its registrar accreditation over
security concerns.  SmartCompany said this decision effectively
made it impossible for the business to continue in the domain name
sector and Mr. Bolton has been transferring the former customers
of the business to his other domain name registration operations.
In December 2010, SmartCompany recounted, the Australian Domain
Name Administrator applied to the Supreme Court seeking a winding
up order against Australian Style Pty Ltd, trading as Bottle
Domains.


BILL EXPRESS: Former OnQ Group Ltd CFO Pleads Guilty
----------------------------------------------------
The former chief financial officer of OnQ Group Limited,
Peter Couper, pleaded guilty on September 8 in the Melbourne
Magistrates' Court to four charges brought following
investigations by the Australian Securities and Investments
Commission.

OnQ Group Limited is the parent company of Bill Express Limited.

Mr. Couper, of Wantirna, Victoria, pleaded guilty to two counts of
falsifying the books of Bill Express, one count of providing
misleading information to Bill Express's auditor and one count of
providing false or misleading information to ASIC during an
examination.

In relation to the first two charges ASIC alleged that, between
Aug. 5, 2007, and Feb. 18, 2008, Mr. Couper falsified the books of
Bill Express by instructing employees to post entries in Bill
Express's accounting system which recorded:

   * a sale of AUD5.4 million of stock when there had been no such
     Sale;

   * a credit note to the value of AUD5.4 million when there was
     no basis to enter the credit note; and

   * the purchase of AUD1.875 million of stock when there had been
     no such purchase.

In the third charge ASIC alleged that Mr. Couper supplied
information relating to these transactions to the CFO of Bill
Express, when he knew the information to be false, and that it
would be supplied to the auditors of the company.

The first three charges were brought after investigations by ASIC
following the submission of a report by the administrators of Bill
Express.  Bill Express and its parent company OnQ Group Limited
went into administration in July 2008, along with a number of
related companies known as the Bill Express Group.

The final charge arises from a separate ASIC investigation and
concerns false and misleading information given by Mr. Couper to
ASIC officers in relation to the trading in Bill Express shares
prior to the company's collapse.

Mr. Couper will next appear in the County Court of Victoria on
Nov. 17, 2011.

The matters are being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

In July 2010, Mr. Newton Chan was sentenced in the Supreme Court
of Victoria to 20 months' imprisonment following his guilty plea
to eight counts of manipulating the price of Bill Express shares
and one count of providing false or misleading information to
ASIC.  Mr. Chan served four months imprisonment having received a
reduced sentence due to several factors including his undertaking
to provide assistance in the prosecution of other individuals.

ASIC's investigation into Messrs. Couper and Chan followed a
referral from the Australian Securities Exchange.

                        About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was engaged
in the management and development of an electronic distribution
system for pre-paid products and services across in excess of
14,000 locations around Australia, automated ordering, delivery
and inventory control for pre-paid services including mobile,
landline and Internet services.  It also processed payments for
bills and services, including bills that are presented for payment
to its outlets across Australia.  The company had an in-store
media, which is a network that promotes Bill Express Limited's and
other products at the point of sale and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


SOLAR SHOP: Westpac Banking Appoints Ferrier Hodgson as Receivers
-----------------------------------------------------------------
James Shady, John Hart and John Lindholm of Ferrier Hodgson were
appointed receivers and managers of Solar Shop Australia Pty Ltd
and associated subsidiaries on Sept. 7, 2011, pursuant to the
provisions of a registered debenture charge in favor of Westpac
Banking Corporation.

The receivers and managers are continuing to trade "business as
usual" in the short term while they endeavour to find a purchaser
for the business on a going concern basis.

Solar Shop Australia Pty Ltd a renewable energy company, engages
in the design, manufacture, and installation of photovoltaic
solutions for residential and commercial markets in Australia.  It
supplies and installs grid connect solar system for homes; solar
electricity systems for schools and communities; solar remoter
area power systems; solar systems for sun farms; and grid connect
wind turbines.  The company also distributes and installs solar
hot water units.


TRIO CAPITAL: APRA Bans Two Former Executives
---------------------------------------------
The Australian Prudential Regulation Authority said on Sept. 8,
2011, that it has accepted enforceable undertakings from former
Trio Capital Limited directors Rex Phillpott and David Andrews.

Trio was formerly the licensed trustee of five registered
superannuation entities as well as the responsible entity of a
managed investment scheme known as the Astarra Strategic Fund,
a fund of hedge funds.

Mr. Phillpott was the Chief Executive Officer, director and
secretary of Trio from October 2005 until Trio's collapse in
December 2009.  He was also on the Risk and Compliance Committee.
Mr. Phillpott has undertaken not to act as a trustee or as a
responsible officer of a body corporate that is a trustee,
investment manager or custodian of an APRA-regulated
superannuation entity for a period of 15 years.

Mr. Andrews was a non-executive director of Trio between
November 2005 and January 2006 and then again from July 2006
onwards.  He was Chairman of the board of Trio from February 2007.
He was also chairman of the Investment Committee and a member of
the Risk and Compliance Committee.  Mr. Andrews has undertaken not
to act as a trustee or as a responsible officer of a body
corporate that is a trustee, investment manager or custodian of an
APRA-regulated superannuation entity for a period of 10 years.

Both Mr. Phillpott and Mr. Andrews have acknowledged APRA's
concerns that they failed to carry out their duties properly as a
director of a superannuation trustee.  APRA's concerns included
that Trio:

   * failed to redeem existing investments in the Exploration Fund
     Limited and made ongoing investments in the EFL, an offshore
     hedge fund, given:

       -- there was a lack of arms'-length arrangements in place
          as the EFL was a related party to Trio;

       -- the investment risks associated with the EFL; and

       -- Trio had failed to comply with the provisions in its
          Overarching Investment Policy dealing with hedge fund
          and related party investments;

   * failed to redeem existing investments in the ASF and made
     ongoing investments in the ASF, given there were similar
     issues to those associated with the EFL investment.  Trio
     failed to adequately consider counterparty risk, the risks
     of investing in offshore hedge funds and the risks
     associated with the investment structure of the ASF through
     Deferred Purchase Agreements; and

   * caused the Trio superannuation entities' interests in the
     EFL to be transferred to the ASF, pursuant to an in specie
     transfer, which resulted in the superannuation entities
     assuming the counterparty risk and other risks associated
     with the investment structure of the ASF.

The Trio superannuation entities' investments in the ASF have not
been able to be redeemed and ACT Super Management Pty Limited, the
Acting Trustee appointed to the Trio superannuation entities, has
determined that the funds have been lost due to fraud or theft.

Both Mr. Phillpott and Mr. Andrews accept that, with the benefit
of hindsight, and with what has since transpired, they should have
acted differently in relation to APRA's concerns, and genuinely
regret the consequences that arose.

APRA Deputy Chairman Ross Jones said that the acceptance of
enforceable undertakings was an appropriate resolution of the
matters between Mr. Phillpott, Mr. Andrews and APRA.  "APRA relies
on superannuation trustees to carry out their duties and act in
the best interests of members.  The lengthy period of Mr.
Phillpott's and Mr. Andrews' exclusion from the industry reflects
the high standards expected of directors of superannuation funds
in carrying out their fiduciary duties," Mr. Jones said.

"APRA will continue to pursue directors who fail to meet their
duties to ensure they do not continue to operate in the
superannuation industry, so as to maintain confidence in the
superannuation system," Mr. Jones said.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities and Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be wound
up.  Since this time the liquidator of Trio Capital has been
unable to recover the vast majority of the investments made by the
Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


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C H I N A
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LDK SOLAR: S&P Affirms 'B+' Corp. Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on China-based photovoltaic maker LDK
Solar Co. Ltd. "At the same time, we removed the ratings from
CreditWatch with negative implications, where they were placed on
Aug. 24, 2011. The outlook at the time of the affirmation was
negative. We also lowered our Greater China credit scale rating on
LDK to 'cnBB-' from 'cnBB' to reflect the negative outlook. We
then withdrew all the ratings at the company's request," S&P
stated.

"The rating affirmation reflected our view that LDK could maintain
adequate liquidity in the next six to 12 months, continue to cut
production costs to alleviate pressure from price declines, and
maintain its cost competitiveness over its overseas peers," S&P
said.

"At the time of the withdrawal, the negative outlook on LDK
reflected our expectation that the company's profitability would
remain under pressure in the second half of 2011. In our view, the
ratio of total debt to capital would likely stay above 60% at the
end of 2011. The negative outlook also reflected our view that
market conditions have stabilized relative to the second quarter
this year, but they remain uncertain beyond 2011," S&P related.


