---

        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

           Friday, October 28, 2011, Vol. 14, No. 214

                            Headlines




A U S T R A L I A

MAX POWER: Liquidator Questions Stage II Purchase Deal
UNIONS NATIONAL: Placed in Liquidation; Owes More Than AUD4-Mil.


H O N G  K O N G

ARCHITERIOR LIMITED: Chiang and Wu Step Down as Liquidators
BOWLS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 30
CAPITAL SUCCESS: Court Enters Wind-Up Order
CITIC RESOURCES: Moody's Says Ba3 CFR Unaffected by Coal Disposal
CRYSTAL WISE: Court to Hear Wind-Up Petition on Nov. 23

DAILY RANK: Court Enters Wind-Up Order
DAYS IMPEX: Sutton and Fok Appointed as Liquidators
DAYS INTERNATIONAL: Sutton and Fok Appointed as Liquidators
DONPOWER TRADING: Court Enters Wind-Up Order
EASTO (INTERNATIONAL): Court to Hear Wind-Up Petition on Dec. 14

EGANAGOLDPFEIL (HOLDINGS): Appointed as Liquidators
EVERBEST TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 14
FOOT HOUSE: Court Enters Wind-Up Order
HIGH & NEW: Court Enters Wind-Up Order
JINRO (H.K.): Creditors Get 7.76% Recovery on Claims

LUCKY DRAGON: Court Enters Wind-Up Order


I N D I A

ASHAPURA MINECHEM: Fails to Halt Creditor Actions in U.S.
ASHTAVINAYAK STEEL: CRISIL Rates on INR110MM Loan at 'CRISIL B-'
BAJRANG AUTOMOBILES: CRISIL Puts 'BB-' Rating on INR28MM Loan
BHARAT INTEGRATED: CRISIL Places CRISIL B Rating on INR30MM Loan
BHIKHABHAI GORDHANDAS: CRISIL Rates INR12MM Loan at 'CRISIL B+'

ELVE CORPORATION: CRISIL Cuts Rating on INR110MM Loan to 'B-'
FISHFA GLASS: CRISIL Assigns 'CRISIL B+' Rating to INR20MM LT Loan
HOTEL GRAND: CRISIL Assigns 'CRISIL D' Rating to INR60MM Term Loan
INDIAN ACRYLIC: Fitch Rates Three Loan Facilities at Low-B
JAI JYOTAWALI: Delays in Loan Repayment Cues CRISIL's Junk Ratings

KASANA BUILDERS: CRISIL Places 'CRISIL BB-' Rating on INR66MM Loan
KASHI KANCHAN: CRISIL Assigns 'CRISIL D' Rating to INR8.5MM Loan
KIRPA RAM: CRISIL Places 'CRISIL D' Rating on INR75MM Term Loan
LAKSHMI PRECISION: CRISIL Puts 'CRISIL B+' Rating on INR105MM Loan
L. C. FOODS: Delay in Debt Repayment Cues CRISIL Junk Ratings

LILLIPUT KIDSWEAR: Lenders May Extend Repayment Deadline
NORTH INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loan
RAMA KRISHNA: CRISIL Assigns 'CRISIL BB-' Rating to INR40MM Loan
RASHTRIYA SEVA: CRISIL Places 'CRISIL BB-' Rating on INR120MM Loan
SARA EXPORTS: CRISIL Puts 'CRISIL B+' Rating on INR45MM Term Loan

SHREE DATT: CRISIL Reaffirms 'CRISIL D' Rating on INR27.6MM Loan
SHREE GOWTHAMEE: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
SHRI WARDHMAN: CRISIL Assigns 'CRISIL BB' Rating to INR60.9MM Loan
SREENIVAS BUILDTECH: CRISIL Cuts Rating on INR125MM Loan to 'D'
TRIVENI INDUSTRIES: CRISIL Rates INR100MM Credit at 'CRISIL BB'

UPAL DEVELOPERS: CRISIL Upgrades Rating on INR1.08BB Loan to 'B'
UPPER INDIA: CRISIL Assigns 'CRISIL BB-' Rating to INR90MM Loan
ZAMZAM EXPORTS: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan


J A P A N

OLYMPUS CORP: Chairman Steps Down Over Acquisition Deal Scandal


K O R E A

HYNIX SEMICONDUCTOR: SK Telecom Expected to Be Lone Bidder


N E W  Z E A L A N D

DOMINION FINANCE: Ex-Bosses Appear in Court on SFO Charges
DOMINION FINANCE: Four People Appear in Auckland District Court
PIKE RIVER: Receivers Confirm Multiple Bids But Sale Process Slow
* NZ: Gov't Sets Up Firm to Manage Crown Guaranteed Company Assets


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


MAX POWER: Liquidator Questions Stage II Purchase Deal
------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that Stage II, a
streetwear wholesaler which sells to Myer and David Jones, has
become a retailer after snapping up four Max Power stores in
Victoria and Queensland just months before the business was placed
into liquidation.

According to SmartCompany, Stage II, a seven-year-old business
based in Geelong, said it took over four Max Power stores -- in
DFO shopping centres in Brisbane, Essendon, Cheltenham and South
Wharf -- around the end of July.

The garment supplier, which was also a substantial creditor of Max
Power, bought the fittings, fixtures and name of the retail chain,
the report relays.

But liquidator Paul Vartelas of B K Taylor & Co will be looking
into the Stage II acquisition, according to Smartcompany.

"I'll be knocking on the door first and saying 'I need more
details'," Mr. Vartelas told SmartCompany.

SmartCompany relates that Mr. Vartelas said Stage II paid for the
business by reducing the amount it was owed as a trade creditor.

But he is concerned that this deal disadvantages other creditors,
as they have not been given the chance to receive money from the
sale of these assets, says SmartCompany.

SmartCompany notes that Aaron Pritchard, co-founder of Stage II,
said he has not spoken with Mr. Vartelas about this matter.

According to the report, Mr. Vartelas said up to $800,000 could be
owed from the collapse of Max Power Clothing Company and stores.
Creditors include suppliers, landlords and sole director John
Kennedy, who had personal guarantees. Mr. Vartelas told
SmartCompany he has been advised that all of the staff members
have been paid.

Mr. Vartelas, as cited by SmartCompany, said the collapse of Max
Power is primarily linked with troubles at the discount department
chain DFOs, which have faced difficulties over the past few years
as broader retailers slashed prices to bolster sales.

Based in Docklands, Victoria, The Max Power Clothing Company Pty
Ltd sells women's and men's clothing, including the Freshjive,
Industrie and Sass brands.


UNIONS NATIONAL: Placed in Liquidation; Owes More Than AUD4-Mil.
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Unions National has
been placed in liquidation with more than AUD4 million in debt.
Michael Royal of BIR Solutions has been appointed as liquidator.

The liquidation of Unions National, which traded as Work Partners,
comes after family-owned business Extrastaff Recruitment was
placed into administration last week, according to SmartCompany.

According to SmartCompany, Mr. Royal has told The Australian that
Work Partners was wound up after admitting it may not be able to
pay its debts, which total AUD4 million, with super entitlements
and wages reportedly owed to current and former employees.

"The return to employees of unpaid superannuation will largely be
dependent on what the unions owed to the company," the report
quotes Mr. Royal as saying.

SmartCompany notes that Work Partners has had a troubled year.
Earlier this year, it was reported that its relationship with the
Australian Council of Trade Unions had soured over alleged unpaid
entitlements.

It is understood that the business will be put up for sale and
that a creditors meeting has been scheduled for next week, the
report relays.

Work Partners appeared on the SmartCompany Start-Up awards in
2009, with revenue of AUD1.4 million.  The company, which acts as
an outsourced recruitment firm for unions to find new members, is
led by ex-ALP activist Stuart McGill.


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


ARCHITERIOR LIMITED: Chiang and Wu Step Down as Liquidators
-----------------------------------------------------------
Chiang Ping Kwan and Wu Wai Man stepped down as liquidators of
Architerior Limited on Sept. 20, 2011.


BOWLS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 30
--------------------------------------------------------------
A petition to wind up the operations of Bowls International
Limited will be heard before the High Court of Hong Kong on
Nov. 30, 2011, at 9:30 a.m.

Au Yeung Siu Mei filed the petition against the company Sept. 28,
2011.

The Petitioner's solicitors are:

          Patrick Mak & Tse
          Rooms 905-7, 9th Floor
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


CAPITAL SUCCESS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Capital Success International Limited.

The official receiver is Teresa S W Wong.


CITIC RESOURCES: Moody's Says Ba3 CFR Unaffected by Coal Disposal
-----------------------------------------------------------------
Moody's Investors Service says that CITIC Resources Holdings
Limited's disposal of its shares in Macarthur Coal Limited has no
immediate impact on its Ba3 corporate family rating and the Ba3
rating on its USD 1 billion senior notes, which were issued by
CITIC Resources Finance (2007) Limited and guaranteed by CITIC
Resources.

Ratings Rationale

On Oct. 21, 2011, CITIC Resources announced that it will sell its
full 16.34% stake in Macarthur Coal Limited, a listed Australian
company engaged in coal operations, to PEAMCoal Pty Ltd for a cash
consideration of A$789.7 million (HK$6,159.7 million).

CITIC Resources is expected to recognize a book gain (before tax
and expenses) of about A$386.1 - 398.4 million (HK$3,011.6 --
3,107.5 million) from the disposal. The net proceeds of this
transaction (after deduction of some capital gain taxes) will
greatly increase its cash position.

CITIC Resources' investment in Macarthur Coal contributed a profit
of HK$ 221 million and HK$111 million for 2010 and 1H 2011
respectively, accounting for 15.5 % and 9.4 % of all segments'
operating income in those periods.

Moody's considers that this transaction would in principle
strengthen the company's liquidity profile and financial
flexibility against the backdrop of weaker crude oil price and a
sluggish global economy.

But instead of materially deleveraging its balance sheet, Moody's
expects CITIC Resources to use the cash proceeds for the
development of its Hainan Yuedong project and it may further look
for potential investment opportunities. As a result, Moody's does
not expect its credit profile to change materially.

Moody's will also evaluate the impact on its credit rating if a
material M&A occurs or if the company -- contrary to Moody's
expectations -- opts to repay a sizeable amount of its debt.

The principal methodology used in rating CITIC Resources Finance
and CITIC's Resources Holdings Limited was the Independent
Exploration and Production (E&P) Industry Methodology published in
December 2008.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, coal, import
and export of commodities and the exploration, development and
production of oil. The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.


CRYSTAL WISE: Court to Hear Wind-Up Petition on Nov. 23
-------------------------------------------------------
A petition to wind up the operations of Crystal Wise Development
Limited will be heard before the High Court of Hong Kong on
Nov. 23, 2011, at 9:30 a.m.

Crystal Palace International Limited filed the petition against
the company Sept. 16, 2011.

The Petitioner's solicitors are:

          Paul W. Tse
          Room 1701, 17th Floor
          Causeway Bay Plaza I
          Causeway Bay, Hong Kong


DAILY RANK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Daily Rank Electronics Company Limited.

The official receiver is Teresa S W Wong.


DAYS IMPEX: Sutton and Fok Appointed as Liquidators
---------------------------------------------------
Roderick John Sutton and Fok Hei Yu on Sept. 14, 2011, were
appointed as liquidators of Days Impex Limited.

The liquidators may be reached at:

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


DAYS INTERNATIONAL: Sutton and Fok Appointed as Liquidators
-----------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on Sept. 14, 2011, were
appointed as liquidators of Days International Limited.

The liquidators may be reached at:

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


DONPOWER TRADING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Donpower Trading Limited.

The official receiver is Teresa S W Wong.


EASTO (INTERNATIONAL): Court to Hear Wind-Up Petition on Dec. 14
----------------------------------------------------------------
A petition to wind up the operations of Easto (International)
Investment Limited will be heard before the High Court of Hong
Kong on Dec. 14, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company Oct. 10, 2011.

