TCRAP_Public/110921.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

         Wednesday, September 21, 2011, Vol. 14, No. 187

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Bob Edgar to Chair "New Centro"
EQUITITRUST CAPITAL: Close to Paying Out Debt to NAB
* AUSTRALIA: More Retailers to Hit the Wall in Next 12 Months


C H I N A

CYBRDI INC: Posts US$137,900 Net Loss in Second Quarter
POWERLONG REAL ESTATE: Moody's Assigns B1 Rating to RMB750MM Notes


H O N G  K O N G

HARSON SHOES: Creditors' Proofs of Debt Due Oct. 17
IVY ASSET: Members' Final Meeting Set for Oct. 17
JOY WAVE: Members' Final Meeting Set for Oct. 18
LANGDONG LIMITED: Commences Wind-Up Proceedings
MEGA REGENT: Creditors' Proofs of Debt Due Oct. 17

SEEDTRON DEVELOPMENT: Final Meetings Set for Oct. 21
SENNO COMPANY: Members' Final Meeting Set for Oct. 17
TIME CIRCLE: Members' Final Meeting Set for Oct. 21
TRUE COLOR: Creditors' Proofs of Debt Due Oct. 15
VERIFONE HK: Wong Kui Lian Steps Down as Liquidator


I N D I A

ARUNKKUMAR SPINNING: CRISIL Cuts Rating on INR201.3MM Loan to 'B+'
ASIS GLOBAL: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
ASIS LOGISTICS: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
ASIS PLYWOOD: CRISIL Places 'CRISIL B+' Rating on INR62MM Loan
BEWELL LABS: CRISIL Assigns 'CRISIL B' Rating to INR53.5MM Loan

GVNS TOLLWAYS: Fitch Holds Rating on INR105 Mil. Loan at 'BB+'
HIRA AUTOMOBILES: CRISIL Puts 'CRISIL BB-' Rating on INR138MM Loan
KEDIA CARBON: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
KUNJAL SYNERGIES: CRISIL Puts 'CRISIL BB+' Rating on INR20MM Loan
MOTORSALES LIMITED: CRISIL Ups Rating on INR60MM Loan to 'CRISL B'

OLIVE TEX: Fitch Puts 'C' Rating on INR51.3 Million Term Loan
SAINI INDUSTRIES: CRISIL Cuts INR100MM Loan Rating to 'CRISIL D'
SAMRAT FORGINGS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
SHIRDI INDUSTRIES: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
SHIV GRAMO: CRISIL Assigns 'CRISIL C' Rating to INR14MM LT Loan

SOMA-ISOLUX: CRISIL Cuts Rating on INR33.89BB Loan to 'CRISIL BB-'
SPUN MICRO: Fitch Affirms Rating on Three Funds at Low-B
T.R. CHEMICALS: CRISIL Cuts Rating on INR69MM Loan to ' CRISIL C'
VIHAAN INFRASYSTEMS: CRISIL Reaffirms 'CRISIL B' Bank Loan Rating
WHEELS POLYMERS: CRISIL Rates INR65MM Cash Credit at 'CRISIL B+'


I N D O N E S I A

BAKRIE TELECOM: S&P Affirms 'B' Corp. Credit Rating; Outlook Neg.
PT INDOSAT: Moody's Revises Outlook on 'Ba1' Corp. Family Rating


J A P A N

J-CORE 12: Moody's Confirms Rating on Class C Notes at 'Ba1'
JLOC XXVIII: Moody's Reviews 'Ba3' Rating of Class C Notes


K O R E A

HYNIX SEMICON: STX Drops Bid Due to Uncertainty, Financial Burden
POSCO ENG'G: Moody's Says Action Reflects Downgrade of SAR to Ba2


M A L A Y S I A

SATANG HOLDINGS: Changes Company Name to Destini Berhad


N E W  Z E A L A N D

CAPITAL + MERCHANT: Two Directors Want One Charge Dropped
LIGHTER QUAY: Accor to Manage Hotel Viaduct Harbour
SOUTH CANTERBURY: SFO Probe SCF, Kelt Finance Deals
SOVEREIGN HOMES: No Funds to Repay Creditors, Liquidators Say


P H I L I P P I N E S

LBC DEVELOPMENT: House Probe on Bank's Collapse to Focus on BSP


S I N G A P O R E

SANUR INDONESIAN: Court to Hear Wind-Up Petition on Oct. 5 & 6
SCHOOL OF APPLIED: Court Enters Wind-Up Order
SING ASIA: Creditors Get 98.20453% Recovery on Claims
WAVETREND TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 30
ZHONGHUI HOLDINGS: Court to Hear Wind-Up Petition on Sept. 30

ZUNOUCAN PTE: Court to Hear Wind-Up Petition on Sept. 23


T A I W A N

UNION INSURANCE: Fitch Holds Rating on Fin'l Strength at 'BB+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


CENTRO PROPERTIES: Bob Edgar to Chair "New Centro"
--------------------------------------------------
Turi Condon at The Australian reports that former ANZ Banking
Group deputy chief executive Bob Edgar will chair a resurrected
AUD3 billion listed shopping centre company provided that
unitholders vote yes to merging the two debt-plagued arms of the
Centro empire.

Mr. Edgar, named in The Australian last week as one of two
shortlisted for the job, is expected to be announced as chairman
in the next few days.

The Australian discloses that Mr. Edgar retired in 2009 after 25
years at ANZ, where he held a number of positions, including chief
economist.  He was also executive chairman of the bank's Rabinov
Property Trust, which was taken over by Growthpoint this year.

According to the report, Centro chief executive Robert Tsenin said
Friday that the merged company would be called New Centro.  He
said there were "very good" external and internal candidates for
the chief executive's job but declined to comment on candidates
for chairman or chief executive, the report states.  "That will be
the province of the New Centro board, who the new CEO will be,"
Mr. Tsenin told The Australian.

However, The Australian relates, Mr. Tsenin said there was a
chance an appointment would be made before the unitholders'
meeting.

Centro has teetered on the brink of collapse since late 2007, with
the creation of New Centro depending on a unitholders' vote on the
merger proposal, scheduled for mid-November, according to the
report.

Mr. Tsenin, as cited by The Australian, said the "massive" amount
of documentation -- separate expanatory memoramdums for CNP
(Centro Properties Group), CER (Centro Retail Group), two unlisted
funds and an overall disclosure document -- would be sent out
after a court approval on September 29.

Mr. Tsenin said New Centro could trade on the Australian
Securities Exchange from December 1 "if all goes swimmingly," the
report relays.

However, the report notes, the company is beset by warring
interests, including hedge funds on the CER share register
lobbying for a better deal.

Mr. Tsenin said the complex corporate rebirthing will see hedge
fund lenders to the headstock, CNP, swap debt for equity in
New Centro.  CNP had negative equity of AUD1.3 billion at June, he
said.

"I would not underestimate the challenges of getting a yes vote,"
The Australian quotes Mr. Tsenin as saying.

According to the report, Mr. Tsenin said New Centro would have net
tangible assets of AUD2.50 a share, net equity of about
AUD3.3 billion and a AUD4.4 billion portfolio of Australian
shopping centres.

