---

        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

           Tuesday, November 8, 2011, Vol. 14, No. 221

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Lenders Agree to Refinancing Package
EQUITITRUST LTD: Owes Westpac Bank Up to AUD24 Million
LIBERTY FINANCIAL: S&P Raises Counterparty Credit Rating to 'BB+'
NO LIMIT: Syndicate Buys Fairway Island Property for AUD19.5MM


H O N G  K O N G

ASIA SOLUTIONS: Creditors' Proofs of Debt Due Dec. 15
ASTROS PRINTING: Members' Final General Meeting Set for Dec. 15
ATLANTIS DEEPWATER: Placed Under Voluntary Wind-Up Proceedings
CEDARICH TOURISM: Members' Final Meeting Set for Dec. 1
GOODS TRANSPORT: Creditors' Proofs of Debt Due Nov. 25

JUPITER ASSET: Seng and Lo Step Down as Liquidators
MATISSE INVESTMENTS: Commences Wind-Up Proceedings
MONGOLIA HK: Creditors' Proofs of Debt Due Dec. 5
NEW MOUNT: Members' Final Meeting Set for Dec. 12
PRIME POLYMER: Placed Under Voluntary Wind-Up Proceedings

QUADRANGLE GROUP: Placed Under Voluntary Wind-Up Proceedings
SHIN-NIKKEI (H.K.): Creditors' Proofs of Debt Due Dec. 28
SINO-WALKER LIMITED: Placed Under Voluntary Wind-Up Proceedings
STRATEGIC EUROPEAN: Andrew George Hung Appointed as Liquidator
YICK BO: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ADVANCE CROPCARE: CRISIL Puts CRISIL B+ Rating on INR85MM Credit
AISHWARYA INFRA: CRISIL Rates INR100MM Facility at 'CRISIL B+'
ASEEM GLOBAL: CRISIL Assigns 'CRISIL BB' Rating to INR70MM Loan
DAYAL COTSPIN: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
DEO ISPAT: CRISIL Assigns CRISIL BB- Rating to INR10MM Term Loan

DIESEL MACHINERY: CRISIL Places 'CRISIL B' Rating on INR25MM Loan
FUELCO ISPAT: CRISIL Assigns 'CRISIL B' Rating to INR70MM LT Loan
GINNI FILAMENTS: Fitch Puts Rating on INR500-Mil. Capital at 'B+'
KAUSHALYA INFRA: CRISIL Rates INR400MM Credit at 'CRISIL BB+'
KESHAVA FABRICS: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loan

KRANTI AUTOMOBILES: CRISIL Rates INR3.6MM Term Loan at 'BB+'
LA CASA: CRISIL Ups Rating on INR85MM Cash Credit to 'CRISIL BB-'
MAA SHAKAMBARI: CRISIL Rates INR205.6MM Cash Credit at CRISIL BB+
MANOJ TRADING: CRISIL Assigns 'CRISIL B' Rating to INR200MM Loan
MEENAKSHI (INDIA): CRISIL Puts CRISIL BB+ Rating on INR15MM Loan

MILAN GINNING: CRISIL Rates INR100MM Cash Credit at 'CRISIL B'
PERTINENT INFRA: CRISIL Puts 'CRISIL B+' Rating on INR69.1MM Loan
PRISTINE INDUSTRIES: CRISIL Rates INR73MM Term Loan at CRISIL BB-
RAMABHAI GAGABHAI: CRISIL Rates INR50MM Cash Credit at CRISIL B+
RAUSHEENA UDYOG: Debt Repayment Delays Cues CRISIL Junk Ratings

RUCHI MALLS: CRISIL Reaffirms CRISIL B+ Rating on INR1.85BB Loan
R V PLASTIC: CRISIL Places 'CRISIL BB' Rating on INR30MM Loan
SHAH COAL: CRISIL Assigns 'CRISIL BB' Rating to INR150MM LT Loan
SHAH NANJI: CRISIL Assigns 'CRISIL BB-' Rating to INR40MM Loan
SOLITAIRE FOODS: CRISIL Assigns 'CRISIL B' Rating to INR28MM Loan

SURFACE GRAPHICS: CRISIL Puts 'CRISIL BB-' Rating on INR20MM Loan
TIRUPATI SUGARS: Fitch Assigns 'B(ind)' Rating on INR650MM Loan
TRIUMPH AUTO: CRISIL Assigns 'CRISIL B' Rating to INR87.5MM Loan
VIKRAM INDIA: CRISIL Assigns CRISIL BB Rating to INR10MM LT Loan
WINSWAY COKING: Fitch Says Acquisition Won't Affect IDR's Rating


J A P A N

J-CORE15 TRUST: Fitch Junks Rating on Four Note Classes
L-JAC 7: S&P Lowers Rating on Class C Certificates to 'CCC'
TOKYO ELECTRIC: Shareholders to File Suit Against 60 Directors
TOKYO ELECTRIC: Expects Second Annual Loss; Wins $11.5BB Aid


M A L A Y S I A

TRACOMA HOLDINGS: Delisted from Bursa Malaysia Securities
TRACOMA HOLDINGS: Jaafar Steps Down as Chairman and Director
VTI VINTAGE: Regularizes Financial Condition; Out of PN17 Status


N E W  Z E A L A N D

CENTURY CITY: Marketing Efforts for ASB Bank Tower Commence
NOEL LEEMING: Appoints Investment Banker; May Be Put Up for Sale


S I N G A P O R E

FABRI-TECH COMPONENTS: Court to Hear Wind-Up Petition on Nov. 11
JURONG TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 18
MSM HOLDINGS: Creditors' Meetings Set for Nov. 9
PAU (F&B): Court to Hear Wind-Up Petition on Nov. 25
STREAM OFFSHORE: Court to Hear Wind-Up Petition on Nov. 18


X X X X X X X X

* BOND PRICING: For the Week Oct. 31 to Nov. 4, 2011


                            - - - - -


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


CENTRO PROPERTIES: Lenders Agree to Refinancing Package
-------------------------------------------------------
The Sydney Morning Herald reports that the refinancing and
rebirth of Centro Properties Group as a profitable and viable
real estate investment trust (REIT) has moved a step closer, with
its bankers agreeing to a refinancing package, although one
effect of this has been also to make the stock a takeover target.

According to the news agency, investors in the embattled retailer
landlord will vote on the formation of a new AUD3 billion Centro
Retail Australia on November 22, close to four years after the
current Centro Properties and its offshoot Centro Retail Trust
went close to collapsing owing up to AUD14 billion in debt.

But as the new-look group emerges debt-free, with 43 shopping
centres nationally under its banner and a market value of
AUD4.4 billion, it will be an attractive option, SMH relates.

SMH notes that possible buyers include Lend Lease, although its
directors are believed to have cooled on the idea until the new
trust is established; Colonial First State Asset Management and
its listed offshoot, CFS Retail Property Trust; possibly Charter
Hall Retail REIT; and any number of overseas-based retail asset
managers.

According to SMH, brokers have said retail landlords such as
Westfield would only be interested in select assets and not in
the corporate business.

As part of the refinancing deal, Centro's current management has
identified about $600 million worth of assets to be sold, of
which some may interest Westfield, Stockland, and GPT's retail
portfolios, the report relays.

SMH reports that Centro was given the green light on Friday from
key bankers to go ahead with a series of refinancing initiatives
as part of its restructure.

Under the deal, says SMH, credit-approved commitment letters or
term sheets have been received for AUD1.86 billion of the
AUD2 billion of proposed total borrowing facilities.  SMH, citing
documents lodged with the Australian Securities Exchange,
discloses that on the Centro MCS syndicate side, AUD230 million
of the AUD1.2 billion of facilities that need refinancing has
been repaid, extended, or refinanced.  Of the remaining AUD1
billion, credit-approved commitment letters or term sheets have
been received for AUD556 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, Centro Properties said it entered into an
agreement with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail Trust
and certain Centro managed funds.  Centro's merger agreement
involves a debt for equity swap that will result in its lenders,
chiefly hedge funds, taking about 78% equity in the new listed
vehicle, the Australian said.

The TCR-AP, citing The Australian, reported on Aug. 30, 2011,
that Centro Properties warned shareholders when handing down its
full-year results that the debt-bloated company still faces
liquidation if does not merge with the less indebted Centro
Retail Group.

                    About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand, and the United States.
Centro has funds under management of US$24.9 billions.


EQUITITRUST LTD: Owes Westpac Bank Up to AUD24 Million
------------------------------------------------------
The Sydney Morning Herald reports that the financial position of
Equititrust Ltd has become even more precarious, after Westpac
was revealed to be among the list of creditors with a debt of up
to AUD24 million.

SMH relates that Equititrust said in a release to investors late
Friday that Bank of Queensland is also seeking the repayment of
loans that had not previously been disclosed by the company.
Equititrust, which has experienced a complete turnover of its
board this year, did not say how much is owed, but Westpac is
understood to be owed as much as AUD24 million by Equititrust's
sole shareholder, Mark McIvor, according to the report.

According to the news agency, the company's present board also
released an update on its flagship fund.  They confirmed unit
holders with AUD200 million locked up in the Equititrust Income
Fund have lost more than 40% of their investment as of June 30
this year, SMH relays.

The company, as cited by SMH, said EIF's auditor, KPMG, detailed
the impairments to the fund's assets as it completes audits for
the financial year ending June 30.  The impairments mean the
value of EIF units have been further slashed from 78 cents each
to 58 cents.  Further losses have been experienced since that
date, but Equititrust said they should not be significant.

Equititrust said NAB was still owed AUD9.1 million by EIF as of
November 1, the report adds.

Equititrust faces a class action from disgruntled investors as
well as an investigation by the Australian Securities and
Investments Commission.

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2011, The Sydney Morning Herald related that a court
application has been made to wind up Equititrust, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.
Equititrust confirmed on May 3 that the application was filed by
Rural Security Holdings, a company associated with Ian Lazar.

The company has frozen investor redemptions and income
distributions at its AUD260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well
as a restructure, according to SMH.  Equititrust was forced to
suspend payments and renegotiate terms with NAB on the loan
earlier this year when EIF was almost out of cash, SMH disclosed.
NAB agreed to defer repayments for last December until February
while it considered a new proposal that would match bank
repayments with loan repayments by Equititrust clients.

Equititrust earlier this year blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AUD12.3 million loss for
the half-year ending Dec. 31, 2010.

Equititrust Limited -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.  Equititrust is the responsible entity of the
Equititrust Income Fund (EIF) and Equititrust Priority Class
Income Fund (EPCIF).  EIF is a mortgage fund whose primary
business is lending retail investors' pooled funds for property
development and taking mortgages over the property.  The EPCIF is
currently dormant.


LIBERTY FINANCIAL: S&P Raises Counterparty Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on New Zealand-based Liberty Financial
Ltd. to 'BB+' from 'BB'. The short-term counterparty credit
rating is affirmed at 'B' and the outlook is stable.

"The rating upgrade reflects our improved credit view of Liberty
Financial Pty Ltd. (Liberty; not rated), and the unconditional
and irrevocable guarantee provided by Liberty in support of the
obligations of LFL," S&P said.

Standard & Poor's continues to view LFL's stand-alone credit
profile (SACP) as significantly below that of the rating
assigned, reflecting the start-up and transformational nature of
LFL's business profile. "We expect LFL's SACP to change and
improve over time as it establishes its business base by growing
its loan portfolio, and as it re-enters the retail debenture
market. Other factors moderating our assessment of LFL's SACP
include the company's concentrated funding and business profile
and its modest absolute capital base," S&P related.

"Factors supporting LFL's SACP include our favorable view of the
company's business strategy, and the company's measured growth
plans, which should help LFL effectively manage and limit its
risk profile as it expands its business and establishes its
market position. We also view favorably the experience and retail
debenture-raising experience that LFL gained when it was wholly
owned by Access Capital Ltd. (ACL; not rated)," S&P related.

LFL's SACP benefits from the company's 100% ownership by
Australian-based Liberty, which has a well-established track
record of originating and managing loans. "We believe the
strategic importance of LFL to Liberty will increase
progressively over time as its business expands," S&P said.

