TCRAP_Public/110830.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 30, 2011, Vol. 14, No. 171

                            Headlines



A U S T R A L I A

AUSTRALIA LIVE: Owes More Than AUD3.3 Million to Creditors
BANKSIA PRODUCTIONS: Humphrey B. Bear Up For Sale
CENTRO PROPERTIES: Still Faces Liquidation Despite Rise in Profit
CHALLENGER INFRASTRUCTURE: Posts AUD808,000 Net Loss in FY2011
GORDON RAMSAY: Maze Liquidators Start Insolvent Trading Probe

PLAYSPACE PLAYGROUND: NAB Appoints Ferrier Hodgson as Receivers
SPORTS ALIVE: In Liquidation; Investors Face Large Losses


C H I N A

LDK SOLAR: Fitch Affirms Senior Unsecured Rating at 'B+'


H O N G  K O N G

AFEX INTERNATIONAL: Creditors' First Meeting Set for Sept. 7
AFEX PROCUREMENT: Creditors' First Meeting Set for Sept. 7
ASIAN HARDWOOD: Members' Final General Meeting Set for Sept. 28
ASPENTECH ASIA: Commences Wind-Up Proceedings
ASTLEY & PEARCE: Ying and Chan Step Down as Liquidators

BEAR STEARNS: Members' Final Meeting Set for Sept. 28
BEAR STEARNS HK: Members' Final Meeting Set for Sept. 28
CRYSTAL CHANT: Ho and Kong Down as Liquidators
DISNEY CHINA: Placed Under Voluntary Wind-Up Proceedings
EURASIAN NETWORK: Ying and Chan Step Down as Liquidators

EXCO MONEYBROKING: Ying and Chan Step Down as Liquidators
EXTENSION INVESTMENT: Members' Final Meeting Set for Sept. 30
FINTEK ELECTRONIC: Members' Final Gen. Meeting Set for Sept. 27
FRIENDS OF WOLFSON: Creditors' Proofs of Debt Due Sept. 30
GUNYA INVESTMENT: Placed Under Voluntary Wind-Up Proceedings

WINSWAY COKING: Moody's Comments on 1H 2011 Results


I N D I A

ADHUNIK CEMENT: Fitch Affirms National LT Rating at 'BB-(ind)'
AVASARALA TECHNOLOGIES: ICRA Rates INR125cr Loan at '[ICRA]BB'
BILLETS ELEKTRO: ICRA Rates INR1cr Long Term Loan at '[ICRA]BB+'
CHANDRI PAPER: ICRA Assigns '[ICRA]BB' Rating to INR7cr Loan
DEBBAS PRIME: ICRA Withdraws 'LBB+' Rating on INR5cr LT Loan

DIAMOND FOOTCARE: ICRA Suspends 'LBB' INR7.5cr Term Loan Rating
DRISHA IMPEX: ICRA Reaffirms '[ICRA] B' Rating on INR5cr Loan
HI-MAC CASTINGS: ICRA Reaffirms '[ICRA]B' Rating on INR2.5cr Loan
HOMEMAKER ENTERPRISES: ICRA Rates INR6cr Loan at '[ICRA]BB'
MALWA INDUSTRIES: ICRA Cuts INR179.27cr Loan Rating to '[ICRA]D'

MEP COTTON: ICRA Assigns '[ICRA]D' Rating to INR55.5cr Loan
NAV BHARAT: Fitch Assigns 'BB-(ind)' National Long-Term Rating
NECO HEAVY: ICRA Upgrades Rating on INR1.48cr Loan to '[ICRA]BB'
PENINSULA PROJECTS: ICRA Reaffirms '[ICRA] BB' Long Term Rating
ROYALS EDUCATION: ICRA Assigns '[ICRA]BB' Rating to INR10cr Loan

SAFEPACK INDUSTRIES: ICRA Places '[ICRA]B+' Rating on INR5cr Loan
SALISBURY PROJECTS: ICRA Reaffirms '[ICRA] BB+' Long Term Rating
SHEKHAR RESORTS: ICRA Cuts Rating on INR50cr Loan to '[ICRA]D'
SHREYAS INDIA: ICRA Rates INR10cr Fund Based Loans at '[ICRA]BB'
SREE KARPAGAMBAL: Fitch Assigns 'BB(ind)' National LT Rating

SURYODAYA TEXTILES: ICRA Cuts Rating on INR28cr Loan to '[ICRA]D'
TRADECOM INTERNATIONAL: ICRA Rates INR1.03cr LT Loan at 'LBB'
TUSHA TEXTILES: ICRA Assigns '[ICRA]BB' Rating to INR1.95cr Loan
WELLCOME FISHERIES: ICRA Rates INR2cr Term Loan at '[ICRA]BB'


I N D O N E S I A

ADARO INDONESIA: Fitch Puts 'BB+' Rating on $800-Mil. Notes
CIMB BANK: Moody's Upgrades BFSR to 'C-' From 'D+'
PT ALUCO: Fitch Places 'B-' Sr. Unsec. Rating on Watch Negative


J A P A N

ORIX-NRL TRUST: S&P Affirms 'B-' Rating on Class E Certificates


K O R E A

KOREA ELECTRIC: Ex-CEO May Sue Government Over Shareholder's Suit


N E W  Z E A L A N D

CENTURY CITY: Serepisos Proposes to Sell Assets
NELSON BUILDING: Fitch Holds Issuer Default Rating at 'BB+'
WAIRARAPA BUILDING: Fitch Holds Issuer Default Rating at 'BB+'


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Affirms 'BB-' LT Issuer Default Rating
UNION BANK: Liquid Balance Sheet Cues Fitch to Hold Low-B Rating


S I N G A P O R E

AALBORG INDUSTRIES: Court Enters Wind-Up Order
ADVANCED MEDIA: Court Enters Wind-Up Order
ADICON INTERIOR: Court to Hear Wind-Up Petition on Sept. 16
BORDERS PTE: Court to Hear Judicial Management Bid on Sept. 6
BOAT QUAY: Creditors' Proofs of Debt Due Sept. 26


X X X X X X X X

* BOND PRICING: For the Week Aug. 22 to Aug. 26, 2011


                            - - - - -


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


AUSTRALIA LIVE: Owes More Than AUD3.3 Million to Creditors
----------------------------------------------------------
Nigel Hunt at The Sunday Mail reports that veteran sports
broadcaster Ken Cunningham heads the list of personalities left
out of pocket by the collapse of AustraliaLiveTV.com.  Mr.
Cunningham is owed AUD60,000 in wages and superannuation payments
and is devastated at the loss, Sunday Mail says.

According to The Sunday Mail, other sports stars owed money
include basketball legend Phil Smyth, football greats Neil Kerley
and Russell Ebert and soccer gurus John Kosmina and John Aloisi.

The Sunday Mail, citing a liquidator's report, discloses that
almost 50 companies and individuals are unsecured creditors owed
more than AUD3.3 million following the collapse.  Many former
employees are not listed in the report, which means the total
will increase, according to The Sunday Mail.

Those owed money include the Australian Taxation Office
(AUD260,209), BankSA (AUD208,325), Chapel Lane Studios where the
venture was based (AUD24,544) and TV presenter and PR specialist
Leigh McClusky's company McClusky and Co (AUD825), The Sunday
Mail discloses.

Launched in March, 2009, ALTV is owned and operated by Adelaide
businessman John Begley and former TV sports reporter and SA
Jockey Club media and marketing manager Rob Popplestone.

The Sunday Mail recalls that ALTV stopped producing new content
in December when it could not pay its debts.  Since then, says
Sunday Mail, Messrs. Begley and Popplestone have attempted to
resurrect ALTV through a Sydney company, Palamedia -- which has
former SAJC CEO Steve Ploubidis and former Adelaide Review editor
Lachlan Colquhoun as directors.

Messrs. Begley and Popplestone's attempts at raising capital
failed and on August 15, liquidator Stephen Duncan of KordaMentha
was appointed to ALTV, The Sunday Mail relays.  ALTV's realizable
assets are AUD10,000, which means the unsecured creditors are
unlikely to receive any significant payment, The Sunday Mail
adds.

Australia LIVE TV Pty Ltd. provides live Internet broadcasting
services that enable to watch programs on computer or Web-enabled
television.  It produces and presents live television in the
areas of sport, news, real estate, finance, travel, education,
and entertainment.


BANKSIA PRODUCTIONS: Humphrey B. Bear Up For Sale
-------------------------------------------------
Anooska Tucker-Evans at The Sunday Mail reports that Humphrey B.
Bear, an Australian television favorite, is up for sale two years
after Banksia Productions, the company behind the children's
character, went into liquidation.

The Sunday Mail relates that insolvency firm BRI Ferrier has
called for expressions of interest for the company's assets.

Up for sale are bear suits and other costumes, a 10m-wide set and
other merchandise, plus trademarks, the full library of past
episodes and royalty rights to the music, according to The Sunday
Mail.

Despite advertising the sale only last Wednesday, the report
notes, liquidator Maris Rudaks said he had received plenty of
interest.

"We've had about 100 inquiries.  The actual level of interest is
fairly high," The Sunday Mail quotes Mr. Rudaks as saying.

"It has been national and there has been some overseas interest.
The expiry date for expressions of interest isn't until
September 30 so I don't have any formal offers, but I wouldn't
expect to yet."

Also up for sale are assets relating to Banksia Productions' The
Curiosity Show, which was an educational children's program that
ran from 1972 to 1990, The Sunday Mail adds.


CENTRO PROPERTIES: Still Faces Liquidation Despite Rise in Profit
-----------------------------------------------------------------
Sarah Danckert at The Australian reports that Centro Properties
Group warned shareholders when handing down its full-year results
Monday that the debt-bloated company still faces liquidation if
does not merge with the less indebted Centro Retail Group.

Helped by a change in accounting treatment by reporting on a
liquidation basis, Centro Properties posted a 520% jump in net
profit after tax to AUD2.74 billion for 2010-11, according to The
Australian.  This accounting adjustment, the report notes, added
AUD1.3 billion to the overall result.

Centro Retail Group had a 215.9% jump in net profit to
AUD357 million.  Centro Retail's profits were driven by strong
performance within its Australian portfolio of shopping centres,
The Australian discloses.

According to The Australian, Maxim Asset Management managing
director Winston Sammut said that beneath the apparently positive
result for Centro Properties was a company that was funnelling
any gains made on the value of its portfolio into interest
payments on its enormous debts.

"Regardless of the rises in profits, Centro Properties is in the
hands of the lenders," The Australian quotes Mr. Sammut as
saying.

"Both companies are operating okay but because of the amount of
debt there's very little left for anyone else apart from paying
off interest," Mr. Sammut said.

As of June 30, The Australian discloses, Centro Properties net
equity attributable to shareholders was negative AUD1.7 billion
or negative AUD2 per share, while Centro Retail's net assets
attributable to member had improved to AUD1.01 billion or 44
cents per share.

Underlying profits at Centro Properties fell to AUD14.6 million
in 2011 from AUD173.8 million in 2010, The Australian relays.
Centro Retail also saw underlying profits fall to AUD70 million
for the year from AUD160 million a year earlier.

The Australian relates that Centro Properties chairman Paul
Cooper was quick to pour water on what appeared to be a
turnaround in the beleaguered company's result, saying that the
group's restructure was the only feasible way to salvage the
group from its AUD3.1 billion debt.

"Centro cannot trade its way out of the debt situation -- even
after the moderate recovery in Australian asset values during the
past year reflected in the improvement in investment property
values, the debt is simply too large and cannot be refinanced in
just under four months time," The Australian quotes Mr. Cooper as
saying.

Centro decided in November 2010 to put all of its assets on the
block after having received approval to refinance the next round
of debt.  The sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AUD4 billion of debt that was due in December 2007.  That
resulted in the shares of the company dropping in value by as
much as 90%, according to the SMH.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, that Centro Properties on announced 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 (CER) and certain Centro managed funds.

                     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 billion.


CHALLENGER INFRASTRUCTURE: Posts AUD808,000 Net Loss in FY2011
--------------------------------------------------------------
The Sydney Morning Herald reports that the Challenger
Infrastructure Fund has posted a full year net loss of
AUD808,000, partly due to the adverse effects of the
strengthening Australian dollar.

SMH relates that Challenger said the result for the full year to
June 30, 2011, is an improvement on last year's loss of AUD210.7
million.

"This was a significant improvement, year-on-year, due to the
large prior year unfavorable fair value losses and impairment
charges not being repeated in the current year," the company
said.

"The current year result has also been adversely impacted by the
strengthening Australian dollar."