Its top centres include the Galleria in Western Australia, valued
at more than AUD470 million, the Glen in suburban Melbourne (about
AUD330 billion) and Centro Toombul in Brisbane (almost
AUD200 billion), the report discloses.

The Australian adds that Mr. Tsenin said Centro would probably
sell several hundred million dollars worth of smaller centres,
continuing to offload its non-core assets. But they would not be
forced sales, he said.  "The businesses will be regional and sub-
regional shopping centres."

Mr. Tsenin, who will cut his ties with Centro as chief executive
and as a director if the merger is successful, said his
replacement would require strong asset management skills.

Centro general manager of property operations Mark Wilson is the
internal candidate under consideration, the report notes.

The board of New Centro is expected to include two or three
directors from the two listed Centro arms, CNP and CER, The
Australian ads.

Centro Properties 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 Sydney Morning Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, that Centro Properties said it entered into an
agreement with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail
Trust (CER) and certain Centro managed funds.

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

Unitholders are due to vote next month on a merger of Centro
Properties Group and listed satellite Centro Retail Group to
create a listed trust owning a $4.4 billion portfolio of
Australian shopping centres, The Australian discloses.

                        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.


EQUITITRUST CAPITAL: Close to Paying Out Debt to NAB
----------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Equititrust Capital
has revealed it is just weeks away from paying out the last of its
debt to the National Australia Bank, after this week tipping one
of its wayward borrowers Dudley Quinlivan into bankruptcy.

According to the report, Equititrust chief executive David Kennedy
said the firm was on target to pay out its remaining AUD12 million
debt to NAB next month.  The sum has been whittled down from
AUD125 million over the past two years, the report notes.

"We have sufficient contracts on hand and providing they settle
the debt will be paid out in four weeks," goldcoast.com.au quotes
Mr. Kennedy as saying.  "We've got about AUD9 million settling
this month."

Mr. Kennedy said repaying the bank debt was a "game changer" for
Equititrust, goldcoast.com.au relates.

The report notes that the company will hold an investor briefing
next Friday, September 30, to detail its future plans, with
investors hoping it would include a timetable for capital
repayments.

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

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

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

Equititrust Capital is a specialist funds management and property
investment group.


* AUSTRALIA: More Retailers to Hit the Wall in Next 12 Months
-------------------------------------------------------------
Teresa Ooi at The Australian reports that after one of the ugliest
retail downturns in two decades, corporate doctors are warning
that more retailers will hit the wall in the next 12 months.

"This is the hardest retail environment I've seen in 20 years,"
The Australian quotes Ferrier Hodgson partner and retail
specialist James Stewart as saying.

The Australian relates that Mr. Stewart expects more insolvencies
among retailers in the next 12 months.

"Smaller chains and fashion shops run by mums and pops are the
most vulnerable," Mr. Stewart said.  "I would not be surprised if
there would be more retailers calling in voluntary administrators
or receivers over the next few months."

According to The Australian, PwC retail partner Stuart Harker also
expects more retailers to go into voluntary administration or
receivership in the next year.

"The smaller chains will be vulnerable and stores in the middle
market, which have not done anything to adapt to the changing
retail downturn, will continue to struggle and may not survive,"
The Australian quotes Mr. Harker as saying.

Taylor Woodings retail specialist Quentin Olde said more
struggling retailers were approaching the accounting firm to help
restructure their businesses, The Australian reports.

The Australian relates that Mr. Olde said the number of company
collapses in all sectors increased to 921 in July, up 6% on July
last year.

"Total administrations for the first seven months of the year are
at 5852, an all-time high for the period, outpacing insolvencies
during the global financial crisis," Mr. Olde said, according to
The Australian.

Mr. Olde has also seen a rise in the number of pharmacies calling
in his firm for help, The Australian adds.


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


CYBRDI INC: Posts US$137,900 Net Loss in Second Quarter
-------------------------------------------------------
Cybrdi, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of US$137,996 on US$123,419 of revenue for the three
months ended June 30, 2011, compared with a net loss of US$210,386
on US$146,942 of revenue for the same period last year.

For the six months ended June 30, 2011, the Company had a net loss
of US$326,695 on US$237,230 of revenue, compared with a net loss
of US$562,630 on US$339,386 of revenue for the same period of
2010.

The Company's balance sheet at June 30, 2011, showed
US$10.2 million in total assets, US$5.5 million in total
liabilities, and stockholders' equity of US$4.7 million.

KCCW Accountancy Corp., in Diamond Bar, Calif., expressed
substantial doubt about Cybrdi, Inc.'s ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has incurred recurring
losses, accumulated deficit, and working capital deficit at
Dec. 31, 2010, and 2009.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/0MFz3t

Cybrdi, Inc., is a holding company incorporated with 80% equity in
Chaoying Biotech, which is engaged in biotechnology manufacturing,
and research and development.  Through Chaoying Biotech, Cybrdi
also controls SD Chaoying, a cultural and entertainment company,
which is also developing a casino.  The Company is headquartered
in Xi'an, the capital of Shaanxi province, and a sub-provincial
city in the People's Republic of China.


POWERLONG REAL ESTATE: Moody's Assigns B1 Rating to RMB750MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured rating to Powerlong Real Estate Holding's RMB
denominated and USD settled notes of RMB750 million.  The outlook
on the rating is negative.

Ratings Rationale

Moody's definitive rating on this debt obligation affirms the
provisional (P)B1 bond rating assigned on March 7, 2011, for the
company's then-proposed bond issuance. The issuance has been
completed in line with Moody's expectations.

Powerlong Real Estate Holdings Limited is a Chinese developer
focusing on building large-scale integrated residential and
commercial properties in second- and lower-tier cities in China.
It has a development land bank of around 9.1 million sqm in gross
floor area (GFA) in 9 provinces. It has 7 completed investment
properties. Some are held by the company as long-term investments.

The company listed on the Stock Exchange of Hong Kong in October
2009. The Hoi family, which is the founder of Powerlong, has an
aggregate 66.36% stake in the company.

The principal methodology used in rating Powerlong Real Estate
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.


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


HARSON SHOES: Creditors' Proofs of Debt Due Oct. 17
---------------------------------------------------
Creditors of Harson Shoes International Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 17, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2011.

The company's liquidators are:

         Leung Chung Yin
         Wong Ming Lai
         Room 322, 3/F
         Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


IVY ASSET: Members' Final Meeting Set for Oct. 17
-------------------------------------------------
Members of Ivy Asset Management (HK) Limited will hold their final
meeting on Oct. 17, 2011, at 10:00 a.m., at 7th Floor, Alexandra
House, at 18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JOY WAVE: Members' Final Meeting Set for Oct. 18
------------------------------------------------
Members of Joy Wave Development Limited will hold their final
general meeting on Oct. 18, 2011, at 9:50 a.m., at Room 1601, Wing
On Centre, at 111 Connaught Road Central, in Hong Kong.