"We expect LFL's credit risk profile will remain a rating
weakness because its activities will be focused on the provision
of short-term first-mortgage property-secured bridging and
equipment finance to customers in New Zealand. Standard & Poor's
regards these types of activities as higher-risk lending segment
categories," S&P said.

The short-term rating on LFL is 'B'. "In our view, LFL's balance-
sheet liquidity is modest. We expect cash balances at LFL to be
moderate during the company's start-up and development phase.
LFL's liquidity position is enhanced by its NZ$1 million
committed standby facility with its banker, which was secured in
September 2010," S&P related.

"The stable outlook reflects the outlook across the wider Liberty
group. The rating on LFL could come under pressure if the company
was to become a more material contingent liability to Liberty
and, consequently, we moderated our view of Liberty's credit
profile," S&P said.

On a stand-alone basis, LFL's SACP could come under pressure if
the performance of the underlying assets relating to its
structured notes deteriorates materially such that there is
insufficient excess spread to absorb losses in underlying assets,
or if this results in LFL bearing a material drop in earnings or
principal losses from these investments. The company's SACP could
also be troubled if LFL embarks on an aggressive asset-growth
path that contributed to deterioration in its key financial
metrics. In addition, we would lower the rating if cover of the
guarantee weakened or the guarantee were withdrawn. Equally, the
SACP could come under downward pressure if LFL's underlying
business viability came into question stemming from an inability
to build its business base in the medium term.

"A higher rating would require an upgrade of our view of the
credit profile of the wider Liberty group," S&P said.


NO LIMIT: Syndicate Buys Fairway Island Property for AUD19.5MM
--------------------------------------------------------------
goldcoast.com.au reports that a team of investors headed by the
former chief of Gold Coast listed company Medigard, Donald
Channer, has bought a Hope Island linked to troubled developer
John Marshall.

The news agency relates that Aion Corporation, linked to
Mr. Channer, Patricia Boero and Coyne Graham, paid
AUD19.5 million for the balance of 78 lots at the Fairway Island
estate, offered for sale after receivers moved on Mr. Marshall's
No Limit group of companies last year.

According to the report, James Walsh, who marketed the site with
fellow Capland Real Estate Advisors agent Damian Winterburn and
Darrell Irwin, and John Meyers of Colliers International, said
Aion had compiled a syndicate of more than 50 buyers who pooled
their resources to buy the estate lots.

"This resulted in the receiver obtaining a premium price compared
to a traditional in one-line sale on similar terms," the report
quotes Mr. Walsh as saying.  "This creative approach towards the
sell-down of the remaining allotments was an incredible success
for the receiver."

Mr. Walsh said an offers-to-purchase campaign for the property
had resulted in 10 such offers from developers, funds, investors
and syndicates, goldcoast.com.au adds.

No Limit acquired the site for AUD10.6 million in 2003.

As reported in the Troubled Company Reporter-Asia Pacific on
March 1, 2010, St. George Bank appointed John Greig and Nicholas
Harwood of Deloitte, as receivers to four companies owned by
private Gold Coast developer John Marshall.  The companies under
receivership are No Limit, No Limit 7, No Limit 12 and Storage
King Miami.


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


ASIA SOLUTIONS: Creditors' Proofs of Debt Due Dec. 15
-----------------------------------------------------
Creditors of Asia Solutions Corporation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 15, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Mathew James Davies
         James Benjamin Lee
         6th Floor, ING Tower
         308 Des Voeux Road
         Central, Hong Kong


ASTROS PRINTING: Members' Final General Meeting Set for Dec. 15
---------------------------------------------------------------
Members of Astros Printing Limited will hold their final general
meeting on Dec. 15, 2011, at 10:00 a.m., at Flat 4D Belmont
Court, at 10 Kotewall Road, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ATLANTIS DEEPWATER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Oct. 26, 2011, sole
shareholder of Atlantis Deepwater Orient Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrille
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CEDARICH TOURISM: Members' Final Meeting Set for Dec. 1
-------------------------------------------------------
Members of Cedarich Tourism Enterprises Limited will hold their
final general meeting on Dec. 1, 2011, at 3:00 p.m., at Room 901,
9/F, Finance Building, at 254 Des Voeux Road Central, in
Hong Kong.

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


GOODS TRANSPORT: Creditors' Proofs of Debt Due Nov. 25
------------------------------------------------------
Creditors of Goods Transport Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 25, 2011, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


JUPITER ASSET: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Jupiter Asset Management (Asia) Limited on Oct. 15, 2011.


MATISSE INVESTMENTS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Matisse Investments Limited, on Oct. 21, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Christopher Harvey Hall
         36/F., Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


MONGOLIA HK: Creditors' Proofs of Debt Due Dec. 5
-------------------------------------------------
Creditors of Mongolia Hong Kong Wako Cashmere Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 5, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 4, 2011.

The company's liquidator is:

         Ma Chun Frank
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


NEW MOUNT: Members' Final Meeting Set for Dec. 12
-------------------------------------------------
Members of New Mount Limited will hold their final meeting on
Dec. 12, 2011, at 5:00 p.m., at Room 2802, 28/F, China Resources
Building, at No. 26 Harbour Road, Wanchai, in Hong Kong.

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


PRIME POLYMER: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Nov. 1, 2011, sole
shareholder of Prime Polymer Asia Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


QUADRANGLE GROUP: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Oct. 21, 2011, sole
shareholder of Quadrangle Group Asia Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SHIN-NIKKEI (H.K.): Creditors' Proofs of Debt Due Dec. 28
---------------------------------------------------------
Creditors of Shin-Nikkei (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Leung Shiu Tong
         16th Floor, Jonsim Place
         228 Queen's Road East
         Wanchai, Hong Kong


SINO-WALKER LIMITED: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Oct. 27, 2011, sole
shareholder of Sino-Walker Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Kam Yiu Shing Tony
         Room 1904, 19/F
         Rightful Centre
         11-12 Tak Hing Street
         Kowloon, Hong Kong


STRATEGIC EUROPEAN: Andrew George Hung Appointed as Liquidator
--------------------------------------------------------------
Andrew George Hung on Oct. 26, 2011, was appointed as liquidator
of Strategic European Center for Investment and Industrial
Development Limited.

The liquidator may be reached at:

         Andrew George Hung
         Unit 1301, 13/F
         Chung Nam Building
         1 Lockhart Road
         Wanchai, Hong Kong


YICK BO: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Oct. 26, 2011,
members of Yick Bo Trading Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


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


ADVANCE CROPCARE: CRISIL Puts CRISIL B+ Rating on INR85MM Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Advance Cropcare (India) Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR34.5 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR85.0 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects ACIPL's small scale of operations, average
financial risk profile, marked by small net worth, and
susceptibility to regulatory changes and erratic rainfall. These
rating weaknesses are partially offset by ACIPL's established
market position in Madhya Pradesh and Chhattisgarh.

Outlook: Stable

CRISIL believes that ACIPL will maintain its market position in
Madhya Pradesh over the medium term and will stabilize its newly
commenced zinc sulphate unit at the earliest. Its scale of
operations is, however, expected to remain small over the medium
term. The outlook may be revised to 'Positive' if ACIPL
significantly scales up its operations, resulting in an increase
in its cash accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ACIPL's scale of operations and profitability decline because of
deteriorating operating efficiencies or adverse regulatory
changes, or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme, weakening its capital
structure.

                       About Advance Cropcare

Incorporated in 2007, ACIPL started commercial operations in
2009. ACIPL specialises in manufacturing, research, and
development of wide range of fertilizers, insecticides,
fungicides, herbicides, bio-products, and micro-nutrients. All
the products manufactured by ACIPL are registered with Central
Insecticides Board (CIB). Besides, the company also provides
professional crop protection solutions. ACIPL's unit is situated
in the industrial area of Rau, near Indore and occupies an area
of 21,900 square feet. A new unit for manufacturing zinc sulphate
has been recently set-up at the same location with production
capacity of 20 tonnes per day. The unit has commenced commercial
production from August 2011.

ACIPL's net profit stood at INR1.3 million on net sales of
INR171.9 million for 2010-11 (refers to financial year, April 1
to March 31), against net profit of INR0.2 million on net sales
of INR38.4 million for 2009-10.


AISHWARYA INFRA: CRISIL Rates INR100MM Facility at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the
overdraft facility of Aishwarya Infrastructure & Developers.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Overdraft Facility   CRISIL B+/Stable
                                       (Assigned)

The rating reflects AID's exposure to ongoing-project-related
risks, expected deterioration in its financial risk profile
because of its recent entry into real estate development
activities, its modest scale of operations in a fragmented civil
construction industry, and its geographical and customer
concentration. These rating weaknesses are partially offset by
AID's proprietor's extensive experience in the civil construction
industry, and its healthy order book position leading to near-
term revenue visibility.

Outlook: Stable

CRISIL believes that AID will continue to benefit from the
extensive experience of its proprietor and healthy profitability
from civil construction activity. The outlook may be revised to
'Positive' if there is a substantial equity infusion in the firm
for supporting its large real estate investments. Conversely, the
outlook may be revised to 'Negative' in case of any slowdown in
the firm's project execution or stretch in its receivables, or in
case the firm contracts more-than-expected debt to fund its real
estate projects.

                      About Aishwarya Infrastructure

Established in 1986, AID is engaged in civil construction works,
specializing in construction of roads and buildings, and repairs
and drainage work. The firm is a registered Class IA Contractor
with Public Welfare Department, Karnataka. The firm usually
undertakes road constructions contracts in and around Bangalore,
with an average contract size of INR10 million.

In 2007-08 (refers to financial year, April 1 to March 31), AID
ventured into real estate development, and is in the process of
developing two large commercial projects near the Majestic area
in Bengaluru (Karnataka). The firm is currently in the process of
acquiring land for one of the projects. For the second project,
the firm bought a 2-acre plot in 2007-08 under the company, C B
Infrastructure & Developers Pvt Ltd (CBID) with other partners.
In 2009-10, AID bought CBID entirely. Each of AID's two projects
is expected to cost INR750 million to INR1 billion.

AID reported, on provisional basis, a profit after tax (PAT) of
INR47.3 million on net sales of INR414.5 million for 2010-11; the
firm reported a PAT of INR30.6 million on net sales of INR397.1
million for 2009-10.


ASEEM GLOBAL: CRISIL Assigns 'CRISIL BB' Rating to INR70MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Aseem Global Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR7-Mil. Cash Credit Facility  CRISIL BB/Stable (Assigned)
   INR1.5-Mil. Bank Guarantee      CRISIL A4+ (Assigned)
      Facility

The ratings reflect AGL's established customer relationships,
leading to moderate scale of operations and comfortable working
capital management. These strengths are partially offset by AGL's
low operating margin, due to volatility in raw material prices
and foreign exchange rates, leading to small cash accruals, and
susceptibility to intense competition and inherent cyclicality in
the Indian economy.

Outlook: Stable

CRISIL believes that AGL will maintain its business risk profile
over the medium term, backed by its established customer
relationships. The outlook may be revised to 'Positive' if the
company reports improvement in its operating margin, leading to
stronger debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in AGL's capital
structure, because of debt contracted to fund its working capital
requirements or decline in its profitability.

                        About Aseem Global

AGL trades in various non-ferrous metals such as nickel,
aluminum, zinc, copper, lead, and tin, which it imports mainly
from London and the Middle East. It sells to various manufactures
and traders in the domestic market, through its seven branch
offices spread across India. Ms. Ira Rastogi is the chainman and
Mr. Tanuj Rastogi is the managing director of the company. The
current management took over the company in 1997, when it was
known as Gunja Investment & Trading Ltd.

AGL reported a net profit of INR16.5 million on net sales of
INR4.41 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR21.8 million on net sales
of INR3.66 billion for 2009-10.


DAYAL COTSPIN: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Dayal Cotspin Ltd, part of the Dayal group.