According to SMH, the company on Friday announced a final
distribution of seven cents per unit for June 30 2011, taking the
full year distribution to 14 cents per unit.

Challenger reported AUD139.7 million net loss in the year ended
June 30, 2009.

                 About Challenger Infrastructure

Based in Sydney, Australia, Challenger Infrastructure Fund
(ASX:CIF) -- http://www.challenger.com.au/-- is engaged in the
investment of funds in a portfolio of global infrastructure
assets.  CIF consists of two managed investment schemes: CIF
Investment Trust 1 (CIF1) and CIF Investment Trust 2 (CIF2). It
has three business segments: Inexus, Challenger LBC Terminals
Jersey Limited (LBC) and Fund.  As of June 30, 2010, CIF's
investments included CIF North of England Gas Trust, Challenger
Southern Water Limited and Inexus (Services) Limited.  CIF is
managed by Challenger Management Services Limited (CMSL), a
wholly owned subsidiary of Challenger Financial Services Group
Limited.


GORDON RAMSAY: Maze Liquidators Start Insolvent Trading Probe
-------------------------------------------------------------
Cameron Houston at The Age reports that celebrity chef Gordon
Ramsay has left a trail of financial destruction with the sudden
collapse of his Melbourne restaurants Maze and Maze Grill, which
owe $4.6 million to about 100 local hospitality suppliers.

The Age relates that with some of the debts dating back several
months, Mr. Ramsay faces allegations that Maze was trading while
insolvent, despite claims last week from a Crown spokesman that
the venue is one of Australia's "highest-grossing and most
popular restaurants."

According to The Age, Mr. Ramsay will not be personally liable
for any of the losses, as he is not a director of either of the
restaurants located in Crown's Metropol Hotel.  And in an
announcement expected to further anger local food and beverage
suppliers, a spokeswoman for Gordon Ramsay Holdings said the
British-based company was the largest creditor.

The irony of the situation has been noted by Mr. Ramsay's many
creditors, which include the Tax Office, The Age relays.

After the debt-ridden business was placed in liquidation last
week, The Age relates, the GRH spokeswoman denied the firm had
traded while insolvent.

The spokeswoman said the two restaurants made a "slight profit"
in April.  "But since then there has only been profit-before-tax-
loss figures.  The largest creditor, by far, is Gordon Ramsay
Holdings Ltd.  Suppliers make up the smallest portion," The Age
quotes the spokeswoman as saying.

The Age notes that liquidator HLB Mann Judd confirmed it would
examine claims that maze was trading while insolvent.

"We have just started the investigations while the business
continues to operate, which is obviously a better outcome for
everyone concerned. We welcome creditors providing us with any
information that would assist with our investigation," said HLB
Mann Judd partner Clyde White.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 23, 2011, Digital Spy said Gordon Ramsay, owner of London-
based Gordon Ramsay Holdings Ltd., has closed down his Australian
restaurants.  Maze and Maze Grill, which the Hell's Kitchen chef
opened in Melbourne's Crown Metropol Hotel last year, reportedly
made more than US$14 million (GBP9 million) in 2009 but were
placed in the hands of liquidators HLB Mann Judd on August 21.
Mr. Ramsay's business Gordon Ramsay Holdings Ltd has been
experiencing financial problems since his father-in-law
Christopher Hutcheson was sacked as CEO last October, Digital Spy
related, citing the Herald Sun.

"Since the recent change in management at GRH, we have been
conducting business reviews of all of our group operations,"
Digital Spy quoted Mr. Ramsay's spokesperson as saying.

"The decision has been taken to put Maze and Maze Grill,
Melbourne, into liquidation as we have concluded that the
business is not sustainable.  Unfortunately, this course has
become the only option as it is essential to focus on the health
of the wider group," the spokesman added.

Gordon Ramsay Holdings -- http://www.gordonramsay.com/--
operates restaurants in the United Kingdom.  Its menu includes
sweetbreads and mushrooms, sauces, cheeses, ice creams, and wine.
The company was founded in 1998 and is based in London.


PLAYSPACE PLAYGROUND: NAB Appoints Ferrier Hodgson as Receivers
---------------------------------------------------------------
On Aug. 25, 2011, Brendan Richards and George Georges of Ferrier
Hodgson were appointed Receivers and Managers of Playspace
Playground Pty Ltd in its own capacity and as Trustee for the
Workshop Studios Discretionary Trust and the Playspace Playground
Unit Trust.

The appointment was made pursuant to the provisions of a
registered debenture charge created by the Company in favor of
National Australia Bank Limited.

"We now control the Company's assets and operations.  The
Company's Directors have been requested to prepare a Report as to
Affairs which sets out the Company's financial position as at the
date of appointment," Ferrier Hodgson said in a statement.

Following an urgent assessment of the viability of the Company's
operations, the Receivers and Managers decided to cease trading
effective from Aug. 25, 2011.

"We are, however, continuing to review the Company's uncompleted
projects on a case by case basis to determine if any can be
finalised.  We will be in contact with customers in due course to
confirm the outcome of this review.

"Further, we are also undertaking an urgent marketing campaign
for the sale of the business.

"In this stage, it is too early to advise creditors of the likely
outcome of the Receivership."

                     About Playspace Playground

Playspace Playground Pty Ltd is an Australian owned and operated
business employing approximately 78 staff across New South Wales,
Western Australia, Queensland and Victoria.


SPORTS ALIVE: In Liquidation; Investors Face Large Losses
---------------------------------------------------------
James Thomson at SmartCompany reports that investors including a
Tasmanian government agency, a prominent sports industry investor
and a well-known bookmaker are facing large losses after online
betting agency Sports Alive was placed into voluntary
liquidation.

The company, which was licensed in the Australian Capital
Territory but based in Melbourne, called in liquidators on
Thursday, leaving investors in the dark and punters -- who are
believed to have hundreds of thousands of dollars locked up in
Sports Alive accounts -- scrambling to get their money, according
to SmartCompany.

SmartCompany notes that while Sports Alive was required to have a
AUD250,000 bond to cover punters in the event of a collapse, it
is believed that this will not be enough to cover account
balances -- reports suggest one unlucky punter had more than
AUD110,000.

SmartCompany says investors have lost much more.  The Tasmanian
Government's betting agency, TOTE Tasmania, owned 25% of
business, a stake valued at AUD3.88 million according to the
agency.  Other investors include well-known sports industry
player Peter Sidwell and well-known Victorian bookmaker Gary
Walsh.

The valuation TOTE Tasmania placed on its 25% stake implies the
company was valued at more than AUD15.5 million and reports
suggest the business produced profits of AUD4 million in 2008-09
and AUD5 million in 2009-10.

While competition is intense in the corporate bookmaking industry
and the sector is undergoing a period of consolidation driven
mainly by overseas-based gambling firms such as Paddy Power,
industry insiders says the company appears to have been poorly
run, particularly in the last 12 months.


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


LDK SOLAR: Fitch Affirms Senior Unsecured Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has revised China-based LDK Solar Co. Ltd.'s
Outlook to Negative from Stable.  Its ratings have been affirmed
Long-Term Foreign Currency Issuer Default 'BB-' and senior
unsecured 'B+'.  The ratings, together with the 'B+(exp)' rating
on the previously proposed USD notes issue, have simultaneously
been withdrawn.

The Outlook revision follows the significant drop in market
prices for LDK's major solar products since April 2011.  The low
prices will likely persist, pressuring sales and profit margins
for the rest of 2011 and in 2012.

The ratings have been withdrawn as they are no longer considered
to be relevant to Fitch's coverage following the company's
decision not to issue the proposed USD notes.

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


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


AFEX INTERNATIONAL: Creditors' First Meeting Set for Sept. 7
------------------------------------------------------------
Creditors of Afex International (HK) Limited will hold their
first meeting on Sept. 7, 2011, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 704, at 3 Lockhart Road,
Wanchai, in Hong Kong.


AFEX PROCUREMENT: Creditors' First Meeting Set for Sept. 7
----------------------------------------------------------
Creditors of Afex Procurement Company Limited will hold their
first meeting on Sept. 7, 2011, at 11:15 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 704, at 3 Lockhart Road,
Wanchai, in Hong Kong.


ASIAN HARDWOOD: Members' Final General Meeting Set for Sept. 28
---------------------------------------------------------------
Members of Asian Hardwood Limited will hold their final general
meeting on Sept. 28, 2011, at 10:30 a.m., at Room 1021 Sun Hung
Kai Centre, at 30 Harbour Road, Wanchai, in Hong Kong.

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


ASPENTECH ASIA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Aspentech Asia Limited, on Aug. 19, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


ASTLEY & PEARCE: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Astley & Pearce Asian Pacific Limited on Aug. 16, 2011.


BEAR STEARNS: Members' Final Meeting Set for Sept. 28
-----------------------------------------------------
Members of Bear Stearns Asia Limited will hold their final
meeting on Sept. 28, 2011, at 10:00 a.m., at 35th Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


BEAR STEARNS HK: Members' Final Meeting Set for Sept. 28
--------------------------------------------------------
Members of Bear Stearns Hong Kong Limited will hold their final
meeting on Sept. 28, 2011, at 10:00 a.m., at 35th Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CRYSTAL CHANT: Ho and Kong Down as Liquidators
----------------------------------------------
Ho Man Kit and Kong Sau Wai stepped down as liquidators of
Crystal Chant Limited on Aug. 16, 2011.


DISNEY CHINA: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Aug. 12, 2011,
creditors of Disney China Productions 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


EURASIAN NETWORK: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Eurasian Network Services Limited on Aug. 16, 2011.


EXCO MONEYBROKING: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Exco Moneybroking Hong Kong Limited on Aug. 16, 2011.


EXTENSION INVESTMENT: Members' Final Meeting Set for Sept. 30
-------------------------------------------------------------
Members of Extension Investment (Hong Kong) Limited will hold
their final general meeting on Sept. 30, 2011, at 9:30 a.m., at
Room A, 8/F, Yardley Commercial Building, at 3 Connaught Road
West, in Hong Kong.

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


FINTEK ELECTRONIC: Members' Final Gen. Meeting Set for Sept. 27
---------------------------------------------------------------
Members of Fintek Electronic Limited will hold their final
general meeting on Sept. 27, 2011, at 10:00 a.m., at 12/F, No.
100, Section 1, Hsin Tai Wu Road, Hsichih City, Taipei Hsien 221,
in Taiwan.

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


FRIENDS OF WOLFSON: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------------
Creditors of The Friends of Wolfson College (H.K.) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Sept. 30, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 17, 2011.

The company's liquidator is:

         Ms. Chan Mei Kuen
         Room 202, 2/F
         Conwell House
         34-38 Stanley Street
         Central, Hong Kong


GUNYA INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Aug. 12, 2011,
creditors of Gunya Investment 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


WINSWAY COKING: Moody's Comments on 1H 2011 Results
---------------------------------------------------
Moody's Investors Services says that Winsway Coking Coal Holdings
Limited's financial results for 1H 2011 were generally in line
with expectations, and sees no immediate impact on the firm's Ba3
corporate family rating and B1 senior unsecured bond rating.  The
ratings outlook remains stable.

Winsway reported revenue growth of 37% to HKD6.7 billion in 1H
2011, as sales volume grew 26% to 5.3 million tones and ASP
(Average Selling Price) grew 5%.

"The company continues to benefit from the burgeoning Mongolian
coking coal industry," says Ken Chan, a Vice President and Senior
Analyst at Moody's.

The adjusted gross margin in 1H 2011 improved to 23.9% from 21.2%
a year ago, as it sold more Mongolian coal, which has higher
margins, than seaborne coal.

Mongolian coal accounted for 74% of total sales volume versus 52%
last year.  The adjusted gross margin reflects the
reclassification of transportation costs from cost of goods sold
back to selling, general and administrative expenses for
consistent comparison with the prior year.

"However, we expect severe competition to pressure Winsway's
margin in the medium term," says Mr. Chan, adding, "Apart from
growing its business to achieve economy of scale, the company's
strategy to acquire upstream assets could partly mitigate such
risk."

It reported positive operating cash flow of HKD479 million in 1H
2011, despite higher working capital needs, which supported the
volume growth.

"Winsway's reported credit metrics -- LTM debt/EBITDA and LTM
EBITDA interest coverage of 2.4x and 6.7x -- continue to position
it well at the Ba3 rating," Mr. Chan adds.

The company's balance sheet liquidity remains healthy, with cash
on hand of HKD5.8 billion, partially attributable to the unused
proceeds from the issuance of bonds worth USD500 million (HKD3.9
billion) early this year.