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


LANGDONG LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Langdong Limited, on Sept. 9, 2011, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chau Yau Yee Rosita
         Flat 603, 6/F
         Oi Tao House, Tin Oi Court
         Tin Shui Wai
         Yuen Long, New Territories
         Hong Kong


MEGA REGENT: Creditors' Proofs of Debt Due Oct. 17
--------------------------------------------------
Creditors of Mega Regent Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 17, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 10, 2011.

The company's liquidator is:

         Anna Louise Patria
         Unit 3517, 35/F
         West Tower, Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


SEEDTRON DEVELOPMENT: Final Meetings Set for Oct. 21
----------------------------------------------------
Members and creditors of Seedtron Development Consultants Limited
will hold their final meeting on Oct. 21, 2011, at 11:00 a.m., and
11:30 a.m., respectively at Room 1402, 14/F, Wanchai Central
Building, at 89 Lockhart Road, Wan Chai, in Hong Kong.

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


SENNO COMPANY: Members' Final Meeting Set for Oct. 17
-----------------------------------------------------
Members of Senno Company Limited will hold their final general
meeting on Oct. 17, 2011, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


TIME CIRCLE: Members' Final Meeting Set for Oct. 21
---------------------------------------------------
Members of Time Circle International Co. Limited will hold their
final meeting on Oct. 21, 2011, at 10:00 a.m., at Unit D, 12th
Floor, Seabright Plaza, at 9-23 Shell Street, in Hong Kong.

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


TRUE COLOR: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------
Creditors of True Color Stationery (K.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 8, 2011.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


VERIFONE HK: Wong Kui Lian Steps Down as Liquidator
---------------------------------------------------
Wong Kui Lian stepped down as liquidator of Verifone HK Holdings
Limited on Sept. 1, 2011.


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


ARUNKKUMAR SPINNING: CRISIL Cuts Rating on INR201.3MM Loan to 'B+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Arunkkumar Spinning Mill Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR201.3 Million Term Loan       CRISIL B+/Stable(Downgraded
                                    from 'CRISIL BB-/Stable')

   INR60 Mil. Proposed Term Loan    CRISIL B+/Stable(Downgraded
                                    from 'CRISIL BB-/Stable')

   INR80 Million Cash Credit        CRISIL B+/Stable(Downgraded
                                    from 'CRISIL BB-/Stable')

   INR10 Million Packing Credit     CRISIL A4(Downgraded from
                                              'CRISIL A4+')

   INR5 Million Bill Discounting    CRISIL A4(Downgraded from
           under Letter of Credit             'CRISIL A4+')

   INR20 Million Revolving Letter   CRISIL A4(Downgraded from
                        of Credit             'CRISIL A4+')

   INR5.6 Million Bank Guarantee    CRISIL A4(Downgraded from
                                              'CRISIL A4+')

   INR80 Mil. Overdraft Facility    CRISIL B+/Stable(Downgraded
                                      from 'CRISIL BB-/Stable')

The downgrade reflects weakening in ASMPL's liquidity, caused by
decline in cash accruals and increase in working capital
requirements. ASMPL's revenues are expected to decline by 10 to
15% in 2011-12 (refers to financial year April 1 to
March 31), because of decline in cotton prices and lowering in
capacity utilization to around 60% during the period from April to
August 2011 (compared to around 80% during the corresponding
period in 2010-11). Hence, ASMPL's cash accruals are expected to
be small, tightly matching its term debt obligations, over the
medium term. Furthermore, the company's bank limit utilization was
high, at 95% over the five months ended Aug. 31, 2011. Also, in
the upcoming cotton season, ASMPL's bank limit utilization is
expected to remain high, which would continue to constrain its
liquidity, over the medium term.

The rating also reflects the below-average financial risk profile,
marked by weak capital structure and debt protection metrics, and
susceptibility to volatility in raw materials prices and to power
shortage. These rating weaknesses are partially offset by the
promoter's extensive experience in the textile industry, and its
diversified product profile.

Outlook: Stable

CRISIL believes that ASMPL will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' in case ASMPL significantly increases
its scale of operations, improves its profitability, and capital
structure. Conversely, the outlook may be revised to 'Negative' if
ASMPL undertakes any large debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure, or if its
capacity utilization is lower than expected.

                      About Arunkkumar Spinning

Incorporated in 1989, ASMPL was in 2006 reconstituted as a private
limited company. The promoter-director, Mr. A Velusamy, has been
in similar lines of business over the past 19 years. The company
manufactures cotton yarn and grey fabric. Its product range in the
yarn segment includes cotton viscose yarn, cotton slub yarn, and
organic cotton yarn. ASMPL operates from its only unit (with
32,352 spindles and 1392 rotors) in Coimbatore (Tamil Nadu).

ASMPL reported, on provisional basis, a profit after tax (PAT) of
INR6.5 million on net sales of INR689 million for 2010-11; the
company reported a PAT of INR6.6 million on net sales of
INR732 million for 2009-10.


ASIS GLOBAL: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Asis Global Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR180 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR50 Million Proposed LT       CRISIL B+/Stable (Assigned)
          Bank Loan Facility

The rating reflects AGL's small scale of operations, modest
profitability, exposure to intense industry competition, and
below-average financial risk profile as reflected in its small net
worth, aggressive total outside liabilities to tangible net worth
ratio, and weak risk coverage and interest coverage metrics.

Outlook: Stable

CRISIL believes that AGL will continue to benefit over the medium
term from its promoter's industry experience and its established
relationships with its customers and suppliers. The outlook may be
revised to 'Positive' in case of an improvement in the company's
net worth driven by equity infusion, or sharp increase in the
scale of its operations and its profitability. Conversely, the
outlook may be revised to 'Negative' in case of any deterioration
in AGL's working capital cycle, or if the company extends any
financial assistance to associate concerns thereby negatively
impacting its liquidity.

                         About Asis Global

AGL was incorporated in 1995 by Mr. Rakesh Agarwal in Mumbai
(Maharashtra). It trades in steel, chemicals, medium-density fibre
(MDF) boards and particle boards (PB), and trade licenses. All of
these activities were earlier being undertaken by associate
concern, Shirdi Industries Ltd (SIL); however, SIL now
manufactures PB and MDF boards and these activities were gradually
shifted to AGL. AGL distributes MDF boards and PB manufactured by
SIL in Maharashtra. This activity contributed about 22% to its
revenues, while steel trading contributed 70% and licence trading
contributed about 8%, in 2010-11 (refers to financial year, April
1 to March 31). Another associate concern, Asis Logistics Ltd
(ALL) provides clearing and forwarding related consultancy, along
with inland transportation. Most licence-trading-related
activities arise from the consultancy that ALL provides to its
customers.

For 2010-11, AGL reported a provisional profit after tax (PAT) of
INR10.3 million on net revenues of INR893.3 million, against a PAT
of INR9.9 million on net revenues of INR735.7 million in the
preceding year.


ASIS LOGISTICS: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Asis Logistics Ltd
continue to reflect ALL's moderate financial risk profile marked
by a comfortable gearing and adequate debt protection metrics,
moderate scale of operations driven by strong revenue growth, and
integrated service model in consulting, transportation, and custom
house agent (CHA) services.