The Petitioner's solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway
          Central, Hong Kong


EGANAGOLDPFEIL (HOLDINGS): Appointed as Liquidators
---------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power on Sept. 9, 2011,
were appointed as liquidators of Eganagoldpfeil (Holdings)
Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          8th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


EVERBEST TECHNOLOGY: Court to Hear Wind-Up Petition on Dec. 14
--------------------------------------------------------------
A petition to wind up the operations of Everbest Technology
Enterprise Company Limited will be heard before the High Court of
Hong Kong on Dec. 14, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company Oct. 10, 2011.

The Petitioner's solicitors are:

          Gallant Y. T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


FOOT HOUSE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Foot House Company Limited.

The official receiver is Teresa S W Wong.


HIGH & NEW: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of High & New Grand Holdings Limited.

The official receiver is Teresa S W Wong.


JINRO (H.K.): Creditors Get 7.76% Recovery on Claims
----------------------------------------------------
Jinro (H.K.) International Limited, which is in compulsory
liquidation, declared a dividend to its creditors on Oct. 21,
2011.

The company paid 7.76% for ordinary claims.

The company's liquidator is Neill Paul Poole.


LUCKY DRAGON: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Lucky Dragon Boat Restaurant Limited.

The official receiver is Teresa S W Wong.


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


ASHAPURA MINECHEM: Fails to Halt Creditor Actions in U.S.
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that although Ashapura Minechem Ltd. is under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code, the
Mumbai-based mining company failed to convince a bankruptcy judge
in New York that it's entitled to an injunction halting collection
activities by creditors in the U.S.

According to the report, U.S. Bankruptcy Judge James M. Peck on
Oct. 24 terminated a temporary injunction he granted on Oct. 5,
one day after the Chapter 15 filing.  Creditors opposed the
injunction, arguing that Ashapura turned to the U.S. when it
failed to win protection from creditors at home in India or in the
U.K., where judgments were entered following arbitration.

Judge Peck, Mr. Rochelle notes, did leave the door open for
Ashapura to return to court to seek an injunction if circumstances
warrant.

                          About Ashapura

Ashapura Minechem Ltd. is an industrial company incorporated under
the provisions of the Companies Act 1956, having its registered
office in Mumbai, India.  It is listed with the Bombay Stock
Exchange and National Stock Exchange of India, Ltd.  It is engaged
in the business of mining, processing and trading minerals and
ores, namely: Bentonite, a versatile clay having applications in
foundries, iron ore pellatization, oil well drilling and civil
engineering; Bauxite, the principal ore used for manufacturing
alumina which is in turn used to produce Aluminum metal; Barytes,
a clay with high specific gravity and is mainly used in oil well
drilling; Iron ore, the principal ore for manufacturing steel.

Ashapura is also engaged in the manufacturing of value added
Bentonite for advanced applications for usage in paper, cosmetic
and edible oil industries.  The company also offers to arrange for
logistical support for transportation and shipping of minerals
which it sells to its customers.

Chetan Shah, as foreign representative of Ashapura, filed a
petition for protection under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 11-14668) on Oct. 4, 2011.
Attorney for the foreign representative is Ira A. Reid, Esq., at
Baker & McKenzie LLP.  The Chapter 15 petition estimated the
Debtor's assets and debts to be between $100 million and
$500 million.


ASHTAVINAYAK STEEL: CRISIL Rates on INR110MM Loan at 'CRISIL B-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ashtavinayak Steel Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR110 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR25 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations,
moderate financial risk profile and vulnerability to cyclicality
in the steel industry. These rating weaknesses are partially
offset by the extensive experience of its promoters in the
industry.

CRISIL has consolidated the financial and business risk profiles
of ASPL and Jai Jyotawali Steel Pvt Ltd (JJSPL), together referred
to as the Goel group, on account of operational linkages and
financial fungibility between them. ASPL makes its entire sales to
JJSPL. Besides being a part of the value chain, the promoters
belong to a common family and both companies have extended
corporate guarantees for each other's facilities.

Outlook: Stable

CRISIL believes that the ASPL will maintain its moderate business
risk profile supported by the extensive experience of its
promoters. The outlook may be revised to 'Positive' if the company
achieves higher-than-expected revenue growth while improving its
profitability and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of a significant decline in
ASPL's revenues or profitability.

                      About Ashtavinayak Steel

ASPL was incorporated in 2002 by Mr. Ashish Goel. It is engaged
into manufacturing of Mild Steel (M.S) ingots from M.S scrap. The
entire sales of ASPL are made to Jai Jyotawali Steel Private
Limited, which is managed and owned by Mr. Girish Goel, brother of
Mr. Ashish Goel. The company's manufacturing plant is located at
Taluka Wada, Thane (Maharashtra) and has a total production
capacity of manufacturing 36,000 tonnes of M.S. ingots per annum.

ASPL reported, on provisional basis, a profit after tax (PAT) of
INR3.96 million on net sales of INR680.6 million for 2010-11
(refers to financial year, April 1 to March 31); the firm reported
a PAT of INR3.62 million on net sales of INR674.3 million for
2009-10.


BAJRANG AUTOMOBILES: CRISIL Puts 'BB-' Rating on INR28MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Bajrang Automobiles Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR28 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR36 Million Channel Financing   CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of BAPL's promoters
in the automobile (auto) dealership business and its established
relationship with principals. These rating strengths are partially
offset by BAPL's weak financial risk profile, marked by high total
outside liabilities by total net worth, small net worth, and weak
debt protection metrics, exposure to intense competition in the
auto dealership market, marginal scale of operations, and regional
concentration.

Outlook: Stable

CRISIL believes that BAPL will benefit from its established market
position in Hero Motocorp Ltd's (Hero's, rated at CRISIL
AAA/FAAA/Stable/CRISIL A1+ by CRISIL) and Eicher Motors Ltd's
(Eicher's) automobile dealership in Haldwani and from its
promoters' extensive experience. The outlook may be revised to
'Positive' in case of better than expected ramp up in scale of
operations combined with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if BAPL
undertakes a large, debt-funded capex programme, or if its
operating margin deteriorates.

                      About Bajrang Automobiles

Incorporated in 2001, BAPL is a dealer of two-wheelers
manufactured by Hero since inception. In 2008-09 (refers to
financial year, April 1 to March 31), the company also commenced
dealership of light commercial vehicles (LCVs) manufactured by
Eicher and became the largest dealer in Uttar Pradesh and
Uttarakhand in 2010-11. The company has two show-rooms-cum
workshops, one each for its two principals. The company earns more
than 95 per cent of its revenue from sale of new vehicles and the
remaining from sale of spare parts and services. The LCV segment
contributes around 75 per cent to the company's revenue and the
two-wheeler segment contributes around 20 per cent.

BAPL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR472 million for 2009-10, as against a PAT of INR0.3
million on net sales of INR120 million for 2008-09. BAPL is
estimated to report PAT of INR4.3 million on net sales of INR572
million in 2010-11.


BHARAT INTEGRATED: CRISIL Places CRISIL B Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Bharat Integrated Technical Services Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR110 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR60 Mil. Proposed Short-Term    CRISIL A4 (Assigned)
   Bank Loan Facility

The ratings reflect BITS's short track record of operations,
customer concentration in revenues, exposure to risks related to
tender-based business, average financial risk profile, marked by a
small net worth. These rating weaknesses are partially offset by
the extensive industry experience of BITS's promoters in the
construction industry.

Outlook: Stable

CRISIL believes that BITS will benefit from its promoters'
extensive industry experience and its healthy order book, over the
medium term. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase significantly,
without considerable stretch in liquidity, and diversification in
customer profile. Conversely, the outlook may be revised to
'Negative' if BITS faces significant pressures on its revenues and
profitability, there are considerable delays in realisation of
receivables, or it undertakes a larger-than-expected debt-funded
capital expenditure programme.

                       About Bharat Integrated

Based in Visakhapatnam (Andhra Pradesh) and set up in April 2010,
BITS undertakes civil construction projects, including
construction of roads and buildings (both residential and
commercial) and area development, piling works, foundations and
industrial structures, electrical works, and consultation for
laying down of private railway tracks (the company is a registered
consultant for Indian Railways for railway siding). BITS is
promoted by Mr. Rajendra Rayala, Mr. Pradeep Vegunta, and Mr.
Chandra Sekhar. The company has a current order book of around
INR1920 million, to be executed over the next two years.

BITS reported a profit after tax (PAT) of INR6.2 million on net
sales of INR162.1 million for 2010-11 (refers to financial year,
April 1 to March 31).


BHIKHABHAI GORDHANDAS: CRISIL Rates INR12MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhikhabhai Gordhandas and Company (BGC),
part of the Anay group.


   Facilities                         Ratings
   ----------                         -------
   INR12.0 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR45.0 Million Letter of Credit   CRISIL A4 (Assigned)
   INR43.0 Million Proposed Short     CRISIL A4 (Assigned)
   Term Bank Loan Facility

The ratings reflect the Anay group's weak financial risk profile,
marked by a small net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics, and
moderate exposure to risks related to trading business. These
rating weaknesses are partially offset by the Anay group's
established position in the iron and steel trading business and
its strong relationships with suppliers and customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Anay Agency and Bhikhabhai Gordhandas
and Company (BGC), together referred to as the Anay group. The
consolidated approach is because both the firms are in the same
line of business and are under a common management, and have
common customers and suppliers.

Outlook: Stable


CRISIL believes that the Anay group will continue to benefit from
the extensive industry experience of its partners and its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if there is significant and
sustained increase in the group's scale of operations, while
maintaining its profitability margins, or there is a substantial
improvement in its net worth on the back of capital additions by
its partners. Conversely, the outlook may be revised to 'Negative'
in case there is a steep decline in the Anay group's profitability
margins from the current levels or if its capital structure
deteriorates on account of larger-than-expected working capital
requirements.

                         About the Group

The Anay group commenced its operations through its flagship
entity, BGC, a proprietary concern based in Mumbai (Maharashtra)
that was established in 1967 by the father of the current
proprietor, Mr. Suresh Parekh. Since, 1980, Mr. Suresh Parekh has
been managing BGC's operations. Anay Agency was established in
2007 by Mr. Suresh Parekh and Mr. Hardik Parekh. Both the
proprietary concerns are engaged in trading of steel and steel
products, chemicals, and spices.

The Anay group reported a profit after tax (PAT) of INR1.1 million
on net sales of INR444 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR1.1 million on
net sales of INR360 million for 2009-10.

BGC, on a standalone basis, reported a profit after tax (PAT) of
INR0.7 million on net sales of INR238 million for 2010-11 as
against a PAT of INR0.7 million on net sales of INR187 million for
2009-10.


ELVE CORPORATION: CRISIL Cuts Rating on INR110MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bill
purchase - discounting facility and packing credit facilities of
Elve Corporation (Elve; part of the Gajra group); these facilities
were earlier short-term facilities and were rated 'CRISIL A4'. The
rating on Elve's letter of credit facility has been reaffirmed at
'CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR110.00 Million Bill Purchase   CRISIL B-/Stable (Reassigned)
   Discounting Facility
   INR75.00 Million Packing Credit   CRISIL B-/Stable (Reassigned)
   INR40.00 Mil. Letter of Credit    CRISIL A4 (Reaffirmed)

The ratings continue to reflect the Gajra group's weak financial
risk profile, marked by high gearing and weak debt protection
metrics, and susceptibility of its profitability to volatility in
raw material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the Gajra group's established
position in the automotive gears industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elve, Gajra Gears Pvt Ltd (GGPL), and
Gajra Differential Gears Pvt Ltd (GDGPL). The entities are
collectively referred to as the Gajra group. This is because all
the entities are in the same line of business, owned by the same
promoters, and there are significant inter-party transactions
within the group.