SINO-FOREST CORP: Harwood Feffer Begins Probe Into Fraud Claims
---------------------------------------------------------------
Harwood Feffer LLP is investigating potential claims against Sino-
Forest Corp. and its officers and directors on behalf of
purchasers of Sino-Forest common stock concerning false and
misleading statements, omissions and fraudulent accounting
practices.

Sino-Forest is an operator of commercial tree plantations in
China. Sino-Forest engages primarily in the acquisition,
cultivation and sale of wood fiber, timber trading, and
manufacturing.

The Company's business practices are already the subject of
multiple class action lawsuits in Canada on behalf of purchasers
of Sino-Forest stock on the Toronto Stock Exchange.  The Company's
stock also trades in the United States.

The Canadian lawsuits allege that Sino-Forest and its officers and
directors misrepresented and/or failed to disclose that: the
Company overstated its forestry assets; the Company misrepresented
its revenue recognition practices; the Company reported materially
inflated revenue and income; the Company's stock price was
artificially inflated because of the Company's misrepresentations;
the Company's financial statements were misstated and were not
prepared in accordance with generally accepted accounting
principles, and the Company lacked adequate internal and financial
controls.

Sino-Forest's stock declined from $19.27 per share on May 31, 2011
to $6.10 per share on June 6, 2011, to a low of $1.99 per share on
June 22, 2011. This decrease in stock price of more than 80%
represents a loss to investors of more than $3.7 billion.

The precipitous drop in Sino-Forest share price coincided with the
June 2, 2011 release of an extensive report by Muddy Waters, LLC,
a research firm and short-seller specializing in Chinese
companies.  The revelations in the Muddy Waters report include,
among other things, that Sino-Forest: i) overstated its timber
investments by approximately $800 million; ii) fabricated a $231.1
million sale of timber in Yunan Province; iii) employs an off-
shore structure including at least 20 British Virgin Island
entities in order mask accounting fraud; and iv) employs capital
raising practices (it has $2.1 billion in debt outstanding) that
make it "a multi-billion dollar ponzi scheme".

On June 18, 2011, The Globe and Mail published an article
revealing that Sino-Forest had materially overstated its timber
holdings in its first quarter 2011 report. The Globe further
exposed that although the Company claimed to control approximately
800,000 hectares of trees in nine Chinese provinces and New
Zealand at the end of 2010, it has only ever produced purchase
agreements for 7,000 hectares of timber in Yunnan Province.

On Aug. 26, 2011, the Ontario Securities Commission indefinitely
halted trading in Company securities due to concern over fraud and
interested transactions based on the foregoing. On Aug. 29, 2011,
Sino-Forest's Chairman and CEO, Allen Chan, resigned.

Harwood Feffer has been representing individual and institutional
investors for many years, serving as lead counsel in numerous
cases in federal and state courts.  Please visit the Harwood
Feffer LLP website (http://www.hfesq.com)for more information
about the firm.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial forest
operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook is
negative. "At the same time, we lowered the issue rating on the
senior unsecured notes and convertible bonds to 'CCC-' from 'B'.
We also lowered the Greater China credit scale ratings on the
company and the notes to 'cnCCC-' from 'cnBB-'. We removed all the
ratings from CreditWatch, where they were originally placed with
negative implications on June 30, 2011. We then withdrew all the
ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


SINO-FOREST CORP: OSC Extends Trading Ban Until January 25
----------------------------------------------------------
Ian Austen, writing for The New York Times' DealBook, reports that
the Ontario Securities Commission on Thursday extended until next
year its trading ban of shares of Sino-Forest Corp.

The DealBook relates that like the members of special committee of
Sino-Forest directors, who are looking into allegations that the
company has overstated its assets and revenues, the Canadian
regulator said its investigators were finding the case complex and
required additional time for their inquiry.

The trading ban, which was due to end Saturday, will now expire on
Jan. 25, according to the DealBook.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2011, Bloomberg News said Sino-Forest Corp.'s Chief
Executive Officer and Chairman Allen Chan resigned two days after
the Ontario Securities Commission said the company may have
exaggerated timber holdings, the same charge made by short seller
Carson Block in June.

According to Bloomberg, the OSC halted trading in Sino-Forest's
shares on Aug. 26 and said the company may have misrepresented
revenue.  Bloomberg noted that Sino-Forest has plunged 67% in
Toronto since Mr. Block's Muddy Waters LLC published a report
June 2 alleging that the company was a "fraud."

Reporters from The Globe and Mail newspaper also found evidence in
China that Sino-Forest had exaggerated the amount of timberland it
owned and overstated its revenues, the DealBook relays.

The securities regulator said Sino-Forest appeared to have engaged
in self-dealing as well, the DealBook adds.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial forest
operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook is
negative. "At the same time, we lowered the issue rating on the
senior unsecured notes and convertible bonds to 'CCC-' from 'B'.
We also lowered the Greater China credit scale ratings on the
company and the notes to 'cnCCC-' from 'cnBB-'. We removed all the
ratings from CreditWatch, where they were originally placed with
negative implications on June 30, 2011. We then withdrew all the
ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


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


DOUBLECHICK ASIA: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Doublechick Asia Limited, on Sept. 2, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Hsu Wai Chung Phoebe
         Kejian Building
         Tsinghua Science Park Building 6
         No. 1 Zhongguancun East Road
         Haidian District
         Beijing 100084, China


FORTEX FASHION: Creditors' Proofs of Debt Due Oct. 9
----------------------------------------------------
Creditors of Fortex Fashion Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 9, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 24, 2011.

The company's liquidator is:

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


GENERAL GARMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of General Garment Manufactory (H.K.) Limited, on Sept. 2,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F, Edinburgh Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


INTERBEST PROPERTIES: Leung and Kam Step Down as Liquidators
------------------------------------------------------------
Leung Shu Yin William and Kam Yuk Ting stepped down as liquidators
of Interbest Properties Limited on Sept. 9, 2011.


KORTEC ASIA: Swenson and Steward Step Down as Liquidators
---------------------------------------------------------
Paul M. Swenson and Campbell Steward stepped down as liquidators
of Kortec Asia Limited on Sept. 5, 2011.


LEADER RADIO: Creditors' Proofs of Debt Due Oct. 11
---------------------------------------------------
Creditors of Leader Radio Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 26, 2011.

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


OASIS MEZZANINE: Creditors' Proofs of Debt Due Oct. 7
----------------------------------------------------
Creditors of Oasis Mezzanine Funding Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 23, 2011.

The company's liquidators are:

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


PO YUEN: Creditors' Proofs of Debt Due Sept. 23
-----------------------------------------------
Creditors of Po Yuen Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 5, 2011.

The company's liquidators are:

         Wong Kai Wing
         Winway Building
         22nd Floor, 50 Wellington Street
         Central, Hong Kong

         Woo Po Shan Paul
         Kailey Tower, 20th Floor
         16 Stanley Street
         Central, Hong Kong


PRIVATE CLIENT: Final Meeting Set for Oct. 10
---------------------------------------------
Sole member of Private Client Solutions Limited will hold a final
meeting on Oct. 10, 2011, at 10:00 a.m., at 36/F, Tower Two, Times
Square, 1 Matheson Street, at Causeway Bay, in Hong Kong.

At the meeting, Ng Kit Ying Zelinda and Eddie Liou, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PRIVATE CLIENT SOLUTIONS: Final Meeting Set for Oct. 10
-------------------------------------------------------
Sole member of Private Client Solutions Holdings (HK) Limited will
hold a final meeting on Oct. 10, 2011, at 10:00 a.m., at 36/F,
Tower Two, Times Square, 1 Matheson Street, at Causeway Bay, in
Hong Kong.

At the meeting, Ng Kit Ying Zelinda and Eddie Liou, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RR DONNELLEY: Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------
Creditors of RR Donnelley (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 30, 2011.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SUNGLORY GARDEN: Creditors' Proofs of Debt Due Oct. 3
-----------------------------------------------------
Creditors of Sunglory Garden Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 3, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 30, 2011.

The company's liquidator is:

         Tong Lap Hong
         Unit 501, 5/F
         Mirror Tower
         61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


TRIO EQUITY: Commences Wind-Up Proceedings
------------------------------------------
Members of Trio Equity Derivatives (Hong Kong) Limited, on
Aug. 26, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Jeremy David Kraft
         27 Avenue Gardens
         Teddington, Middlesex
         TW11 0BH, United Kingdom


WISE POWER: Members' Final Meeting Set for Oct. 10
--------------------------------------------------
Members of Wise Power Holdings Limited will hold their final
meeting on Oct. 10, 2011, at 11:00 a.m., at 15/F, Empire Land
Commercial Centre, at 81-85 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Choi Tze Kit Sammy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WOOLWORTHS INTERNATIONAL: Lai and Haughey Step Down as Liquidators
------------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Woolworths International Limited on Aug. 30, 2011.