   Facilities                        Ratings
   ----------                        -------
   INR390 Million Cash Credit        CRISIL BB+/Stable
   (Enhanced from INR180 Million)
   INR150 Million Rupee Term Loan    CRISIL BB+/Stable
   (Enhanced from INR20 Million)
   INR30 Million Standby Line of     CRISIL BB+/Stable(Assigned)
                          Credit
   INR100 Million Proposed LT Bank   CRISIL BB+/Stable(Assigned)
                     Loan Facility
   INR10 Million Bank Guarantee      CRISIL A4+
   (Enhanced from INR5 Million)

These rating strengths are partially offset by the increasing
share of conventional low-margin transportation business in
revenues, working capital intensity of its operations, and
susceptibility to economic downturns.

Outlook: Stable

CRISIL believes that ALL will maintain a moderate financial risk
profile on the back of healthy cash accruals and moderate capital
expenditure (capex) plans, though its liquidity will remain
constrained because of the working capital intensity of its
operations, over the medium term. The outlook may be revised to
'Positive' in case of a substantial improvement in its liquidity
because of improvement in working capital cycle or capital
infusion. Conversely, the outlook may be revised to 'Negative' if
there is a sharp decline in ALL's operating margin or if the
company undertakes a large, debt-funded capex programme, leading
to deterioration in its financial risk profile.

                       About Asis Logistics

Incorporated in 1993, ALL began operations by offering foreign
trade and investment advisory services. It started offering
transport services in 2004, and warehousing and material-handling
facilities in 2006. In 2006-07 (refers to financial year, April 1
to March 31), ALL acquired the operations of one of its group
companies, Asis Overseas (C&F) Pvt Ltd, which was engaged in
customs clearing and forwarding. In 2007-08, Shirdi Industries Ltd
(SIL) and Asis Industries Ltd (AIL), ALL's group companies,
acquired equity shares resulting into 43% and 40% holding,
respectively, in ALL. Subsequently, in 2008-09, SIL sold its
investment in ALL (within the promoter group), while AIL's share
reduced to 16% after a bonus issue to other shareholders.

For 2010-11, ALL reported a provisional profit after tax (PAT) of
INR78.4 million on net revenues of INR2.00 billion, against a PAT
of INR77.2 million on net revenues of INR1.51 billion the previous
year.


ASIS PLYWOOD: CRISIL Places 'CRISIL B+' Rating on INR62MM Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' on the bank
facilities of Asis Plywood Pvt Ltd, part of the Asis group.

   Facilities                       Ratings
   ----------                       -------
   INR62 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR213 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR20 Million Standby Line of    CRISIL B+/Stable (Assigned)
                          Credit
   INR67 Million Proposed LT        CRISIL B+/Stable (Assigned)
          Bank Loan Facility

The rating reflects the group's large working capital
requirements, exposure to project related risks, high reliance on
the information technology (IT) and IT-enabled services segments,
and its weak capital structure.

These rating weaknesses are partially offset by the group's
healthy business risk profile, marked by its established market
position, diversified product profile, and healthy operating
efficiency, and its presence in the high-growth medium-density
fibre (MDF), particle board (PB), and laminates segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of APPL and Shirdi Industries Ltd,
together referred to as the Asis group.  This is because both
these entities have operational synergies, a common management,
and are expected to be merged over the medium term.

Outlook: Stable

CRISIL believes that the Asis group will continue to benefit over
the medium term from its established brand name, wide distribution
network, and large product portfolio. Its financial risk profile
will, however, remain constrained by its working-capital-intensive
operations, leading to continued high reliance on external debt.
The outlook may be revised to 'Positive' if the Asis group's
capital structure registers significant improvement, most likely
on the back of fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' if the group's working capital cycle
faces any unprecedented stretch or in case it undertakes a large,
debt-funded capital expenditure programme, causing its financial
risk profile to deteriorate.

                          About the Group

Incorporated in 1993, SIL manufactures MDF boards and PBs. It
commenced operations by offering foreign trade advisory services.
In February 2007, SIL commissioned its INR1.33-billion plant to
manufacture laminates, and plain and laminated MDF boards and PBs,
in Pantnagar (Uttarakhand). The company added another plant in
Coimbatore (Tamil Nadu) in 2009-10 (refers to financial year,
April 1 to March 31) for pre-lamination of imported MDF and PBs
and manufacture of designer doors. SIL also commenced production
of edge bands at Bhivandi (near Thane [Maharashtra]) in 2009-10.
The company also manufactures designer doors, door skins,
laminated flooring, and furniture at Pantnagar. It discontinued
consultancy and trading activities in 2007-08 and 2008-09,
respectively, to focus on manufacturing activities. SIL has an
initial public offering planned for the near future, and will use
the proceeds to fund its proposed capex in Chennai (Tamil Nadu)
and Uttarakhand.

Metro Doors Pvt Ltd was acquired by Asis Industries Pvt Ltd (which
has a majority stake in SIL) in September 2010 from Mr. Bimal
Chopra and Mr. Ram Kishore Agarwal, and later renamed it APPL.
APPL is based in Roorkee (Uttarakhand) and has six plywood presses
with combined capacity of 78 daylights.

For 2010-11, SIL reported a profit after tax (PAT) of INR332.5
million on net sales of INR4.1 billion, against a PAT of INR260.0
million on net sales of INR2.6 billion for the previous year.

For 2010-11, APPL reported a provisional profit after tax (PAT) of
INR11.4 million on net sales of INR334.8 million, against a PAT of
INR8.2 million on net sales of INR251.9 million for the previous
year.


BEWELL LABS: CRISIL Assigns 'CRISIL B' Rating to INR53.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bewell Labs Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR53.5 Million Term Loan        CRISIL B/Stable (Assigned)
   INR26.5 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects BLPL's modest scale of operations and
susceptibility to adverse government regulations. These rating
weaknesses are partially offset by the benefits that BLPL derives
from its established relationships with its customers and
suppliers, its promoter's extensive experience in the hormone
formulations industry, and its strong distribution network.

Outlook: Stable

CRISIL believes that BLPL will continue to benefit from its
established position in the pharmaceutical business and its
promoter's industry experience, over the medium term. The outlook
may be revised to 'Positive' if the firm increases its scale of
operations while it improves its profitability, leading to an
improve in its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of a decline in business volumes
negatively impacting the company's cash accruals and consequently
its financial risk profile.

                          About Bewell Labs

Set up in 1999 by Mr. Sameer Chatterjee, BLPL manufactures
formulations, including tablets, vials, ampoules, and bottles,
that are used in branches of medicine such as gynecology,
ophthalmology, and pediatrics. The company commenced operations in
2001. BLPL manufactures around 45 different kinds of products at
its facilities at West Bengal and also through outsourcing
arrangements. BLPL sells its products through distributors and
stockists; the company primarily caters to the rural areas of
Eastern India.

For 2010-11 (refers to financial year, April 1 to March 31), BLPL
reported a provisional profit after tax (PAT) of INR3.7 million on
net sales of INR72.1 million, against a PAT of INR3.7 million on
net sales of INR26.4 million for 2009-10.