However, Moody's expects cash holdings will reduce in the near
term as Winsway continues to invest in rolling stocks and
logistic infrastructure.

Upward rating pressure could arise over time if the company can:
1) implement its expansion plans and permanently increase its
railway capacity; 2) expand its processing capacity commensurate
with its high volume flow; 3) make upstream acquisitions in a
financially prudent manner; and 4) maintain its credit metrics
such that debt/EBITDA remains below 2.0x-2.5x and EBITDA/interest
over 6.0x on a sustained basis.

On the other hand, the ratings would face downward pressure if
Winsway's financial position weakens, such that debt/EBITDA
increases above 4.0x-4.5x and EBITDA/interest stays below 3.5x,
as a result of: 1) an inability to obtain enough railway
capacity, which would limit its land-borne coal supply growth; 2)
a prolonged drop in the per-ton profit of transported coal as a
result of a squeeze in margins due to the pressure from suppliers
and customers; or 3) material delays or cost overruns in the
development of the company's logistics infrastructure or
processing plants.

In addition, any material change in Mongolian regulations for the
coal export industry that adversely affects Winsway's coal
sourcing would be negative for the ratings.

Winsway Coking Coal Holdings is one of the largest suppliers of
coking coal for China and other international markets. It also
processes coal and provides logistic services to its customers,
mainly Chinese steel makers and coke plants, through its
integrated coking coal supply chain in China. It was listed on
the Hong Kong Stock Exchange in September 2010 and is 49.7%
controlled by founder and CEO Wang Xingchun.


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


ADHUNIK CEMENT: Fitch Affirms National LT Rating at 'BB-(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Cement Limited's
National Long-Term rating at 'Fitch BB-(ind)'.  The Outlook is
Stable.

The affirmation reflects the financial support provided by ACL's
promoter group through an equity contribution of INR1153.7
million for the company's debt servicing, in context of its weak
financial profile in FY11 as per the provisional figures.  The
latter was on account of its low capacity utilization during FY11
(11%) and Q1FY12 (26%) due to delays in stabilization of its
production process.  ACL's plant commenced operations from April
2010 after a delay of seven months; however there have been no
cost overruns.  The operations are expected to stabilize after
the damaged preheated blowers are replaced by August 2011.  Thus,
Fitch expects an increase in ACL's capacity utilization during
H2FY12, in time to benefit from the post-monsoon demand.

Fitch notes that once the plant is stabilized and capacity
utilization increases, ACL will become one of the largest local
cement producers in Northeast India's fragmented market.  It will
benefit from economies of scale and capital, tax and transport
subsidies for five to 10 years, raw material assurances from
limestone mines, flyash & coal purchase arrangements, assured
power from the captive power plant and supplementary income from
power sale agreements.  This would provide it a cost advantage
over other small players in the region.

The ratings are constrained by ACL's ongoing capex plan of
INR2,175 million, which might put liquidity pressures in FY12.
The capex is for building support systems for the plant for its
smooth operations and would be funded by a debt of INR1,500
million for which the financial closure is pending.

Positive rating guidelines include stabilization of ACL's project
with increased capacity utilization and interest coverage of
above 1.75x. Negative rating guidelines include deterioration in
capacity utilization coupled with interest coverage of below
1.25x.

ACL is a JV between the Adhunik Group (60%) and the Kolkata-based
MSP Group (40%) - the established names in the east India's iron
and steel sector.  It has an installed capacity of 1.5MTPA for
manufacturing cement and a 25MW captive power plant.  As per
provisional FY11 financial, ACL achieved revenues of INR2383.2
million, EBITDA margins of 5.7%, net financial leverage of 33.8x
and interest coverage ratio of 0.39x on account of low capacity
utilization and high trading sales of 79% of total revenue.

ACL's bank loans have been affirmed as follows:

  -- INR3,618.5 million long-term loans (reduced from INR4,060
     million): 'Fitch BB-(ind)';

  -- INR760 million fund based limits (reduced from INR865
     million): 'Fitch BB-(ind)'; and

  -- INR100 million non-fund based limits: 'Fitch A4+(ind)'.


AVASARALA TECHNOLOGIES: ICRA Rates INR125cr Loan at '[ICRA]BB'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR125 crore fund
based limits and the INR44.36 crore term loan programme of
Avasarala Technologies Limited.  The outlook on the rating is
stable. ICRA has also assigned an '[ICRA]A4' rating to the
INR167.1 crore non fund based limits of ATL.

The ratings factor in ATL's demonstrated technical capabilities,
established presence as a reliable supplier of specialized
components to the nuclear power/space industries, which
constitutes between 60-80% of its overall revenues and ATL's
strong competitive positioning drawing from the limited
competition and strong barriers to entry within the nuclear/space
industry. ATL's strong current order book position, expected
growth prospects within both the nuclear and space industries and
the growing contribution of its Factory Automation Division are
all expected to drive revenues over the medium term. Although the
nuclear disaster in Japan has had some repercussions on the
global nuclear power industry, ICRA draws comfort from the stated
intent of the Indian Government to continue with its nuclear
power initiatives. This is expected to support long term growth
for ATL, although there could be a slowdown in incremental
orders/order execution over the near term. Given the considerable
barriers to entry on account of the stringent product approval
process, strategic nature of the products, collaborative
development process, high skill base and procedure intensive
collection process, operating profitability is expected to remain
high.

The rating is however constrained by the concentration of ATL's
revenues on a few large contracts, the procedure intensive and
collaborative development process which is prone to delays and
the high working capital intensity of operations within the
nuclear/space segment where the billing for long duration
contracts is largely back-ended. ATL's substantial working
capital requirements are largely funded through borrowings
resulting in high levels of leveraging and low net profitability
despite strong operating profitability in the range of 25-30%.
Given the high working capital intensity of its operations, ATL's
ability to scale up would be critically dependent on funding
through equity and/or low cost long term debt, although the
business prospects are expected to remain robust.

                   About Avasarala Technologies

Incorporated by a group of engineers in 1985, ATL is primarily
engaged in the manufacture of components for the nuclear and
space industries and process automation within its factory
automation division. ATL's nuclear/space division constituted
about 81% of its 2010-11 revenues with the factory automation
division accounting for about 17% of its revenues. These apart,
ATL also manufactures anaesthesia machines and ventilators within
its healthcare division which accounted for about 2% of its 2010-
11 revenues. M/s PineBridge Investments holds a 45% stake in ATL;
the rest of ATL's shares are held by the promoters and their
relatives. ATL's net sales and PAT for 2010-11 were at INR161.16
crore and INR8.43 crore respectively.


BILLETS ELEKTRO: ICRA Rates INR1cr Long Term Loan at '[ICRA]BB+'
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR1.00 crore long
term fund-based bank facilities of Billets Elektro Werke Limited.
The outlook on the long term rating is stable. ICRA has also
assigned an '[ICRA]A4+' rating to the INR7.00 crore short term
fund-based and INR8.50 crore short term non-fund based bank
facilities of BEWL.  The long term fund-based limit of INR1.00
crore is a sub-limit of INR7.00 crore short term fund-based
limits.

Rating Rationale

The assigned ratings take into account the long experience of the
promoters of BEWL as the company was an early entrant in the
crimping industry in India. ICRA also notes the increase in level
of value addition in the manufacturing process from backward
integration, as the company has installed a furnace to convert
copper cathodes into strips and tubes which was earlier
outsourced, leading to improvement in operating margins and
gearing which consequently led to improvement in the debt
protection metrics; indicating an improved financial risk
profile.

The ratings also favorably take into account the company's
established relationships with customers especially in the export
markets which leads to higher amount of repeat orders and the
company's significant presence in the export market which leads
to geographical diversification of revenues to some extent. The
ratings are, however, constrained by the company's small scale of
current operations; and the high competition faced by the company
from the unorganized sector leading to pricing pressures,
especially in the domestic market. The ratings are also
constrained by the high working capital intensity of the business
on account of high inventory holding leading to a liquidity
squeeze; and the high customer concentration risks as over 59% of
the operating income was contributed by the top 10 customers in
2010-11. ICRA also notes the company's exposure to risks arising
out of foreign exchange fluctuations, which is mitigated to some
extent by the company's recent initiative of booking forward
covers for export contracts; and company's significant exposure
to price risks, given its high inventory holding.

                      About Billets Elektro

Incorporated in 1991, BEWL is engaged in the manufacturing of
cable lugs, connectors and crimping tools, using copper and
aluminium as the key raw material, at its manufacturing facility
located at Umbergaon, Gujarat. The manufacturing facility has an
installed capacity of 20.1 crore units of tools and terminals. In
August 2010, BEWL installed a furnace as a part of its backward
integration initiativeto convert copper cathodes and scrap into
copper strips and tubes. More than 60% of the company's operating
income is contributed by exports mainly to Australia, Europe and
the Middle-East.

Recent Results

BEWL reported a profit after tax (PAT) of INR1.84 crore on an
operating income of INR32.51 crore in 2010-11 as compared to a
PAT of INR0.31 crore on an operating income of INR24.55 crore in
2009-10. In the period between April 2011 to July 2011 BEWL
reported gross sales of INR14.32 crore.


CHANDRI PAPER: ICRA Assigns '[ICRA]BB' Rating to INR7cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the fund based
facilities of Chandri Paper & Allied Products Pvt. Ltd.
aggregating to INR7.00 crore. The rating carries a stable
outlook.  ICRA has also assigned an '[ICRA]A4' rating to the
non-fund based facilities of CPAPPL aggregating to INR13.00
crore.

The ratings are constrained by the company's small scale of
operations, its low profitability indicators and weak operating
cash flows due to the limited value addition in the trading
business. The ratings are further constrained by the
vulnerability of the company's operations to any adverse
movements in the prices of crude oil to some extent, which is
mitigated in case of imports done against fixed price firm
orders. ICRA further notes that the company's sourcing is largely
from foreign suppliers thereby exposing its profitability to
foreign exchange fluctuations to the extent of unhedged portion.
The ratings however favorably take into account the long
operating track record of the promoters in wax business,
established relationships with its suppliers, wide customer base,
and diversification in its product profile to some extent with
commencement of trading in base oil and bitumen apart from
paraffin wax. While the company's capital structure is highly
leveraged with gearing level at 1.68 times as on March 31, 2011,
about 32% of current debt outstanding comprises unsecured loans
from promoters and various companies owned by promoters.

                        About Chandri Paper

Chandri Paper & Allied Products Private Limited was incorporated
in the year 2003 with an objective of manufacturing and trading
paraffin wax from slack wax, which is a by-product of the
lubrication oil refinery process. CPAPPL established its
manufacturing facilities at Tarapur (Maharashtra) with a capacity
to produce 3600 MT of paraffin wax annually. Since the time it
was incorporated, CPAPPL has been supplying paraffin wax
primarily to the local customers who manufacture candles. In the
year 2008, the company made a foray into the business of trading
base oil, wherein it imports base oil from oil refining companies
based in Iran, Hongkong, and Singapore and sells them in the
domestic market. It supplies base oil mainly to companies
involved in manufacturing of oil related products such as
vaseline, grease, engine oil, and transformer oil.

In FY 2010, CPAPPL reported Profit After Tax (PAT) of INR0.15
crore on an operating income of INR34.89 crore. In FY 2011,
CPAPPL reported Profit Before Tax (PBT) of INR1.08 crore on an
operating income of INR69.52 crore (provisional).


DEBBAS PRIME: ICRA Withdraws 'LBB+' Rating on INR5cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the 'LBB+' rating assigned to the INR5.00
crore long term fund based facilities and the 'A4+' rating
assigned to the INR35.00 crore short term non-fund based
facilities of Debbas Prime Solutions Private Limited as the
company has closed the facilities and there is no amount
outstanding against the rated instruments.


DIAMOND FOOTCARE: ICRA Suspends 'LBB' INR7.5cr Term Loan Rating
---------------------------------------------------------------
ICRA has suspended 'LBB' rating assigned to the INR7.5 crore term
loan, and INR10.0 crore fund based limits, and 'A4' rating to the
INR3.0 crore non-fund based limits of Diamond Footcare Udyog
Private Limited.  The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company. According to its suspension policy,
ICRA may suspend any rating outstanding if in its opinion there
is insufficient information to assess such rating during the
surveillance exercise. ICRA will withdraw the rating in case it
remains under suspension for a period of three years.


DRISHA IMPEX: ICRA Reaffirms '[ICRA] B' Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA] B' rating to the INR5.0 crore
fund based facilities of Drisha Impex Pvt. Ltd.