   Facilities                         Ratings
   ----------                         -------
   INR20.0 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR20.0 Million Rupee Term Loan  CRISIL BB-/Stable (Assigned)
   INR240.0 Million Proposed LT     CRISIL BB-/Stable (Assigned)
    Bank Loan Facility

The rating reflects the Dayal group's promoters' extensive
experience in the cotton industry and its established
relationships with customers. These rating strengths are
partially offset by the group's below-average financial risk
profile, marked by small net worth and modest debt protection
metrics, large working capital requirements, susceptibility of
margins to volatility in raw material prices and exposure to risk
related to adverse changes in government regulations

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DCL, Dayal Cotton Mills Ltd,
Prabhudayal Jagdish Prasad, Dayal Industries, and Bachhuka
Brothers. These entities are collectively referred to as the
Dayal group. The consolidated approach is because all the
entities are in the same line of business and under a common
management and promoters, and have significant operational and
financial linkages with each other.

Outlook: Stable

CRISIL believes that the Dayal group will continue to benefit
from the extensive industry experience of its promoters and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a significant and sustained
increase in the group's scale of operations, while it maintains
its profitability margins, or there is a substantial increase in
its net worth on the back of equity infusion by its promoters.
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 Dayal Cotspin

DCL was established in 2006 by Mr. Pavan Kumar Bachhuka and his
family. The group entities, except DCL, are currently non-
operational and have leased out their units to DCL. The group has
cotton ginning and pressing capacity of 900 bales per day and
1500 bales per day respectively. The group has 116 fully
automatic ginning machines. The Bachhuka family has also promoted
Dayal Energy and Proteins Ltd (rated 'CRISIL B/Stable) and Dayal
Agro Products Ltd; however, these two entities are managed
independently and are in other lines of business.

DCL, on a standalone basis, reported net sales of INR680 million
for 2010-11 (refers to financial year, April 1 to March 31),
against net sales of INR418 million for 2009-10.


DEO ISPAT: CRISIL Assigns CRISIL BB- Rating to INR10MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Deo Ispat Alloys Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR10 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR100 Million Cash Credit      CRISIL BB-/Stable (Assigned)

The rating reflects Deo Ispat's moderate financial risk profile
supported by comfortable gearing and adequate net worth and the
benefits the company derives from the promoter's extensive
experience in the Ferro alloy business. These rating strengths
are partially offset by Deo Ispat's small scale of operations,
working capital-intensive operations, and susceptibility of
operating margins to volatility in input prices.

Outlook: Stable

CRISIL believes that Deo Ispat will maintain a stable credit risk
profile over the medium term on back of its promoter's extensive
industry experience and financial support. The outlook may be
revised to 'Positive', if the company's is able to improve its
cash generation through improved profitability or higher scale of
operations, or through an equity infusion from promoters leading
to improvement in financial risk profile. The outlook may be
revised to 'Negative' in case of a decline in profitability, or
if the company undertakes any major debt funded capex programme,
or if there is delay by promoters to infuse funds in times of
exigencies.

                           About Deo Ispat

Established in the year 2001, Deo Ispat Alloy Ltd is engaged in
manufacturing of silico manganese used in manufacture of steel.
The manufacturing facility of the company is based out of
Sundargarh District, Orissa, with a total installed capacity of
7,500 MT units per annum. The company is promoted by Mr. Anjani
Kumar Mishra- who has been associated with Deo Ispat since 2003,
and his three sons- Mr. Rajesh Kumar Mishra, Mr. Santosh Kumar
Mishra and Mr. Anil Kumar Mishra, who have joined the company's
board in 2009.

For 2010-11 (refers to financial year, April 1 to March 31), Deo
Ispat reported a net profit of INR0.4 million on net revenues of
INR276 million, against a net profit of INR0.5 million on net
revenues of INR270 million in 2009-10.


DIESEL MACHINERY: CRISIL Places 'CRISIL B' Rating on INR25MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Diesel Machinery Works, part of the DMW
group.

   Facilities                        Ratings
   ----------                        -------
   INR25 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR42.8 Million Long Term Loan    CRISIL B/Stable (Assigned)
   INR0.8 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect the DMW group's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, its highly capital-intensive operations, and exposure to
cyclicality in the engineering contract manufacturing segment.
These rating weaknesses are partially offset by the DMW group's
established position in the engineering contract manufacturing
segment, its healthy operating efficiencies, and its established
relationships with large customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DMW CNC Solutions India Pvt Ltd and
DMW, together referred to as the DMW group. This is because both
the companies have the same management, are in a similar line of
business, and have operational linkages.

Outlook: Stable

CRISIL believes that the DMW group will benefit over the medium
term from the improving demand from its end-user segments and its
healthy operating capabilities. The outlook may be revised to
'Positive' if the group improves its working capital cycle and
reduces its gearing through judicious funding of its future
capital expenditure (capex) plans. Conversely, the outlook may be
revised to 'Negative' if the DMW group's financial risk profile
deteriorates because of larger-than-expected debt-funded capex
programme or increase in working capital requirements.

                      About Diesel Machinery

DMW was set up in 1991 and DMW CNC was set up in 2005. The DMW
group has an established regional presence in the engineering
contract manufacturing segment. The group has operational
capabilities to cater to the diversified industry verticals with
high-precision machined components and sub-assemblies. Over the
past few years, the group has emerged as a leading supplier of
high-precision machined components to many original equipment
manufacturers. The group is IMS (Integrated Management Systems)
certified (ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007). DMW
is well-equipped with the latest high-end imported CNC (computer
numerical control) horizontal and vertical machining centres and
undertakes machining of around 3000 tonnes of different variety
of aluminium, steel, and cast iron castings every month.

The DMW group reported a profit after tax (PAT) of INR8 million
on net sales of INR197 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR2 million on
net sales of INR120 million for 2009-10.


FUELCO ISPAT: CRISIL Assigns 'CRISIL B' Rating to INR70MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Fuelco Ispat (India) Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR70.0 Million Long-Term Loan    CRISIL B/Stable (Assigned)

The rating reflects Fuelco Ispat's limited track record, modest
scale of operations, and weak financial risk profile marked by
small networth and high gearing. These rating weaknesses are
partially offset by the financial support that Fuelco Ispat gets
from its promoters.

Outlook: Stable

CRISIL believes that Fuelco Ispat will continue to receive
funding support from its promoters for servicing its debt over
the medium term; the company has recently commenced production
and is likely to stabilize its operations and generate positive
cash accruals within the next nine to twelve months. The outlook
may be revised to 'Positive' if Fuelco Ispat generates higher-
than-expected revenues and operating margin, thereby improving
its liquidity and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the offtake or margins
are lower-than-expected, which would weaken its debt servicing
ability.

                         About Fuelco Ispat

Fuelco Ispat was incorporated in 2004, but commenced operations
in May 2011. The company manufactures cast iron pipes at its
plant in Borgaon (Madhya Pradesh), which has an installed pipe
manufacturing capacity of 18,000 tonnes per annum (tpa). These
pipes are used in the industrial, infrastructure, and public
utility sectors.


GINNI FILAMENTS: Fitch Puts Rating on INR500-Mil. Capital at 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Ginni Filaments Limited's
additional INR500 million fund-based working capital limits
'Fitch B+(ind)'/'Fitch A4(ind)' ratings and its INR129 million
enhanced term loans a 'Fitch B+(ind)' rating.

Ginni's outstanding ratings (including above debt) are as
follows:

  -- National Long-Term rating: 'Fitch B+(ind)'

  -- INR2,015 million long-term bank loans as on Sept. 30, 2011:
     'Fitch B+(ind)'

  -- INR1,800 million fund-based working capital limits (enhanced
     from INR1,300 million): 'Fitch B+(ind)'/'Fitch A4(ind)'

  -- INR400 million non-fund based working capital limits: 'Fitch
     A4(ind)'

Ginni is a vertically integrated manufacturer of yarn, fabrics
and garments, and has a reasonable diversification into technical
textiles.  In the financial year ended March 2011 (FY11), Ginni
reported net sales of INR6.9 billion (FY10: INR5.1 billion), an
operating EBITDA of INR896 million (INR663 million) and a net
income of INR183 million (INR52 million).  In Q112, its net sales
were INR1,698 million, with a net loss of INR276 million, due to
an INR384 million loss on cotton valuation.


KAUSHALYA INFRA: CRISIL Rates INR400MM Credit at 'CRISIL BB+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Kaushalya Infrastructure Development
Corporation Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR400.0 Million Cash Credit      CRISIL BB+/Stable (Assigned)
   INR340.0 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect KIDC's established track record in the
infrastructure segment, and its moderate financial risk profile
supported by low gearing and healthy debt protection metrics.
These rating strengths are partially offset by KIDC's exposure to
risks associated with its ongoing, real estate project in
Rajarhat, Kolkata (West Bengal) and its working-capital-intensive
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIDC and Bengal KDC Housing
Development Ltd, a joint venture (JV) of KIDC and West Bengal
Housing Board. This is because KIDC and its promoters own 89 per
cent of BKDC's equity shares and will extend operational and
financial support to BKDC.

Outlook: Stable

CRISIL believes that KIDC will benefit over the medium term from
its established track record in the engineering, procurement and
commissioning (EPC) segment and its moderate order book. The
outlook may be revised to 'Positive' if some of the risks related
to KIDC's ongoing real estate project, especially funding- and
offtake-related risks, gets mitigated, most likely because of the
company signing a joint development agreement large infusion of
funds, or more-than-expected customer advances. Conversely, the
outlook may be revised to 'Negative' if there is time or cost
overrun in KIDC ongoing projects, if the company contracts more
debt than expected to fund its investments, or if its working
capital management further deteriorates.

                    About Kaushalya Infrastructure

KIDC was set up in 2001 for undertaking projects in
infrastructure development, such as construction of roads,
bridges and industrial undertakings. The company has undertaken
several projects in roads, highways, with the Government of West
Bengal and the National Highway Authority of India.  Mr. Ramesh
Kumar Mehra is the chairman and founder of KIDC. His son, Mr.
Prashanth Mehra, is the managing director and looks after the
day-to-day operations of the company.

KIDC has three main business divisions: Nirman, Gram, and
Parivar. Nirman undertakes work on roads, highways and industrial
undertakings. Gram is involved in setting up of hydropower
projects; recently, it has collaborated with a German company for
setting up of solar panels. Parivar is involved in setting up
residential, commercial and educational establishments. In 2010-
11 (refers to financial year, April 1 to March 31), Nirman
contributed 95 per cent of the company's revenues. BKDC is
currently implementing a 25-acre township project in Rajarhat,
Kolkata. In the solar power division, KIDC has plans for entering
the EPC segment, in joint venture with Azur Solar, Gmbh of
Germany.

For 2010-11, KIDC reported, on provisional basis, a profit after
tax (PAT) of INR32.7 million on net sales of INR918.9 million; it
reported a PAT of INR28.3 million on net sales of INR793.7
million for the previous year.


KESHAVA FABRICS: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
Keshava Fabrics Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR62.7 Million Long-Term Loan    CRISIL B/Stable (Assigned)
   INR6.7 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR10 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect KFPL's small scale of operations, its below-
average financial risk profile marked by weak capital structure
and moderate debt protection metrics, and its vulnerability to
volatility in raw material prices. These rating weaknesses are
partially offset by the company's established regional presence
in polypropylene (PP) non-woven fabrics aided by promoter's long
standing experience in similar lines of business, its diverse
product portfolio of non-woven fabrics and its healthy customer
relationships.

Outlook: Stable

CRISIL believes that KFPL will continue to benefit from its
promoters long standing experience in the PP non-woven fabric
segment over the medium term. The outlook may be revised to
'Positive' if the company's cash accruals increase significantly,
or if its net worth increases, most likely because of fresh
equity infusion by promoters, thereby improving its financial
risk profile. Conversely, the outlook may be revised to
'Negative' if KFPL's cash accruals decline, of if the company
undertakes a large debt-funded capital expenditure programme, or
extends support to group companies, thereby leading to
significant deterioration in its financial risk profile.

                       About Keshava Fabrics

Incorporated in February 2007 by Mr. T Kesavulu Naidu, KFPL is
based in Tirupati (Andhra Pradesh), and manufactures
polypropylene non-woven fabrics used in manufacturing various
packaging and textile products. KFPL has an installed capacity of
2,400 metric tonnes per annum. The promoter Mr. Tanikonda
Kesavulu Naidu has around two decades of experience in similar
lines of business. KFPL's group concern - Keshava Plastics is
engaged in the manufacturing of plastic disposable syringes.