GVNS TOLLWAYS: Fitch Holds Rating on INR105 Mil. Loan at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based GVNS Tollways Pvt Ltd's
INR105 million senior long-term project bank loans at 'Fitch
BB+(ind)'.  The Outlook is Stable.

The affirmation reflects the project's actual revenue performance
and debt coverage metrics falling in line with Fitch's rating case
projections.  The Stable Outlook reflects the agency's expectation
of continued steady traffic and revenue performance in the near-
term.  Around 3% decrease in revenue from Fitch's estimates was
offset by about 9% decrease in operation and maintenance (O&M)
expenses resulting in a slight increase in the debt service
coverage ratio to 1.18x in the financial year ended March 2011
(FY11) from the rating case estimates.

While Fitch notes that revenues were broadly in line with the
rating case assumptions, it did not have access to the breakdown
of traffic volumes by vehicle category.

Project cash flows available for debt servicing provide sufficient
headroom to absorb a rise in interest rates of up to 16.25% from
the current level of around 14%, should other assumptions in the
rating case remain unchanged.  The absence of lock-up covenants in
the financial documents is compensated by the maintenance of a
debt service reserve account equivalent to six months debt
service.

The rating is constrained by the absence of a formal O&M
agreement.  However, Fitch believes that the sponsor (GVR Infra
Projects Ltd) should be able to support any time or cost overruns,
given the project's manageable size relative to the sponsor-cum-
operator's financial profile.  Scheduled toll hikes linked to
whole sale price index are stipulated in the concession.

GVNS, a special purpose company, secured a 15-year concession from
the Government of Andhra Pradesh to design, finance, build,
operate and transfer a two-lane, 600m bridge on the Miryalaguda-
Kodara Andhra Pradesh state highway in February 2009.  The
project's sponsor has been in the civil construction business for
over 10 years.  GVNS used the full loan amount to construct the
INR176.7 million bridge, which achieved early completion and
commenced tolling in February 2010.


HIRA AUTOMOBILES: CRISIL Puts 'CRISIL BB-' Rating on INR138MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Hira Automobiles Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR138 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR60 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect Hira Auto's established market position as a
dealer in vehicles of Maruti Suzuki India Ltd (MSIL, rated 'CRISIL
AAA/Stable/CRISIL A1+') in the districts of Patiala and Muktsar
(Punjab). This rating strength is partially offset by Hira Auto's
below-average financial risk profile, marked by high gearing,
modest debt protection metrics, and low profitability.

Outlook: Stable

CRISIL believes that Hira Auto will maintain its business risk
profile over the medium term, supported by its exclusive
dealership in Patiala and Muktsar districts. Hira Auto's financial
risk profile is, however, expected to remain weak because of low
profitability, resulting in modest debt protection metrics. The
outlook may be revised to 'Positive' if Hira Auto achieves more-
than-expected improvement in its revenues, operating
profitability, and capital structure. Conversely, a decline in
profitability or higher-than-expected increase in total outside
liabilities may result in the outlook being revised to 'Negative'.

                       About Hira Automobiles

Incorporated in 1989, Hira Auto is a dealer in MSIL's vehicles in
Patiala and Muktsar districts in Punjab. Hira Auto was promoted by
Ms. Rajinder Kaur Bhattal, who is the leader of Punjab Congress
Legislature Party and was the chief minister of Punjab from April
1996 to February 1997. However, Ms. Bhattal has never been
actively involved in the business, which was being managed by her
brother, Mr. Kuldeep Singh Bhattal. While Mr. Kuldeep Singh
Bhattal continues to be on Hira Auto's board, the mantle of the
company has now being passed on to Mr. S Rahul Inder Singh Sidhu,
son of Ms. Bhattal. Hira Auto became a deemed public company in
June 1995. It was reconstituted as a public limited company in
August 1995. Hira Auto came out with a public issue in January
1996 and is listed on Bombay Stock Exchange.

Hira Auto has five showrooms and six workshops. In addition to
sale of new vehicles, the company also engages in sales of old
vehicles, service workshop and sale of accessories. It also
provides insurance and finance services to buyers, for which it
receives commissions from banks and insurance agencies.

For 2010-11 (refers to financial year, April 1 to March 31), Hira
Auto reported a net profit of INR10.8 million on net sales of
INR1.95 billion, as against a net profit of INR2.2 million and net
revenues of INR1.3 billion for the previous year. For the three
months ended June 30, 2011, the company reported a net profit
INR1.0 million on net revenues of INR388 million.


KEDIA CARBON: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kedia Carbon Pvt Ltd
continue to reflect KCPL's established relationships with its
suppliers and reputed customers.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Mil. Cash Credit Limit   CRISIL BB+/Stable (Reaffirmed)
   INR30.00 Million Bank Guarantee  CRISIL A4+ (Reaffirmed)

This rating strength is partially offset by KCPL's average
financial risk profile, marked by modest gearing and debt
protection metrics, large working capital requirement and
susceptibility to cyclicality in its end-user industries.

Outlook: Stable

CRISIL believes that KCPL will maintain its business risk profile
over the medium term, supported by its established relationships
with its suppliers and customers. KCPL's financial risk profile,
however, is expected to remain constrained by large working
capital requirements. The outlook may be revised to 'Positive' if
KCPL's profitability and debt protection metrics improve
significantly. Conversely, the outlook may be revised to
'Negative' if KCPL's profitability declines on account of pricing
pressures from end-user industries, or if the company undertakes a
large, debt-funded capital expenditure programme, thereby
weakening its capital structure.

                         About Kedia Carbon

KCPL was incorporated in 2003 and promoted by Mr. Mahesh Kumar
Kedia and family. The company manufactures coal tar pitch, and
trades in this material's by-products, such as creosote oil and
naphthalene. The company's manufacturing units are located in
Rourkela (Orissa), with a combined coal tar distillation capacity
of 96,000 tonnes per annum.

KCPL reported, on provisional basis, a profit after tax (PAT) of
INR10.4 million on net sales of INR636.9 million for 2010-11
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR7.2 million on net sales of INR535.3 million for
2009-10.


KUNJAL SYNERGIES: CRISIL Puts 'CRISIL BB+' Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Kunjal Synergies Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         CRISIL BB+/Stable (Assigned)
   INR20 Million Bill Discounting    CRISIL BB+/Stable (Assigned)
   INR100 Mil. Buyers Credit Limit   CRISIL BB+/Stable (Assigned)
   INR120 Million Proposed LT Bank   CRISIL BB+/Stable (Assigned)
                     Loan Facility
   INR150 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR50 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR130 Million Letter of credit   CRISIL A4+ (Assigned)
                  & Bank Guarantee

The ratings reflect KSPL's above-average financial risk profile,
marked by comfortable capital structure and moderate debt
protection metrics, established customer relationships, and the
extensive experience of its promoters in the petrochemicals
trading business. These strengths are partially offset KSPL's
exposure to risks related to fluctuations in foreign exchange
(forex) rates, and its increasing inventory level.