The rating continues to favorably factor in the long experience
of the promoters in the trading business and absence of inventory
risk in the business on account of order backed sales. The rating
takes into account the company's modest scale of operations, the
trading nature of business resulting in wafer thin margins,
fragmented market with presence of large number of unorganized
players leading to intense competition, relatively high client
concentration, relatively weak profitability indicators and
stretched liquidity position of the company.

The company is incorporated in 2003 under the name of Drisha
Transport Pvt Ltd. The company was involved in transportation of
sponge iron ore in Orissa. However the business didn't take off
and the operations were closed down in 2004. In 2005, the
company's name was changed to Drisha Impex Pvt Ltd. under which
the company initiated trading activities. The company is based
out of Mumbai and has an office space in Malad, Mumbai. It also
has a wholesale outlet in Chandi chowk, Delhi. DIPL is involved
in trading of fabrics, mobile phones & accessories, lighting
fitting & fixtures and gift items.

Recent Results

The company reported a net profit of INR0.2 crore on a turnover
of INR53.5 crore in FY11 as compared to a net profit of INR0.1
crore on a turnover of INR49.4 crore in FY10.


HI-MAC CASTINGS: ICRA Reaffirms '[ICRA]B' Rating on INR2.5cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR2.50 crores
fund-based limits and INR10.25 crores term loan facility of
Hi-Mac Castings Private Limited.

The rating continues to reflect modest scale of HCPL's operations
and its weak financial risk profile characterized by losses in
initial years of its operations leading to adverse capital
structure. The rating also takes into account vulnerability of
the company's profitability to the cyclicality associated with
the steel and automobile industry and the high working capital
intensity of the business which exerts pressure on the liquidity
position of the company.

The rating however takes comfort from the healthy growth in the
operating income to INRRs. 14.51 Cr. in FY 11; reputed customer
base comprising of major auto component manufacturers and
insulator/ electrical companies and favorable demand outlook for
the domestic automobile industry.

Hi-Mac Casting Private Limited was incorporated in the year
2006-07 by the Radhe group. HCPL manufactures Ductile Iron/Cast
Iron Castings from its plant based in Rajkot, Gujarat. It was
setup with an installed capacity of 7200 MTPA and started
commercial production from December 2008. The total project cost
for setting the unit was INR16.92 crores, which was funded
through INR11.02 crores term loans, INR3.51 crores of equity
capital and the remaining by way of unsecured loans from the
promoters. HCPL is a TS-16949:2009 certified company.

Recent Results

For the year FY 11, the company reported an operating income of
INR14.51 crores and net loss of INR0.84 crores (provisional).


HOMEMAKER ENTERPRISES: ICRA Rates INR6cr Loan at '[ICRA]BB'
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to INR6.0
crore bank facilities of Homemaker Enterprises Private Limited
and the short term rating of '[ICRA]A4' to INR1.0 crore bank
facilities of the company.  The long term rating has been
assigned a stable outlook.  The assigned ratings take into
account the promoters' established relationships with Bormioli
Rocco & RCR, the company's exclusive distributorship with these
reputed suppliers and its established distribution network of
third party retailers.

The ratings are, however, constrained by the intense competition
in the industry which is expected to keep the revenue growth
under pressure, company's low bargaining power with the trade
channel which is likely to keep the operating margins under
pressure, high working capital intensity of the business on
account of inventory requirements and weak financial profile with
stretched coverage indicators in spite of the relatively healthy
gearing.

HEPL was established in 2006 by Mr. Jatin Sahani. The company
trades in house ware and tableware products and has exclusive
distributorship contracts with Bormioli Rocco (for glassware and
opal products), and RCR Cristalleria Italiana SpA (RCR; for
crystal glass). Mr. Jatin Sahani also owns 49% of equity capital
of Al-Othman & Al-Bishir Trading Company (OBTC; based in Kuwait),
which has been in the same line of business as HEPL in the Middle
East for over 30 years. The company has a well established
distribution network with presence in around 750 retail outlets
across the country.

Recent Results

The company operated a net loss of INR0.1 crore on an operating
income of INR18.9 crore during 2010-11.


MALWA INDUSTRIES: ICRA Cuts INR179.27cr Loan Rating to '[ICRA]D'
----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR179.27
crore term loan and INR85.08 crore fund based facilities of Malwa
Industries Limited to '[ICRA]D' from 'LC'.  ICRA has also
downgraded the short term rating assigned to INR8.15 crore non-
fund based facilities of MIL to '[ICRA]D' from 'A5'.  The rating
downgrade takes into account the continued irregularity in the
debt-servicing by the company.

Company Profile MIL was incorporated in March 1993 and is part of
the Malwa Group, earlier known as Vidya Sagar Oswal (VSO) Group.
The other group companies are Malwa Cotton & Spinning Mills and
Oswal Knit India Limited.

MIL has an integrated facility for manufacturing denim fabric and
denim garments located in Ludhiana district of Punjab. The
integrated facility has a spinning unit comprising of 1,840
rotors and 9,516 spindles, a weaving unit comprising of 95 looms,
a garment unit with a capacity of manufacturing 22.5 lac garment
pieces per annum in single shift and a state of the art
processing unit capable of providing multiple finishes to the
fabric/garment. MIL's subsidiaries, Third Dimension Apparel in
Jordan and Emmetre in Italy are engaged in the manufacturing to
jeans wear and dyeing/washing of garments respectively. Third
Dimension Apparel has a capacity of manufacturing 40 lac pieces
of garments per annum and Emmetre has a capacity of processing
22.5 lac pieces of garments per annum.


MEP COTTON: ICRA Assigns '[ICRA]D' Rating to INR55.5cr Loan
-----------------------------------------------------------
The rating assigned to the INR44.5 crore term loans and
INR55.5 crore fund based facilities of MEP Cotton Limited has
been revised to '[ICRA]D' from 'LC'.

The rating also factors in the proximity of the company's ginning
facility to one of the major cotton growing belts in India and
the favorable monsoons thus ensuring adequate availability of raw
cotton during the current season.  Moreover, the recent surge in
international and domestic cotton prices is likely to help
increase realizations for the company in the near term. However,
the business outlook for ginning in India remains sensitive to
Government regulations such as the Minimum Support Price (MSP)
mechanism for raw cotton and restrictions on export of cotton
bales.

Incorporated on January 2000, MEP Cotton Limited is a joint
venture between the KKM Group (Promoted by Mr. Krishna Kumar
Mittal) and the Welspun Group. The company is engaged in cotton
ginning, cottonseed oil extraction and refining with its
manufacturing facilities located at Gondal, Rajkot. The area
around the plant is one of the major cotton belts in India and
cultivates the Shankar-6 variety of cotton.  The company setup
its first ginning unit in 2007. By the end of 2008, the company
completed the setup of the remaining two ginning units at the
same location and currently has a total capacity of pressing
1,800 bales per day.  The company also manufactures cottonseed
oil through crushing of the residual cottonseeds at the plant and
has setup a refinery for refining washed oil.

Recent Results

MEP reported a net loss of INR3.3 crore in FY 2010 on an
operating income of INR321.6 crore as compared to a net loss of
INR11.2 crore on an operating income of INR103.4 crore in FY
2009.


NAV BHARAT: Fitch Assigns 'BB-(ind)' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Nav Bharat Buildcon Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.

The ratings reflect Buildcon's established track record of 37
years and the five-decade-long experience of its promoters
(founders) in civil construction.  The ratings are underpinned by
the company's comfortable debt metrics, with moderate net
interest coverage of 4.65x at end-March 2010 (FY10) and low net
financial leverage (adjusted debt net of cash/operating EBITDA)
of 0.5x-1.5x over FY07-FY10.  Further, Buildcon had a moderate
order book of INR668.6m at end-May 2011 (2.15x of FY11 revenues).

The ratings are constrained by the steady decline in Buildcon's
EBITDA margins since FY06 (FY10: 11.8%, FY09: 14.0%).  The
ratings are also constrained by the time overruns in the
company's projects, its small size and pressure on its margins,
making it vulnerable to liquidity pressures in a highly
competitive and fragmented market.

Further, Buildcon has been short listed by Indian Renewable
Energy Development Agency Limited ('Fitch AA-(ind)'/Stable) for
setting up a 1 Mega Watt solar power plant based on photovoltaic
solar technology by 15 August 2011 in Rajasthan.  As the project
is majorly debt-funded, Fitch expects the company's credit
metrics to weaken in the medium term.  Its tight liquidity
position is evidenced by the near 100% utilization of its
sanctioned limits due to the ongoing capex, though the company
has maintained a positive cash flow from operations due to its
negative cash conversion cycle from FY05-FY10.

A positive rating action may result from a significant increase
in Buildcon's revenue and profitability and a sustained
improvement in its net interest coverage.  Conversely, a
deterioration of the company's net interest coverage may result
in a negative rating action.

As per the company estimates for FY11, its revenue was INR311m,
up 29.6% yoy, with an EBITDA margin of 9.5% (FY10: 11.8%).  The
company's estimates for total adjusted debt as of FY11 are
INR80.3m, (FY10: INR79.1m), including long-term debt of INR38.8m
(FY10: INR36.1m), short-term working-capital debt of INR40m
(FY10: INR29.1m) and the remainder in the form of unsecured loans
and loans from private institutions.

Incorporated in 1974, Buildcon is a civil contractor primarily
engaged in the construction like tunnels, canals and irrigation
dams.  Its head office is in Kishangarh, Rajasthan.  The company
has a 1.25 MW wind turbine generator plant at Jaisalmer,
Rajasthan.  The construction business contributes around 96% to
its revenue.

Buildcon's bank facilities have been rated as follows:

  -- INR60.2 million long-term loans: 'Fitch BB-(ind)';
  -- INR40 million fund-based working capital limits: 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'; and
  -- INR50 million non-fund-based limits: 'Fitch A4+(ind)'.


NECO HEAVY: ICRA Upgrades Rating on INR1.48cr Loan to '[ICRA]BB'
----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR1.48 crore term
loan and INR12.50 crore (enhanced from INR9.00 crore) long term
fund based bank facilities of Neco Heavy Engineering and Castings
Limited from 'LB+' to '[ICRA]BB'.  The outlook on the long term
rating is stable. ICRA has reaffirmed the short-term rating
assigned to the INR16.00 crore (enhanced from INR2.50 crore)
non-fund based bank facilities of NHECL at '[ICRA]A4'.

The upgrade in the long term rating factors in the regularization
of the company's debt servicing track record, and its
diversification into the steel fabrication business, which is
likely to counter the fall in volumes in the casting business.
The ratings take cognisance of NHECL's position as a Neco group
company, and the experience of the promoters in the casting
industry. ICRA notes that Jayaswal Neco Industries Limited (JNIL,
rated by ICRA at LBBB-(stable)/A3), a group company, has plans
for undertaking various projects for capacity addition and cost
optimization at its exiting steel unit over the next three years,
at an estimated cost of about INR3,300 crore. NHECL is expected
to benefit out of this capital expenditure of JNIL by way of new
fresh orders for its steel fabrication business; this is likely
to favorably impact the company's financial performance going
forward. The ratings also factor in NHECL's moderate scale of
operations, a competitive business environment in the casting
industry exerting pressure on its margins, its susceptibility to
the cyclicality in the steel industry and its weak financial risk
profile as reflected by its depressed coverage indicators and a
high working capital intensity of operations.

                         About Neco Heavy

NHECL was established in 1987, as Neco Castings Limited,
manufacturing a variety of grey and ductile castings. NHECL is
part of the Neco Group of Industries. The company manufactures
castings catering to various industries including steel, material
handling, sugar and other engineering industries. During 2008-09,
the name of the company was changed to Neco Heavy Engineering and
Castings Limited as the company ventured into the steel
fabrication business, catering to various engineering industries.
The company undertakes both structural and equipment fabrication.

Recent Results

During 2010-11, NHECL posted a provisional profit before tax of
INR0.57 crore on a provisional operating income of INR69.72
crore. During 2009-10, the company posted a net profit of INR0.36
crore on an operating income of INR60.27 crore.


PENINSULA PROJECTS: ICRA Reaffirms '[ICRA] BB' Long Term Rating
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] BB' to the
INR17.02 crore fund based facilities (reduced from Rs 18.90 Cr)
of Peninsula Projects (Bangalore) Private Limited.  The outlook
on the long term rating is stable.

The ratings are constrained by the stretched capital structure of
PPPL characterized by a high gearing of 9.4 x as on March 31,
2011, and weak coverage indicators ( NCA/Total Debt of 6.4%, and
Interest coverage of 1.5x). While assigning the rating, ICRA has
also taken note of the significant repayment obligation in the
short to medium term. The company's ability to generate cash flow
from operations to meet the debt repayment obligation would be
contingent on the ability of PPPL to be able to maintain healthy
occupancy levels and average room rent (ARR) in the intensely
price competitive Whitefield region on account of oversupply
situation.