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


AGNITE EDUCATION: ICRA Reaffirms '[ICRA[D' Long-Term Rating
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' outstanding
on the INR250.00 crore fund based facilities of Agnite Education
Limited, formerly known as Teledata Informatics Limited. ICRA has
affirmed the short-term rating at '[ICRA]D' on the INR60.00 crore
non-fund based facilities of AEL.  The ratings consider the
continuing delays by AEL in repayment of dues to bank.

AEL, incorporated on April 10, 1990 as a private limited company
and converted into a public limited company in 1995, was listed in
the year 2000. The Company is primarily engaged in providing
software solutions for educational / training institutions.


ANAND TISSUES: ICRA Assigns '[ICRA]B+' Rating to INR8.3cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' has been
assigned to the INR8.3 Crore Fund Based Working Capital Limits and
INR9.10 Crore of Term Loans of Anand Tissues Ltd.  ICRA has also
assigned a short term rating of '[ICRA]A4' has been assigned to
the INR0.1 Crore non Fund Based working capital limits of ATL.

The ratings are constrained by the high business risks inherent in
Kraft paper business because of high fragmentation and competition
resulting in limited pricing power and vulnerability of
contribution margins and consequently profitability to volatility
in waste paper prices. These factors apart, the ratings are also
constrained by modest size of operations; limited track record of
promoters in managing Kraft paper plant operations; reduction in
profitability because of regulatory shift from agro based raw
materials to waste paper raw material and weak financial profile
characterized by low profitability, high gearing and high working
capital intensity. Nevertheless, while assigning the rating, ICRA
has favorably factored in long track record of promoters in paper
trading business; and proximity to Delhi and NCR region which are
the major markets for kraft paper in Northern India resulting in
easy access raw material markets and large customer base. ICRA
notes that the ownership and management of the company has changed
hands recently and the ability of new promoters to improve the
operational and financial performance of ATL would remain a key
rating sensitivity.

                       About Anand Tissues

Anand Tissues Limited is in the business of manufacturing of kraft
paper. The Company presently manufactures Kraft Paper of 20 to 24
BF with a capacity of 18150 MTPA. There was a change in the
management of the company in Oct 2010. Due to personal reasons the
earlier promoters sold the control & management of the company to
the current promoters for a consideration of around INR15 Crore.

Recent Results

ATL reported a turnover of INR16.12 Crore and a net profit of
INR0.15 Crore during financial year 2010-11. The Company had
reported a turnover of INR23.10 Crore and a net loss of
INR-2.06 Crore during 2009-10.


FIREPRO SYSTEMS: ICRA Cuts Rating on INR271.58cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has revised the ratings of INR 271.58 Crore fund based and
non fund based limits of Firepro Systems Private Limited from
'LB+' to '[ICRA]D'.

ICRA's rating action factors in the stretched liquidity of the
company, as evidenced by instances of delays in servicing interest
obligations and substantially long duration of overdrawals on the
bank facilities, arising out of the high working capital intensity
associated with the company's operations. ICRA understands that
the management is undertaking various operating measures to
control the inventory levels and manage the receivables, while
limiting its exposure to cyclicity of real estate sector- the
success of these steps is a key sensitivity factor for better
liquidity profile.

Incorporated in 1992, Firepro Systems Private Limited was founded
by Mr. N S Narendra, a first generation entrepreneur who had prior
experience in the fire safety industry. The company started with a
focus on installation of fire protection systems in buildings and
subsequently diversified into installation of security automation
and surveillance systems and Network Integration services. Firepro
has also established a global footprint by setting up subsidiaries
in Dubai-UAE, Melbourne-Australia and Singapore during FY2007.

During FY2010 (15 months), at a consolidated level FSPL posted a
Profit after Tax (PAT) of INR7.66 Cr on a turnover of INR503.6 Cr.


HI-CAN INDUSTRIES: ICRA Rates INR18.13cr Loan at '[ICRA]BB-(SO)'
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-(SO)' rating to INR 18.13 Crore long
term fund based facilities of Hi-Can Industries Private Limited.
The letters SO in parenthesis suffixed to a rating symbol stand
for Structured Obligation.  An SO rating is specific to the rated
issue, its terms, and its structure. SO ratings do not represent
ICRA's opinion on the general credit quality of the issuers
concerned.

The ratings take into consideration the corporate guarantees
extended by Radhe Renewable Energy Development Private Limited
(rated [ICRA]BB-(stable)) for both term loan and cash credit
facilities of HCIPL. The above ratings address the servicing of
the loan to happen as per the terms of the underlying loan and the
guarantee arrangement and the rating assumes that the guarantee
will be duly invoked, as per the terms of the underlying loan and
guarantee agreements, in case there is a default in payment by the
borrower.

Hi-Con Technocast Pvt. Ltd. was incorporated in the year 2003 by
Radhe Group of Industries. It is an ISO 9000-2008 certified
company and is engaged in the business of manufacturing of
investment castings, in both Ferrous and Non-Ferrous metal alloys
from its manufacturing facility based in Rajkot, Gujarat. At
present, the company has one manufacturing unit with an installed
capacity of 1200 MTPA.

                        About Radhe Renewable

Radhe Renewable Energy Development Private Limited, the flagship
of Radhe Group of Companies, was promoted by Dr. Shailesh Makadia.
The Radhe group has revenues in excess of INR 250 Cr. The company
was founded in 1998 and is headquartered at Rajkot, Gujarat,
India. It is engaged in development, designing, supplying,
installing and serving non-conventional & renewable energy
equipments, viz. Biomass and Coal -based Gasifiers, Electro Static
Precipitator (ESP) and Fluidized Hot Air Generator (FHAG).

Recent Results

For the year ended March 31, 2011 (provisional unaudited
financials), the company reported an operating income of
INR 7.66 Cr and a net loss of INR1.59 Cr.


INDIAN CANE: ICRA Downgrades Rating on INR245cr Loan to '[ICRA] C'
------------------------------------------------------------------
ICRA has revised the long term ratings of INR 245 Crore fund based
term loan and cash credit facilities of Indian Cane Power Limited
from 'LB-' to '[ICRA] C'.  ICRA has also reassigned the short term
ratings of INR 36 Cr non fund based facilities from 'A5' to
'[ICRA]' A4.

ICRA's rating actions factors in instances of delays in term loan
servicing, arising out of high working capital intensity and
consequent constrained liquidity profile. As company operates in
sugar sector and is relatively a new company, it is constrained by
the high inventory levels due to regulated release mechanism,
while at the same time has limited flexibility in delaying
payments to its creditors, who are primarily Sugar cane growing
farmers. At the same time ICRA notes improvement in the cane
availability and consequent effect on the turnover and
profitability- thus continuing growth would be the key to better
liquidity profile given significant debt repayment obligations of
the company in near to medium term. Company Profile Indian Cane
Power Limited (ICPL) was incorporated in 2002 and regular
commercial production started in 2008. The sugar plant is based
out of Uttur (Ranjangi) village in North-Karnataka. The sugar
plant with a total project cost of INR2339.3 million was set up
under multiple banking arrangement. ICPL has 5000 TCD sugar plant
and 28 MW cogeneration capacity. Samson's Distillery Limited
(incorporated in 1993), based out of Davanagere was merged with
ICPL with effect from April 2008. The distillery has a portfolio
of products including anhydrous alcohol and various spirits and
also leases its distillery capacity.

In FY2011, ICPL reported and operating income of INR 282.67 Cr,
Operating profit of INR 65.62 Cr and net profit of INR 12.09 Cr
(Provisional).


JAIPURIA INFRASTRUCTURE: ICRA Cuts INR52cr Loan Rating to [ICRA]D
-----------------------------------------------------------------
ICRA has revised the long-term rating of Jaipuria Infrastructure
Developers Private Limited from 'LB-' to '[ICRA]D' for its
INR52.0 crore term loans.

ICRA's rating revision takes into account the continuous delays in
debt servicing by the company, poor mall occupancy levels; poor
retail area off-take; substantial inventory and debtor build-up on
account of ongoing sluggishness in the real estate market. The
company has been successful in offloading more than 96% of the
residential area but its project surplus margins have been
inadequate as compared to its high financial costs. Moreover, the
ongoing sluggishness in the real estate market has affected the
sales and lease progress of the mall and poor occupancy has in
turn led to non-payment of lease rentals by the remaining tenants.
All of these factors have resulted in inadequate cash generation
from operations and, therefore, the company had to resort to debt
restructuring for its term loans during FY 2010. The company now
makes its interest payments after a delay of a few weeks. On the
positive side, the project construction is completed, thereby
lowering execution risks.