Outlook: Stable

CRISIL believes that KSPL will sustain its credit risk profile
over the medium term, backed by moderate revenue growth and driven
by its established client relationships. The outlook may be
revised to 'Positive' in case of substantial improvement in
profitability, leading to improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if a
debt-funded capital expenditure or an increase in working capital
requirements materially impacts KSPL's debt protection metrics, or
if the company's profitability declines due to the volatility in
raw material prices or forex rates.

                      About Kunjal Synergies

KSPL was established as a partnership firm named Kunjal
Enterprises in 1983 by Mr. Nishith Parekh. Reconstituted as a
private limited company in 2007, it imports and trades in
petrochemicals, industrial chemicals, solvents, and polyester
fibres. Imported products account for 60% of sales while the
distribution of products of RIL, Nirma Ltd, and SI Group India Ltd
account for the remainder. The products are primarily used in the
paints, ink printing, pesticides, lubricants, soaps and
detergents, pharmaceuticals, and adhesives industries.

KSPL reported a provisional profit after tax (PAT) of INR21.5
million on sales of INR1517.4 for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR7.1 million on
sales of INR1105.4 for 2009-10.


MOTORSALES LIMITED: CRISIL Ups Rating on INR60MM Loan to 'CRISL B'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Motorsales Ltd to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Term Loan        CRISIL B/Stable(Upgraded from
                                               'CRISIL B-/Stable')
   INR53.2 Million Cash Credit      CRISIL B/Stable(Upgraded from
                                              'CRISIL B-/Stable')

The upgrade reflects improvement in Motorsales financial risk
profile on account of improvement in its total outside liabilities
to tangible net worth (TOLTNW) ratio, which is estimated at 4.05
times as on March 31, 2011, as compared to 7.72 times as on
March 31, 2010. The improvement in the TOLTNW ratio is mainly
driven by improvement in operating profitability and equity
infusion by the promoter leading to more than expected addition in
net worth of the company.

The TOLTNW ratio, however, remains at a high level due to its
working capital intensive operations and low net worth base
estimated at Rs 4 crore as on March 31, 2011. The company's
operation are expected to remain working capital intensive and
thus Motorsales is expected to operate at high TOL/TNW levels in
the range of 3 to 4 times over the near to medium term.

The ratings reflect Motorsales weak financial risk profile, marked
by a high TOLTNW ratio, weak debt protection metrics, and a small
net worth, small scale of operations, and high geographical
concentration. These rating weaknesses are partially offset by the
extensive experience of Motorsales promoters in the automobile
dealership business and its diversification into the property
rental segment.

Outlook: Stable

CRISIL believes that Motorsales will continue to benefit over the
medium term from its promoter's extensive experience in the
automobile dealership industry. The outlook may be revised to
'Positive' if there is an improvement in the operating
profitability or equity infusion by the promoter, leading to
improvement in the company's net worth. Conversely, the outlook
may be revised to 'Negative' in case Motorsales financial risk
profile deteriorates further, most likely because of lower-than-
expected cash accruals or if the company undertakes any large
debt-funded capital expenditure programme.

                      About Motorsales Ltd

Incorporated in 1973 by Mr. Ajay Gupta, Motorsales undertakes
automobile dealership for Tata Motors Ltd. (rated CRISIL AA-
/Stable/CRISIL A1+ by CRISIL). The company's showrooms are based
in Lucknow and Raebareli (both in Uttar Pradesh [UP]). The company
had another showroom in Allahabad (UP), which was shut down in
2008-09 (refers to financial year, April 1 to March 31) due to
operating losses. Motorsales also operates a cinema hall and
receives a rental income from its commercial complex located at
Lucknow (UP). The proportion of revenue from cinema hall and
property rental segment was estimated to be less than 5% in
2010-11.

Motorsales reported a Profit after tax (PAT) of INR14.5million on
net sales of INR532.1 million for 2010-11 Provisional Financials,
as against a PAT of INR29.3 million on net sales of INR449.5
million for 2009-10.


OLIVE TEX: Fitch Puts 'C' Rating on INR51.3 Million Term Loan
-------------------------------------------------------------
Fitch Ratings has assigned India's Olive Tex Silk Mills Pvt Ltd a
National Long-Term Rating of 'Fitch C(ind)'.

The ratings are constrained by OTSMPL's tight liquidity position
due to its stretched working capital cycle which increased to 146
days (provisional) in the financial year ended March 2011 (FY11)
from 138 days in FY10.  Cash flow from operation was negative
INR68 million in FY10 mainly due to cash outflow of INR94m
stemming from an increase in working capital.  Fitch estimates
OTSMPL's cash flow from operations to have remained negative in
FY11 due to continued high working capital requirement of the
company.

Fitch notes that there had been instances of OTSMPL overdrawing
cash credit limits and its delay in term loan repayment in the
past.  However, it has been regular in its debt servicing over
June-August 2011.  Fitch notes that the near full utilization of
fund-based limits by the company poses a liquidity challenge in
case of an increase in business volumes.

Negative rating action may result from any delay in OTSMPL's debt
servicing.  Conversely, a significant improvement in the company's
liquidity or enhancement of its working capital facilities may
lead to positive rating action.

OTSMPL is a Mumbai-based privately owned manufacturer of cotton-
poly fabrics with a total production capacity of 5,136,000 meters
of fabric per annum.  As per FY11 provisional numbers, the
company's revenue increased 20% yoy to INR710 million and EBITDA
improved 55% to INR87 million.  Its financial leverage (net
debt/EBITDA) was 4.2x (FY10: 5.5x) and net interest coverage was
1.8x (FY10: 2.0x).  Fitch expects the net debt/EBITDA to increase
in FY12 given plans for majorly debt-funded INR67 million capex in
FY12. OTSMPL's total outstanding debt was INR369 million
(provisional) as on March 31, 2011.

OTSMPL's bank facilities have been rated as follows:

-- Term loans of INR51.3 million: 'Fitch C(ind)'
-- Fund-based working capital limits of INR180 million: 'Fitch
    C(ind)'/'Fitch A4(ind)'
-- Non-fund based working capital limits of INR41 million: 'Fitch
    A4(ind)'


SAINI INDUSTRIES: CRISIL Cuts INR100MM Loan Rating to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Saini
Industries Ltd's to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Term Loan         CRISIL D(Downgraded from
                                          'CRISIL B+/Stable')

   INR165 Million Cash Credit       CRISIL D(Downgraded from
                                          'CRISIL B+/Stable')

   INR15 Million Bank Guarantee     CRISIL D(Downgraded from
                                             'CRISIL A4')

The downgrade reflects instances of delay by SIL in servicing its
debt; the delays have been caused by the company's weak liquidity.

SIL has stretched liquidity owing to large working capital
requirements, and exposure to risks related to intense competition
in the steel industry. These rating weaknesses are partially
offset by SIL's promoters' experience in the steel industry.

                      About Saini Industries

Incorporated in 2003, SIL (formerly, Saini Re-Rollers Ltd)
manufactures mild-steel flats, channels, angles, sections, and
thermo-mechanically treated (TMT) bars. The company has annual
manufacturing capacity of 117,000 tonnes per annum (tpa). The
final products are sold under the company's brand Force Steel.