KFPL reported a profit after tax (PAT) of INR10 million on net
sales of INR187 million for 2010-11 (refers to financial year,
April 1 to March 31), as against PAT of INR3 million on net sales
of INR94 million for 2009-10.


KRANTI AUTOMOBILES: CRISIL Rates INR3.6MM Term Loan at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Kranti Automobiles Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR3.6 Million Rupee Term Loan   CRISIL BB+/Stable (Assigned)

The rating reflects KAL's moderate financial risk profile, marked
by moderate gearing and debt protection metrics, established
marketing network, and geographical diversity in revenue profile.
These rating strengths are partially offset by KAL's small scale
of operations in the three-wheeler automobile industry and large
working capital requirements.

Outlook: Stable

CRISIL believes that KAL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established brand name. The outlook may be revised to 'Positive'
in case of improvement in the company's scale of operations and
margins, while it maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
further deterioration in working capital requirements, or if KAL
undertakes a larger-than-expected debt-funded capital expenditure
programme in future, leading to weakening in its debt protection
metrics.

                     About Kranti Automobiles

Set up in 1995, KAL is a closely held public limited company and
manufactures 3-wheeler vehicles for the Indian market and sells
its products under the brand, Nandi. The company manufactures
both passenger and goods carriers. KAL is managed by Mr. Pran
Nath Bhatia and his sons, Mr. Girish Bhatia, Mr. Amit Bhatia, and
Mr. Gaurav Bhatia.

KAL's manufacturing facilities are located in SIDCUL, Haridwar
(Uttrakhand) and RAI Industrial Area, Sonepat (Haryana); the
Haridwar unit has capacity of 150 vehicles per month and the
Sonepat unit can manufacture 100 vehicles per month.

KAL reported a profit after tax (PAT) of INR12.6 million on net
sales of INR271 million for 2010-11 (refers to financial year,
April 1 to March 31) on provisional bases, as against a PAT of
INR11.6 million on net sales of INR268 million for 2009-10.


LA CASA: CRISIL Ups Rating on INR85MM Cash Credit to 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of La' Casa
De Joaillier Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR85.0 Million Cash Credit     CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in LCDJPL's liquidity,
driven by more-than-expected cash accruals resulting in reduced
working capital bank borrowings during the twelve month period
ended July 2011. The company's promoters have also provided
timely funding support, in the form of unsecured loans.

In addition to that, the company maintained its high operating
profitability; operating profitability has ranged from 15 to 26
per cent over the past five years and is expected to remain high
at around 17-18 per cent over the medium term supported by its
prime location, customer loyalty, and focus on the high-end
product segment.

The ratings reflect LCDJPL's promoter's extensive experience in
the diamond jewellery business. These rating strengths are
partially offset by LCDJPL's average financial risk profile
marked by moderate gearing and low net worth, modest scale of
operations, susceptibility to intense competition in the retail
jewellery business, and geographical concentration.

Outlook: Stable

CRISIL believes that LCDJPL will continue to benefit from
promoter's extensive experience in the diamond and jewellery
business. The outlook may be revised to 'Positive' if LCDJPL
generates higher-than-expected revenue growth or increases
diversification of its revenue profile. Conversely, the outlook
may be revised to 'Negative' if LCDJPL's financial risk profile
deteriorates materially, most likely because of lower-than-
expected revenues and margins, or more-than-expected debt-funding
of capital expenditure for capacity expansion.

                      About La' Casa De Joaillier

LCDJPL, formerly B G & Associates (BGA), was reconstituted as a
private limited company in April 2009. BGA was established in
2007 as a proprietary concern of Mrs. Bina Goenka. LCDJPL
manufactures high-value diamond-studded jewellery. It has one
boutique store at Hotel Grand Hyatt, Mumbai, catering to high-end
customers, and one manufacturing unit at Andheri (Mumbai).

The promoter of the company, Mrs. Bina Goenka, has five years of
experience in garment retailing, and eight years of experience in
designing, manufacturing, and retailing jewellery. In 2002, she
began working with Ravissant, Mumbai, a chain of stores catering
to upmarket customers, where she designed casual and cocktail
diamond studded jewellery. Mrs. Goenka worked with Ravissant for
nearly five years before establishing BGA in 2007.

For 2010-11 (refers to financial year, April 1 to March 31),
LCDJPL reported, on provisional basis, a profit after tax (PAT)
of INR7.8 million on net sales of INR160.3 million. It reported a
net loss of INR7.5 million on net sales of INR171.9 million for
2009-10.


MAA SHAKAMBARI: CRISIL Rates INR205.6MM Cash Credit at CRISIL BB+
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Maa Shakambari Steel Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR205.6 Million Cash Credit     CRISIL BB+/Stable (Assigned)

The rating reflects the experience of MSSL's promoters in the
sponge iron industry, and the company's moderate financial risk
profile marked by a low gearing and moderate net worth. These
rating strengths are partially offset by MSSL's marginal market
share, and vulnerability to cyclicality, in the steel industry,
and pressure on the company's margins because of limited
integration of operations.

Outlook: Stable

CRISIL believes that MSSL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
increase in revenues and profitability, or greater integration of
operations. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected capacity utilization, which may
deteriorate MSSL's operating margin, or in case of any
significant debt-funded capital expenditure by the company,
resulting in deterioration of its financial risk profile.

                      About Maa Shakambari

MSSL, a closely held public limited company, was incorporated on
March 24, 2004. The company is promoted by Mr. Suresh Kumar
Poddar and his family. The company produces sponge iron and
billet. It has a manufacturing facility in Raigarh
(Chhattishgarh). Currently, the company has two sponge iron kilns
of 100 tonnes per day each, and a 32,000-tonnes-per-annum
induction furnace for billets. The induction furnace commenced
operations in December 2008.

MSSL reported a profit after tax (PAT) of INR6 million on net
sales of INR1048 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR807 million for 2009-10.


MANOJ TRADING: CRISIL Assigns 'CRISIL B' Rating to INR200MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Manoj Trading Company.

   Facilities                      Ratings
   ----------                      -------
   INR200 Million Cash Credit      CRISIL B/Stable(Assigned)
   INR50 Million Proposed LT       CRISIL B/Stable(Assigned)
   Bank Loan Facility

The rating reflects the firm's weak financial risk profile and
highly competitive nature of the industry. These rating
weaknesses are partially offset by the promoter's extensive
experience in the industry and established market position of
MTC.

Outlook: Stable

CRISIL believes that MTC will continue to benefit over the medium
term from its established market position coupled with the
extensive experience of the promoter. The outlook may be revised
to 'Positive if the firm generates significantly better-than-
expected revenue and margins and revenue while improving its
capital structure and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' if MTC's working capital
cycle lengthens significantly or if it faces significant decline
in the revenue or profitability margins.

                         About Manoj Trading

MTC, a proprietary concern of Mr. Manoj Jain, manufactures sarees
and salwar suit material. The products are sold under the brand
name of 'Priyanka'. It outsources its manufacturing process to
printers and embroidery units in Gujarat and Maharashtra. MTC
sells to wholesalers spread across India. It exports to customers
in Dubai, Sri Lanka, and Malaysia. MTC also directly sells to
major retailers such as Big Bazaar, Chennai Silks, Vishal Mega
Mart, Pothys, and Nalli.

MTC recorded a provisional profit after tax (PAT) of INR9.8
million on net sales of INR1.05 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of
INR5.7 million on net sales of INR 752.2 million for 2009-10.


MEENAKSHI (INDIA): CRISIL Puts CRISIL BB+ Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Meenakshi (India) Ltd.

  Facilities                         Ratings
  ----------                         -------
  INR15 Million Cash Credit          CRISIL BB+/Stable (Assigned)
  INR47.5 Million Long-Term Loan     CRISIL BB+/Stable (Assigned)
  INR5-Mil. Foreign Letter of Credit CRISIL A4+ (Assigned)
  INR130 Million Packing Credit      CRISIL A4+ (Assigned)
  INR2.5 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the MIL's moderate financial risk profile
marked by comfortable gearing and debt protection metrics,
established relationship with reputed customers and the promoters
extensive industry experience in the readymade garments industry
(RMG). These rating strengths are partially offset by MIL's small
scale of operations in an intensely fragmented RMG industry and
exposure to customer concentration risks in its revenue profile.

Outlook: Stable

CRISIL believes that MIL will continue to benefit from the
extensive experience of the promoters in the RMG industry and its
healthy capital structure over the medium term. The outlook may
be revised to 'Positive' if the company scales up its operations
and improves its profitability on a sustained basis while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if MIL undertakes a larger-than-expected
debt-funded capital expenditure programme or its relationship
with key customers deteriorates or any large investments are made
in group entities leading to deterioration in its financial risk
profile.

                       About Meenakshi (India)

Incorporated in 1992 by Mr. S S Goenka, MIL manufactures
readymade garments. The company primarily caters to premium
brands in the export market such as Timber Land, Tommy Hilfiger,
and Columbia among others. Besides this, the company is also
involved in textile trading and plantation of coffee, pepper and
cardamom; however, the contribution of revenues from the other
business segments is minimal. The day-to-day operations are
managed by Mr. S S Goenka and his son, Mr. Ashutosh Goenka.

MIL reported a profit after tax (PAT) of INR8.6 million on net
sales of INR260 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.5 million on net
sales of INR255 million for 2009-10.


MILAN GINNING: CRISIL Rates INR100MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Milan Ginning Pressing Pvt Ltd.

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

The rating reflects MGP's weak financial risk profile, marked by
a high gearing, and weak debt protection metrics and constrained
business risk profile marked by small scale of operations in the
highly fragmented cotton ginning industry. These rating
weaknesses are partially offset by the extensive industry
experience of MGP's promoter.

Outlook: Stable

CRISIL believes that MGP will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its capital structure either by equity infusion or cash
accruals or if the company's revenues and margins improve
significantly. Conversely, the outlook may be revised to
'Negative' if MGP's financial risk profile deteriorates further
due to increased debt for high working capital requirements or in
case of change in government policy having a negative impact on
operations.

                        About Milan Ginning

MGP, set up in 1995, is engaged in cotton ginning. The company's
unit is located in Surendranagar (Gujarat). The company has an
installed ginning capacity of 200 candies per day. MGP is
promoted and managed by Mr. Husen Ali Yusuf Ali Narsinh.

MGP is estimated to report a profit after tax (PAT) of INR0.9
million on net sales of INR551 million for 2010-11(refers to
financial year, April 1 to March 31), as against a PAT of
INR0.3 million on net sales of INR353 million for 2009-10.


PERTINENT INFRA: CRISIL Puts 'CRISIL B+' Rating on INR69.1MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Pertinent Infra and Energy Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR69.1 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR0.9 Million Proposed LT      CRISIL B+/Stable (Assigned)
     Bank Loan Facility

The rating reflects PIEL's below-average financial risk profile
marked by a modest net worth, a high gearing, and weak debt
protection metrics, small revenue base, and exposure to counter-
party risk. These rating weaknesses are partially offset by the
experience of the company's promoter in the wind power generation
segment.

Outlook: Stable

CRISIL believes that PIEL's financial risk profile will remain
constrained by the company's large debt-funded capital
expenditure, for setting up a 1.5-megawatt (MW) wind mill,
leading to an aggressive gearing, though supported by stable and
assured accruals from wind power generation. The outlook may be
revised to Positive if PIEL's financial risk profile improves
sharply, mostly likely through large infusion of equity by the
promoters, thus correcting the capital structure. The outlook may
be revised to 'Negative' if PIEL's accruals are lower than
expected, thus constraining the company's ability to service its
term loan.