Jaipuria Infrastructure Developers Pvt Limited has constructed,
developed and marketed a residential apartment cum commercial
space project (spread over 13.5 acres) under the name of "Sunrise
Greens" located at Indirapuram, Ghaziabad and a mall under the
name of "Sunrise Plaza" adjacent to its residential project in
Indirapuram, Ghaziabad. The construction of both the projects has
been completed. The company has developed around 18.10 lacs sq ft
of residential space and 2.57 sq ft of retail (mall) space. The
project is located in the residential area of the city of
Indirapurm, which has witnessed substantial commercial and
residential development in the past few years. This enabled the
company to sell more than 96 % of built-up residential area at an
average rate of around INR1943/sq ft and gross surplus of around
INR237/sq ft. However, the built-up retail area (mall) faces stiff
competition from a large number of malls located in the vicinity
including Shipra Mall, Aditya Mega Mall, Omaxe mall in Indirapuram
as well as operational malls (Great India Place in Noida. Thus,
the occupancy level (currently operational area excluding leased
but unoccupied area) has been poor.

                        About Jaipuria Infrastructure

Jaipuria Infrastructure Developers Pvt Limited operates as a real
estate company under the Jaipuria Group. The company was promoted
by the SK Jaipuria Group (of Jaipuria family) in 2004 to develop,
construct and sell a residential apartment-cum-commercial space
project (spread over 13.5 acres) under the name of "Sunrise
Greens" located at Indirapuram, Ghaziabad and also develop and
operate (as well as sell) a mall under the name of "Sunrise Plaza"
adjacent to its residential project in Indirapuram, Ghaziabad. The
construction of both the projects is completed and the mall of the
company has commenced operations.


JHUNJHUNWALA OIL: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]D'
----------------------------------------------------------------
The ratings assigned to the INR9.55 crore bank limits of
Jhunjhunwala Oil Mills Limited have been revised from 'LB/A4' to
'[ICRA]D', both on the long term and short term scale.

The rating revision primarily reflects the continued
unsatisfactory debt servicing track record of the company with
delays in repayment of term loan instalments and/or interest due
to improper fund management and lack of financial discipline. The
ratings also reflect the inherently low profit margins, the high
competitive intensity and fragmentation in the edible oils
industry; exposure to agro-climatic risks; vulnerability of
profitability of domestic players to import threat, volatility in
global edible oil prices and narrowing of duty differential
between crude and refined oils besides the company's weak
financial profile as reflected in its high gearing levels and
tightness in liquidity.

ICRA also notes that the company has recently undertaken a
relatively large scale capex programme for setting up a rice mill
and has further plans to undertake moderate scale capacity
expansion projects, which would keep its cash flows and return
indicators subdued over the near to medium term. Nevertheless,
ICRA favorably factors in the considerable experience of JOML's
promoters in the edible oils business; the company's manufacturing
facilities being well integrated thereby allowing presence across
the value chain; the overall favourable demand prospects for rice
bran oil and cattle feed, the company's main products and upside
potential to its business from the rice mill project

                      About Jhunjhunwala Oil

Jhunjhunwala Oil Mills Limited is engaged in the manufacture of
edible oil (mainly rice bran oil) and cattle feed. The company's
integrated manufacturing facilities are located in Varanasi, Uttar
Pradesh and include a solvent extraction plant (250 tpd), refinery
(75 tpd) and a cattle feed unit (200 tpd). JOML is a closely held
company with 100% ownership of the promoter, Mr. V.N. Jhunjhunwala
and his family and friends. The promoter family holds considerable
experience in the edible oil business having been present in it
for almost two decades. The company has also recently set up and
commissioned a 8 tph (48,000 MTPA) rice milling plant in Bihar.

Recent Results:

In 2009-10, the Company reported an operating income (OI) of
INR96 crore with a profit after tax (PAT) of INR1.35 crore
compared to an OI of INR72 crore and a PAT of INR1.02 crore in
2008-09. In 9M 2010-11, as per unaudited provisional results, the
Company has reported an OI of INR83 crore with a PAT of
INR1.52 crore.


LEELA P: ICRA Downgrades Rating on INR17.4cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR17.40 crore term loan facilities and the INR9.00 crore fund
based facilities of Leela P Clothing Private Limited to '[ICRA]D'
from 'LC.'

The revision in long-term rating considers the continued delays in
debt servicing by the Company owing to tight liquidity conditions.
While the small scale of Company's operations restricts economies
of scale and financial flexibility, high competition in the
apparel retail industry is expected to restrict growth in revenues
and margins. The promoters have experience in the Ready Made
Garments retail business for over a decade, and LPCPL has a wide
product portfolio catering to men, women and children.

Incorporated in August 2007, the Company is engaged in the
business of apparel retailing. In June 2008, it launched the
showroom StyleOne, which is located in Adyar, one of the prime
residential hubs in Chennai. The showroom caters to all sections
(men, women and kids) and also sells accessories (like watches,
sunglasses etc). The promoters have been engaged in the apparel
retail business, primarily catering to men's wear, since 1999. The
promoters have recently floated a company, StyleOne Retail
Concepts Private Limited, which is expected to open a showroom
(catering exclusively to women's wear) by February 2012. This
showroom will be in the same locality and the cost of construction
is estimated at INR24.0 crore.


MAHA MARUTI: ICRA Assigns '[ICRA]BB' Rating to INR4cr LT Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR4 crores long term
fund based and INR5.75 crores long term non-fund based facilities
of Maha Maruti Logistics Pvt Ltd. The outlook on the long term
rating is stable.

The ratings reflect the experience and long track record of Maha
Maruti Logistics Pvt Ltd in the logistics & transportation
business and established relations with key customers such as
Container Corporation of India & Rashtriya Ispat Nigam Limited.
The rating also positively factors in the in-house maintenance of
the handling equipment & vehicles by the company resulting in low
down time, savings in maintenance costs and improved service
levels. The rating is however constrained by small scale of
operations, resulting in modest economies of scale and decline in
operating income from the levels of FY2007-08 on account of the
company being not able to renew its terminal operator contract
with CONCOR at Hyderabad and recently at Nagpur.

Further, the rating also factors in the high customer
concentration risks arising out of the fact that the top two
customers account for about 70% and 61% of the revenues in FY2009-
10 and FY2010-11 respectively. Other challenges for Maha Maruti
Logistics include highly competitive nature of the business which
has resulted in losing out on terminal operator contract with
CONCOR at Nagpur recently. The rating of the company is also
constrained by high working capital utilization as reflected by
the regular overutilization of the bank limits by the company.
Going forward, ICRA has taken into consideration the recent
investments made in handling & transportation equipment, which
will enable the company to fulfill the demand growth in the near
term.

                          About Maha Maruti

Maha Maruti Logistics Pvt Ltd, set up as a partnership firm in
1978 by Mr. A Satyanarayana Murthy and was reconstituted as a
private limited company in 2004. The company provides terminal
operator and consignment agent services to companies such as
CONCOR and RINL. In addition to this, the company provides freight
forwarding, customs clearance and cargo handling services at
Visakhapatnam port.

Recent Results

During the financial year ending March 2011, the company recorded
net profit of INR1.41 crores on a operating income of
INR26.04 crores (provisional, unaudited financial numbers) as
against net profit of INR0.63 crores on a operating income of
INR24.45 crores during FY 2009-10.


MODERN INDIA: ICRA Assigns '[ICRA]BB+' Rating to INR34cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR34 crore fund based
facilities of Modern India Limited.  ICRA has also assigned
'[ICRA]A4+' rating to the INR34 crore non fund based limits of
MIL. The outlook on the long term rating is stable. The fund based
and non fund based facilities are completely interchangeable with
the maximum utilization not exceeding INR34 crore.

The ratings are constrained by the company's low margins in
trading business with significantly high client concentration
risks, execution risks associated with proposed real estate
development projects and high financial risk profile.  Also,
the company's foray into education business through a subsidiary
(which has been merged with the company since June 2009) for
jewellery design & manufacturing still remains loss-making. The
company also has fairly large sized real estate investment plans
through MoU route and on its own as well as that of acquiring
commercial office spaces, both of which would entail market risks
associated. The ratings however factor in the company's long track
record in trading and real estate development businesses, strong
revenue potential in the long run arising from MoU in place with
K. Raheja group signed in May 2010 for redevelopment of company
owned land area (where currently company is running 'Modern
Business Centre' occupied by the renowned corporate clients) in
South Mumbai.

                        About Modern India

Modern India Limited (erstwhile Modern Mills Limited) was
incorporated in year 1933, founded by a British gentleman by the
name of Mr. Gordon and was called "The Gordon Mills" and was under
management of Sirur Family. The company operated textile mills in
the Mahalaxmi area in Mumbai upto the late 1990s when the labour
strikes crippled the operations and the financial burden resulted
in declaration of the company as a sick unit by BIFR. However,
with the takeover and infusion of fresh capital by Jatia group in
the late 1990s, the company was revived with new areas of
operations -- commodity trading and real estate development.
However due to financial unviability of operating a composite
textile mill in the heart of Mumbai with high labor, electricity,
water costs and a heavier tax structure, MML was forced to close
down its manufacturing unit in the year 2004. After shutting down
its textile mill facility, MML was renamed as "Modern India Ltd"
(MIL) in the same year. Meanwhile, MIL shifted its focus and
currently has businesses in other areas such as trading, real
estate, and certified education.