Outlook: Stable

CRISIL believes that the Gajra group will maintain its established
position in the automotive gears industry over the medium term,
supported by its wide product portfolio and established
relationships with customers. The outlook may be revised to
'Positive' if there is significant and sustained increase in the
group's scale of operations, while it maintains its profitability,
or there is a substantial improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case there is a steep decline in the group's profitability, or
if its capital structure deteriorates on account of larger-than-
expected working capital requirements.

                        About the Group

The Gajra group set up Elve in 1950 as a partnership firm for
trading diesel engines and spares. The group set up GGPL in 1962
and GDGPL in 1991. Elve is the exporting arm of the Gajra group,
and exports automotive transmission gears and differential gears
procured from GGPL and GDGPL. The firm caters to the replacement
market and has presence in 14 countries, including the US, Canada,
Germany, the UK, and Malaysia. GGPL manufactures automotive
transmission gears, engine gears, oil pump gears, automatic
transmission parts, gear box assemblies, and castings. GDGPL
manufactures a wide range of crown wheel and pinions, bevel gears,
bevel pinions, spider kit assemblies, and differential cages for
commercial vehicles.

The Gajra group reported a profit after tax (PAT) of INR40.4
million on net sales of INR1670.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.1
million on net sales of INR1400.2 million for 2009-10. Elve
reported a PAT of INR1.3 million on net sales of INR476.6 million
for 2010-11, as against a PAT of INR0.6 million on net sales of
INR419.8 million for 2009-10.


FISHFA GLASS: CRISIL Assigns 'CRISIL B+' Rating to INR20MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Fishfa Glass Centre (FGC).

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR20 Mil. Proposed Long-Term    CRISIL B+/Stable (Assigned)
   Bank Loan Facility
   INR30 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect FGC's weak financial risk profile, marked by a
small net worth and high total outside liabilities to tangible net
worth and moderate interest coverage ratios, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of FGC's partners' in the glass
industry.

Outlook: Stable

CRISIL believes that FGC will benefit over the medium term from
its partners' extensive experience in the glass business. The
outlook may be revised to 'Positive' in case of significant
improvement in the capital structure most likely because of
infusion of fresh equity. Conversely, the outlook may be revised
to 'Negative' in case FGC contracts higher-than-expected debt,
most likely for working capital funding, or if its operating
margin declines sharply, leading to further weakening in its
financial risk profile.

                         About Fishfa Glass

FGC trades annealed (float) glass for interior designing
(comprises 65 per cent of its revenues) as well as furniture
applications (35 per cent of revenues). The firm is managed by the
Amravatiwala family. FGC procures around 85 per cent of its
products from China and the rest from the domestic market.

FGC reported a profit after tax (PAT) of INR2.5 million on net
sales of INR130 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR91.8 million for 2008-09.


HOTEL GRAND: CRISIL Assigns 'CRISIL D' Rating to INR60MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Hotel Grand International.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Term Loan           CRISIL D (Assigned)
   INR20 Million Proposed Long-Term  CRISIL D (Assigned)
   Bank Loan Facility

The rating reflects instances of delay by HGI in servicing its
debt; the delays have been caused by the firm's weak liquidity.

HGI is also exposed to high offtake risk of its hotel project at
Latur (Maharashtra). These rating weaknesses are partially offset
by HGI's low exposure to implementation risk.

                        About Hotel Grand

A proprietorship firm established by Dr. Sopan N Jatal in Latur,
HGI is setting up a hotel in Latur; the hotel is expected to start
operations in November - December 2011. It is a three-star hotel
with 45 rooms (excluding two suites), a banquet hall, a bar-cum-
restaurant (for about 300 people), a multi-cuisine restaurant
(about 100 people), a coffee shop, two conference halls, one board
meeting room, and a rooftop banquet hall. Besides these amenities,
the hotel will also have a club house with a swimming pool,
gymnasium, steam sauna, and a pool-side restaurant.



INDIAN ACRYLIC: Fitch Rates Three Loan Facilities at Low-B
----------------------------------------------------------
Fitch Ratings has assigned Indian Acrylics Limited (IAL) a
National Long-Term rating of 'Fitch BB+(ind)' with Stable Outlook.

The ratings reflect IAL's volatile EBITDA margins over the last
five years, ranging from minus 13.33% in the financial year ended
March 2009 to a peak of 15.8% in FY10.  The rating also reflect
IAL's inability to pass on increases in raw material prices, the
continuous threat of dumping by overseas producers of acrylic
fibre and a seasonal product cycle.

The ratings, on the other hand, also reflect IAL's strong market
position in acrylic fiber, underpinned by a production capacity of
42,000 MT per year (46% of total capacity in India) and a 25-year
track record.  The ratings are further supported by comfortable
net debt/EBITDA of 1.55x in FY11 (FY10: 1.6x) and interest
coverage (operating EBITDA/net interest) of 4.3x in FY11 (3.6x).

IAL was referred to a corporate debt restructuring (CDR) programme
in 2003 after it failed to service its debt due to huge losses
incurred in the past because of volatile raw material prices and
unfavorable demand-supply situation in the industry.  A major
portion of the CDR debt has already been settled and IAL is
expected to repay the remainder of INR18.8m in FY12.

Negative rating action may result from any sharp decline in EBITDA
margins and/or any unexpected debt-led capital expenditure leading
to net financial leverage above 4x.  Positive rating action may
result from sustained stable margins leading to net financial
leverage below 1.5x and from regular debt repayments.

For FY11, IAL reported revenue of INR4,081.7 million (FY10:
INR4,082.6 million) and operating EBITDA of INR508.9 million
(INR648 million).

IAL bank loan facilities have been assigned ratings as follows:

  -- INR191.7 million term loan: 'Fitch BB+(ind)'/'Fitch A4+(ind)'

  -- INR170 million fund-based working capital limit: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

  -- INR1,210 million non fund-based limit:'Fitch BB+(ind)'/'Fitch
     A4+(ind)'


JAI JYOTAWALI: Delays in Loan Repayment Cues CRISIL's Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Jai Jyotawali Steel Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR19.5 Million Term Loan        CRISIL D (Assigned)
   INR165 Million Cash Credit       CRISIL D (Assigned)
   INR12.5 Million Proposed LT      CRISIL D (Assigned)
    Bank Loan Facility
   INR3 Million Bank Guarantee      CRISIL D (Assigned)
   INR100 Mil. Letter of Credit     CRISIL D (Assigned)

The rating reflects the delays by JJSPL in servicing its term loan
obligations; the delay has been caused by the group's weak
liquidity.

CRISIL has consolidated the financial and business risk profiles
of Ashtavinayak Steel Pvt Ltd (ASPL) and Jai Jyotawali Steel Pvt
Ltd (JJSPL), together referred to as the Goel group, on account of
operational linkages and financial fungibility between them. ASPL
makes its entire sales to JJSPL. Besides being a part of the value
chain, the promoters belong to a common family and both companies
have extended corporate guarantees for each other's facilities.

                        About Jai Jyotawali

JJSPL, incorporated in 1992, is owned and managed by Mr. Girish
Goel. It is engaged in manufacturing of Thermo Mechanically
Treated (TMT) bars. The TMT bars, available in the size range of 8
mm to 32 mm are sold under the brand name - "JJ THERMEX". Its
manufacturing plant, located at Taluka Wada, Thane (Maharashtra),
has a capacity to produce 72,000 tonnes of TMT bars per annum.

JJSPL recorded a provisional profit after tax (PAT) of INR12
million on net sales of INR1.62 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR7
million on net sales of INR1.59 billion for 2009-10.


KASANA BUILDERS: CRISIL Places 'CRISIL BB-' Rating on INR66MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the long-term bank facilities of Kasana Builders Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR66 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR365 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR9 Million Proposed Short-Term   CRISIL A4+ (Assigned)
   Bank Loan Facility

The ratings reflect the extensive industry experience of KBPL's
promoters and the company's healthy order book. These rating
strengths are partially offset by the expected deterioration in
KBPL's financial risk profile and liquidity due to large
incremental working capital requirements and its small scale of
operations in a fragmented industry and geographical and customer
concentration of revenues.

Outlook: Stable

CRISIL believes that KBPL's financial risk profile will remain
constrained on account of its large working capital requirements.
The outlook may be revised to 'Positive' in case of a higher-than-
expected increase in the company's scale of operations and
profitability, leading to higher-than-expected cash accruals or
financial flexibility, supported by large equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of the company's higher-than-expected working capital
requirements and investment in real estate/land, leading to
deterioration in financial risk profile.

                        About Kasana Builders

KBPL was set up in 1988 by Mr. Kushal Pal Singh along with his
brothers Mr. M P Singh and Mr. N P Singh. However, there were no
operations in the company until 2008. In 2008, Kasana Builders Pvt
Ltd took over the business of Kasana Builders, which was a
proprietorship firm of Mr. Kushal Pal Singh. After the takeover of
Kasana Builders by KBPL, Mr. M P Singh and Mr. N P Singh retired
from the company and Mr. Narendra Panwar was admitted as director.
The company is engaged in civil construction activities comprising
construction of government buildings (both residential and
commercial), roads, sewerage, drainages and bridges on contract
basis. The company executes projects mainly in Uttar Pradesh and
is a registered contractor for various government departments like
Ghaziabad Development Authority (GDA), Greater Noida Industrial
Development Authority (GNIDA), New Okhla Industrial Development
Authority (OIDA), and Yamuna Expressway Industrial Development
Authority (YEDA).

KBPL expected to report a profit after tax (PAT) of INR16.8
million on net sales of INR510.1 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR12
million on net sales of INR496.6 million for 2009-10.


KASHI KANCHAN: CRISIL Assigns 'CRISIL D' Rating to INR8.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Kashi Kanchan Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR8.5 Million Term Loan          CRISIL D (Assigned)
   INR50 Million Cash Credit         CRISIL D (Assigned)
   INR25 Million Bank Guarantee      CRISIL D (Assigned)

The ratings reflect instances of delay by KKPL in servicing its
term debt; the delays have been caused by KKPL's weak liquidity.

KKPL also has working-capital-intensive operations and a customer
concentrated revenue profile. The company, however, benefits from
its comfortable order book and its healthy operating
profitability.

                        About Kashi Kanchan

Set up as a partnership concern in 1974 by Mr. Surendra Kumar
Padhi and Mr. Abhimanyu Padhi, KKPL was reconstituted as a private
limited company on July 20, 2005. The company undertakes civil
construction activities involving road, drainage, and building
construction, primarily in Orissa. However, the company has also
undertaken building constriction work for military engineering
services (MES) in Andhra Pradesh. In 2010-11 (refers to financial
year, April 1 to March 31), around 75 per cent of the company's
revenues comes from building construction, around 14 per cent from
drainage works, and the rest from road works. However, these
ratios are expected to change significantly during the current
year, as around 83 per cent of the current order book of INR367
million as on June 30, 2011 is from drainage works. The company is
registered as a super social contractor and super class contractor
with MES and rural works department /drainage department of the
state government of Orissa respectively.


KIRPA RAM: CRISIL Places 'CRISIL D' Rating on INR75MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Kirpa Ram Dairy Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL D (Assigned)
   INR75 Million Rupee Term Loan    CRISIL D (Assigned)

The rating reflects delay by KRDPL in servicing its term loan; the
delay has been caused by KRDPL's weak liquidity.

KRDPL has a weak financial risk profile, marked by a high gearing
and weak debt protection metrics, resulting from working-capital-
intensive nature of operations; the company also has a small scale
of operations in the intensely competitive dairy industry, and is
susceptible to epidemic-related factors. However, KRDPL benefits
from its promoters' extensive experience in the milk processing
industry.

                          About Kirpa Ram

Incorporated in 2007 in Ghaziabad (Uttar Pradesh), KRDPL is
promoted by Mr. Sant Kumar Gupta and his family. The company has
set up a milk processing unit in Ghaziabad, with production
capacity of 200,000 litres of milk per day. KRDPL commenced
commercial production in February 2010. KRDPL mainly produces
pasteurised milk (50 per cent of total revenues), which is sold in
bulk to other dairies, and value-added products such as skimmed
milk powder (30 per cent of total revenues), ghee (20 per cent of
total revenues), and butter (10 per cent of the total revenues),
which are sold under the brand name, Liladhar.