                       About Pertinent Infra

PIEL (formerly, Maharashtra Prestressed Pipes Ltd) is engaged in
wind power generation and has recently (Sept. 30, 2011) installed
a 1.5-MW windmill at Satara (Maharashtra) after selling its
0.675-MW capacity in Kanyakumari (Tamil Nadu). Previously, it was
also engaged in selling polypropylene woven bags on a basis of
consignments, which were procured from its group company --
Priyadarshini Polysacks Ltd; however, the same has been
discontinued from the current year. Also, PIEL had extended
unsecured interest bearing loans of INR37.78 million to PPL, as
on March 31, 2011.

PIEL, reported a profit after tax (PAT) of INR3.4 million on an
operating income of INR3.8 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR2.2
million on an operating income of INR7.1 million for 2009-10.


PRISTINE INDUSTRIES: CRISIL Rates INR73MM Term Loan at CRISIL BB-
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Pristine Industries Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR73 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR60 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR7 Million Proposed LT        CRISIL BB-/Stable (Assigned)
     Bank Loan Facility

The rating reflects the extensive business experience of PIL's
promoters, supported by the established position of its group
company, Priyadarshini Polysacks Ltd, in the same business. These
rating strengths are partially offset by PIL's below-average
financial risk profile marked by a modest net worth, a high
gearing, and inadequate debt protection metrics, and modest scale
of operations with intense industry competition and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that PIL will benefit over the medium term from
its promoters' extensive experience and its strong relationships
with its customers. The outlook may be revised to 'Positive', if
the company successfully ramps up its operations with sustained
profitability. The outlook may be revised to 'Negative', if there
is pressure on PIL's financial risk profile because of larger-
than-expected working capital requirements or lower-than-expected
accruals.

                    About Pristine Industries

PIL (formerly, Century Financial Resources Ltd) is currently
setting up a manufacturing plant for woven polypropylene bags
with installed capacity of 70 million bags per annum. The first
phase (half the production capacity) commenced production in May
2011; the second phase is expected to be completed by December
2011. The company is expending a capital of about INR120 million,
which is being funded in a debt-to-equity ratio of 3:1. In the
past, PIL had extended unsecured loans to PPL and its only income
was the interest received from such loans. PPL had repaid its
loans in 2010-11 (INR43.8 million as on March 31, 2010) to meet
the funding requirements for the aforementioned capital
expenditure.

PIL reported a loss of INR2.5 million on an operating income of
INR1.7 million for 2010-11 (refers to financial year, April 1 to
March 31), against a PAT of INR1.0 million on an operating income
of INR1.6 million for 2009-10.


RAMABHAI GAGABHAI: CRISIL Rates INR50MM Cash Credit at CRISIL B+
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of M/S Ramabhai Gagabhai.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects Ramabhai's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics, modest scale of operations in the intensely competitive
cotton ginning industry, and vulnerability to adverse changes in
government policies.  These rating weaknesses are partially
offset by the extensive experience of Ramabhai's promoters in the
cotton ginning industry, and the firm's satisfactory working
capital management.

Outlook: Stable

CRISIL believes that Ramabhai will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton ginning industry. However, the firm's financial risk
profile is expected to remain weak during this period, because of
high gearing and low profitability. The outlook may be revised to
'Positive' if Ramabhai improves its scale of operations and
operating margin, along with improvement in its financial risk
profile most likely because of capital infusion. Conversely, the
outlook may be revised to 'Negative' if Ramabhai's profitability
declines further or in case of capital withdrawals leads to
deterioration in the firm's financial risk profile.

                      About Ramabhai Gagabhai

Based at Harij (Gujarat), Ramabhai was set up in 1993 with two
partners; subsequently, other family members joined the business.
Currently, the firm has five partners, including Mr. Ramabhai
Gagabhai Jadav, who manages its overall activities. Ramabhai
procures raw cotton and sells cotton bales after getting the same
ginned and pressed through its group firm, Ambica Industries.
Ramabhai mainly undertakes business activities during October and
April, the peak season in the cotton ginning industry. During the
off season, the firm also trades in castor seeds.

Ramabhai reported a net profit of INR0.6 million on net sales of
INR811.2 million for 2010-11 (refers to financial year, April 1
to March 31), as against net profit of INR0.4 million on net
sales of INR508.2 million for 2009-10.


RAUSHEENA UDYOG: Debt Repayment Delays Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Rausheena Udyog Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR59.5 Million Cash Credit       CRISIL D (Assigned)
   INR40.0 Million Bank Guarantee    CRISIL D (Assigned)
   INR121.3 Million Term Loan        CRISIL D (Assigned)

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

RUL also has working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
RUL's promoter in the baby food industry.

                       About Rausheena Udyog

RUL was incorporated in March 1998 by Mr. Saroj Agarwal in
Shillong (Meghalaya). The company currently has two segments -
the food division and the engineering division. RUL manufactures
ready-to-eat food for infants and sells the same under its brand,
Balbhog. The company also manufactures components for railways,
such as couplers and Cast Manganese Steel (CMS) crossings. The
manufacturing facilities of both the divisions are based in
Guwahati (Assam).

RUL reported a net loss of INR9.26 million on net sales of
INR348.50 million for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR1 million on net sales of
INR178.18 million for 2008-09.


RUCHI MALLS: CRISIL Reaffirms CRISIL B+ Rating on INR1.85BB Loan
----------------------------------------------------------------
CRISIL's rating on the term loan facility of Ruchi Malls Pvt Ltd
continues to reflect CRISIL's belief that Ruchi Malls will
generate modest cash accruals, leading to pressure on its debt
protection metrics, over the medium term.

   Facilities                         Ratings
   ----------                         -------
   INR1.85 Billion Long-Term Loan     CRISIL B+/Stable
   (Enhanced From INR1.50 Billion)

The company remains exposed to intense competition in the
Ahmedabad (Gujarat) retail real estate market, leading to
relatively low lease rentals for its upcoming mall. These rating
weaknesses are partially offset by the support that Ruchi Malls
receives from its parent, Alpha G: Corp Development Pvt Ltd
(Alpha G Corp), for servicing its debt without any delay. The
rating also factors in replacement of Ruchi Malls' existing debt
with lease rental discounting loan along with an escrow mechanism
and a debt service reserve account equivalent in amount to the
company's debt obligations maturing over the next three months -
this would help ensure timely payment of Ruchi Malls' bank dues.

Outlook: Stable

CRISIL believes that Ruchi Malls will continue to receive timely
support from Alpha G Corp for servicing it debt, and will
maintain its business risk profile, supported by healthy
occupancy rates, over the medium term. The outlook may be revised
to 'Positive' if Ruchi Malls generates significantly more-than-
expected operating cash flows. Conversely, the outlook may be
revised to 'Negative' if the support from the parent does not
come on time, or if there is a drop in the occupancy levels or
lease rental rates of the mall.

                        About Ruchi Malls

Ruchi Mall, a wholly owned subsidiary of Alpha G Corp, is a
special-purpose vehicle promoted for developing and operating the
Alpha One mall in Ahmedabad (Gujarat). Alpha G Corp is a real
estate company, which undertakes development of residential and
commercial projects, and integrated townships, besides retail
development, with projects spread across India. Alpha G Corp is
promoted by Mr. Ghanshyam Sheth and other investors. It has
developed around 4.67 million square feet of real estate till
date. Alpha One is a retail-cum-multiplex project in Ahmedabad,
with a total developed area of 1.2 million square feet. The mall
is located near Vastrapur Lake in Ahmedabad.


R V PLASTIC: CRISIL Places 'CRISIL BB' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of R V Plastic Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR80 Million Channel Financing   CRISIL BB/Stable (Assigned)
   INR20 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of RVPL's promoters
in the polymers industry, and its low inventory- and debtor-
related risks. These rating strengths are partially offset by
RVPL's below-average financial risk profile, marked by small net
worth and low profitability, small scale of operations, and large
working capital requirements.

Outlook: Stable

CRISIL believes that RVPL will benefit over the medium term from
the extensive experience of its promoters in the polymer trading
business. The outlook may be revised to 'Positive' in case RVPL
improves its receivables management. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates, most likely because of larger-than-expected working
capital borrowings.

                        About R V Plastic

RVPL was established as a proprietorship firm in 1978 by Mr.
Kailash Chand Goyal. In 1991, it was reconstituted as a closely
held public limited company. RVPL trades in polymers. In May
2010, it became a del credere agent of Indian Oil Corporation Ltd
(IOCL). RVPL is the sole del credere agent/consignment stockist
of IOCL in Haryana for polymers, such as linear low-density
polyethylene, high-density polyethylene, and poly propylene. RVPL
also trades in imported polymers, such as ethylene vinyl acetate
and low-density polyethylene.

RVPL reported an estimated profit after tax (PAT) of INR0.7
million on net sales of INR132.3 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.2
million on net sales of INR329.4 million for 2009-10.


SHAH COAL: CRISIL Assigns 'CRISIL BB' Rating to INR150MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Shah Coal Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR150 Million Proposed LT        CRISIL BB/Stable (Assigned)
     Bank Loan Facility
   INR150 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the benefits that SCPL derives from its
promoters' established credentials in the coal industry and its
strong relationships with its customers and suppliers, and its
strong financial risk profile marked by healthy debt protection
metrics. These rating strengths are partially offset by SCPL's
susceptibility to risks related to the commodity-like market for
its products and to volatility in coal prices.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the
medium term from the healthy demand for coal and its established
customer relationships. The outlook may be revised to 'Positive'
if SCPL reports higher-than-expected growth in revenues and
earnings, while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SCPL's
financial risk profile deteriorates, most likely because of
substantially lower-than-expected profitability or revenues or
significant deterioration in its working capital cycle.

                           About Shah Coal

SCPL was established in 1997 by Mr. Vinay Shah and Mr. Ketan R
Shah. The company is engaged in two lines of businesses: trading
in imported coal and as coal liasoning and handling. The
promoters of the company have been in the coal trading business
for almost 25 years; before establishing SCPL, they were in the
same business through a partnership concern (Shah Coal Services).
SCPL is coal liasoning and handling agent for domestic companies
which have linkages with Coal India Ltd and CIL's subsidiaries.
SCPL's head office is in Mumbai (Maharashtra) and branch offices
in Nagpur (Maharashtra), Bilaspur (Chhattisgarh) and Surat
(Gujarat). The company's coal storage units are in Bilaspur,
Chandrapur (Maharashtra), and Nagpur.

SCPL reported a profit after tax (PAT) of INR33.6 million on net
sales of INR1.41 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net
sales of INR408 million for 2009-10.


SHAH NANJI: CRISIL Assigns 'CRISIL BB-' Rating to INR40MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Shah Nanji Nagsi Exports Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR200 Million Packing Credit    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SNNEPL's
promoters in the agro-trading business. These rating weaknesses
are partially offset by SNNEPL's weak financial risk profile,
marked by small net worth, high ratio of total outside
liabilities to tangible net worth, high gearing, and low interest
coverage ratio, and susceptibility to adverse regulatory changes.

Outlook: Stable

CRISIL believes that SNNEPL will continue to benefit from the
healthy export demand for agro products and the extensive
industry experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if SNNEPL's financial risk
profile improves materially, most likely because of capital
infusion or increased profitability. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates materially because of lower turnover or
profitability most likely because of adverse movement in agro
commodity prices or lower off-take in its key markets, or the
company's operations are affected by any adverse change in
government policy.

                          About Shah Nanji

SNNEPL was set up in 1919 as a partnership firm, Shah Nanji Nagsi
Exports, by the late Mr. Nagsi Hirji Shah at Itwari, Nagpur
(Maharashtra). Mr. Ashwin Shah, the present director-promoter, is
the fourth generation of the family in the business. In 1997, the
firm was reconstituted as a private limited company and got its
present name. SNNEPL primarily trades in agricultural
commodities, mainly non-basmati rice and niger seeds. SNNEPL has
processing and packing units in Mahalgaon, Nagpur.

SNNEPL reported a profit after tax (PAT) of INR4.4 million on net
sales of INR894.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR478.1 million for 2009-10.


SOLITAIRE FOODS: CRISIL Assigns 'CRISIL B' Rating to INR28MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Solitaire Foods Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR32.5 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR28.0 Million Term Loan       CRISIL B/Stable (Assigned)

The rating reflects Solitaire's weak financial risk profile,
particularly its liquidity, because of the company's recent
large, debt-funded capital expenditure (capex) programme. The
ratings also factor in the company's small scale of operations
and susceptibility to adverse regulatory changes and to epidemic-
related factors. These rating weaknesses are partially offset by
the extensive experience of Solitaire's promoters in the milk
industry.