MIL reported a profit after tax (PAT) of INR3.01 crore in
FY 2010-11 on an operating income of INR166.52 crore.


PARUCHURI COTTON: ICRA Puts '[ICRA]BB-' Rating on INR14.75cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' Long Term rating to INR14.75 crore
fund based bank limits of Paruchuri Cotton Products Private
Limited. The outlook on the long-term rating is Stable.

The ratings assigned to PCP are constrained by small scale of
operations, low capacity utilization (given the first full year of
operations - which saw an estimated 27% capacity utilization),
susceptibility of the cotton industry to agro-climactic conditions
and the competitive landscape of the industry. Cotton ginning is
characterized by high working capital requirements which is likely
to constrain the debt coverage indicators of the company from the
presently comfortable levels. The ratings are also constrained by
policy restrictions surrounding the industry, which mandate
procurement at Government nominated Minimum Support Price (MSP)
and limit the flexibility on export volumes thereby affecting the
possible average realizations for the company.

Nonetheless, the ratings positively factor the long-standing
experience of the promoters in Cotton Spinning industry and the
favorable outlook on demand for cotton internationally. An
operational strength is the geographical proximity to most of its
customers and economies of scope arising from presence in milling
industry through group company Sakku Spinning Mills Private
Limited, which assures capacity utilization and reduces the
logistics overhead for the company. Further, presence in Guntur,
which has abundant supply of quality cotton, reduces the risk of
raw material non-availability. With the stabilization of
operations and up-gradation of the gins and resultant complete
mechanization, the capacity utilization, efficiency of ginning,
quality of lint produced and thus the operating income is expected
to increase in the coming years while the labour costs are
expected to decrease.

Notwithstanding the higher profitability (OPBITDA/OI of 8.13%;
provisional estimates) in FY 2011, margins are expected to
slightly moderate going forward on account of higher MSP and lower
prices of cotton lint as compared to 2010-11. Further, given the
working capital (WC) intensive nature of operations of cotton
ginning (with high inventory and lower credit available to
millers) the same is expected to increase with higher capacity
utilization.

                        About Paruchuri Cotton

Paruchuri Cotton Products Private Limited was incorporated in FY
2008 and is engaged in manufacturing of cotton lint. The company
has a ginning unit in Guntur district of Andhra Pradesh (A.P.).
PCPPL started commercial production of yarn in March 2010 with 44
gins.

Recent Results:

For the year ended March 31, 2011; the company estimates an
operating income of INR32.19 crore with 27% capacity utilization.


PARVEEN TRAVELS: ICRA Cuts Rating on INR19cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR19.00
crore term loan facilities and the INR11.00 crore fund based
facilities of Parveen Travels Private Limited to '[ICRA]D' from
'LB'.  ICRA has also revised the short-term rating on the INR 7.00
short term fund based sub limits of PTPL to '[ICRA]D' from 'A4'.

The ratings reflect the continuous delays witnessed in debt
servicing owing to the stretched capital structure and strained
liquidity position of PTPL. PTPL has incurred consistent capital
expenditure in the past for expansion and replacement of its fleet
resulting in high gearing and increasing debt servicing
commitments. The same coupled with the stretched receivables
position on account of weak bargaining power has led to tight
liquidity position and consequent delays in debt servicing.
Further, heavy competition from the unorganized segment restricts
the pricing flexibility of PTPL. PTPL enjoys an established market
presence in Tamil Nadu and caters to leading players in the
Information Technology (IT) and Automobile industry resulting in
recurring source of revenues.

Parveen Travels Private Limited, promoted by Mr. Allah Baksh, is
one of the largest transport operators in Tamil Nadu with fleet
size of 720 vehicles and operations spanning diverse streams
including staff transportation in Chennai, tour operations on a
hire charge basis and inter-city bus operations. PTPL is the
flagship company of the Parveen group which has interests also in
the automobile service segment under Parveen Automobiles Private
Limited, travel agent services through Parveen Holidays, and cargo
business under PTE Express Private Limited. The group has been in
the transport business since 1980 and is one of the few organized
players in South India.


ROBOSOFT TECHNOLOGIES: ICRA Reassigns '[ICRA]C' Term Loan Rating
----------------------------------------------------------------
ICRA has re-assigned '[ICRA]C' rating to the INR11.0 crore term
loan facilities of Robosoft Technologies Private Limited. ICRA has
also re-assigned '[ICRA]A4' rating to the INR6.5 crore fund based
facilities and the INR0.8 crore non-fund based facilities of RTPL.

Robosoft Technologies Private Limited, promoted as a
proprietorship firm in 1996 at Udupi, Karnataka, by Mr. Rohith
Bhat was subsequently incorporated as a private limited company in
2005, is primarily into the business of development of software
applications for Mac OS platform. RTPL has a team of around 300
software professionals working for the company. The company offers
its products/services through four business divisions, viz.,
software services, software utilities, gaming products, and
enterprise applications. The software services segment is the
largest business segment in the company accounting for around 90%
of net sales in 2009-10.


RST TUBES: ICRA Assigns '[ICRA]BB-' Rating to INR30cr LT Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR30.0 Crore long
term fund based limits of RST Tubes Private Ltd. The outlook on
the long term rating is stable.

The rating is constrained by the highly competitive nature of
industry characterized by large number of players resulting in low
profitability margins; geographical concentration risk as most of
the customers are based out of northern region especially Delhi
and Ghaziabad region and susceptibility of profitability to
adverse movement in steel prices. These factors apart, the rating
is also constrained by moderately high financial risk profile
characterized by low return indicators, moderately high gearing
level and low coverage indicators and high working capital
requirement (to support increased scale of operations) resulting
in negative funds flow from operations over the last few years.
Nevertheless, while assigning the rating, ICRA has favorably
factored in established presence of promoters and the company in
trading and distribution of steel pipes and tubes; established
relationship with key customers, which has enabled the company to
secure repeat orders from existing clients and favorable demand
outlook driven by increased demand from infrastructure, automobile
and manufacturing sectors.

                         About RST Tubes

RST Tubes Pvt. Ltd. is wholesale dealer and distributor of steel
pipes and tubes. The promoter family has been in the business of
steel pipe trading since 1962 with their earlier office located in
Hauz Khas, Delhi. Later on the promoters shifted their base to
Ghaziabad, Uttar Pradesh from where it controls the marketing and
finance operations. The company, RST Tubes Pvt. Ltd., was
incorporated in year 2007 and started its business by acquiring
earlier operating partnership firm by name of Raja Steel Tubes.
For stocking of inventory, the company has four warehouses located
in Ghaziabad with total area of 5830 sq. yards.

Based on provisional accounts, RTPL reported a turnover of
INR117.96 Crore and a net profit of INR0.15 Crore during financial
year 2010-11.


RUCHI POWER: ICRA Assigns '[ICRA]D' Rating to INR441.46cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR 441.46 crores term
loans (enhanced from INR 440 crores) and INR 80 crores fund-based
limits of Ruchi Power and Steel Industries Limited.  ICRA has also
assigned '[ICRA]D' rating to the INR 290 crores non-fund based
limits (enhanced from INR 280 crores) of RPSIL.

The rating takes into account the weak operational and financial
performance of RPSIL in FY11 as reflected by operation of
capacities at sub-optimal levels (due to non-availability of iron
ore) which coupled with high fixed costs has resulted in
significant operating losses (INR57.01 crores in FY11). Further,
capital related charges on account of debt-funded capex incurred
in the past have led to cash losses, erosion of networth and
resultant increase in gearing levels. These factors have resulted
in inadequate debt servicing capability and re-schedulement of
debt repayments being sought by the company. The ratings are
further constrained by inherent cyclical and intensely competitive
nature of the steel industry and susceptibility of RPSIL's
profitability to variation in raw material prices which is further
escalated by the fact that company does not have access to captive
raw material sources. Nevertheless, the rating derives comfort
from RPSIL's experienced management, promoters' long track record
in steel business and operational efficiencies with backward
integration into manufacturing of sponge-iron, steel billets and
captive power-generation.