SIL reported a profit after tax (PAT) of INR18 million on net
sales of INR1.98 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR 13 million on net sales
of INR 1.41 billion for 2009-10.


SAMRAT FORGINGS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
----------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL A4+' to the bank guarantee
facility of Samrat Forgings Ltd while reaffirming the rating on
the other bank loan facilities at 'CRISIL BB/Stable/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     CRISIL BB/Stable (Reaffirmed)
   INR30.5 Million Term Loan
   (Enhanced from INR7.5 Mil.)      CRISIL BB/Stable (Reaffirmed)
   INR20.0 Mil. Letter of Credit    CRISIL A4+ (Reaffirmed)
   INR2.0 Million Bank Guarantee    CRISIL A4+ (Assigned)

The rating reflects SFL's average operating efficiencies which are
expected to improve on account of entry into high-value-added
products and stable business risk profile supported by its
established position in the forged auto components market. These
rating strengths are partially offset by SFL's small scale of, and
working-capital-intensive, operations.

Outlook: Stable

CRISIL believes that SFL will continue to benefit over the medium
term from its healthy clientele comprising leading original
equipments manufacturers (OEMs) in the automotive industry. The
outlook may be revised to 'Positive' in case there is more-than-
expected growth in the company's operating revenue, driven by a
diversified clientele. Conversely, the outlook may be revised to
'Negative' in case SFL's cash accruals are lower-than-expected or
if it undertakes a large debt-funded capital expenditure
programme, leading to weakening in its capital structure.

                        About Samrat Forgings

SFL was incorporated in 1981 with Mr. J C Chowdhary as managing
director. The company undertakes forging operations for clients,
such as Punjab Tractors Ltd, Bharat Earth Movers Ltd, and Balaji
Precisions Components Ltd. SFL undertakes closed die forging for
components, such as spindles, crank shaft, connecting rod, bull
gears, and crown wheels. The products forged by the company find
application largely in tractors used for agricultural purposes.
The company's manufacturing unit, based in Punjab, has a forging
capacity of 9000 tonnes per annum (tpa) and machining and
finishing capacity of 2400 tpa.

As per provisional financials, SFL reported a profit after tax
(PAT) of INR17.7 million on net sales of INR481.9 million for
2010-11 (refers to financial year, April 1 to March 31), as
against a PAT of INR12.3 million on net sales of INR351.1 million
for 2009-10.


SHIRDI INDUSTRIES: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shirdi Industries Ltd
reflect the group's large working capital requirements, exposure
to project related risks, high reliance on the information
technology (IT) and IT-enabled services segments, and its weak
capital structure.

   Facilities                       Ratings
   ----------                       -------
   INR1219.4 Million Term Loan      CRISIL B+/Stable (Reaffirmed)
   (Reduced From INR1222.6 Mil.)

   INR1500.0 Million Cash Credit    CRISIL B+/Stable
   (Enhanced from INR1251.0 Bil.)

   INR30.6 Million Proposed LT      CRISIL B+/Stable (Assigned)
            Bank Loan Facility

   INR430.0 Mil. Letter of Credit   CRISIL A4
   (Enhanced from INR427.4 Million)

These rating weaknesses are partially offset by the group's
healthy business risk profile, marked by its established market
position, diversified product profile, and healthy operating
efficiency, and its presence in the high-growth medium-density
fibre (MDF), particle board (PB), and laminates segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SIL and Asis Plywood Pvt Ltd, together
referred to as the Asis group. This is because both these entities
have operational synergies, a common management, and are expected
to be merged over the medium term.

Outlook: Stable

CRISIL believes that the Asis group will continue to benefit over
the medium term from its established brand name, wide distribution
network, and large product portfolio. Its financial risk profile
will, however, remain constrained by its working-capital-intensive
operations, leading to continued high reliance on external debt.
The outlook may be revised to 'Positive' if the Asis group's
capital structure registers significant improvement, most likely
on the back of fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' if the group's working capital cycle
faces any unprecedented stretch or in case it undertakes a large,
debt-funded capital expenditure programme, causing its financial
risk profile to deteriorate.

                          About the Group

Incorporated in 1993, SIL manufactures MDF boards and PBs. It
commenced operations by offering foreign trade advisory services.
In February 2007, SIL commissioned its INR1.33-billion plant to
manufacture laminates, and plain and laminated MDF boards and PBs,
in Pantnagar (Uttarakhand). The company added another plant in
Coimbatore (Tamil Nadu) in 2009-10 (refers to financial year,
April 1 to March 31) for pre-lamination of imported MDF and PBs
and manufacture of designer doors. SIL also commenced production
of edge bands at Bhivandi (near Thane [Maharashtra]) in 2009-10.
The company also manufactures designer doors, door skins,
laminated flooring, and furniture at Pantnagar. It discontinued
consultancy and trading activities in 2007-08 and 2008-09,
respectively, to focus on manufacturing activities. SIL has an
initial public offering planned for the near future, and will use
the proceeds to fund its proposed capex in Chennai (Tamil Nadu)
and Uttarakhand.

Metro Doors Pvt Ltd was acquired by Asis Industries Pvt Ltd (which
has a majority stake in SIL) in September 2010 from Mr. Bimal
Chopra and Mr. Ram Kishore Agarwal, and later renamed it APPL.
APPL is based in Roorkee (Uttarakhand) and has six plywood presses
with combined capacity of 78 daylights.

For 2010-11, SIL reported a profit after tax (PAT) of INR332.5
million on net sales of INR4.1 billion, against a PAT of INR260.0
million on net sales of INR2.6 billion for the previous year.

For 2010-11, APPL reported a provisional profit after tax (PAT) of
INR11.4 million on net sales of INR334.8 million, against a PAT of
INR8.2 million on net sales of INR251.9 million for the previous
year.


SHIV GRAMO: CRISIL Assigns 'CRISIL C' Rating to INR14MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Shiv Gramo Udyog Sansthan.

   Facilities                       Ratings
   ----------                       -------
   INR66 Million Cash Credit        CRISIL C (Assigned)
   INR14 Million Proposed LT        CRISIL C (Assigned)
          Bank Loan Facility

The rating reflects SGS's weak financial risk profile, marked by a
negative net worth because of large losses in 2009-10 (refers to
financial year, April 1 to March 31), large working capital
requirements, and a small scale of operations in the intensely
competitive soaps and detergents industry. These rating weaknesses
are partially offset by the benefits that SGS derives from its
promoters' extensive experience and their funding support.

                            About Shiv Gramo

Set up in 1987 and promoted by Mr. Ram Chand Rohra, SGS earns
about 60% of its revenues from the sale of detergent power and the
rest from sale of laundry soaps. The society's products are sold
under the Moar brand name across North and Central India. SGS has
two manufacturing units at Kanpur in Uttar Pradesh (unit I
manufactures detergent powder with capacity of 100 tonnes per day
[tpd] and unit II manufactures laundry soaps with capacity of
about 20 tpd). Currently, SGS is operating its plants at about 50%
of their capacity.

SGS reported a net loss of INR17.3 million on net sales of
INR402.4 million for 2009-10, against a profit after tax of INR1.9
million on net sales of INR422.3 million for 2008-09.