KRDPL reported a profit after tax of INR3.1 million on net sales
of INR471.9 million for 2010-11, against a net loss of INR 3.9
million on net sales of INR29.3 million for 2009-10.


LAKSHMI PRECISION: CRISIL Puts 'CRISIL B+' Rating on INR105MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lakshmi Precision Screws Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR105 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR145 Million Working Capital    CRISIL B+/Stable (Assigned)
    Demand Loan
   INR370 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR180 Million Foreign Bill       CRISIL A4 (Assigned)
    Discounting
   INR25 Million Bill Discounting    CRISIL A4 (Assigned)
   INR130 Million Packing Credit     CRISIL A4 (Assigned)
   INR550 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect LPS's weak liquidity, because of working-
capital-intensive operations and high debt obligations, and an
average financial risk profile marked by below-average debt
protection metrics, a moderate gearing, and a comfortable net
worth. These rating weaknesses are partially offset by LPS's
established market position, marked by a strong brand image, in
the fasteners industry, and high operating efficiency, supported
by advanced manufacturing facilities and promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that LPS will continue to benefit over the medium
term from its established market position in the fasteners
industry. The outlook may be revised to 'Positive' in case of
significant improvement in LPS's liquidity, most likely driven by
strong growth in cash accruals and improved working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of less-than-expected cash accruals or larger-than-
expected working capital requirements leading to increased
pressure on LPS's liquidity.

                       About Lakshmi Precision

LPS was incorporated in 1968 as a private limited company by three
brothers, Mr. Lalit Kumar Jain, Mr. Vijay Kumar Jain, and Mr.
Rajesh Jain, and their cousin, Mr. Dinesh Kumar Jain; it was
reconstituted as a public limited company in 1972.The company
manufactures high-tensile fasteners, and is the second-largest
manufacturer of fasteners in India. It primarily manufactures
fasteners for the automotive segment, and is present in other
sectors, including wind energy, locomotives, agriculture equipment
(tractors), and industry machinery.

LPS reported a profit after tax (PAT) of INR89 million on net
sales of INR3074 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR53 million on net sales
of INR2265 million for 2009-10.


L. C. FOODS: Delay in Debt Repayment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of L. C. Foods Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR7.9 Million Term Loan        CRISIL D (Assigned)
   INR55 Million Cash Credit       CRISIL D (Assigned)

The ratings reflect instances of delay by LCFL in servicing its
debt; the delays have been caused by the company's weak liquidity.

LCFL has weak financial risk profile, marked by small net worth,
high gearing, weak debt protection metrics, and weak liquidity,
large working capital requirements, small scale of operations, and
susceptibility to intense industry competition and volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive industry experience of LCFL's promoters and its
established customer relationships.

                         About L. C. Foods

Incorporated in 2003 as a private limited company, LCFL was
reconstituted as a closely held public limited company in 2006.
The company processes wheat grains to manufacture refined wheat
flour (which accounts for about 75 per cent of its revenues),
wheat bran (20 per cent), and semolina (5 per cent). The company's
unit near Allahabad (Uttar Pradesh) has a capacity to process
about 100 tonnes of wheat per day. The company generated about 30
per cent revenues from institutional players such as Parle Agro
Pvt Ltd, ITC Ltd, Britannia Industries Ltd, and the rest from
sales to wholesalers and retailers.

LCFL reported a profit after tax (PAT) of INR0.6 million on an
operating income of INR241.8 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.6
million on an operating income of INR171.5 million for 2009-10.


LILLIPUT KIDSWEAR: Lenders May Extend Repayment Deadline
--------------------------------------------------------
The Wall Street Journal's livemint.com reports that warding off an
immediate threat of liquidation of Lilliput Kidswear Ltd., lenders
to the retailer have given it more time to repay debts that were
due earlier this month and may extend short-term funds to run the
business.

But Lilliput's efforts towards an out-of-court settlement with its
private equity (PE) investors have derailed, livemint.com relates
citing a company spokesperson.

Livemint.com says documents filed with the Registrar of Companies
showed the New Delhi-based retailer, which moved court earlier
this month to prevent Bain Capital LLC and TPG Growth from exiting
the company because of an alleged corporate governance failure,
has hypothecated its current and fixed assets to three banks.

According to the report, the two PE firms, which together hold a
45% stake in Lilliput, have accused founder Sanjeev Narula of
fudging the company's financial accounts.

"Our lenders might sanction short-term loans to meet working
capital needs upon approval from (banks) top management," the
report quotes a Lilliput spokesperson as saying.  "However, the
fund-based long-term loans will be sanctioned only based on the
independent auditor's report."

The lenders have set a deadline of November 30 for the auditor,
Anil Agarwal and Co., to submit its report on Lilliput,
livemint.com notes.

According to livemint.com, the lenders have given the company
until November 1 to repay the outstanding INR35 crore, or risk a
default.

"There are serious concerns about the alleged fudging of accounts
as all the loans given to the company were based on its past
audited accounts," a senior official of Allahabad Bank, one of the
lenders to Lilliput, said on condition of anonymity.  The other
lenders are ICICI Bank Ltd and Oriental Bank of Commerce.

On October 20, ratings agency Icra Ltd downgraded Lilliput's
rating after the company defaulted on its loan repayments due in
October, livemint.com discloses.

                     About Lilliput Kidwear

Based in New Delhi, India, Lilliput Kidswear Limited manufactures
and retails kidswear for boys, girls, toddlers, and infants. It
offers baby care products, such as baby herbal bath, laundry
liquid, lemon soap, milk bath, milk lotion, milk soap, oil,
prickly heat powder, shampoo, wipes, and cleaning liquid; and
furniture, which include baby cots and bedroom furniture.


NORTH INDIA: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of North India Coating Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR80 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR20 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect NICPL's small scale of operations,
vulnerability of its margins to volatility in raw material prices,
and average financial risk profile, marked by a small net worth
and moderately high gearing. These rating weaknesses are partially
offset by the extensive experience of NICPL's promoter in
manufacturing resin.

CRISIL has treated as neither debt nor equity the unsecured loans
of INR29.2 million maintained by NICPL as on March 31, 2011. This
is because the company's management has indicated that it plans to
retain these loans in the business by converting them into equity.

Outlook: Stable

CRISIL believes that NICPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected increase in the company's scale of operations and
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' in case of lower profitability or
significant pressure on NICPL's working capital management leading
to deterioration in financial risk profile.

                         About North India

Incorporated in 1996, NICPL manufactures resin that is used in the
paint industry. The resins are the primary raw material for
manufacturing paints. NICPL's plant in Sonepat (Haryana) has
capacity of 40 tonnes per day (tpd). The company also
manufacturers paint, for which its plant has capacity of 25 tpd.
However, NICPL manufactures paint on a small scale, at a capacity
utilisation of about 10 per cent.

NICPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR372.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of Rs1.5 million on net
sales of INR247.6 million for 2009-10.


RAMA KRISHNA: CRISIL Assigns 'CRISIL BB-' Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Rama Krishna Knitters Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40 Million Term Loan            CRISIL BB-/Stable (Assigned)
   INR200 Million Packing Credit      CRISIL A4+ (Assigned)
   INR500 Mil. Post Shipment Credit   CRISIL A4+ (Assigned)

The ratings reflect RKKPL's established position in the garment
exports business and its long-standing customer relationships.
These rating strengths are partially offset by RKKPL's
susceptibility to volatility in rupee that impacts its
realisations and margins, and its below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics.

Outlook: Stable

CRISIL believes that RKKPL will continue to benefit over the
medium term from its established relationships with its customers,
leading to steady export revenues. The outlook may be revised to
'Positive' if the company improves its profitability and capital
structure on a sustained basis. Conversely, the outlook may be
revised to 'Negative' if RKKPL undertakes a large debt-funded
capital expenditure programme or if its realisations and margins
decline steeply, resulting in weakening in its financial risk
profile.

                          About Rama Krishna

Ludhiana (Punjab) - based RKKPL manufactures and exports knitted
garments and T-shirts. The promoters, Mr. Naresh Kumar Gupta and
his wife, Mrs. Shalu Gupta, had set up two partnership firms,
Sriram Knitters and Sriram International, in 1990. The two firms
were merged and reconstituted as RKKPL on April 1, 2008. RKKPL has
a knitting capacity of 17 tonnes per day and garmenting capacity
of about 50,000 pieces per day.

RKKPL reported a provisional profit after tax (PAT) of INR45.3
million on net sales of INR2.7 billion million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR18.98 million on net sales of INR986.1 million for 2009-10.


RASHTRIYA SEVA: CRISIL Places 'CRISIL BB-' Rating on INR120MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Rashtriya Seva Samithi.

   Facilities                         Ratings
   ----------                         -------
   INR120-Mil. Cash Credit Facility   CRISIL BB-/Stable (Assigned)

The rating reflects RASS's comfortable asset quality and adequate
capitalisation. These rating strengths are partially offset by the
significant concentration of RASS's microfinance operations in
Andhra Pradesh (AP), weak earnings, and susceptibility to
heightened regulatory and legislative risks associated with the
microfinance sector and to constrained funding environment for
microfinance institutions (MFIs).

Outlook: Stable

CRISIL believes that RASS's asset quality will remain comfortable
and its capitalisation, adequate, over the medium term. However,
RASS' scale of operations is expected to remain modest and its
resource profile and earnings, weak, over the medium term. The
outlook may be revised to 'Positive' if RASS procures additional
resources and grows its loan portfolio substantially, while
maintaining its asset quality. Conversely, the outlook may be
revised to 'Negative' if RASS continues to reduce its
disbursements for a prolonged period or if its asset quality
deteriorates significantly.

RASS is a non-governmental organisation (NGO)-MFI established in
1981 under the Societies Act, with its registered office in
Tirupati (AP). RASS is currently implementing 39 different welfare
and development programmes in AP, Tamil Nadu (TN), Orissa, and
Delhi; it receives funding support from the Government of India,
several state governments, and international donor agencies, such
as Christian Children's Fund, USA, Help Age International, UK, and
Aide-et-Action, EU. Most of the developmental programmes are
focused on women and child development and welfare of the
physically challenged.

RASS' microfinance programme was started in 1989 while
implementing Integrated Child Development Services projects in
Tirupati. The microfinance programme involves rendering services
to women self-help groups. RASS's microfinance operations are
concentrated in Chitoor district of AP (90 per cent of total loan
outstanding as on March 31, 2011) and Thiruvallur district of TN
(10 per cent of total loan outstanding). As on March 31, 2011, the
NGO-MFI had loans of INR540.70 million outstanding, and it
disbursed INR580 million during 2010-11 (refers to financial year,
April 1 to March 31).

RASS, reported a net income (net of total expenditure) of INR0.8
million for 2010-11, as against a net income of INR3 million for
2009-10. For its microfinance programme, the society reported a
net income of INR45 million on a total income of INR124 million
for 2010-11, as against a net income of INR28 million on a total
income of INR97 million for 2009-10.


SARA EXPORTS: CRISIL Puts 'CRISIL B+' Rating on INR45MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sara Exports Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Term Loan           CRISIL B+/Stable (Assigned)
   INR230 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR170 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect SE's weak financial risk profile, marked by a
small net worth, a high gearing and weak debt protection metrics,
small scale of operations, and product concentration in revenue
profile. These rating weaknesses are partially offset by the
benefits that SE derives from its promoters' extensive industry
experience and its established relationship with the suppliers.

Outlook: Stable

CRISIL believes that SE will benefit over the medium term from its
promoters' extensive industry experience and its established
relationship with its suppliers. The outlook may be revised to
'Positive' in case of improvement in SE's financial risk profile
driven by larger-than-expected cash accruals or equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the company's liquidity because of larger-than-
expected working capital requirements or withdrawal of unsecured
loan support by the promoters and their acquaintances.