The ratings however, favorably factor in the tie up of the
company with Royal Orchid Hotel Group which besides brand
recognition provides them an access to ROHG's global customer
base and by the improved occupancy levels witnessed in FY 2011
(-75%).

Peninsula Projects (Bangalore) Private Limited is a four-star
extended stay hotel property (88 rooms) in Bangalore which is
operational since January 2009.  The hotel has a management tie-
up with ROHG and is known by the name 'Royal Orchid Suites'.  It
is located in Whitefield, and mainly targets the business
travelers/extended stay guests of large number of companies
located in the area.

Recent Results (Unaudited)

PPPL reported a net loss of Rs 0.56Cr on an operating income of
INR9.74 Cr in FY 2011.


ROYALS EDUCATION: ICRA Assigns '[ICRA]BB' Rating to INR10cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR10 crore bank
facilities of Royals Education Society.  The long-term rating has
been assigned a Stable outlook.

The ratings factors in the long experience of the promoters in
the education sector as well as healthy occupancy levels achieved
in all the three colleges established by the society.  The
ratings are, however, constrained by the company's small scale of
operations, limited track record as well as the intense
competition faced by all the three colleges. The high debt funded
capital expenditure incurred by the society over the past few
years has resulted in significant repayment obligations over the
medium term. RES's ability to maintain its financial risk profile
and maintain high occupancy in its colleges would remain key
rating sensitivities going forward.

Incorporated in 2004, Royal's Education Society was set up by its
promoters to establish, run and maintain educational
institutions. RES currently runs three colleges which impart
education in management, engineering and arts & education. The
society has a 677861 Sq. Ft. campus located on the Airport Road,
Debari and is well connected to Udaipur and nearby cities.

Recent Results

In 2010-11 (provisional financials), RES recorded an operating
income of INR5.9 crore. The company's operating profit before
depreciation, interest and tax stood at INR3.7 crore. The company
recorded Profit after Tax (PAT) of INR0.3 crore.


SAFEPACK INDUSTRIES: ICRA Places '[ICRA]B+' Rating on INR5cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' to INR11.0 crores fund based limits
and to the INR9.5 crores term loans of Safepack Industries
Limited.  ICRA has also assigned '[ICRA]A4' rating to the INR5.0
crores non-fund based limits of the company. The ratings are
supported by strong promoter experience in the speciality
packaging industry; proprietary VCI (Volatile Corrosion
Inhibitor) based packaging solutions and well developed
manufacturing and R&D facilities. Going forward, as new
capacities come on stream resulting in higher accruals, the
margins and capital structure is likely to improve.

The ratings also take into account the stretched financial
profile of the company characterized by low operating margins and
high gearing. The company's liquidity position is stretched with
negative free cash flow owing to on-going capex plans. However,
ICRA notes that a large part of the debt is from promoters which
provides cushion.

Safepack Industries Limited commenced operation in 1991 and has
over 2 decades of experience in the paper and packaging Industry.
The company has manufacturing facilities near Pune whereby it
manufactures packaging material for diversified set of industries
such as Automotive, Steel and FMCG.

Recent results:

The Company reported operating Income of INR44.35 crores during
FY11 (Provisional numbers).


SALISBURY PROJECTS: ICRA Reaffirms '[ICRA] BB+' Long Term Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] BB+' to the
INR9.0 crore fund based facilities (reduced from INR9.54 Cr) of
Salisbury Projects Private Limited. The outlook on the long term
rating is stable.

The rating continues to draw comfort from the company's
experienced and professional management, the prominent location
of the property on Victoria Road in the CBD area in Bangalore and
the financial support of the Vaswani Group. The ratings are
however constrained by the limited ability of the company to
generate cash flows from operations to take care of the repayment
obligations and by the stretched financial profile of SPPL marked
by high gearing of 2.1 x as on March 31, 2011 and weak coverage
indicators as reflected by NCA/Total Debt of 2.1% and Total Debt
/ OPBDITA of 6.76 times. Moreover, the rating also factors in the
expiring lease contract of SPPL with one of the tenants in the
short term.

Incorporated in 1996, Salisbury Projects Private Limited
developed and owns Vaswani Victoria. The commercial complex is
located at Victoria Road in the CBD of the city. The total land
area of the complex is 10,333 square feet while total build up
area is 20,747 square feet. The primary source of revenues for
the company is lease rentals from Ravindu Toyota and R2k
software. The ground floor and mezzanine floor are occupied by
M/s Ravindu Toyota, an authorized dealer for Toyota passenger
vehicles while the first and second floors have been leased to
M/s.R2K Software. The third floor is self occupied by the group
companies.

Recent Results (Unaudited)

SPPL reported a net loss of INR0.17 Cr on an operating income of
INR1.70 Cr in FY 2011.


SHEKHAR RESORTS: ICRA Cuts Rating on INR50cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR50.0
crore term loan, INR2.0 crore fund based and INR8.0 crore non-
fund based facilities of Shekhar Resorts Ltd. to '[ICRA]D' from
'LC+'. The rating downgrade takes into account the continued
irregularity in the debt-servicing by the company.

SRL was originally incorporated as Vipul Varun Amusement Park
Private Limited in October 1997. The composition of the company
was changed from private limited to public limited in July 2003
and consequently the name was changed to Shekhar Resorts Limited.
SRL is setting up a 153 room Five Star hotel in Agra (Uttar
Pradesh) which is spread across 12 acres. The commercial
operations of 112 rooms started from January 2011 and the
commercial operation of the remaining 41 rooms is expected by
March 2011.


SHREYAS INDIA: ICRA Rates INR10cr Fund Based Loans at '[ICRA]BB'
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR10.00 crore fund
based facilities of Shreyas India Private Limited. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR7.20 crore
non-fund based bank limits of SIPL. The outlook on the long term
ratings is stable.

The ratings are constrained by the high competitive intensity in
the industry due to low entry barriers; poor bargaining power
with suppliers as well as customers; supplier concentration risk
as most of the Calcium requirement is sourced from one supplier
(Omaya group) and polymers from just two suppliers (RIL and
SABIC, Saudi Arabia); customer concentration risk with about 24%
of sales contributed by one customer alone; location disadvantage
as the plants are distant from raw material suppliers though the
company enjoys proximity to cement customers in Rajasthan;
vulnerability of profitability to raw material price fluctuations
although the company has been able to largely pass on the input
cost increases in the past and high financial risk profile
characterized by high gearing and subdued debt coverage
indicators. The ratings however reflect the established track
record of the company in the master batches industry; positive
demand outlook for domestic conventional polywoven sacks on
account healthy growth prospects for fertilizer & cement sectors;
limited but strong customer profile comprising leading players in
the cement segment; benefit of assured demand for masterbatch
division from the Supreme Group, which will rise further due to
expansion by the latter and the expected revenue contribution
from the trading division as the company has been recently
appointed the del credere associate of Indian Oil Corporation for
Polypropylene (PP) and Polyethylene (PE) for the state of
Rajasthan.

                        About Shreyas India

Shreyas India Private Limited was incorporated in 1997 and was
promoted by Mr. Sanjay Jain and his wife Mrs. Manisha Jain. In
1999 the ownership was taken over by Mr. K. D. Agarwal and his
wife Mrs. Asha Agarwal. Mr. K. D. Agarwal is an ex-banker having
served as Chairman & Managing Director of IFCI Ltd till July 1998
(prior to his retirement). The company's two main businesses are
manufacture of master batches and poly woven sacks. Recently, the
company has ventured into polymer distribution after being
appointed DCA of Indian Oil Corporation for PP, PE for Rajasthan.
The Master batch division manufactures filler master batches
primarily for the polywoven sacks industry. SIPL set up the plant
to manufacture master batches in 2001 with an installed capacity
of 1320 MT at Jhotwara Industrial area, Jaipur, Rajasthan.
Subsequently the company set up another plant to manufacture
master batches at Silvassa in the union territory of Dadar and
Nagar Haveli with an installed capacity of 3120 MT. The capacity
of the Silvassa plant was subsequently increased in 2009 to 8100
MT. Due to the fiscal benefits (sales tax exemption, lower
electricity tariff etc) available at the Silvassa unit,
masterbatch manufacturing at Jhotwara was discontinued as it was
less cost competitive.

The poly woven sacks division of the company was formed when the
company merged with Samrat Industries in 2006. Samrat Industries
had a polywoven sacks manufacturing unit at Jhotwara,


SREE KARPAGAMBAL: Fitch Assigns 'BB(ind)' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Sree Karpagambal Mills Limited
(SKM) a National Long-Term rating of 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings are constrained by the commodity nature of SKM's
business, its high working capital requirement, volatility in raw
material prices and the exposure of the textile industry to
regulatory actions.  The ratings, however, draw strength from
SKM's long track record of manufacturing yarn and cloth and its
moderate credit metrics, with financial leverage (debt/EBITDA) of
3.72x and interest coverage (EBITDA/interest) of 4.69x.

A negative rating action may result from a sustained increase in
SKM's debt/EBITDA to over 6.0x due to a fall in its
profitability.  Conversely, growth in the company's revenues and
EBITDA margins leading to a sustained improvement in its
debt/EBITDA to below 3.0x may lead to a positive rating action.

SKM is a Rajapalayam, Tamil Nadu based spinning and weaving mill.
It owns three facilities for spinning, sizing and weaving,
respectively.  The total capacity of the spinning mill is 7,660
tonnes per annum and that of the weaving facility is around 9
million meters per annum.  In FY11, SKM reported revenues of
INR1,103 million (FY10: INR849 million), operating EBITDA of
INR107 million (FY10: INR78 million) and EBITDA margin of 9.7%
(FY10: 9.2%).  As of March 31, 2011, its total outstanding debt
was INR398 million (FY10: INR326.5 million).

SKM's facilities have been assigned ratings as follows:

  -- INR180.6 million term loans: 'Fitch BB(ind)'

  -- INR225 million fund-based working capital limits: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR15 million non-fund based working capital limits:
     'Fitch A4+(ind)'


SURYODAYA TEXTILES: ICRA Cuts Rating on INR28cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR28.00
crore term loan, INR7.0 crore fund based and INR0.95 crore non-
fund based facilities of Suryodaya Textiles Pvt. Ltd. to [ICRA]D'
from 'LB'.  The rating downgrade takes into account the continued
irregularity in the debt-servicing by the company.

STPL was incorporated in 2004-05 and is engaged in the
manufacturing of grey organic cotton spun yarn. The company has a
spinning mill in Pant Nagar (Uttarakhand) with an installed
capacity of 15,600 spindles. The company is Oeko-Tex Standard 100
and GOTS certified which are international certifications to
ensure that the textile products are free from harmful chemicals
and that they are made from 100% organic cotton respectively.


TRADECOM INTERNATIONAL: ICRA Rates INR1.03cr LT Loan at 'LBB'
-------------------------------------------------------------
ICRA has placed the 'LBB' with 'Stable' outlook and 'A4' ratings
assigned to the INR1.03 Crore long term fund based and INR5.00
Crore short term non fund based facilities of Tradecom
International Private Limited on notice of withdrawal for one
year at the request of the company.

As per ICRA's policy, the ratings will be withdrawn after one
year from the date of this withdrawal notice.

Incorporated in 1988, TIPL commenced its operations as a waste
paper indenting house, sourcing imported waste paper for domestic
recycled paper manufacturers. It gradually diversified its
operations over the years by providing a wide array of services,
including indenting imported pulp and chemicals for domestic
paper mills, supplying high quality imported news print for
domestic newspaper publications, domestic newsprint abroad and
trading of paper.  The Company has its registered office in
Mumbai.


TUSHA TEXTILES: ICRA Assigns '[ICRA]BB' Rating to INR1.95cr Loan
----------------------------------------------------------------
An '[ICRA]BB' rating has been assigned to the INR1.95 crore term
loans and INR10.05 crore fund based facilities of Tusha Textiles
(Mumbai) Private Limited.  The ratings for the fund based
facilities have been reassigned on the long term scale as against
the earlier rating of '[ICRA]A4' on the short term scale. The
rating has been assigned a stable outlook.

The ratings factor in the experience of the promoters in the
fabric trading business; favorable location of its weaving
facility and support by the Government in the form of various
incentives for export oriented units. The ratings are, however,
constrained by the small scale of operations; stretched working
capital intensity and high dependence on exports. Margins are
expected to remain constrained on account of competition from
other domestic players and limited bargaining power with large
customers.