Outlook: Stable

CRISIL believes that Solitaire will face liquidity pressure in
the medium term, given its low cash accruals vis-a-vis maturing
debt repayment obligations and large incremental working capital
requirements. The outlook may be revised to 'Positive' if
significant scale-up in operations results in better-than-
expected cash accruals for Solitaire, or if it's financial
flexibility and net worth improve, most likely through fresh
equity infusions. Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability come under
pressure, or if it undertakes a substantially high debt-funded
capex over the medium term.

                          About Solitaire Foods

Solitaire was promoted by Mr. Sandeep Nagar and three of his
business associates, Mr. Luv Ojha, Mr. Shakti Chabra and Mr.
Rajeev, in 2008 to trade in raw milk. In 2010-11 (refers to
financial year, April 1 to March 31), the company started
manufacturing pasteurised milk. The company's facility based in
Ghaziabad (Uttar Pradesh) has a raw milk processing capacity of
0.2 million litres per day. The company undertook a capex
programme in 2010-11 to set up a facility for manufacturing
pasteurised milk, ghee and milk packaging. The company intends to
undertake milk packaging for corporates on a job work basis.


SURFACE GRAPHICS: CRISIL Puts 'CRISIL BB-' Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Surface Graphics Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Term Loan           CRISIL BB-/Stable (Assigned)
   INR37.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR27.5 Million Proposed LT       CRISIL BB-/Stable (Assigned)
     Bank Loan Facility
   INR75 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect SGPL's modest scale of operations in an
intensely competitive packaging industry and moderate financial
risk profile marked by modest networth and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SGPL's promoters in the packaging
industry.

Outlook: Stable

CRISIL expects SGPL to maintain stable business risk profile in
the medium term, on the back of vast experience of promoters in
the packaging industry. The outlook may be revised to 'Positive'
if the company substantially increases its scale of operations,
along with a sustainable improvement in its capital structure and
debt protection indicators. Conversely, the outlook may be
revised to 'Negative' if the revenues and profitability
deteriorate steeply or if SGPL undertakes a larger than expected
debt-funded capital expenditure programme, resulting in a
deterioration in its debt protection indicators.

                         About Surface Graphics

Surface Graphics Private Limited, established in 1989, is engaged
in manufacturing of mono cartons which are used as packaging
material. The company was incorporated by Mr. H. G. Shetty along
with his brother Mr. S. M. Shetty and friend Mr. Shridhar Hegde.
The overall operations of the company are currently managed by
Mr. H. G. Shetty. The company has its manufacturing unit at
Silvassa with a capacity of 80,000 sheets per day & has its
administrative office at Mumbai. SGPL mainly caters to industries
like FMCG, Hosiery, steel, etc.

SGPL reported a profit after tax (PAT) of INR3.39 million on net
sales of INR207.09 million (provisional figures) for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR2.33 million on net sales of INR188.98 million for 2009-10.


TIRUPATI SUGARS: Fitch Assigns 'B(ind)' Rating on INR650MM Loan
---------------------------------------------------------------
Fitch Ratings has assigned India's Tirupati Sugars Limited a
National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable.  Fitch has also assigned TSL's INR650 million long-term
loans a 'Fitch B(ind)' rating.

The ratings reflect the improvement in TSL's operating and
financial performance since its takeover by the current promoter,
Mr. Deepak Yadav, in September 2008.  Fitch notes that TSL came
out of operating EBITDA losses in FY09 (end-March) and its
revenue increased to INR840 million in FY10 (the first year of
full-scale operations under the new management) from INR116m in
the previous year.

The company's revenue continued to grow in FY11 to reach INR1,561
million.  However, its operating EBITDA margin declined to 8.3%
from 27.5% in FY10 on account of a fall in selling prices, which
had risen significantly in FY10.  Net interest coverage
(operating EBITDA/net interest expense) stood at 3.1x while net
financial leverage (adjusted net debt/operating EBITDA) was 8.3x
in FY11.  For H1FY12, the company clocked revenue of INR369
million, with an operating EBITDA margin of 9%.

The ratings are, however, constrained by TSL's limited track
record of profitable operations and the cyclical nature of the
industry.  Fitch notes that the company has recently come out of
the purview of Board for Industrial and Financial Reconstruction
(BIFR) after being referred to the Board as a sick company in
1996.  Currently, TSL is refurbishing and expanding its sugar
production capacity to 7,000 TCD (tonne sugarcane crushed per
day) from 2,500 TCD at around INR950 million, which is being
funded through a debt and equity ratio of 2.17:1.  The capacity
expansion is expected to be completed by Q3FY12.

Positive rating action may result from an improvement in TSL's
operating profitability post commissioning of the enhanced
capacity, resulting in lowering down of financial leverage along
with maintaining comfortable net interest coverage.  Conversely,
deterioration in net interest coverage due to either a decline in
operating profitability or unexpected debt-led capex would be
negative for the ratings.

TSL is a sugar manufacturing unit established in 1936 at in
Bagaha in west Champaran district, Bihar.  The sugar unit has
current crushing capacity of 3,500 TCD, increased from 2,500 TCD
at the time of takeover.  The company's net worth has turned
positive with a fresh equity infusion by the new promoters and
improvement in its financial performance, as a result of which
TSL has ceased to be a sick industrial


TRIUMPH AUTO: CRISIL Assigns 'CRISIL B' Rating to INR87.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Triumph Auto Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR87.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR40.2 Million Term Loan        CRISIL B/Stable (Assigned)

The rating reflects TAPL's below-average financial risk profile,
marked by high total outside liabilities to tangible net worth
ratio (TOL-TNW), weak debt protection metrics, and low margins,
and exposure to intense competition in the automobile dealership
market and supplier concentration risk. These rating weaknesses
are partially offset by the extensive industry experience of its
promoter and their established relationship with TATA Motors Ltd
(TML, rated CRISIL AA-/ CRISIL AAA (so)/ Stable/ CRISIL A1+).

Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the
medium term from the extensive experience of its promoter in the
automobile dealership industry and its established relationship
with TML. The outlook may be revised to 'Positive' if there is an
improvement in TAPL's liquidity and capital structure or if its
operating margin improves substantially, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case its financial risk profile
deteriorates further particularly due to deterioration in the
margins or gearing due to increased competition in the automobile
sector or larger-than-expected debt-funded capital expenditure
respectively.

                         About Triumph Auto

TAPL was incorporated in 2007 by Mr. Naresh Gupta and is an
authorised dealer of TML's automobiles. The company began
operations in March 2009 by setting up a showroom-cum-service
centre in Faridabad (Haryana). The company's promoter has been in
the auto dealership business for around 20 years through TAPL's
associate companies - Triumph Auto Engineering Pvt Ltd (service
centre in Gurgaon [Haryana] for TML); Triumph Auto Parts
Distributors Pvt Ltd (distributor of spare parts for TML); and
Triumph Auto Sales Pvt Ltd (auto dealership of Honda Motorcycle
and Scooters India Ltd).

TAPL has reported a profit after tax (PAT) of Rs 1.6 million on
net sales of INR405.6 million for 2010-11 (refers to financial
year, April 1 to March 31) as against PAT of INR1.3 million on
net sales of INR427.4 million for 2009-10.


VIKRAM INDIA: CRISIL Assigns CRISIL BB Rating to INR10MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
Vikram India Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR10 Million Proposed LT       CRISIL BB/Stable (Assigned)
     Bank Loan Facility
   INR65 Million Packing Credit    CRISIL A4+ (Assigned)
   INR30 Million Letter of credit  CRISIL A4+ (Assigned)
     & Bank Guarantee

The ratings reflect Vikram's established market position in the
tea processing machinery segment with wide customer base, and
moderate financial risk profile, marked by low gearing and
moderate debt protection metrics. These rating strengths are
partially offset by risks associated with working capital
intensity nature of business, low operating margin and
susceptibility to industrial investment cycles and growth in tea
industry.

Outlook: Stable

CRISIL believes that Vikram will continue to benefit from its
long track record and established market position in the tea
processing machinery business. The outlook could be revised to
'Positive' if sustained improvement in the company's
profitability and fresh equity infusion lead to a substantial
improvement in its financial risk profile. Conversely, the
outlook could be revised to 'Negative' if the company's financial
risk profile deteriorates materially because of large debt-funded
capital expenditure or slowdown in demand from end-user industry.

                         About Vikram India

Set up as a partnership firm named Vikram Forging and Allied
Industries in 1974, and reconstituted as a private limited
company named Vikram Forging and Allied Industries Pvt Ltd in
1980, Vikram got its present name when it was reconstituted as a
closely held public limited company in 2000. The Kolkata-based
company is currently managed by Mr. Hari Krishna Chaudhary and
his sons, and manufactures machinery required for tea processing,
from plucking to assorting and packaging. Vikram also provides
turnkey solutions by installing complete machinery lines for tea
processing.

Vikram reported a profit after tax (PAT) of INR8.4 million on a
net sales of INR548.7 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR3.7 million on
net sales of INR442.6 million for 2009-10.


WINSWAY COKING: Fitch Says Acquisition Won't Affect IDR's Rating
----------------------------------------------------------------
Fitch Ratings says Winsway Coking Coal Holdings Limited's
acquisition of a 60% interest in Grand Cache Coal Co. Ltd, a
Canadian hard coking coal producer, will not have an immediate
impact on its Long-Term Foreign Currency Issuer Default Rating
(IDR) of 'BB' with a Stable Outlook.

"Although the acquisition will increase Winsway's financial
leverage in 2011, this is likely to be temporary as the company,
barring further large acquisitions or capex, should reduce
leverage thereafter on the back of its own growing operating
profit and Grand Cache's production growth," says Cosmo Zhang,
Director in Fitch's Corporate team.

On Nov. 1, 2011, Winsway and Marubeni Corporation agreed to form
a 60-40 venture to acquire all of Grand Cache for CAD983 million
(HKD7.49 billion) and assume Grand Cache's total adjusted debt of
CAD75 million.  As of June 30, 2011, Winsway had cash of HKD5.76
billion, raised mostly from its IPO and USD note issuance.  While
the proceeds were partly designated for upstream asset
acquisition, the scale of the Grand Cache acquisition will likely
require Winsway to incur additional debt.

Fitch's analysis shows that the additional debt requirement for
the acquisition will result in Winsway's 2011 total adjusted
debt/EBIDTAR exceeding 3x, a guideline for negative rating
action.  Nevertheless, barring further acquisitions and/or capex,
Winsway will likely be able to deleverage with profit
contribution from Grande Cache and expected earnings growth at
Winsway.  Winsway's estimated H111 operating EBIDTAR was HKD1,386
million compared with HKD898 million a year earlier.

Management has indicated that the acquisition is a one-off
opportunistic purchase, rather than a strategic change to be more
asset-heavy. Given the limited headroom for leverage at the
current rating, level any further acquisition will likely result
in a negative rating action.


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


J-CORE15 TRUST: Fitch Junks Rating on Four Note Classes
-------------------------------------------------------
Fitch Ratings has downgraded five classes of J-CORE15 Trust's
trust beneficiary interests (TBIs) or asset-backed loans (ABLs)
due July 2013 and affirmed the remaining four classes.  The
transaction is a Japanese single-borrower type CMBS
securitisation. The rating actions are as follows:

-- JPY6.7bn* Class A1 TBIs affirmed at 'AAAsf'; Outlook Negative

-- JPY14.6bn* Class A1 ABL affirmed at 'AAAsf'; Outlook Negative

-- JPY14.7bn* Class A2 TBIs affirmed at 'BBBsf'; Outlook
    Negative

-- JPY1bn* Class A2 ABL affirmed at 'BBBsf'; Outlook Negative

-- JPY8bn* Class B TBIs downgraded to 'Bsf' from 'BBsf'; Outlook
    Negative

-- JPY6.6bn* Class D ABL downgraded to 'CCsf' from 'CCCsf';
    Recovery Rating of 'RR6'

-- JPY3bn* Class E TBIs downgraded to 'CCsf' from 'CCCsf';
    Recovery Rating of 'RR6'

-- JPY1.4bn* Class F TBIs downgraded to 'CCsf' from 'CCCsf';
    Recovery Rating of 'RR6'

-- JPY4bn* Class F ABL downgraded to 'CCsf' from 'CCCsf';
    Recovery Rating of 'RR6'

*as of Nov. 2, 2011

Fitch has downgraded classes B to F to reflect the increased
likelihood that the sale of the sole underlying property will
result in a loss on the four most junior classes, with only a
limited buffer protecting the class B TBIs.  This is because the
remaining life of the transaction is now shorter than two years
and as a result, in accordance with the transaction documents,
the control rights in the sales activity are moving to more
senior creditors.  In the light of the sales activity reported by
the servicer to date and the current market environment, Fitch
believes the probability of the ultimate loss on the lower
classes has increased.