                       About Sara Exports

Incorporated in 1998, SE manufactures paracetamol and its
derivatives, and also dye intermediaries and chemicals. During
2010-11 (refers to financial year, April 1 to March 31), the
company derived around 80 per cent of its revenues from
paracetamol and its derivatives, and the rest from the dye
intermediaries and chemicals segment. SE sells its paracetamol
products to formulations players such as Wockhardt Ltd and Cadila
Pharmaceuticals Ltd.

SE's profit after tax (PAT) is estimated at INR6.0 million on net
sales of INR620.8 million for 2010-11, against a PAT of INR5.4
million on net sales of INR658.9 million for 2009-10.


SHREE DATT: CRISIL Reaffirms 'CRISIL D' Rating on INR27.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Datt Aquaculture
Farms Pvt Ltd continue to reflect consistent delays of 7 to 10
days by the company in servicing its debt; the delays have been
caused by SDAFPL's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Mil. Cash Credit Facility    CRISIL D (Reaffirmed)
   INR27.6 Million Rupee Term Loan      CRISIL D (Reaffirmed)
   INR40.0 Million Proposed Long-Term   CRISIL D (Reaffirmed)
    Bank Loan Facility
   INR0.9 Million Bank Guarantee        CRISIL D (Reaffirmed)
   INR180.0 Million Export Packing      CRISIL D (Reaffirmed)
    Credit facility

SDAFPL also has a weak financial risk profile, marked by a small
net worth, a high gearing, and inadequate debt protection metrics;
moreover, its aquaculture farm and shrimps processing business is
susceptible to climatic conditions and to adverse regulatory
changes. SDAFPL, however, benefits from its promoters' strong
track record in the aquaculture business.

Update

SDAFPL's revenues almost doubled to INR852.7 million in 2010-11
(refers to financial year, April1 to March 31) from INR423.4
million in 2009-10, supported by an increase in the company's farm
capacity. SDAFPL expanded its aquaculture farm to about 180
hectares in 2010-11, from 120 hectares in 2009-10, at an outlay of
about INR50 million. Though this expansion helped the company to
improve its revenues in 2010-11; its profit after tax (PAT) margin
was adversely affected since this expansion was primarily debt
funded leading to higher interest outgo. The PAT margin in 2010-11
reduced to 0.6 per cent from 0.9 per cent in 2009-10. SDAFPL plans
to expand its farms further in 2011-12 and take its capacity to
220 hectares, which would be primarily debt funded. It registered
revenues of about INR300 million till September 2011.

SDAFPL continues to face liquidity pressures because of working-
capital-intensive operations along with seasonality in its
operations. Since the company is currently in the peak season, its
working capital requirements have increased substantially, with
inventory at about 120 days and receivables of about 35 days as of
mid-September 2011, against the average inventory of 100 days and
average receivables of about 10 days as on March 31, 2011. The
company is trying to meet the additional working capital
requirements by availing bill discounting facilities, funding
against letter of credit, and by availing ad hoc limits. Its fund-
based limits of INR250 million remain fully utilised even during
the off-peak season, thereby reflecting its weak liquidity.

SDAFPL reported a PAT of INR4.7 million on net sales of INR852.7
million for 2010-11, against a PAT of INR3.8 million on net sales
of INR423.7 million for 2009-10.

                         About Shree Datt

SDAFPL is promoted by the Tandel family of Billimora (Gujarat).
The company processes and exports shrimps, prawns, and fish;
predominantly the Black Tiger type of shrimp. The company sells
its products under the brand name, Tandel's, in the export
markets. SDAFPL's current processing capacity of 46 tonnes per day
is operating at 70 per cent utilisation. The company buys 75 per
cent of the fish from fishermen and traders, though this is
expected to come down as the company is expanding its aquaculture
farms. SDAFPL exports mainly to European markets, primarily
France, Belgium, and Denmark; it also exports to China, Middle
East, and South Africa. The company supplies to dealers in Mumbai
(Maharashtra) and Delhi for consumption in the local markets.


SHREE GOWTHAMEE: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Shree Gowthamee Rice Industries Private Ltd
(SGRIL).

   Facilities                         Ratings
   ----------                         -------
   INR30 Million Term Loan            CRISIL BB/Stable (Assigned)
   INR250 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR20 Million Overdraft Facility   CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of SGRIL's promoters
in the rice business and stable off take from Food Corporation of
India (FCI). These rating strengths are partially offset by
SGRIL's average financial risk profile, marked by a high gearing,
and average debt protection metrics, working-capital-intensive
operations, and susceptibility of its operating margin to adverse
government regulations and volatility in raw material prices.

Outlook: Stable

CRISIL believes that SGRIL will continue to benefit over the
medium term from its management's industry experience. The outlook
may be revised to 'Positive' if SGRIL increases its revenues and
improves its profitability significantly, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if SGRIL undertakes a larger-than-expected debt-funded
capital expenditure programme or its sales volumes and
profitability decline sharply.

                        About Shree Gowthamee

SGRIL was established as a partnership firm in October 2008 with
Mr. CH Mohan Rao as a partner along with other family members. In
April 2011, the firm was reconstituted as a private limited
company. Located in East Godavari district (Andhra Pradesh), SGRIL
has rice processing capacity of 25 tonnes per hour (tph), which
includes 10 tph of raw rice and 15 tph of boiled rice (majority of
revenues contributed by boiled rice). The company's major customer
is the Food Corporation of India, which accounts for about 40 per
cent of SGRIL's total sales. SGRIL sells rice in the open market
under the brand, Crown. SGRIL also has a cogeneration plant (husk-
based) with a capacity of around 0.75 megawatt (MW), which caters
to majority of the mill's power requirement. The company plans to
expand the milling capacity by another 8 tph and cogeneration
capacity by an additional 0.5 MW in 2012-13.

SGRIL reported a profit after tax (PAT) of INR39.4 million on net
sales of INR920.9 million for 2010-11, as against a PAT of INR6.5
million on net sales of INR685.8 million for 2009-10.


SHRI WARDHMAN: CRISIL Assigns 'CRISIL BB' Rating to INR60.9MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Shri Wardhman Takniki Shiksha Samiti, Jabalpur.

   Facilities                        Ratings
   ----------                        -------
   INR60.9 Million Term Loan         CRISIL BB/Stable (Assigned)
   INR15.0 Mil. Overdraft Facility   CRISIL BB/Stable (Assigned)
   INR24.1 Million Proposed LT       CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects Wardhaman Takniki's strong business risk
profile supported by increasing demand for technical courses,
established regional presence, diversity in courses offered, and
financial risk profile supported by improving cash accruals and
healthy debt protection metrics. These rating strengths are
partially offset by Wardhaman Takniki's exposure to risks related
to high degree of regulation by government and regulatory
authorities and geographical concentration.

Outlook: Stable

CRISIL believes that Wardhaman Takniki will continue to benefit
over the medium term from its strong reputation, relevant
educational courses offered, and healthy cash accruals. The
outlook may be revised to 'Positive' if the society's financial
risk profile improves because of higher-than-expected cash
accruals or the society is able to improve cash flow management so
as to improve the liquidity. Conversely, the outlook may be
revised to 'Negative' because of lower than expected cash accruals
or greater than expected capex without commensurate infusion of
funds, leads to stretched liquidity.

Wardhaman Takniki, part of the Wardhaman group, was founded as a
society in 2005 in Jabalpur (Madhya Pradesh). The society was
formed with an objective of providing technical education in the
fields of engineering and management. The society is headed by Mr.
V K Jain, who is also one of the co-founders along with Mr. D C
Jain, and is assisted by other senior members of the governing
body in the overall administration of the institutes.

Wardhaman Takniki reported a profit after tax (PAT) of INR19.3
million on net sales of INR73.7 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR16.4
million on net sales of INR62.8 million for 2009-10.


SREENIVAS BUILDTECH: CRISIL Cuts Rating on INR125MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan facility of
Sreenivas Buildtech (India) Pvt Ltd to 'CRISIL D' from CRISIL
B+/Stable.

   Facilities                          Ratings
   ----------                          -------
   INR125.00 Million Long Term Loan    CRISIL D (Downgraded from
   (Enhanced from INR70.00 Million)            'CRISIL B+/Stable)

The rating downgrade reflects instances of delay by Sreenivas
Buildtech in servicing its debt on account of weak liquidity. The
company's liquidity has weakened on account of low customer
bookings for its ongoing project at Ariyankuppam (Puducherry).
CRISIL believes that Sreenivas Buildtech's liquidity will remain
weak over the near term, given the slowdown in customer bookings
for its ongoing project.

Sreenivas Buildtech's scale of operations is small and its ongoing
project is exposed to implementation risks. The company, however,
benefits from its established position in the construction
business in Puducherry.

                      About Sreenivas Buildtech

Set up in 2000 by Mr. R Venugopal, Sreenivas Buildtech undertakes
residential real estate projects. The company has executed around
eight real estate projects in Puducherry over the past decade.
Sreenivas Buildtech is currently undertaking a residential-cum-
commercial real estate project at Ariyankuppam (Puducherry). The
project cost was revised to INR750 million from INR570 million.
The project is substantially funded out of customer advances and a
debt component of INR125 million. The project is expected to be
completed by June 2013.

Sreenivas Buildtech, on provisional basis, reported a profit after
tax (PAT) of INR42.6 million on net sales of INR261.3 million for
2010-11 (refers to financial year, April 1 to March 31), against a
PAT of INR24.6 million on net sales of INR240.4 million for 2009-
10.


TRIVENI INDUSTRIES: CRISIL Rates INR100MM Credit at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Triveni Industries (Triveni; part of the Agro
Pure group).

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of the Agro Pure
group's promoters in the pulses business, its moderate scale of
operations, with continuously increasing processing capacities,
and diversified portfolio of pulses. These rating strengths are
partially offset by the Agro Pure group's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and susceptibility to intense competition in
pulses processing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Triveni, Agro Pure Capital Foods Pvt
Ltd (APCFPL), Mahavir Industries (Mahavir), Hindustan Dall and
Flour Mills (HDFM), and Ram Swarup Dass Foods Pvt Ltd (RSDFPL).
The entities are collectively referred to as the Agro Pure group.
This is because all the entities are in the same line of business
and have common promoters.

CRISIL has treated unsecured loans of INR45.6 million extended to
the group entities by the promoters as neither debt nor equity
because these loans have nominal interest rates on them and are
subordinated to bank borrowings.

Outlook: Stable

CRISIL believes that the Agro Pure group will benefit from the
extensive experience of its promoters in the pulses processing and
trading business, and will maintain its modest scale of
operations, over the medium term. The outlook may be revised to
'Positive' in case the group significantly improves its
profitability, thereby leading to considerably increasing its cash
accruals and, consequently, improving its debt protection metrics,
or if the promoters infuse more-than-expected fresh equity capital
into the group entities, thereby improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
pressure on the Agro Pure group's financial risk profile,
especially liquidity, because of any pressure on profitability or
more-than-expected working capital requirements.

                         About the Group

The Agro Pure group, based in Delhi and promoted by Mr. Ghanshyam
Dass, has been processing and trading pulses since 1980s.
Currently, the group is into processing and trading in channa,
masoor and urad varieties of pulses. The group also operates a
retail outlet in Naya Bazzar, Delhi, for selling its products
under its registered brands, Agro Pure, Sunrise and others -
contribution from retail branded sales is low.

Triveni; part of Agro Pure group; is into processing of masoor and
has an installed capacity of 30 tonnes per day (tpd). During 2010-
11 the group set up a masoor processing capacity of 70 tpd under
RSDFPL to do job-work exclusively for Triveni.

APCFPL is into processing of channa into channa dal and besan and
has total capacity of around 150 tonnes per day (tpd). Furthermore
HDFM; promoted by the group also has a capacity of around 70 tpd
to process channa into channa dal while Mahavir has urad
processing capacity of 20 tpd; which will be enhanced to 50 tpd
during current year.