Tusha Textiles Private Limited is engaged in the business of
trading, weaving and exporting of fabrics which are primarily
used as school wear. The company was incorporated in 2002, and
specializes in Teflon coated fabrics. Tusha has a weaving unit
located at Tarapur, Maharashtra, which became operational in
August 2010. The unit has 12 weaving machines with a capacity of
1.5 lakh meters per month.

Recent results:

Tusha reported a net profit of INR0.53 crore in FY 2011
(provisional) on an operating income of INR41.94 crores as
compared to a net profit of INR0.29 crore in the previous year on
an operating income of INR22.27 crores.


WELLCOME FISHERIES: ICRA Rates INR2cr Term Loan at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR2.00 crore new term loan facility of Wellcome Fisheries
Limited.  The outlook on the long term rating is stable. ICRA has
reaffirmed the ratings to the INR40.00 crore (enhanced from
INR35.00 crore) fund based and INR14.38 crore (enhanced from
INR13.00 crore) non fund based bank facilities of WFL at
'[ICRA]A4'.

ICRA has withdrawn the 'LBB' rating outstanding on the INR0.72
crore term loan facility of WFL, at the request of the company,
as the loan has been fully repaid. There is no amount outstanding
against the rated instrument.

The ratings reflect the improvement in the company's scale of
operations during 2010-11 supported by the growth witnessed in
the sales volume and realizations.  The ratings take cognizance
of the promoters experience in the sea food export business and
infusion of equity by them in the recent past, which favorably
impacted the company's capital structure. The same however
remains at moderately aggressive levels due to a highly working
capital intensive nature of WFL's operations, and weak accruals
from the business.

The ratings also factor in the risk inherent in the seafood
business, a highly fragmented nature of the sea food industry,
low entry barriers and competitive pressure from other exporting
countries. The above coupled with the low value addition in WFL's
operations has resulted in modest profitability, leading to weak
coverage indicators. ICRA further takes note of the vulnerability
of the seafood export business to adverse changes in the
importing nations' and Indian Government policies, and
unfavorable movement in foreign currency exchange rates, which
would affect the overall business risk profile of the companies
including WFL.

                      About Wellcome Fisheries

WFL is a closely held company, incorporated in the year 1987. The
promoters, who began as traders of seafood products, subsequently
established the processing unit in 1994, which is located in
Bhimavaram near Vijayawada. WFL procures shrimps from the farmers
in the nearby areas, which are processed and cold stored. The
company mainly deals in BT and vannamei shrimps apart from a few
other sea food varieties like scampi. WFL caters to about a dozen
export destinations including US, UK, Germany and Belgium.


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


ADARO INDONESIA: Fitch Puts 'BB+' Rating on $800-Mil. Notes
-----------------------------------------------------------
Fitch Ratings has said that PT Adaro Indonesia's ratings are not
immediately affected by its parent's, PT Adaro Energy Tbk,
acquisition of a 75% stake in a green field coal mining company
for US$222.5 million.  Adaro Indonesia is rated Long-Term Foreign
and Local Currency Issuer Default 'BB+' with Stable Outlooks.
Its US$800 million senior notes due in 2019, guaranteed by Adaro
Energy, are also rated 'BB+'.

The acquisition is to be funded by drawing down on existing
credit facilities of Adaro Indonesia.  In Fitch's view, the
immediate increase in debt and associated interest does not
significantly affect Adaro Indonesia's financial profile.  The
company is yet to announce details of the coal resources acquired
and associated development costs or any guidance on coal
production from this venture. Fitch will review the ratings once
these details are made available.

Both Adaro Energy and Adaro Indonesia continue to display strong
financial profiles, including robust liquidity. Both companies
reported improved financial results for the six months ended June
2011 due to higher coal production and stronger selling prices
relative to 2010.  Fitch expects coal prices to remain robust and
Adaro Indonesia to benefit from increasing production in the
short- to medium-term.  At end-June 2011, Adaro Indonesia's
adjusted debt net of cash to operating EBITDAR and funds from
operations interest coverage were 0.85x and 8.72x, respectively
(0.83x and 8.71x, respectively for Adaro Energy).


CIMB BANK: Moody's Upgrades BFSR to 'C-' From 'D+'
--------------------------------------------------
Moody's Investors Service has upgraded CIMB Bank Berhad's bank
financial strength rating to C- from D+, and which maps to a
baseline credit assessment of Baa2 from Baa3.  Moody's has also
changed the rating outlook to stable from positive.

On the other hand, CIMB Bank's foreign currency long-term/short-
term deposit and issuer ratings of A3/P-1 and foreign currency
senior unsecured MTN programme rating of (P)A3 remain unchanged.
The outlook is stable.

At the same time, Moody's has upgraded:

* The local currency and foreign currency long-term/short-term
   issuer ratings of CIMB Investment Bank Berhad ("CIMBIB") to
   A3/P-1 from Baa1/P-2. The outlook is stable.

* The rating on non-cumulative guaranteed preference shares
   issued by SBB Capital Corporation -- a CIMB Bank subsidiary --
   to Ba2(hyb) from Ba3(hyb). The outlook is stable.

These ratings of PT Bank CIMB Niaga were affirmed:

* Local currency long-term/short-term deposit ratings of Baa3/P-
   3

* Foreign currency long-term/ short-term deposit ratings of
   Ba2/NP

* Foreign currency long-term issuer and subordinated debt
   ratings of Ba1.

The outlook on all these ratings is stable.

Ratings Rationale

CIMB Bank

The upgrade of CIMB Bank's BFSR reflects the bank's continued
ability to maintain sound financials, deliver on its strategic
objectives, and reduce its risk profile, as illustrated by the
progress that it has made since 2007 to integrate its legacy
operations, improve its domestic franchise, and expand
regionally.

The stable outlook on the BFSR following the upgrade considers
the challenges CIMB Bank faces in further improving its funding
costs and asset quality significantly in light of intense
competition among banks domestically and renewed volatility in
the global economy.

CIMB Bank's foreign currency long-term deposit and issuer ratings
of A3 are supported by (i) the bank's Baa2 BCA and (ii) Moody's
assessment of a very high probability of systemic support, in the
event of need.

CIMB Bank's entrenched market position and 42% indirect ownership
by the Malaysian government underpin Moody's support assumptions
for the bank.

Rebranding and marketing efforts to strengthen its consumer
banking business over the last two years have increased CIMB
Bank's market visibility and franchise value in Malaysia and in
the region. The improved income contribution from its consumer
banking franchise is credit positive as it increases income
stability.

Management's continual efforts to focus on deposit growth may
hurt the bank's margins in the near-term, but additional retail
funding would put the bank in a better position to pursue
business growth.

Its impaired loans ratio (3.9% at end-June 2011) remains somewhat
higher than its major domestic peer banks, but asset quality has
improved in view of the decline in new impaired loan formation
over the last 2 years. At end-June 2011, its profitability,
liquidity and capital levels remained sound: net income was 2.1%
of average risk-weighted assets; loans-to-deposits ratio was
79.2%; and Tier 1 capital ratio was 10.7%.

SBB's non-cumulative guaranteed preference share rating of
Ba2(hyb) remains 3 notches below the adjusted BCA of Baa3 for
CIMB Bank, following the upgrade of the latter's BFSR. CIMB
Bank's adjusted BCA is the same as its BCA, given that parental
and/or cooperative support does not apply. The rating is in line
with Moody's revised Guidelines for Rating Bank Hybrids and
Subordinated Debt, published in November 2009.

The following factors could result in upward pressure on CIMB
Bank's BFSR:

  (i) Continued growth of the bank's consumer banking business,
      while it also maintains its strength in corporate banking

(ii) Significant reduction in borrower and industry
      concentrations

(iii) Further reduction in the level of impaired loans to below
      3% of gross loans and below 20% of shareholder's equity and
      loan loss reserves

(iv) Risk-adjusted profitability -- measured by net income as a
      percentage of average risk-weighted assets -- of above 2%

  (v) Continued maintenance of adequate capital buffer against
      credit losses with core Tier 1 capital ratio above 10%.

As the bank's foreign currency deposit and debt ratings are
currently capped at the sovereign ceilings of A3, an upgrade of
the sovereign ceiling could result in the upgrade of these
ratings.

Conversely, these factors could result in downward pressure on
CIMB Bank's BFSR:

  (i) Aggressive organic expansion or acquisitions, resulting in
      significant increases in its risk profile

(ii) Keen price competition, resulting in net income falling
      below 1.5% of average risk-weighted assets

(iii) Significant weakening in the operating environment or
      looser underwriting practices, resulting in the impaired
      loans ratio rising above current levels

(iv) Material decline in capital buffer from current levels.

The bank's foreign currency deposit and debt ratings may be
pressured downwards if:

  (i) The sovereign ceilings are downgraded to below A3; and/or

(ii) Systemic support for the bank is assessed to have fallen.

The movement in SBB's hybrid securities rating is dependent on
changes to CIMB Bank's BFSR and BCA.

CIMBIB

The rating upgrade reflects the improved capability of CIMB Bank
-- CIMBIB's larger sister company, and with which it is closely
integrated -- to provide it with support, if needed. This rating
upgrade follows the upgrade of CIMB Bank's BFSR.

CIMBIB and CIMB Bank are the key investment and commercial
banking subsidiaries of CIMB Group Holdings Berhad in Malaysia.
As CIMB Bank is the Group's largest subsidiary, any support
extended to CIMBIB, if needed, will most likely come from CIMB
Bank.

Currently, CIMBIB's issuer ratings incorporate a very high
probability of support from CIMB Bank. This results in a
multiple-notch rating uplift from its stand-alone credit profile.

The factors that determine the likelihood of providing support to
CIMBIB are (1) CIMB Bank's financial strength (BFSR of C-), and
(2) the likely availability of systemic support from the
Malaysian government, in case of need.

CIMBIB's earnings profile remains subject to volatility in the
capital markets, despite its dominant market position. Its
liquidity and capital positions have remained fairly stable and
benefited from intra-group support and management.

Since the corporate restructuring in 2006, CIMB Group companies
-- including CIMBIB and CIMB Bank -- have become more
functionally managed and closely integrated. Both CIMBIB and CIMB
Bank work very closely to contribute to the Group's Corporate and
Institutional banking business. The interconnectedness of their
boards, management teams and operations reinforce Moody's view
that very strong support for CIMBIB would -- if needed -- come
from CIMB Bank.

CIMBIB's local currency long-term issuer ratings could be raised
if: (i) CIMB Bank's BFSR is upgraded, and/or (ii) systemic
support is assessed to have increased.

CIMBIB's foreign currency long-term issuer rating is capped at
the sovereign ceiling of A3. It could be raised if the sovereign
ceiling is raised.

Conversely, these factors could result in downward pressure on
CIMBIB's issuer ratings:

   (i) The bank's risk appetite rises and earnings volatility
       increases above current levels

  (ii) The adequacy of either the bank's capital or liquidity
       falls sharply

(iii) CIMB Bank's BFSR is downgraded

  (iv) Systemic support is assessed to have fallen

   (v) The sovereign ceilings for Malaysia are lowered.

Principal Methodologies

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, Global Securities Industry Methodology published
in December 2006, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007, and Moody's Guidelines for Rating Bank Hybrid Securities
and Subordinated Debt published in November 2009. Please see the
Credit Policy page on www.moodys.com for a copy of these
methodologies.

Headquartered in Kuala Lumpur, Malaysia, CIMB Bank Berhad
reported total assets of IDR220.2 billion (US$72.9 million) as at
June 30, 2011.

Headquartered in Kuala Lumpur, Malaysia, CIMB Investment Bank
Berhad reported total assets of IDR4.5 billion (US$1.5 million)
as at June 30, 2011.

Headquartered in Jakarta, Indonesia, PT Bank CIMB Niaga reported
total assets of IDR152,709 billion (US$17.9 million) as at
June 30, 2011.


PT ALUCO: Fitch Places 'B-' Sr. Unsec. Rating on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Indonesia-based power cable manufacturer
PT ALUCO's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDR) and its senior unsecured rating of 'B-' on Rating
Watch Negative (RWN).

All of the above ratings, together with the expected senior
unsecured rating of 'B-(exp)' on the USD notes, to be issued by
PT Tranka Kabel and unconditionally and irrevocably guaranteed by
ALUCO, have been simultaneously withdrawn.