The agency has not changed its valuation of the single underlying
property since its previous rating action in November 2010 due to
its conservative assumptions.

The affirmation of the ratings on the class A1 and A2 TBIs and
ABLs reflects Fitch's expectation that the sale of the underlying
property would result in the ultimate principal repayment under
the relevant rating stress scenarios, taking into account the
location and rarity of the collateral property as well as the
value as estimated by Fitch.  The Negative Outlooks, however,
reflect some uncertainty surrounding the collection plan of the
underlying TMK bond as the CMBS deal approaches the legal final
maturity.  The plan is expected to be carried out in accordance
with the transaction documents; however, details of the plan are
not yet clear.

Fitch assigned ratings to the TBIs and ABLs from this transaction
in July 2008. The transaction is a securitisation of a TMK bond
purchased by Deutsche Bank AG, Tokyo Branch.  The bond is backed
by a Class A office building -- the former Head Office Building
of the Shinsei Bank -- located in Chiyoda-ku, Tokyo.


L-JAC 7: S&P Lowers Rating on Class C Certificates to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to C trust certificates and a trust loan issued in
March 2008 under the L-JAC 7 Trust Beneficial Interest and Trust
Loan (L-JAC 7) transaction, and removed the ratings from
CreditWatch with negative implications, where they were placed on
April 27, 2011. "Meanwhile, we affirmed our 'CCC (sf)' ratings on
17 other classes of trust certificates issued under the same
transaction (also listed below). On July 26, 2010, we lowered the
ratings on the class H-1, I-1, J-1, and K-1 trust certificates to
'D (sf)', and on May 25, 2011, we withdrew our rating on the
class X trust certificates in accordance with our revised
methodology for rating interest-only (IO) securities, which we
published on April 15, 2011," S&P said.

Of the four loans and four specified bonds (hereafter,
collectively referred to as 'loans') that initially backed this
transaction, six loans remain, three of which have defaulted.
Although the servicer is currently engaged in selling the
properties backing the three defaulted loans, the sales of the
properties have not yet been completed, indicating that the
collection activities relating to the loans in question have not
progressed.

The downgrades reflect these factors:

    One of the three defaulted loans (the loan originally
    represented about 19% of the total initial issuance amount of
    the trust certificates) is backed by four office and retail
    buildings located in central Tokyo and central Osaka.
    "Because collection activities that the servicer is
    undertaking for these four properties have not progressed, we
    have revised downward our assumption with respect to the
    likely collection amount from the properties. We currently
    assume the combined value of the properties that we revised
    this time to be about 52% of our initial underwriting value,
    while our revised value in March 2010 was about 64% of our
    initial underwriting value," S&P related.

    "Likewise, we have lowered our assumption with regard to the
    likely collection amount from the properties backing two of
    the transaction's remaining loans, which are due to mature in
    or after September 2011 (the two loans originally represented
    a combined 30% or so of the total initial issuance amount of
    the trust certificates). We currently assume the combined
    value of the properties backing the two loans that we revised
    this time to be about 62% of our initial underwriting value.
    It is our view that leasing and sales activities relating to
    one of the two loans, which is backed by an office building
    in Koto Ward, Tokyo, are progressing only slowly.  This is
    because: (1) we were informed that the Great East Japan
    Earthquake that struck northeastern Japan on March 11, 2011,
    caused relatively severe physical damage to the property,
    although the building's frame suffered only limited damage;
    and (2) the area surrounding the building was affected by
    soil liquefaction. As for the other loan, it is backed by two
    office buildings situated in Japan's Hokuriku (northwestern)
    region that weren't damaged by the March 11 earthquake," S&P
    related.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The trust certificates were initially secured
by four specified bonds and four nonrecourse loans that were
originally extended to eight obligors. The specified bonds and
nonrecourse loans were originally backed by 16 real estate
properties and real estate beneficial interests. The transaction
was arranged by Lehman Brothers Japan Inc., and Premier Asset
Management Co. is the servicer for the transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
October 2014 for the class A trust certificates and the trust
loan, and the full payment of interest and ultimate repayment of
principal by the legal final maturity date for the class B to J-2
certificates," S&P said.

Ratings Lowered, Off Creditwatch Negative
L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion Trust certificates due October 2014

Class          To        From              Initial issue amount
Coupon type
------------
A              BBB(sf)   A+(sf)/Watch Neg      JPY11.75 bil.
Floating rate

Trust Loan     BBB(sf)   A+(sf)/Watch Neg      JPY8.50 bil.
Floating rate

B              B(sf)     BB+(sf)/Watch Neg     JPY3.15 bil.
Floating rate

C              CCC(sf)   B-(sf)/Watch Neg      JPY3.14 bil.
Floating rate

Ratings Affirmed
Class     Rating       Initial issue amount     Coupon type
D-1       CCC (sf)       JPY1.88 bil.           Floating rate
D-2       CCC (sf)       JPY1.10 bil.           Floating rate
D-3       CCC (sf)       JPY0.60 bil.           Floating rate
E-1       CCC (sf)       JPY0.61 bil.           Floating rate
E-2       CCC (sf)       JPY0.56 bil.           Floating rate
E-3       CCC (sf)       JPY0.27 bil.           Floating rate
F-1       CCC (sf)       JPY0.80 bil.           Floating rate
F-2       CCC (sf)       JPY0.49 bil.           Floating rate
F-3       CCC (sf)       JPY0.26 bil.           Floating rate
G-1       CCC (sf)       JPY0.71 bil.           Floating rate
G-2       CCC (sf)       JPY0.48 bil.           Floating rate
G-3       CCC (sf)       JPY0.26 bil.           Floating rate
H-2       CCC (sf)       JPY0.64 bil.           Floating rate
H-3       CCC (sf)       JPY0.30 bil.           Floating rate
I-2       CCC (sf)       JPY0.62 bil.           Floating rate
I-3       CCC (sf)       JPY0.33 bil.           Floating rate
J-2       CCC (sf)     JPY0.53 bil.             Floating rate


TOKYO ELECTRIC: Shareholders to File Suit Against 60 Directors
--------------------------------------------------------------
Dow Jones Newswires reports that sources familiar with the matter
said Friday some 30 shareholders of Tokyo Electric Power Co. are
set to file a lawsuit against about 60 current and former
directors of the utility, demanding that they return a total of
JPY1.1 trillion to the company, claiming the board's negligence
resulted in the nuclear crisis at its Fukushima Daiichi power
plant.

According to Dow Jones, the demanded amount is the same as the
estimated loss the company, known as TEPCO, announced in August
after the nuclear accident caused by the March 11 earthquake and
tsunami.

Dow Jones relates that the sources said the shareholders, who are
calling for abandoning nuclear power-generation altogether, will
first ask TEPCO's auditors later this month to sue some 60 board
members over the past 20 years, including incumbent Chairman
Tsunehisa Katsumata, to have them return the sum to the company.

If the auditors fail to do so within 60 days, the shareholders
sue to make the directors be accountable, the news agency says.

                       About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


TOKYO ELECTRIC: Expects Second Annual Loss; Wins $11.5BB Aid
------------------------------------------------------------
Tsuyoshi Inajima and Yuji Okada at Tokyo Electric Power Co.
forecast another full-year loss, bringing the deficit from the
Fukushima nuclear catastrophe to JPY1.8 trillion as it won
approval for a business plan that will release government aid to
compensate for the crisis.

Bloomberg, citing a statement from a government-backed
compensation fund on Friday, says Japan's biggest utility expects
a loss of JPY576 billion on a parent basis for the year ending
March.  The statement, as cited by Bloomberg, said the business
recovery plan from Tokyo Electric includes cutting 7,400 jobs and
slashing costs by JPY2.5 trillion during the next 10 years.

Bloomberg relates that approval of the plan Friday by Trade
Minister Yukio Edano during a meeting with Tokyo Electric
President Toshio Nishizawa and staff from the compensation fund
will release about JPY900 billion ($11.5 billion)  of government
aid.  It will be used to pay compensation to residents, farmers,
and fisheries and forestry businesses, according to Bloomberg.

Bloomberg relates that Takashi Aoki, who helps manage JPY120
billion of investments at Tokyo-based Mizuho Asset Management
Co., said the plan's approval was expected and it keeps TEPCO
alive for the year ending March.

Still, "Tepco may wipe out its net assets of JPY708.8 billion by
the end of next fiscal year" without an increase in electricity
prices and the restart of nuclear power plants, Mr. Aoki told
Bloomberg.

The company had a JPY1.26 billion parent loss in the 12 months to
March this year, the report discloses.  Its group loss was
JPY1.25 trillion in the year and JPY572 billion in this year's
first quarter.

                       About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


TRACOMA HOLDINGS: Delisted from Bursa Malaysia Securities
---------------------------------------------------------
The securities of Tracoma Holdings Berhad was delisted from the
official list of Bursa Malaysia Securities Berhad on Nov. 4,
2011, as the Company failed to submit its regularization plan to
the Securities Commission and other relevant authorities for
approval on or before Oct. 31, 2011.

The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                      About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders'
equity is less than MYR12 million.


TRACOMA HOLDINGS: Jaafar Steps Down as Chairman and Director
------------------------------------------------------------
Dato' Ir Dr A. Bakar Jaafar resigned from his position as
chairman and director of Tracoma Holdings Berhad effective
Nov. 1, 2011.

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders'
equity is less than MYR12 million.


VTI VINTAGE: Regularizes Financial Condition; Out of PN17 Status
----------------------------------------------------------------
Bursa Malaysia Securities Berhad said that Ark Resources Berhad
has regularized its financial condition and no longer triggers
any of the criteria under Paragraph 2.1 of Practice Note 17
("PN17").

Bursa Securities emphasized that it will continue to monitor the
progress of PN17 companies in respect of their compliance with
the Listing Requirements.

On Feb. 25, 2010, VTI Vintage was classified as an Amended
Practice Note 17 issuer based on the criteria set by the Bursa
Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.

                          About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and
laying of roof tiles and installation of roofing on a consignment
basis and manufacture, supply and installation of steel related
building materials.


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


CENTURY CITY: Marketing Efforts for ASB Bank Tower Commence
-----------------------------------------------------------
BusinessDay reports that a marketing campaign was launched
Saturday for one of bankrupt property developer Terry Serepisos's
star assets, the ASB Bank Tower on Wellington's waterfront.

BusinessDay relates that former Phoenix football club owner
Serepisos, who was bankrupted in September with debts of around
NZ$200 million, paid NZ$23.5m for the building in 2006.  A 2009
valuation showed it to be worth NZ$34.2 million.

The report, citing New Zealand Society for Earthquake
Engineering, discloses that the 16-storey commercial building was
built by Mainzeal in 1988 and has Grade B earthquake
strengthening.

Advertising started in New Zealand publications Saturday, and
Colliers International real estate agent marketing the property
Bill Leckie told BusinessDay he was heading to Singapore on
Monday to present it to potential buyers.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

In August, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.

The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


NOEL LEEMING: Appoints Investment Banker; May Be Put Up for Sale
----------------------------------------------------------------
BusinessDay.co.nz reports that Noel Leeming Group said it has
appointed an investment bank to advise shareholders on its future
-- a move that could see it put up for sale.