The Agro Pure group reported a profit after tax (PAT) of INR9.2
million on operating income of INR 2407.8 billion for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR17.7 million on net sales of INR 2134.0 million for 2008-09.


UPAL DEVELOPERS: CRISIL Upgrades Rating on INR1.08BB Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the rupee term loan facility of
UPAL Developers Pvt. Ltd. to 'CRISIL B/Stable' from 'CRISIL B-
/Negative'.

   Facilities                        Ratings
   ----------                        -------
   INR1.08 Billion Rupee Term Loan   CRISIL B/Stable(Upgraded from
   (Enhanced from INR572.5 Million)            CRISIL B-/Negative)

The rating upgrade reflects CRISIL's belief that UDPL will sustain
the improvement in generation of cash accruals and the fact that
these accruals will be adequate to service its monthly loan
instalments. The upgrade also factors in the company's escrow
mechanism for the rated facility that will ensure payment of loan
instalments before providing for any other expense.

The rating reflects UDPL's weak financial risk profile, marked by
highly leveraged capital structure and modest debt protection
metrics, because of substantially high proportion of debt availed
to fund its project. Also, UDPL faces the risk of temporary
mismatches in cash flows because of potential delays in receipt of
rentals from its tenants. These rating weaknesses are partially
offset by CRISIL's belief that UDPL will continue to generate
sufficient cash accruals to service its monthly loan instalments
on the back of healthy occupancy and lease rental rates, and the
strong track record of UDPL's promoters in mall development.

Outlook: Stable

CRISIL believes that UDPL will benefit from steady occupancy and
lease rentals over the medium term. However, its financial risk
profile will remain weak during this period, given the large
amount of debt availed to fund the construction of its mall,
resulting in substantially high interest outflow. The outlook may
be revised to 'Positive' if there is a significant increase in
cash flows generated by the company. Conversely, the outlook may
be revised to 'Negative' if there is a drop in occupancy levels or
lease rentals rates.

                       About UPAL Developers

UDPL was incorporated in January 2006. The company was set up
mainly for the development and management of a mall-cum-multiplex
named Phoenix United in Lucknow. The shopping mall has 0.55
million square feet (sq ft) of total area, including leasing area
of 0.37 million sq ft; the remaining area is for underground
parking. The mall houses well-known stores (Max (Landmark Group),
Pantaloons, Big Bazaar), food joints (McDonalds and Dominos), and
also a six-screen multiplex (PVR). UDPL is promoted by Kshitij
Venture Capital Fund (30 per cent shareholding), Big Apple Real
Estate Pvt. Ltd. (62.5 per cent), and Edelweiss Trustee Services
Pvt. Ltd. (a subsidiary of Edelweiss Capital Ltd; 7.5 per cent).
UDPL's operations are managed by the Upal group.

For 2010-11 (refers to financial year April 1 to March 31), UDPL
reported a negative profit after tax (PAT) of INR42.8 million on
net revenues of INR94.6 million.


UPPER INDIA: CRISIL Assigns 'CRISIL BB-' Rating to INR90MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Upper India Smelting and Refinery Works (Prop.
Devendra Kumar Gupta & Sons H.U.F.).

   Facilities                    Ratings
   ----------                    -------
   INR90 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR5 Million Standby Line     CRISIL BB-/Stable (Assigned)
   of Credit
   INR5 Million Proposed LT      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects extensive experience of UISRW's promoter-
partners in the zinc oxide manufacturing business and its
established relationships with reputed clients. These rating
strengths are partially offset by UISRW's average financial risk
profile, marked by large working capital requirements, and small
scale of operations, and susceptibility to volatility in raw
material prices.

Outlook: Stable

CRISIL believes UISRW will continue to benefit over the medium
term from its promoter-partners' extensive industry experience.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in UISRW's scale of operations and improvement
in its profitability. Conversely, the outlook may be revised
downwards in case of lower-than-expected profitability, or a sharp
deterioration in liquidity, most likely caused by significant
pressure on working capital management or more-than-expected
withdrawal of capital by the promoter-partners.

                         About Upper India

Established in 1959, UISRW is the sole proprietorship firm of M/s
Devendra Kumar Gupta & Sons (Hindu Undivided Family). The firm
manufactures zinc oxide. Zinc oxide is mainly used as activators
in the tyre industry. The firm is based in Yamuna Nagar in
Haryana. Its plant has installed capacity of about 5000 tonnes per
annum, utilisation of which is about 80 per cent. UISRW has
exported products to the Europe and Africa; exports constitute 5
per cent of its total revenues.

UISRW reported a profit after tax (PAT) of INR4.6 million on net
sales of INR428 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR7.2 million on net sales
of INR333.7 million in 2009-10.


ZAMZAM EXPORTS: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Zamzam Exports Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR100 Million Working Capital    CRISIL B+/Stable (Assigned)
    Demand Loan

The rating reflects ZZEL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, working-capital-
intensive operations, high dependency on monsoon, and
vulnerability of its margins to volatility in raw material prices.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and funding support, and its
moderately diverse clientele.

Outlook: Stable

CRISIL believes that ZZEL will continue to be benefit from its
promoters' extensive experience in the psyllium husk industry and
its diverse clientele. However, the financial risk profile will
remain constrained by high working capital requirements. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's cash accruals or capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on profitability.

                       About Zamzam Exports

ZZEL was incorporated in 1982. In 2004, the company was taken over
by Mr. Anil Patel and MR Rashmi Patel. ZZEL manufactures psyllium
husk from isabgol seeds. The company has a milling capacity of
13500 tonnes per annum at its unit in Brahmanwada (Gujarat).

ZZEL profit after tax (PAT) are estimated to INR 2.8 million on
net sales of INR417.9 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.7 million on
net sales of INR499.1 million for 2009-10.


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


OLYMPUS CORP: Chairman Steps Down Over Acquisition Deal Scandal
---------------------------------------------------------------
Bloomberg News reports that Olympus Corp. Chairman and President
Tsuyoshi Kikukawa quit after allegations over acquisitions wiped
out more than half the company's market value in two weeks and as
the chief executive officer he fired prepares to meet U.S.
criminal investigators.

Bloomberg News relates that Olympus said Shuichi Takayama, head of
the unprofitable camera division, succeeded Mr. Kikukawa as
president.  Mr. Kikukawa will remain as a director.

According to the report, Mr. Kikukawa's resignation after almost
five decades at the camera and medical-devices company follows the
ouster of Michael C. Woodford as president.  Olympus cited
differences over his management style.  Mr. Woodford said he was
fired for challenging $687 million of fees paid in a 2008
takeover, and that the entire board of the company is "toxic" and
must be replaced, Bloomberg relates.

Bloomberg notes that the Tokyo-based company said in a statement
to the city's exchange Thursday that there was nothing illegal
about the takeover of Gyrus Group Plc, a U.K. medical-equipment
manufacturer, and the purchases of three Japanese companies
unrelated to its main businesses were part of an expansion into
new areas, according to Bloomberg.

The company said a review of all the takeovers was under way,
Bloomberg adds.

Based in Japan, Olympus Corporation (TYO:7733) mainly manufactures
and sells medical products, life and industrial products, imaging
products, information communication products and other products.
As of March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


=========
K O R E A
=========


HYNIX SEMICONDUCTOR: SK Telecom Expected to Be Lone Bidder
----------------------------------------------------------
The Korea Times reports that industry sources said that despite
creditors' efforts to lure more buyers, SK Telecom is expected to
be the lone bidder in the sale of a 15% stake in Hynix
Semiconductor.

According to the report, financial industry said Credit Suisse, a
co-main creditor of the deal, tapped 12 local major companies'
opinions on whether they are interested in joining the takeover
process for the world's No. 2 memory chipmaker but there was no
positive response from them.

Creditors extended the deadline for the final bidding by a week to
Nov. 10, Tuesday, with the hope that other buyers would emerging
to vie with SK Telecom, the report relays.

In July, STX Group and SK Telecom submitted letters of intent
(LOI) to purchase the stake in the chipmaker, with an estimated
value of KRW1.5 trillion ($1.32 billion), and did seven weeks of
due diligence, The Korea Times recalls.

However, the sale hit a snag last month, as STX pulled out of the
bidding due to global uncertainty and the huge investment burden,
leaving SK Telecom, the flagship unit of SK Group, as the sole
bidder for the controlling stake, according to the report.

Creditors pumped $4.6 billion into Hynix through debt-equity swaps
in 2001 and 2002 to keep it afloat, The Korea Times reports.

Meanwhile, Bloomberg News reports that Hynix Semiconductor posted
a wider-than-estimated third-quarter loss after weak demand for
personal computers led to a decline in chip prices.

Bloomberg News relates that Hynix said the net loss was KRW562.6
billion ($496 million), compared with a profit of KRW1.04 trillion
a year earlier.  Analysts expected a loss of KRW398.5 billion,
according to the median of four estimates in a survey by Bloomberg
News.

                         About Hynix

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an
Icheon, South Korea-based memory semiconductor supplier offering
Dynamic Random Access Memory chips and Flash memory chips to a
wide range of established international customers.  The Company's
shares are traded on the Korea Stock Exchange, and the Global
Depository shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, Fitch Ratings revised Hynix Semiconductor Inc.'s
Outlook to Positive from Stable. Its Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDRs) have been affirmed
at 'BB-'. Its senior unsecured rating has also been affirmed at
'BB-'.


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


DOMINION FINANCE: Ex-Bosses Appear in Court on SFO Charges
----------------------------------------------------------
Four people have appeared in the Auckland District Court on
Oct. 27, 2011, on charges relating to failed finance companies
Dominion Finance Group Limited and North South Finance Limited,
following an investigation by the Serious Fraud Office.   Both
companies were wholly owned subsidiaries of NZX listed Dominion
Finance Holdings Limited.

Two former company Directors, Terence Maxwell Butler (64) and
Robert Barry Whale (64), and former Dominion Finance CEO Paul
William Cropp (48) appeared to face the charges, along with a
fourth person who is subject to a non-publication order.

The defendants are facing a combined total of 14 charges under the
Crimes Act of theft by a person in a special relationship.

It is alleged that between 2004 and 2008, the defendants
participated in unauthorised related party lending totalling over
NZ$20 million, in breach of the trust deeds entered into by DFG
and North South.

SFO Chief Executive Adam Feeley says, "These charges conclude the
twelfth investigation into a finance company by the SFO, with only
a further three yet to be completed.  Of those concluded, eight
have resulted in charges being laid by the SFO, and a further one
was charged by another agency.

"The remaining investigations - South Canterbury Finance;
Rockforte Finance; and Hanover Finance, are well advanced and
nearing conclusions."

DFG was placed into receivership on Sept. 9, 2008, and Dominion
Finance entered voluntary administration the following month.
Receivers were then appointed to North South in July 2010. In
total, the three entities owed approximately 6,000 investors and
lenders an estimated NZ$400 million.

The SFO opened its investigation into DFG and North South in
October 2010, following a referral from the Securities Commission
(now FMA).

                        About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

Dominion Finance was put into receivership in September 2008 owing
about NZ$176.9 million to more than 5,900 investors. It was put
into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.


DOMINION FINANCE: Four People Appear in Auckland District Court
---------------------------------------------------------------
ONE News reports that four people -- Terence Maxwell Butler and
Robert Barry Whale, who were both directors, and chief executive
Paul William Cropp, the person subject to a non-publication order
-- associated with collapsed Dominion Finance Group and North
South Finance appeared in Auckland District Court.

The defendants are facing 14 charges under the Crimes Act for
theft by a person in a special relationship, according to ONE
News.

The report notes that it is alleged that between 2004 and 2008,
they participated in unauthorized related party lending worth more
than NZ$20 million.  This was in breach of the trust deeds, ONE
News relates.