The ratings have been put on RWN following the cessation of the
company's plans to issue USD notes.  The 'B-' ratings and the
Stable Outlook assigned on June 9, 2011, were predicated on
expected improvements to its liquidity profile which would have
occurred if the proposed notes issue had proceeded.  The proceeds
from the issue would have been used to refinance its debt and
provide additional working capital.  Fitch considers that the
company's options for strengthening its liquidity position are
now more limited.

Fitch understands from the management of ALUCO that they are
considering alternative funding options including bank debt and
equity.  The RWN reflects Fitch's view that ALUCO's liquidity
profile would deteriorate significantly if the company failed to
secure adequate alternative financing from these two options.

The ratings of the issuer are being withdrawn because with no
prospect of a bond issue in the near future Fitch does not deem
them relevant to the agency's coverage.


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


ORIX-NRL TRUST: S&P Affirms 'B-' Rating on Class E Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to D trust certificates issued under the ORIX-NRL Trust
18 transaction, and affirmed its 'B- (sf)' rating on class E and
its 'AAA (sf)' rating on the interest-only (IO) class X issued
under the same transaction. "At the same time, we removed the
ratings on classes A to E from CreditWatch with negative
implications, where they were placed on June 23, 2011," S&P
related.

Of the two nonrecourse loans and two specified bonds that
originally backed the transaction, only a single specified bond
remains (the specified bond, which is backed by a hotel and is
due to mature in August 2012, originally represented 43% of the
total initial issuance amount of the trust certificates).

"In August 2010, we lowered our assumption with regard to the
likely collection amount from the hotel backing the transaction's
remaining specified bond, after considering a number of factors,
such as the cash flow status, as well as the type and location of
the property. Under our revised assumption, we estimated the
property value to be about 61% of our initial underwriting value.
The performance of the hotel, which worsened rapidly following
the collapse of Lehman Brothers in 2008, improved gradually
thereafter. Although the hotel is not located in or near the area
in northeastern Japan directly hit by the Great East Japan
Earthquake on March 11, 2011, the net cash flow (NCF) of the
hotel declined following the earthquake, because the earthquake,
the crisis at the Fukushima No. 1 nuclear power plant, as well as
the ensuing rapid appreciation of the yen caused demand for hotel
accommodation in Japan from non-Japanese travelers -- who were
the hotel's main customers -- to fall sharply. Indeed, the
property's NCF is currently far below our assumption as of August
2010," S&P stated.

"Although we are currently seeing some signs of improvement in
the hotel's performance, we expect business conditions for the
hotel to remain tough, given that, in our view, the hotel's
performance will rely on demand primarily from Japanese travelers
in the near term. Accordingly, we have revised downward our
property cash flow estimate, and lowered our assumption with
respect to the likely collection amount from the property. We
currently assume the property value to be about 47% of our
initial underwriting value. The downgrades of classes A to D
reflect our revised assumption with regard to the likely
collection amount from the hotel backing the transaction's
remaining specified bond," S&P said.

"Meanwhile, we have affirmed our 'B- (sf)' rating on class E
because the rating on that class was already relatively low. The
'B- (sf)' rating on class E also reflects our consideration of
the likelihood of the specified bond being redeemed by its
maturity date through refinancing or the sale of the related
collateral property," S&P related.

"We continue to see the performance of the hotel backing the
remaining specified bond as a key factor in the transaction's
credit quality," S&P said.

ORIX-NRL Trust 18 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by two nonrecourse loans and two specified
bonds extended to/issued by four obligors. The loans and
specified bonds were originally backed by nine real estate
properties and real estate certificates. This transaction was
arranged by ORIX Corp., and ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date in
September 2014 for the class A certificates, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to E certificates, and the timely
payment of available interest for the IO class X certificates,"
S&P added.

Ratings Lowered, Off Creditwatch Negative
ORIX-NRL Trust 18
JPY23.4 billion trust certificates due September 2014

Class/   To        From                 Initial amount
Coupon
Type
A        AA (sf)   AAA (sf)/Watch Neg   JPY17.4 bil.
Floating rate
B        BB (sf)   A (sf)/Watch Neg     JPY2.4 bil.
Floating rate
C        B- (sf)   BB (sf)/Watch Neg    JPY1.8 bil.
Floating rate
D        B- (sf)   B (sf)/Watch Neg     JPY1.5 bil.
Floating rate

Rating Affirmed, Off CreditWatch Negative
Class/  To         From                Initial amount
Coupon
Type
E       B- (sf)    B- (sf)/Watch Neg   JPY0.3 bil.
Floating rate

Rating Affirmed
Class   Rating      Initial notional principal
X       AAA (sf)    JPY23.4 bil.


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


KOREA ELECTRIC: Ex-CEO May Sue Government Over Shareholder's Suit
-----------------------------------------------------------------
The Korea Times reports that former Korea Electric Power Corp.
(KEPCO) President Kim Ssang-su said on Thursday that he might
bring the government to court if he loses the case related to
electricity charges.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 22, 2011, Yonhap News said that a group of shareholders of
Korea Electric Power Corp. filed a lawsuit against its president,
Kim Ssang-su, claiming KEPCO suffered losses due to his failure
to adequately raise electricity prices in a timely manner.
According to the news agency, company officials said the group,
consisting of 13 small shareholders, claimed Mr. Kim's failure
caused KRW2.8 trillion (US$2.6 billion) in damage to the company
over the past three years.  They demanded Mr. Kim pay the money
to the company in the suit filed with a Seoul court on Aug. 2,
2011.

"During 42 years at the works, I've never visited even the police
station. But by now my reputation is greatly damaged. (I want to
ask) why the government caused this to happen?"  The Korea Times
quotes Mr. Kim as saying.  "Strictly speaking, we might file a
complaint against the government. In case we lose the case, the
country might see a series of other legal actions against public
corporations."

According to The Korea Times, Mr. Kim has raised electricity
rates more than 10% during the past three years but it was not
enough because of the soaring cost of raw materials like coal and
uranium.

The news agency relates that the former LG Electronics CEO tried
to jack up electricity bills by bigger margins but his attempt
faced the opposition of the government, which worried about the
resultant inflationary pressures.

As a result, The Korea Times notes, current electricity prices
are estimated to cover merely 90% of the total expenses, causing
KEPCO to suffer deficits upward of KRW6 trillion from 2008
through 2010. The utility is still stuck in the red, The Korea
Times relays.

"KEPCO is a listed corporation of which 48% of shares are owned
by private entities. The government should come up with policies
suitable for listed firms (instead of trying to control the
prices)," The Korea Times quotes Mr. Kim as saying.

Mr. Kim stepped down on Aug. 23, just three days before his term
was slated to finish, in the aftermath of the minority
shareholders' lawsuit, according to The Korea Times.

The Korea Times relates that although Hyundai Engineering &
Construction (E&C) President Kim Joong-kyum was considered the
strongest candidate to lead KEPCO for the next three years, there
is speculation that he might not be able to take the helm of the
mammoth organization.

                           About KEPCO

Korea Electric Power Corporation (KEPCO), an integrated electric
utility company, engages in the generation, transmission, and
distribution of electricity in South Korea. The company generates
power from nuclear, coal, oil, liquefied natural gas, hydro,
wind, and solar sources.  The South Korean government owns a 51%
share of KEPCO.


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


CENTURY CITY: Serepisos Proposes to Sell Assets
-----------------------------------------------
The Dominion Post reports that property developer and Wellington
Phoenix football boss Terry Serepisos has crumpled under the
weight of NZ$200 million debt and is putting forward a proposal
to sell his assets.

According to The Dominion Post, a judge in the High Court at
Wellington was told Monday that Mr. Serepisos' portfolio of about
150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000.  The Dominion
Post says Mr. Serepisos' liabilities are calculated at
NZ$203,095,206.

The consequences of these proceedings for the Wellington Phoenix
football club are uncertain at the moment, The Dominion Post
notes.

The Dominion Post relates that Mr. Serepisos' new lawyer, John
Billington, QC, said an orderly sale of assets was proposed to
avoid "an economic and social catastrophe" that could occur if
individual creditors moved immediately to sell the secured
assets, flooding the Wellington property market and depressing
prices not just for the Mr. Serepisos properties, but for
property generally.

At Mr. Serepisos' last hearing in the High Court bankruptcy list
10 days ago, Associate Judge David Gendall was told South
Canterbury Finance is claiming NZ$18 million and Equitable
Mortgages Limited about NZ$9.8 million, according to The Dominion
Post.

The debt to Equitable Mortgages was expected to reduce about
NZ$4.3 million with the sale of one of the Serepisos buildings in
Victoria St, Wellington, the report notes.

According to the report, Mr. Serepisos was not at court but in a
sworn affidavit said he could not pay his debts as they were
falling due, even though he has a calculated NZ$30 million excess
of assets over liability.

Mr. Billington, as cited by The Dominion Post, said penalty
interest rates were the main factor that meant Mr. Serepisos was
unable to meet the outgoings on his properties.

The Dominion Post says the major creditor trying to bankrupt Mr.
Serepisos -- South Canterbury Finance which is owed NZ$18 million
-- consented to an adjournment to September 26.  The other
creditor in the bankruptcy action -- Equitable Mortgages, which
expects to be left with a NZ$5.4 million unsecured debt, -- did
not oppose the delay.

Mr. Billington said what was sought was a proposal under Part 5
of the Insolvency Act for experienced insolvency professionals to
act as trustee and for the assets to be sold over two years, or
other agreed period, The Dominion Post relays.

The proceeds could then be distributed to creditors, the report
notes.

Creditors are being served with a copy of the proposal this week
and are expected to meet on September 23.  The following Monday,
September 26, the case is back in court.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns
the Wellington Phoenix football team.


NELSON BUILDING: Fitch Holds Issuer Default Rating at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed Nelson Building Society's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB+'.
The Outlook is Stable.  At the same time, the agency affirmed all
other ratings.

The Long- and Short-Term IDRs and Viability Ratings reflect NBS's
strong retail funding position, sound asset quality and good
capitalization, which Fitch considers appropriate given its
absolute small size.  The ratings also take into consideration
the society's geographic and product concentration, as well as
its moderate operating profitability and limited ability to raise
capital.

The Stable Outlook considers NBS's conservative approach to risk
management and resilient performance in the face of a sluggish
New Zealand economy and intense deposit competition. Positive
rating action is unlikely due to NBS's small absolute capital
base, and concentrations within its loan book.  The most likely
source of downward rating pressure would be if NBS's
profitability, asset quality and capitalization were to
deteriorate significantly.

The Support Rating and Support Rating Floor take into
consideration Fitch's opinion that support from New Zealand
regulatory authorities to NBS would likely be limited.

NBS maintained solid asset quality ratios despite a continuing
challenging operating environment in the financial year ended
March 2011 (FY11).  Its impaired loan ratio is exceptionally low
compared with international peers', although its loan book is
concentrated in the Nelson region. Somewhat offsetting
concentration risk is NBS's well secured loan book.  Almost the
entire loan book is secured by some form of real estate, with the
vast majority benefiting from loan to value ratios of below 80%
at FYE11.

Over the last four years, NBS's operating profitability has been
constrained by a high fixed cost base, though it managed to
maintain a wide net interest margin despite the fierce deposit
competition.

NBS's loan book is fully customer deposit-funded, and the society
enjoys a high level of customer loyalty.  NBS had no wholesale
funds outstanding at FYE11.

Based in the Tasman region, NBS is New Zealand's oldest building
society.

Nelson Building Society's ratings

  -- Long-Term Foreign Currency IDR affirmed at 'BB+',
     Outlook Stable
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Long-Term Local Currency IDR affirmed at 'BB+';
     Outlook Stable;
  -- Short-Term Local Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'bb+'
  -- Individual Rating affirmed at 'C/D'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'


WAIRARAPA BUILDING: Fitch Holds Issuer Default Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed Wairarapa Building Society's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB+'.
The Outlook is Stable.  At the same time, the agency has affirmed
all other ratings.

The Long- and Short-Term IDRs and Viability Ratings reflect WBS's
stable funding position due to its loyal customer base; strong
collateralization of its loan book and high capital ratios.
Fitch considers such high ratios to be appropriate, given the
society's small absolute capital base and limited ability to
raise capital.  The ratings also recognize WBS's improved on-
balance sheet liquidity and asset quality, most notably the
reduction in single-name concentration, as well as weak operating
profitability.

The Stable Outlook is maintained, as a number of costs that
contributed to a loss before tax of NZD475,000 in the financial
year ended March 2011 (FY11), will reduce or disappear in future
reporting periods.  Among these are fees for the extended
government guarantee, which will disappear from 31 December 2011;
high hedging costs, which are expected to halve in FY12; and
downward fair value adjustments to the society's investment
properties.  A return to profitability, albeit modest, appears
likely in FY12; should WBS be unable to achieve positive momentum
in its earnings Fitch will likely downgrade of the society's
Long-Term IDR by a notch.  A deterioration in asset quality or
capitalization from current levels could also lead to negative
rating action.