                       About Ruchi Power

Ruchi Power and Steel Industries Limited was incorporated as Mid
India Engineering Limited in July 1995. The company is a part of
Ruchi Group which has diversified interests including commodities,
iron and steel, real estate, milk products, information technology
etc. RPSIL has been promoted by Mr. Santosh Shahra who is a
graduate in Mechanical Engineering from Indore University and has
over 35 years of experience in steel business. Apart from RPSIL,
Mr. Shahra is also associated with National Steel and Agro
Industries Limited which involved in manufacturing of flat steel
products namely Cold Rolled Coils, Galvanized steel and Galvanized
Colour Coated steel products in various grades. RPSIL has two
manufacturing units, one each in Gandhidham (Gujarat) and
Pithampur (Madhya Pradesh). The company has a sponge iron
manufacturing capacity of 2.1 lakh MTPA, billet manufacturing
capacity of 3.3 lakh MTPA and rolled products capacity of 3.7 lakh
MTPA.

In FY 2011, the company reported an operating income of
INR699.60 crores and net loss of INR 170.25 crores as compared to
operating income of INR 792.01 crores and PAT of INR 42.42 crores
in FY 2010.


SARVPRIYA INDUSTRIES: ICRA Cuts INR25.39cr Loan Rating to [ICRA]D
-----------------------------------------------------------------
ICRA has revised the long-term rating of Sarvpriya Industries
Limited from 'LB' to '[ICRA]D' for its INR25.39 crore fund based
limits. ICRA has also revised the short-term rating from 'A4' to
'[ICRA]D' for non fund based limits of SIL.  The ratings revision
takes into account the continued irregularities in servicing of
debt by the company.

Sarvpriya Industries Limited was promoted by Mr. Madan Jindal in
1985 and the entire shareholding is held by him and his family
members. The company is engaged in the manufacturing of PEB
structure, sheet metal parts and sheet components. The
manufacturing facility of SIL is located in Gurgaon (Haryana) with
an installed annual capacity of 6000 MT.


SAURI BREEDING: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' Long Term rating to INR8.00 crore
fund based bank limits of Sauri Breeding Farms Private Limited.
The outlook on the long-term rating is Stable.

The ratings assigned to SBF are constrained by moderate scale of
operations; delays in the commissioning of the project,
competitive landscape of the industry, and the stretched financial
profile given the operations are currently in stabilization phase.
Ratings of the company are also constrained by the susceptibility
to input prices and the relative inability of the company to pass
the costs down to its customers on account of the commoditized
nature of Broiler chicken. Taken in conjunction with the high
control over both prices and volumes exerted by the suppliers,
this factor limits the average realizations for the company. Lack
of presence in retail industry is likely to further increase the
susceptibility to input prices. Notwithstanding the above, the
opportunity for the company to channel local capacities for custom
hatching is likely to offset the lack of control to an extent.

Nonetheless, the ratings positively factor the long-standing
experience of the promoters in Poultry industry and the positive
outlook for Broiler industry in India. ICRA factors the wide
distribution network the promoters have developed through their
other companies as an operational strength. Incorporation of
modern technology in controlling the breeding conditions is
expected to result in higher realizations through better
productivity and lower mortality. Further, with the stabilization
of operations, operating income is expected to increase in the
coming years.

In view of the debt funded construction of the breeding facilities
and the associated initial expenses, the gearing is expected to
remain high. Moreover, given the stretched cash flows of the
company, funding and refinancing requirements is expected to
remain high, thus making the company vulnerable to promoters'
ability to secure funding for the same.

                   About Sauri Breeding

Sauri Breeding Farms Private Limited was incorporated in 2009, by
Mr. K Ashok Reddy. The Visakhapatnam based company is engaged in
breeding the layer birds of Vencobb breed Broilers. It procures
day old birds from Venkateshwara Hatcheries, breeds them in modern
sheltered facilities and sells the Hatching Eggs laid by the
birds. It also has the option of getting the eggs custom hatched
by third parties and sell the resulting day old chicks. The
company has constructed three breeding sheds and houses 25000
layers at its breeding farm in Vizianagaram. The works for three
more breeding shelters targeting a total capacity of 50,000 layers
are currently in progress. The company is expected to operate with
full production capacity from April 2012.


SHREE KRISHNA: ICRA Cuts Rating on INR66cr Limits to '[ICRA] D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR66 crore fund
based limits of Shree Krishna Paper Mills & Industries Limited
from 'LC' to '[ICRA] D'.  ICRA has also revised the long term
rating of 'LC' assigned to its INR5.00 crore Cumulative Redeemable
Preference Shares to [ICRA] D. ICRA has also reassigned a rating
of [ICRA] D rating to the INR14.00 crore non fund based short term
bank facilities.

The ratings revision takes into account the continued delays in
debt servicing by the company on account of weak financial
performance of the company as is reflected in continued net losses
of INR7.11 crore during the FY 2011 and INR0.4 crore during Q1-
2012 as against a net loss of INR8.46 crore in FY 2010 and INR2.83
crore in Q1-2011. The losses incurred till the end of FY 2010
already resulted in an erosion of net worth, which coupled with
ongoing losses has further deteriorated the financial profile.

                      About Shree Krishna

Shree Krishna Paper Mills & Industries was incorporated in
September 1972 by Pasari Group. The company has a coated paper
manufacturing unit at Bahadurgarh, Haryana, which was acquired
from Bansal Paper Mills in 1974. During 2005-06, the company also
commissioned a Greenfield paper plant of 30000 MTPA to manufacture
Printing and Writing Paper (PWP) at Kotputli Rajasthan.

During FY 2011, the company reported net sales of INR106.97 crore
and net loss of INR7.11 crore as against net sales of
INR61.39 crore and net loss of INR8.46 crore during FY 2010.
During the 3 month period ended June 2011, the company reported
net sales of INR36.86 crore and net loss of INR0.4 crore.


SIGMA CHEMTRADE: ICRA Rates INR0.85cr Limits at '[ICRA]BB+'
-----------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR0.85 crore
fund-based limits of Sigma Chemtrade Pvt. Ltd.  The outlook on the
long-term rating is "Stable".  The rating of '[ICRA]A4+' has been
assigned to the INR12.50 crore non-fund based limits of SCPL.  The
ratings of [ICRA]BB+ (Stable)/[ICRA]A4+ have been assigned to the
INR0.15 crore proposed limits of SCPL.

The ratings are constrained by low entry barriers and high
competitive intensity in the polymer trading business; low
profitability inherent to the trading business and exposure to
commodity price risk and foreign exchange (forex) fluctuation
risk. ICRA also notes that networth base of SCPL is low in
comparison to credit risk undertaken by the company for its
overall sales. The ratings, however, favorably factor in long
track record and experience of promoters in the polymer trading
business, favorable demand outlook for commodity polymers in the
long term, established relationship with suppliers and customers
and moderate financial risk profile characterized by moderate
gearing level and adequate coverage indicators along with
comfortable liquidity position. Significant increase in working
capital intensity leading to adverse capital structure or
inventory/forex losses resulting in losses for the company would
be key rating sensitivities.

                      About Sigma Chemtrade

Sigma Chemtrade Pvt. Ltd. is engaged in the trading of polymers
and plastic raw materials like HDPE; LDPE; LLDPE; PP and
chemicals. In addition to direct imports and distribution, SCPL
also acts as an indenting agent for imported polymers and
chemicals, wherein the company provides services like coordination
with suppliers for direct imports by customers without getting
financially involved in the transactions. Besides self and
indenting turnover through imports, the company also has domestic
focus being consignment agent of Finolex Industries (for PVC resin
in MP), of SI Group (for Phenol and other chemicals), of NOCIL
Ltd. (for rubber chemicals in MP) and of BASF India Ltd (for
Acrylic polymers in MP). PE and PP are major contributors to the
total revenues of the company with share of about 60-70% in
2010-11. Mr. Vijay Goyal along with his wife owns around 79%
stakes in SCPL.

During 2010-11, SCPL reported net sales and profit after tax (PAT)
of INR40.19 crore and INR0.58 crore respectively; while the
company had reported net sales and PAT of INR16.98 crore and
INR0.27 crore respectively in 2009-10.


SP SUPERFINE: ICRA Cuts Rating on INR43.94cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR43.94 crore term loan facilities and the INR16.50 crore fund
based bank facilities of SP Superfine Cotton Mills Private Limited
to '[ICRA]D' from 'LC'.  ICRA has affirmed the short-term rating
of '[ICRA]D' outstanding on the INR13.88 crore non-fund based bank
facilities of the Company.

The revision in long-term rating reflects the continued delays in
debt servicing by the Company. The ratings consider the sharp
decline in demand and realization of yarn, which is expected to
further deteriorate the financial profile. The ratings also
consider the small scale of SSCMPL's operations, which restrict
scale economics and financial flexibility, the intense competition
in a highly fragmented industry structure which is likely to
restrict pricing flexibility of spinners and its weak financial
profile (characterized by stretched capital structure / coverage
indicators, continued losses and thin accruals).