Dominion Finance went into receivership in 2008 and North South
went into receivership in 2010, ONE News recalls.  The report
relates that both are subsidiaries of NZX-listed Dominion Finance
Holdings, which was placed in liquidation in 2009.

About 600 investors and lenders to the group are owed NZ$400
million.

                        About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.


PIKE RIVER: Receivers Confirm Multiple Bids But Sale Process Slow
-----------------------------------------------------------------
BusinessDay.co.nz reports that Pike River Coal receivers have
confirmed multiple bids for the mine assets, but a sale could be a
long, drawn-out endeavour.

State-owned coal company Solid Energy is thought to be a leading
contender to buy Pike River Coal, but is not commenting about its
position, BusinessDay.co.nz says.

According to the report, the receivers want bidders to remain
anonymous, given that a deal could be hampered if details are made
public too soon.

BusinessDay.co.nz relates that one industry insider said he
expected the receivers would take one of two paths when they next
provided an update on the complex sale process.

Either they would name a preferred party to work with, or they
could respond by saying extra time was needed by bidders for the
mine to assess the opportunity, BusinessDay.co.nz notes.

According to BusinessDay.co.nz, Pike River Coal receiver John
Fisk, of PricewaterhouseCoopers, this week confirmed multiple bids
had been received, including some on Friday, and the bid process
included overseas parties.

Mr. Fisk, as cited by BusinessDay.co.nz, said a team under fellow
receiver David Bridgman was working through the "reasonably
complex" details of the bids, which had terms and conditions to
work through.

"I'm not really going to be in a position to be able to announce
anything for I expect some weeks . . . we would need to work
through the terms of any [sale] contract and reach agreement on
things before we announce [anything]," the report quotes Mr. Fisk
as saying.

Government departments would likely be brought into the
discussions such as the detail of future mining licences to cover
the mine. If the chosen buyer was from overseas the purchase would
be conditional on approval from the Overseas Investment Office.

Mr. Fisk said the sale process would include further questions
from bidders, and could take some time, the report adds.

                       About Pike River Coal

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
Coal also owed another estimated NZ$10 million to NZ$15 million
to contractors, including some of the men who lost their lives in
the disaster.


* NZ: Gov't Sets Up Firm to Manage Crown Guaranteed Company Assets
------------------------------------------------------------------
NBR News reports that the New Zealand government is setting up a
company to manage the recovery of the remaining assets of six
finance companies placed in receivership while they had Crown
guarantees.

"Right throughout the Retail Deposit Guarantee scheme the
government has sought to minimize disruption to the economy, while
reducing the cost to taxpayers. . . .The receiverships of these
six firms have reached the stage where all the readily marketable
assets have been sold.  Setting up a new Crown company to manage
the assets that haven't yet attracted buyers will reduce costs and
improve the value to taxpayers from the sales process," NBR quoted
Member of Parliament Hon. Bill English as saying.

Mr. English said the realizable value of the residual assets held
by these companies is about NZ$350 million and that establishing
this new company is expected to halve the costs of managing the
recovery of these assets -- saving about NZ$13 million over two
years, according to NBR News.

The report notes that nine finance companies were placed into
receivership while participating in the Retail Deposit Guarantee
and in six cases the Crown is the sole creditor.  The six
companies are: South Canterbury Finance, Allied Nationwide
Finance, Vision Securities, Mascot Finance, Mutual Finance and
Rockforte Finance.

NBR News discloses that the government intends to set up the
company and have it running by early next year.  The cost of
setting up the company is estimated at NZ$800,000, which will be
met from within current baselines, the report relays.

NBR News says that the total amount recovered and repaid to the
Crown from the nine receiverships so far is NZ$523 million.  About
NZ$395 million of this is from South Canterbury Finance, the
report adds.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                        Total      Shareholders
                                       Assets         Equity
  Company                Ticker       (US$MM)        (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ADAMUS RESOURCES        ADU            200.07          -1.29
APN EUROPEAN PRO        AEZ            563.10         -79.26
AUSTAR UNITED           AUN            734.96        -173.09
AUSTRALIAN ZI-PP        AZCCA           77.74          -2.57
AUSTRALIAN ZIRC         AZC             77.74          -2.57
AUTRON CORP LTD         AAT             32.50         -13.46
BIRON APPAREL LT        BIC             19.71          -2.22
CENTRO PROPERTIE        CNP         15,483.44        -349.73
MACQUARIE ATLAS         MQA          1,894.75        -230.50
MISSION NEWENER         MBT             20.38         -44.05
NATIONAL LEISURE        NLG            154.59         -34.49
NATURAL FUEL LTD        NFL             19.38        -121.51
ORION GOLD NL           ORN             11.35          -4.05
POWERLAN LTD            PWR             30.18         -12.07
REDBANK ENERGY L        AEJ            377.31         -22.16
RENISON CONSOLID        RSN             10.20         -22.16
RENISON CONSO-PP        RSNCK           10.20         -22.16
RIVERCITY MOTORW        RCY            386.88        -809.14
SCIGEN LTD-CUFS         SIE             68.70         -42.35
STERLING BIOFUEL        SBI             20.58          -1.88
SVC GROUP LTD           SVC             13.47          -1.66


CHINA

BAOCHENG INVESTM        600892          43.73          -3.94
CHENGDE DALU -B         200160          33.15          -5.30
CHENGDU UNION-A         693             32.68         -15.13
CHINA FASHION           CFH             10.11          -0.76
CHINA KEJIAN-A          35             103.72        -192.59
DONGXIN ELECTR-A        600691          14.82         -23.94
GUANGDONG ORIE-A        600988          15.24          -3.98
GUANGDONG SUNR-A        30             111.22           0.00
GUANGDONG SUNR-B        200030         111.22           0.00
GUANGXIA YINCH-A        557             19.49         -44.84
HEBEI BAOSHUO -A        600155         141.30        -414.58
HEBEI JINNIU C-A        600722         249.41         -53.61
HUASU HOLDINGS-A        509             87.92          -9.52
HUNAN ANPLAS CO         156             45.35         -32.70
JILIN PHARMACE-A        545             32.35          -8.44
JINCHENG PAPER-A        820            198.46        -130.71
MUDAN AUTOMOBI-H        8188            24.73          -3.40
NINGBO YIDONG-H         8249            18.29         -53.42
QINGDAO YELLOW          600579         218.06         -21.01
SHANGHAI WORLDBE        600757          14.33          -0.07
SHANXI LEAD IN-A        673             19.29          -1.82
SHENZ CHINA BI-A        17              20.97        -266.50
SHENZ CHINA BI-B        200017          20.97        -266.50
SHENZ INTL ENT-A        56             233.81         -22.28
SHENZ INTL ENT-B        200056         233.81         -22.28
SHENZHEN DAWNC-A        863             26.10        -161.49
SHENZHEN KONDA-A        48             122.96          -7.23
SHIJIAZHUANG D-A        958            217.74         -95.97
SICHUAN DIRECT-A        757             96.63        -170.70
SICHUAN GOLDEN          600678         207.17         -92.10
TAIYUAN TIANLO-A        600234          65.74         -21.06
TIANJIN MARINE          600751         114.38         -61.31
TIANJIN MARINE-B        900938         114.38         -61.31
TIBET SUMMIT I-A        600338          85.56          -3.87
TOPSUN SCIENCE-A        600771         137.37         -85.06
WINOWNER GROUP C        600681          21.76         -55.00
WUHAN BOILER-B          200770         304.50        -154.96
WUHAN GUOYAO-A          600421          11.22         -28.07
WUHAN LINUO SOLA        600885         106.01          -9.03
XIAMEN OVERSEA-A        600870         243.85        -138.59
XIAN HONGSHENG-A        600817          15.98        -296.67
YANBIAN SHIXIA-A        600462         204.56         -22.61
YANTAI YUANCHE-A        600766          63.90          -6.36
YUEYANG HENGLI-A        622             37.67         -21.61


HONG KONG

ASIA TELEMEDIA L        376             15.67         -14.24
ASIAN CAPITAL RE        8025            10.89         -11.02
BEP INTL HLDGS L        2326            10.32          -1.83
BUILDMORE INTL          108             16.57         -57.57
CHINA E-LEARNING        8055            19.66          -1.27
CHINA HEALTHCARE        673             37.18         -12.58
CHINA NEW ENERGY        1041           110.74         -80.18
CHINA OCEAN SHIP        651            485.84          -2.95
CHINA PACKAGING         572             19.73         -16.87
CMMB VISION HOLD        471             30.68         -17.93
CROSBY CAPITAL          8088            24.41         -15.53
EGANAGOLDPFEIL          48             557.89        -132.86
FIRST NTUL FOODS        1076            14.94         -56.59
FU JI FOOD & CAT        1175            73.43        -389.20
LUNG CHEONG INTL        348             62.04          -0.37
MELCOLOT LTD            8198            51.52         -55.33
MITSUMARU EAST K        2358            30.04         -15.37
PALADIN LTD             495            158.18         -11.60
PCCW LTD                8            6,248.35         -31.61
PROVIEW INTL HLD        334            314.87        -294.85
SINO RESOURCES G        223             15.55         -33.59
SMART UNION GP          2700            41.81         -38.85
SUNLINK INTL HLD        2336            17.79         -36.13
SURFACE MOUNT           SMT             95.95          -2.48
TACK HSIN HLDG          611             53.95         -88.74


INDONESIA

ARPENI PRATAMA          APOL           613.56        -124.15
ASIA PACIFIC            POLY           471.38        -869.26
ERATEX DJAJA            ERTX            13.48         -24.83
HANSON INTERNATI        MYRX            35.46          -9.01
HANSON INT-PREF         MYRXP           35.46          -9.01
JAKARTA KYOEI ST        JKSW            33.33         -45.06
MITRA INTERNATIO        MIRA         1,070.80        -443.66
MITRA RAJASA-RTS        MIRA-R2      1,070.80        -443.66
MULIA INDUSTRIND        MLIA           524.73         -39.06
PANASIA FILAMENT        PAFI            34.26         -18.96
PANCA WIRATAMA          PWSI            30.18         -37.45
PRIMARINDO ASIA         BIMA            10.37         -21.92
SURABAYA AGUNG          SAIP           248.21         -94.27
TOKO GUNUNG AGUN        TKGA            13.76          -0.87
UNITEX TBK              UNTX            19.45         -17.76