But sources said the Group is already on the block, after its
bankers agreed to roll over loans only if it put itself up for
sale, the report says.

BusinessDay.co.nz discloses that the Group, owner of household
name retail chains Noel Leeming and Bond & Bond, is owned by
funds controlled by Australian private equity firm Gresham.

According to the report, group chairman Bruce Cotterill said
investment bank Macquarie would "advise shareholders on options
as they see it for the business in the market over the next
couple of years."

Gresham had owned the business for seven years, the report notes.

"They probably would have preferred to have exited by now but
with the market being how it has been, it hasn't made any sense
to do that," BusinessDay.co.nz quotes Mr. Cotterill as saying.

"What they're saying quite rightly as a shareholder is, 'If we're
still sitting here at 10 years, we've probably held it for too
long, so what are our options?' But there's nothing to suggest
the business has been thrown on the market and nothing to suggest
it's at the behest of bankers."

BusinessDay.co.nz recalls that the Group had rolled over bank
debt -- understood to be NZ$74.7 million in loans from Bank of
Scotland International -- that was due at the end of June.
"There is no indication from them that they are anything other
than happy with the performance of the business."

According to the report, the Group's sales for the half-year
ending September was up 8% year-on-year and earnings before
interest, tax, depreciation and amortization were up 20%.

"Our market share is at an all-time high. We're probably one of
the better performing retailers at the moment."

BusinessDay.co.nz says financial statements for 2011 have yet to
be filed, but the group reported a loss of NZ$2.7 million for the
year to March 2010 on revenue of NZ$515.8 million.  The result
followed a loss of NZ$4.4 million for 2009.  At balance date, it
had bank loans of NZ$74.7 million and shareholder loans of
NZ$39 million.

Market commentator Arthur Lim said the appointment of an
investment bank "by definition" meant Gresham was looking at
options for a sale or recapitalisation, which would give its
bankers comfort, according to BusinessDay.co.nz.

Gresham injected NZ$15 million in shares and shareholder loans
into the Group in April 2008 after it breached its banking
covenants.

                        About Noel Leeming

Noel Leeming Group Limited owns and operates a chain of appliance
and electronics retail stores.  Noel Leeming Group Limited was
founded in 1973 and is based in Auckland, New Zealand.


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


FABRI-TECH COMPONENTS: Court to Hear Wind-Up Petition on Nov. 11
----------------------------------------------------------------
A petition to wind up the operations of Fabri-Tech Components (S)
Pte Ltd will be heard before the High Court of Singapore on
Nov. 11, 2011, at 10:00 a.m.

Woo Kwok Min, Kwok Siow Wei, and Wong Yee Mei filed the petition
against the company on Oct. 17, 2011.

The Petitioner's solicitors are:

          Messrs KhattarWong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


JURONG TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 18
--------------------------------------------------------------
A petition to wind up the operations of Jurong Technologies
Industrial Corp. Ltd will be heard before the High Court of
Singapore on Nov. 18, 2011, at 10:00 a.m.

Tam Chee Chong and Keoy Soo Earn filed the petition against the
company on Oct. 25, 2011.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00
          AIA Tower
          Singapore 048542


MSM HOLDINGS: Creditors' Meetings Set for Nov. 9
------------------------------------------------
MSM Holdings Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Nov. 9,
2011, at 11:00 a.m., at Confidence Room, International Factors
Building, at 141 Market Street, Singapore 048944.

Agenda of the meeting include:

   a. to ascertain whether legal action to be funded by the
      creditors should be commenced by the Company to recover
      monies from various parties; and

   b. to consider any other matters which may properly be brought
      before the meeting;

The company's liquidator is:

         Abuthahir Abdul Gafoor
         c/o 1 Raffles Place
         #20-02 One Raffles Place
         Singapore 048616


PAU (F&B): Court to Hear Wind-Up Petition on Nov. 25
-----------------------------------------------------
A petition to wind up the operations of Pau (F&B) Holdings Pte
Ltd will be heard before the High Court of Singapore on Nov. 25,
2011, at 10:00 a.m.

Singapore Food Industries Pte Ltd filed the petition against the
company on Oct. 28, 2011.

The Petitioner's solicitor is:

          Messrs P. Tan & Company
          133 New Bridge Road
          #15-07 Chinatown Point
          Singapore 059413


STREAM OFFSHORE: Court to Hear Wind-Up Petition on Nov. 18
----------------------------------------------------------
A petition to wind up the operations of Stream Offshore
Production Pte Ltd will be heard before the High Court of
Singapore on Nov. 18, 2011, at 10:00 a.m.

Siva Shipping Singapore Pte Ltd filed the petition against the
company on Oct. 21, 2011.

The Petitioner's solicitor is:

          Incisive Law LLC
          16 Collyer Quay, #19-00
          Singapore 049318


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


* BOND PRICING: For the Week Oct. 31 to Nov. 4, 2011
----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.31
AMITY OIL LTD           10.00    10/31/2013   AUD       1.80
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.89
DIVERSA LTD             11.00    09/30/2014   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   NZD      68.34
EXPORT FIN & INS         0.50    06/15/2020   AUD      66.71
EXPORT FIN & INS         0.50    06/15/2020   NZD      66.40
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
NEW S WALES TREA         1.00    09/02/2019   AUD      73.64
NEW S WALES TREA         0.50    09/14/2022   AUD      60.47
NEW S WALES TREA         0.50    10/07/2022   AUD      60.29
NEW S WALES TREA         0.50    10/28/2022   AUD      60.13
NEW S WALES TREA         0.50    11/18/2022   AUD      59.97
NEW S WALES TREA         0.50    12/16/2022   AUD      59.76
NEW S WALES TREA         0.50    02/02/2023   AUD      59.40
NEW S WALES TREA         0.50    03/20/2023   AUD      58.99
RESOLUTE MINING         12.00    12/31/2012   AUD       1.71
TREAS CORP VICT          0.50    08/25/2022   AUD      61.39
TREAS CORP VICT          0.50    11/12/2030   AUD      59.87
TREAS CORP VICT          0.50    11/12/2030   AUD      41.61


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.21
LY CITY ASSETS           6.88    06/13/2018   CNY      57.00
TIANJIN CONSTR           3.75    03/25/2014   CNY      71.52
ZJ HISUN PHARMAC         6.50    08/25/2016   CNY      55.03


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      74.02
RESPARCS FUNDING         8.00    12/29/2049   USD      26.83
SINO-OCEAN LAND         10.25    12/31/2049   USD      71.00


  INDIA
  -----

INDIA GOVT BOND          6.01    03/25/2028   INDR     74.75
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.31
PUNJAB INFRA DB          0.40    10/15/2025   INR      22.96
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.86
PUNJAB INFRA DB          0.40    10/15/2027   INR      18.97
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.28
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.77
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.33
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.23
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.16
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.20
SHIV-VANI OIL            5.00    08/17/2015   USD      73.12
VIDEOCON INDUS           6.75    12/16/2015   USD      70.42


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.90
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.97
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.56    10/29/2014   JPY      73.87
TOKYO ELEC POWER         1.55    10/29/2014   JPY      72.87
TOKYO ELEC POWER         1.43    02/10/2015   JPY      72.50
TOKYO ELEC POWER         1.42    04/27/2015   JPY      71.00
TOKYO ELEC POWER         0.64    04/28/2015   JPY      68.25
TOKYO ELEC POWER         1.11    05/29/2015   JPY      68.00
TOKYO ELEC POWER         1.35    06/15/2015   JPY      68.62
TOKYO ELEC POWER         0.92    07/16/2015   JPY      66.87
TOKYO ELEC POWER         1.36    08/12/2015   JPY      67.37
TOKYO ELEC POWER         1.59    12/28/2015   JPY      66.25
TOKYO ELEC POWER         2.08    05/31/2016   JPY      64.75
TOKYO ELEC POWER         1.97    06/27/2016   JPY      64.75
TOKYO ELEC POWER         2.06    08/31/2016   JPY      65.25
TOKYO ELEC POWER         1.88    09/28/2016   JPY      64.12
TOKYO ELEC POWER         3.45    11/29/2016   JPY      69.25
TOKYO ELEC POWER         1.79    03/14/2017   JPY      62.75
TOKYO ELEC POWER         2.12    03/24/2017   JPY      64.24
TOKYO ELEC POWER         1.78    05/31/2017   JPY      62.87
TOKYO ELEC POWER         2.02    07/25/2017   JPY      63.00
TOKYO ELEC POWER         3.22    07/28/2017   JPY      66.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      62.50
TOKYO ELEC POWER         3.07    09/22/2017   JPY      66.25
TOKYO ELEC POWER         1.84    09/25/2017   JPY      61.62
TOKYO ELEC POWER         1.75    09/28/2017   JPY      60.50
TOKYO ELEC POWER         1.77    11/30/2017   JPY      61.25
TOKYO ELEC POWER         2.77    12/22/2017   JPY      64.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      59.25
TOKYO ELEC POWER         2.90    03/23/2018   JPY      65.50
TOKYO ELEC POWER         1.59    03/28/2018   JPY      60.37
TOKYO ELEC POWER         2.77    04/17/2018   JPY      65.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      60.87
TOKYO ELEC POWER         1.60    04/25/2018   JPY      61.12
TOKYO ELEC POWER         1.97    06/25/2018   JPY      61.00
TOKYO ELEC POWER         1.84    07/25/2018   JPY      61.00
TOKYO ELEC POWER         1.69    10/17/2018   JPY      60.62
TOKYO ELEC POWER         2.05    10/23/2018   JPY      62.50
TOKYO ELEC POWER         2.70    01/29/2019   JPY      62.75
TOKYO ELEC POWER         1.90    06/13/2019   JPY      62.50
TOKYO ELEC POWER         1.42    09/30/2019   JPY      57.00
TOKYO ELEC POWER         1.37    10/29/2019   JPY      57.87
TOKYO ELEC POWER         2.05    10/29/2019   JPY      60.12
TOKYO ELEC POWER         1.81    02/28/2020   JPY      58.37
TOKYO ELEC POWER         1.39    05/28/2020   JPY      55.87
TOKYO ELEC POWER         1.31    06/24/2020   JPY      57.75
TOKYO ELEC POWER         1.22    07/29/2020   JPY      55.37
TOKYO ELEC POWER         1.15    09/08/2020   JPY      62.12
TOKYO ELEC POWER         1.63    07/16/2021   JPY      55.87
TOKYO ELEC POWER         2.34    09/29/2028   JPY      56.37
TOKYO ELEC POWER         2.40    11/28/2028   JPY      57.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      53.37
TOKYO ELEC POWER         2.11    12/10/2029   JPY      51.75
TOKYO ELEC POWER         1.95    07/29/2030   JPY      53.25
TOKYO ELEC POWER         2.36    05/28/2040   JPY      50.12


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.46
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.24
DUTALAND BHD             6.00    04/11/2013   MYR       0.78
DUTALAND BHD             6.00    04/11/2013   MYR       0.46
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.42
ENCORP BHD               6.00    02/17/2016   MYR       0.86
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.95
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.80
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.67
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.46
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.25


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       8.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      69.18
INFRATIL LTD             8.50    09/15/2013   NZD       7.55
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             4.97    12/29/2049   NZD      59.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.60
NZF GROUP                6.00    03/15/2016   NZD      33.00
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.34
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      66.75
BAKRIE TELECOM          11.50    05/07/2015   USD      60.25
BLUE OCEAN              11.00    06/28/2012   USD      33.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      57.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.97
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.60
SENGKANG MALL            8.00    11/20/2012   SGD       0.40
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.25


SOUTH KOREA
-----------

EXP-IMP BK KOREA         0.50    10/23/2017   TRY      66.02
GREAT KD 1ST ABS        15.00    08/19/2014   USD      30.19
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.10
HANJIN SHIPPING          4.00    07/20/2016   USD      74.23
HYUNDAI SWISS II         8.30    01/13/2015   KRW      63.13
SOLOMON MUTUAL B         8.10    06/22/2012   KRW      70.05


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      67.85


                             *********

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 ***