                       About SP Superfine

SSCMPL, incorporated in 1995, commenced operations with 14,112
spindles in 2001. The Company is primarily engaged in producing of
cotton yarn, with an installed capacity of 28,224 spindles. It
also has two windmill generators in the Tirunelveli district of
Tamil Nadu with an installed capacity of 1.25 MW each.


SPR GROUP: ICRA Cuts Rating on INR8.29cr Loans to '[ICRA] D'
------------------------------------------------------------
ICRA has revised the long-term rating to the INR8.29 crore term
loans and INR55.50 crore fund based limits of SPR Group Holdings
Private Limited from 'LB+' to '[ICRA] D'.  ICRA has also revised
the short-term rating to the INR2.50 crore Non Fund based limits
from 'A4' to '[ICRA] D'.

The rating action factors in the delays in debt repayments,
deterioration in its financial profile in FY 2010 as reflected in
low profitability and cash accruals, stretched liquidity and
deterioration in its capitalization and coverage indicators. ICRA
has also factored in the drop in the operating income of the
company in FY2010, geographical concentration risks associated
with the company's operations in a single state namely Karnataka,
the intensely competitive nature of low profile Indian Made
Foreign Liquor (IMFL) industry and its vulnerability to raw
material price movements (especially molasses) while revising the
long-term rating. However, ICRA also notes the long track record
of the promoters in the liquor industry and backward integration
of the group's operations.

                         About SPR Group

SPR Group Holdings Private Limited was established in 1991 by
Gowda Group, which also has presence in other related business
like distillery and sugar. Earlier the company was mainly engaged
in arrack (country liquor) business; post the ban on arrack in
Karnataka in Jul-07, company shifted its focus to IMFL. SGHPL has
established a bottling plant at Bangalore, Karnataka with capacity
of 20000 cases per day. SPR Group Holdings Private Limited (SGHPL)
is involved in the production and sale of IMFL primarily to
Karnataka State Breweries Corporation Limited (state agency,
channelizing agency for liquor products in Karnataka). SGHPL
operates in an intensely competitive low profile IMFL segment
(less expensive); end consumers in this segment are price
sensitive and do not have brand/taste preference. Within IMFL
segment, SGHPL has presence in whisky, brandy, rum and gin. The
company's operations are concentrated in Karnataka along with
small proportion of production being sold to other states through
Canteen Store Department, Ministry of Defense (CSD).

Recent Results

SGHPL reported a PAT of INR0.59 crore on operating income of
INR78.62 crore in FY2010, as against corresponding figures of
INR0.21 crore and INR102.33 crore in FY2009. In H1 2010-11
(provisional), SGHPL reported PAT of INR0.17 crore on operating
income of INR65.33 crore.


SRI MUTHUKUMARAN: ICRA Cuts Rating on INR120cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR120.0
crore term loan facilities of Sri Muthukumaran Educational Trust
from 'LC' to '[ICRA]D'.

The ratings consider the current delays in debt servicing by SMET
due to tight liquidity situation (arising from routing of a
significant portion of internal accruals for capital expenditure).
SMET's capital structure is characterized by moderately high
gearing and stretched coverage indicators. The future capital
expenditure plans which could constrain liquidity in the medium
term and thereby further impact the debt servicing ability of the
Trust. High competition in the industry is likely to exert
pressure to attract and retain experienced faculty.

The trust was founded in the year 1984 by Mr. A. N. Radhakrishnan
to establish and operate educational institutions. The flagship
institutes of the trust are Sri Muthukumaran Institute of
Technology (affiliated to Anna University, Chennai) and Sri.
Muthukumaran Medical College and Research Centre (affiliated to
Tamil Nadu Dr. MGR Medical University). Currently there are six
institutes under the Trust. Mr. A. N. Radhakrishnan was
instrumental in setting up the Trust. He started his career in the
Technical Education Department of Tamil Nadu and then established
educational institutes in Tamil Nadu under the trust. He was also
instrumental in setting up Meenakshi Ammal Trust which operates
fifteen institutes in Chennai and Kanchipuram.

Recent Results

As per unaudited and provisional results, SMET reported net profit
of INR6.3 crore on operating income of INR54.7 crore during
2010-11, against net profit of INR5.5 crore on operating income of
INR37.8 crore for the corresponding previous fiscal.


SRI VENKATARAMANA: ICRA Rates INR0.60cr LT Loan at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR0.60 crores long
term fund based and INR5.35 crores long term non-fund based
facilities of Sri VenkataRamana Engineering. The outlook on the
long term rating is stable.

The ratings reflect the experience and long track record of
promoters in the logistics & transportation business. The rating
also positively factors in the in-house maintenance of the
handling equipment & vehicles by the firm resulting in low down
time, savings in maintenance costs and improved service levels.
The rating is however constrained by small scale of operations,
resulting in modest economies of scale and decline in operating
income from the levels of FY2008-09 on account of the decline in
the handling & transportation receipts from the Nagpur stockyard.
Further, the rating also factors in the high customer
concentration risks arising out of the fact that all the revenues
are contributed by a single customer.

The rating of the firm is also constrained by high working capital
utilization as reflected by the regular overutilization of the
bank limits by the company. Moreover, growth prospects of the firm
to be hinged to acquisition of new customers and or foray into new
services. While assigning the rating, ICRA has taken into
consideration the presence of a larger promoter group company,
Maha Maruti Logistics Ltd, given that both, Maha Maruti Logistics
Pvt Ltd and SVRE are engaged in the same line of business.

                         About Sri VenkataRamana

Sri VenkataRamana Engineering commenced operations as a
proprietorship firm in 1990 and was converted into a partnership
firm in 2004-05. SVRE is an associate firm of Maha Maruti
Logistics Pvt Ltd and they share operational and financial
linkages. SVRE provides cargo handling and transportation services
at the Nagpur stockyard of Steel Authority of India.

Recent Results

During the financial year ending March 2011, the firm recorded net
profit of INR0.14 crores on a operating income of INR9.29 crores
(provisional, unaudited financial numbers) as against net profit
of INR1.40 crores on a operating income of INR11.33 crores during
FY 2009-10.


SUDHA AGRO: ICRA Assigns '[ICRA]BB+' Rating to INR74.35cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR74.35 crore fund
based limits of Sudha Agro Oil and Chemical Industries Limited.
ICRA has also assigned '[ICRA]A4+' to the INR11.65 crore non-fund
based limits of SAOCIL. The outlook on the long term rating is
Stable

The ratings positively factor in the established presence of
SAOCIL in the rice bran oil (RBO) manufacture for about 3 decades,
and the positive demand outlook for RBO oil given its status as a
cheaper and healthy alternative to sunflower oil. The rating also
positively factors in the company's proposed diversification into
other segments such as soap noodles, biomass based power and
cotton spinning which will reduce dependence on one product.
Further, the ratings factor in the currently strong financial
profile marked with healthy growth in operating income, profitable
operations, modest gearing (of 0.88 times as on March 2011) and
satisfactory coverage indicators.

The ratings are however constrained by the modest scale of
operations, resulting in modest economies of scale; lack of
forward integration in the more lucrative retail segment; and the
highly competitive nature of the RBO business which has resulted
in modest operating margins. The fortunes of the business will
also be exposed to agro-climatic risks which may impact
availability of key raw material namely rice bran. Similar risks
of raw material availability may impact its other businesses such
as biomass based power and cotton spinning, with the latter
business also likely to face significant competitive pressures.
Further, while the current financial metrics are comfortable,
substantial debt funded capex as well as likely debt funding of
increased working capital requirements are likely to result in
pressures on the capital structure and coverage indicators of the
company. The company's ability to maintain prudent capital
structure while pursuing growth, ensuring raw material
availability and achieving stabilized operations in its
diversification efforts will remain key rating drivers.

                       About Sudha Agro

Sudha Agro Oil and Chemical Industries Limited was incorporated in
the year 1981 by Mr. E Raja Rao. SAOCIL has a production capacity
of 450 Metric Tons per Day (MTPD) (200 MTPD at Samalkot and 250
MTPD at Bilaspur) for solvent extraction. The company produces
refined Rice Bran Oil (65MTPD), De-Oiled Bran, and Stearic Acid
(25 MTPD) through its manufacturing facilities at Samalkot (Andhra
Pradesh). In addition, the company has also installed two bio-fuel
based power plants viz. of 4.4 Mega-Watt (MW) in Samalkot and of
10 MW capacities in Chhattisgarh. The company is currently
foraying into Textile-Spinning and Soap Noodle manufacture.
Installation of the first phase consisting of 14400 spindles (out
of an overall 31680 spindles project outlay) is currently in
progress at Samalkot. This project is expected to be operational
by Q3 of FY 12.