INDIA

ALPS INDUS LTD          ALPI           288.11          -7.01
AMIT SPINNING           AMSP            20.43          -1.96
ARTSON ENGR             ART             23.87          -0.60
ASHAPURA MINECHE        ASMN           191.87         -68.03
ASHIMA LTD              ASHM            63.23         -48.94
ATV PROJECTS            ATV             60.17         -54.25
BELLARY STEELS          BSAL           451.68        -108.50
BHAGHEERATHA ENG        BGEL            22.65         -28.20
BLUE BIRD INDIA         BIRD           122.02         -59.13
CAMBRIDGE SOLUTI        CAMB           149.58         -56.66
CELEBRITY FASHIO        CFLI            36.61          -6.76
CFL CAPITAL FIN         CEATF           12.36         -49.56
COMPUTERSKILL           CPS             14.90          -7.56
CORE HEALTHCARE         CPAR           185.36        -241.91
DCM FINANCIAL SE        DCMFS           17.10          -9.46
DFL INFRASTRUCTU        DLFI            42.74          -6.49
DIGJAM LTD              DGJM            99.41         -22.59
DUNCANS INDUS           DAI            133.65        -205.38
FIBERWEB INDIA          FWB             12.23         -16.21
GANESH BENZOPLST        GBP             48.95         -22.44
GEM SPINNERS LTD        GEMS            14.58          -1.16
GSL INDIA LTD           GSL             29.86         -42.42
HARYANA STEEL           HYSA            10.83          -5.91
HENKEL INDIA LTD        HNKL            88.83         -36.09
HIMACHAL FUTURIS        HMFC           406.63        -210.98
HINDUSTAN PHOTO         HPHT            74.44      -1,519.11
HINDUSTAN SYNTEX        HSYN            15.20          -3.81
HMT LTD                 HMT            133.66        -500.46
ICDS                    ICDS            13.30          -6.17
INTEGRAT FINANCE        IFC             49.83         -51.32
JAGSON AIRLINES         JGA             12.31          -0.25
JCT ELECTRONICS         JCTE           104.55         -68.49
JD ORGOCHEM LTD         JDO             10.46          -1.60
JENSON & NIC LTD        JN              18.05         -86.40
JIK INDUS LTD           KFS             20.63          -5.62
JOG ENGINEERING         VMJ             50.08         -10.08
KALYANPUR CEMENT        KCEM            33.31         -30.53
KDL BIOTECH LTD         KOPD            14.66          -9.41
KERALA AYURVEDA         KRAP            13.97          -1.69
KIDUJA INDIA            KDJ             17.15          -2.28
KINGFISHER AIR          KAIR         1,935.94        -661.89
KINGFISHER A-SLB        KAIR/S       1,935.94        -661.89
KITPLY INDS LTD         KIT             37.68         -45.35
LLOYDS FINANCE          LYDF            21.65         -11.39
LLOYDS STEEL IND        LYDS           510.00         -48.98
LML LTD                 LML             65.26         -56.77
MADRAS FERTILIZE        MDF            143.14         -99.28
MAHA RASHTRA APE        MHAC            24.13         -14.27
MARKSANS PHARMA         MRKS           110.32         -14.04
METROGLOBAL LTD         MGLB            14.98          -7.51
MILLENNIUM BEER         MLB             52.23          -5.22
MILTON PLASTICS         MILT            18.65         -52.29
MODERN DAIRIES          MRD             38.41          -0.45
MTZ POLYFILMS LT        TBE             31.94          -2.57
MYSORE PAPER            MSPM            97.02         -15.69
NATH PULP & PAP         NPPM            14.50          -0.63
NICCO CORP LTD          NICC            75.56          -6.49
NICCO UCO ALLIAN        NICU            32.23         -71.91
NK INDUS LTD            NKI            141.35          -7.71
NUCHEM LTD              NUC             24.72          -1.60
PANCHMAHAL STEEL        PMS             51.02          -0.33
PARASRAMPUR SYN         PPS             99.06        -307.14
PAREKH PLATINUM         PKPL            61.08         -88.85
PIRAMAL LIFE SC         PLSL            51.20         -64.85
QUADRANT TELEVEN        QDTV           188.57        -116.81
QUINTEGRA SOLUTI        QSL             24.62         -11.51
RAJ AGRO MILLS          RAM             10.21          -0.61
RATHI ISPAT LTD         RTIS            44.56          -3.93
REMI METALS GUJA        RMM            101.32         -17.12
RENOWNED AUTO PR        RAP             14.12          -1.25
ROLLATAINERS LTD        RLT             22.97         -22.24
ROYAL CUSHION           RCVP            18.88         -81.42
SADHANA NITRO           SNC             18.21          -0.73
SAURASHTRA CEMEN        SRC            106.01          -2.81
SCOOTERS INDIA          SCTR            19.43         -10.78
SEN PET INDIA LT        SPEN            11.58         -26.67
SHAH ALLOYS LTD         SA             213.69         -39.95
SHALIMAR WIRES          SWRI            25.78         -38.78
SHAMKEN COTSYN          SHC             23.13          -6.17
SHAMKEN MULTIFAB        SHM             60.55         -13.26
SHAMKEN SPINNERS        SSP             42.18         -16.76
SHREE GANESH FOR        SGFO            44.50          -2.89
SHREE RAMA MULTI        SRMT            62.15         -42.08
SIDDHARTHA TUBES        SDT             76.98         -12.45
SOUTHERN PETROCH        SPET         1,584.27          -4.80
SQL STAR INTL           SQL             11.69          -1.14
STERLING HOL RES        SLHR            66.77          -2.85
STI INDIA LTD           STIB            35.39          -0.54
SUPER FORGINGS          SFS             17.83          -6.37
TATA TELESERVICE        TTLS         1,311.30        -138.25
TATA TELE-SLB           TTLS/S       1,311.30        -138.25
TODAYS WRITING          TWPL            44.08          -5.32
TRIUMPH INTL            OXIF            58.46         -14.18
TRIVENI GLASS           TRSG            24.55          -8.57
TUTICORIN ALKALI        TACF            19.13         -16.31
UNIFLEX CABLES          UFC             47.46          -7.49
UNIFLEX CABLES          UFCZ            47.46          -7.49
UNIMERS INDIA LT        HDU             18.08          -5.86
UNITED BREWERIES        UB           3,067.32        -137.09
UNIWORTH LTD            WW             168.36        -155.74
UNIWORTH TEXTILE        FBW             20.57         -37.60
USHA INDIA LTD          USHA            12.06         -54.51
VANASTHALI TEXT         VTI             25.92          -0.15
VENTURA TEXTILES        VRTL            14.33          -1.91
VENUS SUGAR LTD         VS              11.06          -1.08


JAPAN

ARRK CORP               7873         1,221.45         -37.80
CROWD GATE CO           2140            11.63          -4.29
DDS INC                 3782            18.69          -0.08
ISHII HYOKI CO          6336           201.38         -12.95
KANMONKAI CO LTD        3372            68.26          -2.44
KFE JAPAN CO LTD        3061            17.86          -2.27
L CREATE CO LTD         3247            42.34          -9.15
MEIHO ENTERPRISE        8927            76.16         -18.35
NEXT JAPAN HOLDI        2409           177.68          -5.08
NIS GROUP CO LTD        8571           477.70         -75.44
PROPERST CO LTD         3236           305.90        -330.20
TOYO KNIFE CO           5964            74.73          -5.55


KOREA

DAISHIN INFO            20180          740.50        -158.45
HANIL CONSTRUCT         6440           880.70         -22.42
HYUNDAI BNG STEE        4565           476.66         -70.65
HYUNDAI BNG STEE        4560           476.66         -70.65
KUKDONG CORP            5320            53.07          -1.85
ORICOM INC              10470           82.65         -40.04
PLA CO LTD              82390           14.95         -21.43
SUNGJEE CONSTRUC        5980           114.91         -83.19
YOUILENSYS CORP         38720          166.70         -12.34


MALAYSIA

BANENG HOLDINGS         BANE            38.70         -17.29
HAISAN RESOURCES        HRB             69.11          -4.68
HO HUP CONSTR CO        HO              65.87         -11.56
LUSTER INDUSTRIE        LSTI            19.28          -7.15
MITHRIL BHD             MITH            23.78          -5.70
NGIU KEE CO-BHD         NKC             14.19         -12.76
TRACOMA HOLDINGS        TRAH            60.31         -26.28
VTI VINTAGE BHD         VTI             20.92          -3.48


PHILIPPINES

CYBER BAY CORP          CYBR            14.14         -94.36
FIL ESTATE CORP         FC              40.90         -15.77
FILSYN CORP A           FYN             23.81         -11.69
FILSYN CORP. B          FYNB            23.81         -11.69
GOTESCO LAND-A          GO              21.76         -19.21
GOTESCO LAND-B          GOB             21.76         -19.21
PICOP RESOURCES         PCP            105.66         -23.33
STENIEL MFG             STN             17.61         -11.14
UNIWIDE HOLDINGS        UW              50.36         -57.19
VICTORIAS MILL          VMC            164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA             20.62         -11.82
ADVANCE SCT LTD         ASCT            25.29         -10.05
HL GLOBAL ENTERP        HLGE            93.40         -15.38
LINDETEVES-JACOB        LJ              22.43          -6.01
NEW LAKESIDE            NLH             19.34          -5.25
SUNMOON FOOD COM        SMOON           17.93         -15.74
TT INTERNATIONAL        TTI            246.68         -79.69


THAILAND

ABICO HLDGS-F           ABICO/F         15.28          -4.40
ABICO HOLDINGS          ABICO           15.28          -4.40
ABICO HOLD-NVDR         ABICO-R         15.28          -4.40
ASCON CONSTR-NVD        ASCON-R         59.78          -3.37
ASCON CONSTRUCT         ASCON           59.78          -3.37
ASCON CONSTRU-FO        ASCON/F         59.78          -3.37
BANGKOK RUBBER          BRC             91.32        -113.78
BANGKOK RUBBER-F        BRC/F           91.32        -113.78
BANGKOK RUB-NVDR        BRC-R           91.32        -113.78
CALIFORNIA W-NVD        CAWOW-R         33.30         -10.09
CALIFORNIA WO-FO        CAWOW/F         33.30         -10.09
CALIFORNIA WOW X        CAWOW           33.30         -10.09
CIRCUIT ELEC PCL        CIRKIT          16.79         -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79         -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79         -96.30
DATAMAT PCL             DTM             12.69          -6.13
DATAMAT PCL-NVDR        DTM-R           12.69          -6.13
DATAMAT PLC-F           DTM/F           12.69          -6.13
ITV PCL                 ITV             37.10        -118.46
ITV PCL-FOREIGN         ITV/F           37.10        -118.46
ITV PCL-NVDR            ITV-R           37.10        -118.46
K-TECH CONSTRUCT        KTECH           38.87         -46.47
K-TECH CONSTRUCT        KTECH/F         38.87         -46.47
K-TECH CONTRU-R         KTECH-R         38.87         -46.47
KUANG PEI SAN           POMPUI          17.70         -12.74
KUANG PEI SAN-F         POMPUI/F        17.70         -12.74
KUANG PEI-NVDR          POMPUI-R        17.70         -12.74
PATKOL PCL              PATKL           52.89         -30.64
PATKOL PCL-FORGN        PATKL/F         52.89         -30.64
PATKOL PCL-NVDR         PATKL-R         52.89         -30.64
PICNIC CORP-NVDR        PICNI-R        101.18        -175.61
PICNIC CORPORATI        PICNI/F        101.18        -175.61
PICNIC CORPORATI        PICNI          101.18        -175.61
PONGSAAP PCL            PSAAP/F         13.02          -1.77
PONGSAAP PCL            PSAAP           13.02          -1.77
PONGSAAP PCL-NVD        PSAAP-R         13.02          -1.77
SAHAMITR PRESS-F        SMPC/F          27.92          -1.48
SAHAMITR PRESSUR        SMPC            27.92          -1.48
SAHAMITR PR-NVDR        SMPC-R          27.92          -1.48
SUNWOOD INDS PCL        SUN             19.86         -13.03
SUNWOOD INDS-F          SUN/F           19.86         -13.03
SUNWOOD INDS-NVD        SUN-R           19.86         -13.03
THAI-DENMARK PCL        DMARK           15.72         -10.10
THAI-DENMARK-F          DMARK/F         15.72         -10.10
THAI-DENMARK-NVD        DMARK-R         15.72         -10.10
TRANG SEAFOOD           TRS             13.90          -3.59
TRANG SEAFOOD-F         TRS/F           13.90          -3.59
TRANG SFD-NVDR          TRS-R           13.90          -3.59
TT&T PCL                TTNT           615.73        -210.36
TT&T PCL-NVDR           TTNT-R         615.73        -210.36
TT&T PUBLIC CO-F        TTNT/F         615.73        -210.36


TAIWAN

BEHAVIOR TECH CO        2341S           41.94          -1.02
BEHAVIOR TECH-EC        2341O           41.94          -1.02
CHIEN TAI CEMENT        1107           214.12         -49.02
HELIX TECH-EC           2479T           23.39         -24.12
HELIX TECH-EC IS        2479U           23.39         -24.12
HELIX TECHNOL-EC        2479S           23.39         -24.12
TAIWAN KOL-E CRT        1606U          507.21        -147.14
TAIWAN KOLIN-EN         1606V          507.21        -147.14
TAIWAN KOLIN-ENT        1606W          507.21        -147.14
VERTEX PREC-ENTL        5318T           42.24          -5.08


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, 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.





                 *** End of Transmission ***