WBS's Support Rating and Support Rating Floor take into
consideration Fitch's opinion that the support from New Zealand
regulatory authorities to WBS would be limited.

Notwithstanding the reduction in WBS's single-name concentration,
its loan book is still considerably more concentrated than its
immediate peers.  However, WBS managed to resolve its only
impaired exposure in the first five months of FY12, ensuring
robust asset quality.

Wairarapa-based WBS is the smallest of New Zealand-based building
societies rated by Fitch as of end-June 2011.

Wairarapa Building Society

  -- Long-Term Foreign Currency IDR affirmed at 'BB+',
     Outlook Stable
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Long-Term Local Currency IDR affirmed at 'BB+';
     Outlook Stable
  -- Short-Term Local Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'bb+'
  -- Individual Rating affirmed at 'C/D'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'


=====================
P H I L I P P I N E S
=====================


RIZAL COMMERCIAL: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Rizal Commercial Banking Corp's (RCBC)
ratings, including its 'BB-' Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'BB-'.  The Outlook is Stable.

The affirmation takes account of RCBC's asset quality risks but
also its improved capital, and satisfactory earnings profile and
reserves.  Despite the broadly steady economic outlook in the
Philippines, the bank faced some one-off asset quality setbacks
in 2009-2010 in a few large corporate loans, reflecting the risks
of a concentrated loan book common in many rated Philippine
banks.  Nonetheless, the associated credit costs were covered by
earnings, capital remained intact, and residual provisioning
risks on non-performing loans (NPL) were low in view of the 94%
NPL reserve coverage at end-June 2011.

Further weakening of asset quality at a pace above that of its
local peers may be negative for ratings, although Fitch views any
significant deterioration as a low prospect given Philippines'
largely satisfactory economic prospects, barring any unforeseen
major global events.  Fitch notes that the bank's loss-absorption
capacity improved following two private placements in H111, which
lifted its core Tier 1 capital adequacy ratio (CAR; excluding
hybrids) to about 13% at end-June 2011 from 10.7% at end-2010.
Nevertheless, like other domestic banks, RCBC's Fitch core
capital position is just adequate by international comparison.

Apart from strengthening capital levels, considerable and
sustained improvement in asset quality is another consideration
for a rating upgrade.  Fitch believes this to be a long-term
prospect, noting the provisioning risks from RCBC's investment
properties and deferred charges, which equalled 51% of core
equity at end-June 2011.  These investment properties are
foreclosed real-estate collateral (including some properties held
under wholly-owned special purpose companies and set aside for
disposals) while deferred charges are previous years' disposal
losses being amortised over 10 years (five years remaining).

Fitch also believes that RCBC's ongoing expansion, if executed
prudently, would result in a stronger domestic franchise and be
positive for its ratings, although the agency views this to be a
long-term prospect.  The bank maintains its retail-oriented
expansion, and seeks to align increase in operating costs with
revenue growth.  Economic conditions are broadly supportive of
its performance although profitability may ease due to a moderate
trading gain outlook in H211-2012. Securing low-cost retail
deposits on the back of a growing branch network is positive for
funding stability and franchise. RCBC has a liquid balance sheet,
with a loans/deposits ratio of 60%-70%.

The Support Rating reflects Fitch's expectation of a moderate
probability of state support for RCBC, in light of the bank's
systemic importance to the domestic economy and the government's
modest ability to offer timely assistance, if required.  The bank
accounted for 4%-5% of system assets and deposits.

The 'BB-' rating of the senior notes is the same as RCBC's IDR,
as the senior notes constitute its direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The subordinated notes rating of
'B+' is one notch below the bank's IDR to reflect the
subordinated status of this issue and the absence of any going
concern loss-absorption feature.

The 'B-' hybrid issue rating is three notches below RCBC's IDR
due to the presence of mandatory triggers to defer dividends.
Such a dividend deferral mechanism is a form of going concern
loss absorption and will be activated if, amongst others, the
bank breaches its regulatory minimum capital adequacy ratios or
if it has insufficient distributable reserves.  While Fitch
currently believes the risk of such a breach to be low, the
hybrid rating may be reviewed in due course in view of the
publication of its exposure draft "Rating Bank Regulatory Capital
Securities", on 28 July 2011.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB-';
     Outlook Stable
  -- Long-Term Local-Currency IDR affirmed at 'BB-';
     Outlook Stable
  -- Viability Rating affirmed at 'bb-'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB-'
  -- Senior notes rating affirmed at 'BB-'
  -- Subordinated notes rating affirmed at 'B+'
  -- Hybrid Tier 1 securities rating affirmed at 'B-'


UNION BANK: Liquid Balance Sheet Cues Fitch to Hold Low-B Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Union Bank of the Philippines'
ratings, including its Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'BB-' with Stable Outlook.

Union Bank's ratings reflect its moderate deposit and loan
concentration and high property exposure as well as its liquid
balance sheet, reasonable earnings profile and sound
capitalisation.

Union Bank is currently the ninth-largest bank in the Philippines
with 3%-4% of banking system assets.  In Fitch's view, a more
established domestic franchise attained through prudent
expansion, including greater diversity in its depositor base and
earnings profile, could be positive for its ratings; however,
this is likely to be a long-term prospect.  At present, there is
some deposit concentration, which is mitigated by the bank's
liquid balance sheet, with an average loans/deposits ratio of
around 40% over 2008-2010.  While treasury represents one major
profit centre due to surplus funds and has kept Union Bank's
return on assets higher than that of its local peers, sustaining
trading gains may be a challenge, especially if interest rates
were to rise further in H211-2012.

Other positive rating triggers are considerable balance-sheet
improvements, with lower property exposure and greater loan
diversity while maintaining satisfactory capital levels, although
Fitch views these improvements to be likely only in the medium
term.  Investment properties (mostly foreclosed assets) equalled
a high 46% of core equity (local peer average: around 25%) and
are exposed to valuation risks.  These, together with a
concentrated corporate loan portfolio, could expose the bank to
potential impairment risks, especially in a prolonged downturn
scenario.

Unexpected deterioration in asset quality and/or weakened core
capital -- potentially on account of rapid growth -- may be
negative for Union Bank's ratings. Fitch views this to be a
remote prospect given the Philippines' broadly satisfactory
economic outlook, barring any unforeseen global developments.
The agency also notes the bank's reasonable capital buffer with a
core Tier 1 capital adequacy ratio of 13.7% at end-June 2011.

The subordinated notes rating of 'A(phl)' is one notch below the
bank's National Long-Term Rating, reflecting the subordinated
status of this issue and the absence of any going concern loss-
absorption features.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB-';
     Outlook Stable
  -- Long-Term Local-Currency IDR affirmed at 'BB-';
     Outlook Stable
  -- National Long-Term Rating affirmed at 'A+(phl)';
     Outlook Stable
  -- Viability Rating affirmed at 'bb-'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B+'
  -- Subordinated notes' National Long-term rating affirmed at
     'A(phl)'


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


AALBORG INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Aug. 19, 2011, to
wind up the operations of Aalborg Industries Water Treatment Pte
Ltd.

Aalborg Industries A/S (now known as "Alfa Laval Aalborg A/S")
filed the petition against the company.

The company's liquidator is:

         Don Ho Mun Tuke
         Don Ho & Associates
         20 Cecil Street
         #12-02 Equity Plaza
         Singapore 049705


ADVANCED MEDIA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Aug. 12, 2011, to
wind up the operations of Advanced Media Technologies Pte Ltd.

Micron Storage Laboratory Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Messrs. Tam Chee Chong And
         Lim Loo Khoon
         c/o Deloitte & Touche Financial Advisory
         Services Pte Ltd
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ADICON INTERIOR: Court to Hear Wind-Up Petition on Sept. 16
-----------------------------------------------------------
A petition to wind up the operations of Adicon Interior Pte Ltd
will be heard before the High Court of Singapore on Sept. 16,
2011, at 10:00 a.m.

Ong Soon Lian filed the petition against the company on Aug. 12,
2011.

The Petitioner's solicitors are:

          M/s Moey & Yuen
          133 Cecil Street #09-03
          Keck Seng Tower
          Singapore 069535


BORDERS PTE: Court to Hear Judicial Management Bid on Sept. 6
-------------------------------------------------------------
An application to place Borders Pte Ltd under judicial management
will be heard before the High Court of Singapore on Sept. 6,
2011, at 10:00 a.m.

Timothy James Reid of Ferrier Hodgson has been nominated as the
judicial manager.

The Applicant's solicitor is:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989


BOAT QUAY: Creditors' Proofs of Debt Due Sept. 26
-------------------------------------------------
Creditors of Boat Quay Business Association, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 18, 2011.


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


* BOND PRICING: For the Week Aug. 22 to Aug. 26, 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       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.02
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       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      67.15
EXPORT FIN & INS         0.50    06/15/2020   AUD      66.58
EXPORT FIN & INS         0.50    06/15/2020   NZD      65.12
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
NEW S WALES TREA         1.00    09/02/2019   AUD      72.39
NEW S WALES TREA         0.50    09/14/2022   AUD      59.94
NEW S WALES TREA         0.50    10/07/2022   AUD      59.46
NEW S WALES TREA         0.50    10/28/2022   AUD      59.22
NEW S WALES TREA         0.50    11/18/2022   AUD      59.07
NEW S WALES TREA         0.50    12/16/2022   AUD      58.52
NEW S WALES TREA         0.50    02/02/2023   AUD      58.18
NEW S WALES TREA         0.50    03/30/2023   AUD      57.62
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.98
RESOLUTE MINING         12.00    12/31/2012   AUD       0.99
SUNCORP METWAY           6.75    09/23/2024   AUD      72.79
TREAS CORP VICT          0.50    08/25/2022   AUD      59.97
TREAS CORP VICT          0.50    11/12/2030   AUD      58.11
TREAS CORP VICT          0.50    11/12/2030   AUD      41.42


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.86
CQ YUFU ASSET            6.33    02/22/2018   CNY      67.98
YUXI DEVELOP INV         5.80    12/28/2016   CNY      61.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      35.27


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.69
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.25
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.07
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.15
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.43
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.89
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.51
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.27
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.16
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.16
VIDEOCON INDUS           6.75    12/16/2015   USD      74.25


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.41
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.66
SHINSEI BANK             5.62    12/29/2049   JPY      68.50
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      74.04
TOKYO ELEC POWER         1.31    06/24/2020   JPY      74.70
TOKYO ELEC POWER         1.22    07/29/2020   JPY      73.73
TOKYO ELEC POWER         1.55    09/08/2020   JPY      72.51
TOKYO ELEC POWER         2.34    09/29/2028   JPY      73.38
TOKYO ELEC POWER         2.40    11/28/2028   JPY      73.82
TOKYO ELEC POWER         2.20    02/27/2029   JPY      70.65
TOKYO ELEC POWER         2.11    12/10/2019   JPY      70.15
TOKYO ELEC POWER         1.95    07/27/2030   JPY      68.90
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.80


  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       1.26
DUTALAND BHD             6.00    04/11/2013   MYR       0.77
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.46
ENCORP BHD               6.00    02/17/2016   MYR       0.86
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.78
MITHRIL BHD              3.00    04/05/2012   MYR       0.43
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.41
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       0.63
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.73
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.46
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.55
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.32


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

ALLIED FARMERS           9.60    11/15/2011   NZD      30.80
DORCHESTER PACIF         5.00    06/30/2013   NZD      65.40
GENESIS POWER            8.50    07/15/2041   NZD       8.15
INFRATIL LTD             8.50    09/15/2013   NZD       9.50
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      59.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.25
NEW ZEALAND POST         7.50    11/15/2039   NZD      60.46
NZF GROUP                6.00    03/15/2016   NZD      23.20
SKY NETWORK TV           4.01    10/16/2016   NZD       7.78
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.10
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.85
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.02
SENGKANG MALL            4.00    11/20/2012   SGD       0.10
SENGKANG MALL            8.00    11/20/2012   SGD       0.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.02
WBL CORPORATION          2.50    06/10/2014   SGD       1.20


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

GYEONGGI MUTUAL          8.00    01/22/2016   KRW      59.44
JEIL MUTUAL BK           8.50    01/22/2015   KRW      69.70
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      60.13
KOREA MUTUAL SAV         8.00    09/22/2012   KRW      61.11


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      69.65


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.68


                             *********

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.





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