Recent Results

For the year ended March 31, 2011; the company has achieved an
Operating Income of INR156.85 crore (a year-on-year growth of 18%
and an Operating Margin of INR11.99 crores.


TELEDATA MARINE: ICRA Reaffirms '[ICRA[D' Long-Term Rating
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA[D' outstanding
on the INR110.00 crore fund based facilities of Teledata Marine
Solutions Limited.  ICRA has affirmed the short-term rating at
'[ICRA]D' on the INR90.00 crore non-fund based facilities of TMSL.

The ratings consider the continuing delays by TMSL in repayment of
dues to bank. Company Profile TMSL was formed on Nov. 1, 2006,
subsequent to demerger of the marine division of Teledata
Informatics Limited (recently renamed as Agnite Education
Limited). The Company's lines of business include marine software
products / solutions, maritime education / e-Learning and maritime
services.


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


BANK INT'L: Fitch Affirms Issuer Default Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed PT Bank International Indonesia Tbk's
Long-Term Issuer Default Rating (IDR) at 'BB+' with a Positive
Outlook, and its National Long-Term Rating at 'AAA(idn)' with a
Stable Outlook.

BII's IDRs and National Long-Term ratings reflect strong support
from its higher-rated parent bank, Malayan Banking Berhard
(Maybank; 'A-'/Stable).  The Viability rating reflects the bank's
moderate financial position in terms of asset quality,
profitability and capital.

Maybank's long-term plan is to develop BII as one of its key
regional growth platforms given Indonesia's growth potential.
Maybank is in the process of transferring its IT and risk
management expertise to BII.  Both banks have derived business
synergies in global market/treasury, corporate banking activities,
sharia banking, human capital, and risk management.

A stringent credit policy, stronger risk management and close
monitoring of loan portfolios have resulted in stronger asset
quality as NPLs decreased to 2.4% of total loans at end-H111
(2010: 3.1%).  However, BII continues to face the challenge of
managing asset quality at its subsidiary WOM Finance
('AA(idn)'/Stable).  NPL reserve coverage remained adequate
at 93% at end-H111 (2010: 90%).

BII's net interest margin (NIM) declined to 5.1% in H111 (2010:
5.5%) mainly due to keen competition in lending and deposit
taking.  Profitability from its core banking and automobile
business under BII Finance ('AA+(idn)'/Stable) improved, though
the challenge remains to improve WOM Finance's profitability.
Return on assets (ROA) slightly improved to 0.9% in H111 (2010:
0.7%).  BII's ROA was small compared with the industry average of
3%.

Maybank has supported BII through its sub-debt issue of IDR1.5tn
in Q211, which lifted the latter's total capital adequacy ratio
(CAR) to 13.06% at end-H111 (2010: 12.50%), although its Tier 1
decreased to 10.45% (2010: 11.64%) from loan growth and full
implementation of Basel II operational risk.  While rapid loan
growth over the next three years will put downward pressure on the
bank's capital, Fitch expects BII to maintain Tier 1 and CAR in
line with Bank Indonesia's minimum requirements.

Established in 1959 and listed in 1989, BII is the eighth-largest
bank in Indonesia with 2.6% of system assets.

BII ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
     Positive;
  -- Short-Term Foreign-Currency IDR affirmed at 'B';
  -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
     Stable;
  -- Subordinated debt affirmed at 'AA(idn)';- Support Rating
     affirmed at '3';
  -- Individual Rating affirmed at 'C/D'; and
  -- Viability Rating affirmed at 'bb'.


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


79 MANNERS: Receivers Sell Office Building for NZ4.3 Million
------------------------------------------------------------
The National Business Review reports that receivers have sold the
IVIVI Building on Wellington's Victoria Street, formerly owned by
embattled developer Terry Serepisos' company 79 Manners Street.

The 11-story office building with 14 car parks on separate unit
titles adjacent was sold for NZ$4,300,000 with multiple-party
interest to a local investor, NBR discloses.

NBR notes that the property had a rateable value of NZ$6 million.

According to the report, Mr. Serepisos has been engaged in a
series of court actions brought by creditors demanding repayment.
More recently Mr. Serepisos told the High Court he was seeking to
sell down his entire property empire to satisfy creditors owed
NZ$200 million.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, NZ Herald Online said 79 Manners Street Ltd was put
into receivership on May 19.  John Fisk and Richard Longman of
PricewaterhouseCoopers are handling the receivership.  The company
is owned by Century City Trust Ltd, which is owned by Terry
Serepisos, Wellington property developer and Wellington Phoenix
football club owner.  Maison Property Holdings Ltd, another
company owned by Mr. Serepisos, was also placed in receivership on
May 19.  Mr. Fisk and Mr. Longman are also handling the
receivership.  The receivers were appointed by frozen lender
Equitable Mortgages.


NEW ZEALAND WINE: 2011 Annual Loss Widens to NZ$3.18 Million
------------------------------------------------------------
The New Zealand Wine Company said net earnings for the June 30,
2011, full year resulted in an audited net loss after tax of
NZ$3,177,000 which represents a significant increase on the
NZ$1,898,000 net loss reported for the same period in 2010.

The loss includes impairments that have been made to write down
the book value the older wine stock by (NZ$247,000) to a level
that it can be readily sold at in the current market and to write
off the (NZ$640,000) of goodwill attributable to the companies US
investment in Lineage Imports LLC.  The underlying loss before
impairment, NZ IFRS revaluation adjustments and income tax for the
June 30, 2011, full year of (NZ$1,852,000) is a significant
turnaround to the comparable NZ$65,000 underlying profit reported
for the same period in 2010.

NZWC said the 2011 year has been a very difficult year for the
company.  Revenue from the June 30, 2011, full year was
NZ$11,158,000 compared to the NZ$13,047,000 reported for the 2010
year.  NZWC's branded wine sales revenue was reduced by market
impacts flowing from the high level of New Zealand bulk wine sales
coupled with a strong NZD against the GBP and the USD and intense
competition.

Net cash flow from operating activities was negative at
NZ$1,461,000 for the full year due to increased inventory from
lower than anticipated sales.

Total shareholders' equity as at June 30, 2011, was NZ$14,989,000,
a reduction of NZ$3,639,000 compared to the equivalent
NZ$18,628,000 reported for the same period in 2010.

With 8,677,199 shares on issue as at June 30, 2011, year end, net
tangible asset backing was NZ$1.73 per share compared to the
equivalent NZ$2.15 per share reported for the same period in 2010.

Chairman, Alton Jamieson said that, "NZWC's release to the NZAX of
June 27, 2011, advised that its bankers, ANZ National Bank had
conditionally agreed to waive a breach of a financial covenant
ratio subject to an independent review of NZWC's financial
forecasts and business model satisfactory to the Bank.  With the
agreement of the Bank NZWC commissioned PricewaterhouseCoopers
(PwC) to carry out the review.  In subsequent NZAX updates, the
Company has advised the market on its progress along the review
process including its current negotiations with the Bank on both
an unconditional waiver for the covenant breach as at June 30,
2011, and a variation to the covenants applicable to the financial
year to June 30, 2012."

"While the review and negotiation process with the Bank has not
yet been completed NZWC has continued to put in place a number of
its restructuring and recovery initiatives to turnaround and
produce a significant improvement in underlying earnings. The NZWC
Board and Management are all committed to working with PwC to be
able to successfully put its 3 year Business Plan to the Bank to
obtain their support for the Company's proposed pathway to return
to profitability."

"Directors are confident that the NZWC team being lead by CEO
Peter Scutts can successfully implement the 2012 budget and a 3
year Business Plan to give effect to a recovery that will
demonstrate to all stakeholders that NZWC is capable of delivering
a level of profitability that is sustainable and adds shareholder
value."

"NZWC is unable to provide reliable net earnings guidance for the
June 2012 financial year, based on the NZ IFRS reporting standard,
as it not possible for an agricultural exporting company to
predict what can be significant swings in the revaluation
adjustments that are required to be made at each balance date."

A full text copy of the company's Annual Report for the year ended
June 30, 2011, is available for free at:

                http://ResearchArchives.com/t/s?76dd

                       About New Zealand Wine

The New Zealand Wine Company Limited (NZE:NWC) --
http://www.nzwineco.co.nz/-- is an integrated wine company
producing table wines operating wholly within the New Zealand wine
industry.  The Company grows grapes to use in the production of
wine.  NZWC's vineyards are located in Marlborough, New Zealand.
As of June 30, 2010, the Company held approximately 292,000 grape
vines planted on approximately 122 hectares of land owned or
leased by NZWC.  As of June 30, 2010, 112 hectares are in
commercial production.  Its brands include Grove Mill, Sanctuary
and Frog Haven.  The company exports its products in the
United Kingdom, the United States and Australia.


                             *********

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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