SOMA-ISOLUX: CRISIL Cuts Rating on INR33.89BB Loan to 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Soma-Isolux NH One Tollway Pvt Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR33.89 Billion Term Loan       CRISIL BB-/Stable (Downgraded
                                          from 'CRISIL BB/Stable')

The downgrade in the rating reflects that the growth in SIPL's
tolling revenue over the medium term will be lower than CRISIL's
earlier expectations. SIPL will have to improve the revenue
generation manifold in order to keep up with its upcoming debt
repayments. This is mainly because lower-than-expected growth in
the traffic volume and leakage of the revenue because of
inefficient location of tolling plazas along the 291 Km
Panipat-Jalandhar stretch. SIPL has been planning to shift two out
of three tolling plazas for improving its tolling revenues however
the approval from NHAI is awaited before tolling operations can
start from the newly constructed tolling plazas. Furthermore,
CRISIL believes that SIPL is likely to miss the Commercial
Operations Date (November 2011) for completion of the project.

SIPL also faces project implementation risks and revenue risks
associated will toll collection and weak debt protection measures
in the initial years. These rating weaknesses are partially offset
by the high economic viability of the project, low funding risks,
fixed time and cost turnkey contracts, and extensive promoter
experience.

Outlook: Stable

CRISIL's rating on SIPL factors the likely delay in the completion
of its project to convert National Highway (NH) 1 from Panipat
(Haryana) to Jalandhar (Punjab) into six lanes, which is likely to
be completed by March 2012 as against the expected date of
November 2011 earlier. The outlook may be revised to 'Negative' in
case of further delay in the completion of the project, or due to
a lower-than-anticipated increase in the tolling revenue of the
company after the tolling plazas are shifted. The outlook may be
revised to 'Stable' if growth in the tolling revenue is better
than CRISIL's expectation, leading to an improvement in the
project's debt service coverage ratio.

                       About Soma-Isolux NH

Incorporated in 2008, SIPL is a special purpose vehicle (SPV)
promoted by the Isolux Corsan group and Soma Enterprises Ltd (SEL)
in the ratio of 61:39. The SPV has entered into a concession
agreement with the National Highway Authority of India (NHAI,
rated 'CRISIL AAA/Stable') for execution of the project on a
build, operate, and transfer basis.

The project involves construction, designing, engineering,
operation, and maintenance of the six-lane Panipat-Jalandhar
section of NH 1 (291 km) on a toll basis, on a build, operate, and
transfer basis. SIPL has a concession period of 15 years, which
includes the construction period of 30 months.


SPUN MICRO: Fitch Affirms Rating on Three Funds at Low-B
--------------------------------------------------------
Fitch Ratings has affirmed India-based Spun Micro-Processing
Private Limited's (Spun) National Long-Term rating at 'Fitch
B(ind)'.  The Outlook is Stable.

The ratings reflect Spun's long-standing relationships with the
leading global automotive suppliers such as Valeo group, Wabco
Vehicle Control Systems and Denso Corporation.  The ratings also
reflect the company's consistent profitability with an operating
EBITDA margin 15%-16% over the last four years, barring the
financial year ended March 2009 (FY09) due to the global economic
slowdown.  The ratings are supported by Spun's further revenue
diversification in the domestic market, with domestic contribution
increasing to almost 21% in FY11 from around 10% in FY10, in line
with the company's strategy to reduce its dependence on the
exports.

The ratings are, however, constrained by Spun's small size of
operations and its tight liquidity position.  The latter is due to
the company's high working capital credit limit utilization due to
is long net cash conversion cycle (FY11: around 180days), which is
mostly debt-funded.

Fitch notes that Spun is distributing its planned debt-led capex
of INR140 million for capacity expansion over two years than over
FY11, which led to a smaller-than-expected increase in long-term
debt of INR54.5 million in FY11 (compared with INR107m previously
estimated).  This, coupled with growth in operating EBITDA,
prevented net financial leverage (net debt/ operating EBITDA) from
increasing sharply in FY11 (4.6x) from 4.14x in FY10.  The company
has planned to raise further debt of INR52.5m for the remaining
capex of INR70 million in FY12.  Therefore, net financial leverage
is expected to remain high in the short to medium term and debt
repayments may put pressure on the company's liquidity.

Negative rating guidelines include a fall in revenue or
profitability and any unexpected debt-led capex leading to
increased net financial leverage on a sustained basis.
Conversely, an increase in revenues while maintaining
profitability leading to a decline in net financial leverage
on a sustained basis post capex in FY12 would result in positive
rating action.

Spun manufactures precision machined components required for
automotive and general engineering industries.  It reported
revenue of INR219.18 million in FY11 (FY10: INR141.8 million) with
operating EBITDA and profit after tax of INR35.7 million
(INR22.26 million) and INR10.17 million (INR6.60 million),
respectively.

Fitch has also affirmed Spun's instruments, as follows:

-- INR54.5 million long-term debt: 'Fitch B(ind)'
-- INR90 million fund-based working capital limits: 'Fitch
    B(ind)'/'FitchA4(ind)'
-- INR5 million non-fund based working capital limits: 'Fitch
    B(ind)'/'FitchA4(ind)'


T.R. CHEMICALS: CRISIL Cuts Rating on INR69MM Loan to ' CRISIL C'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on T.R. Chemicals Ltd's bank
facilities to 'CRISIL C/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL
A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR69 Million Cash Credit        CRISIL C (Downgraded from
                                          'CRISIL BB+/Stable')

   INR47 Million Proposed LT Bank   CRISIL C (Downgraded from
                   Loan Facility          'CRISIL BB+/Stable')

   INR20 Million Letter of Credit   CRISIL A4 (Downgraded from
                & Bank Guarantee               'CRISIL A4+')

   INR14 Million Bill Purchase-     CRISIL A4 (Downgraded from
           Discounting Facility                'CRISIL A4+')

The downgrade reflects recent delays by TRCL in repayment of the
vehicle loans from HDFC Bank (loans not rated by CRISIL). The
delay has been caused due to company's weak liquidity on account
of increase in price of raw material which the company was not in
the position to fully pass on to its customers resulting in lower
profitability and cash accruals, and also because the company has
to make advance payments to procure its raw materials as against
15-20 days credit period it used to enjoy earlier.

The sharp decline in sales as a result of shut down of operations
by TRCL's dominant customer, coupled with decline in profitability
have led to pressure on net cash accruals. TRCL's operating margin
declined to around 8.3% in 2010-11 (refers to financial year,
April 1 to March 31) from 12.3% for the year before; profitability
is expected to remain subdued over the medium term. CRISIL
believes that sponge iron manufacturers, including TRCL, are
operating in a difficult business environment, with significant
increase in input prices coupled with resistance from customers on
commensurate price hikes -- the situation is likely to remain
similar over the medium term. CRISIL expects deterioration in
TRCL's cash accruals and consequently its debt protection metrics,
as a result of the sharp decline in profitability and low capacity
utilization.

The ratings reflect TRCL's below-average business risk profile,
marked by customer concentration -- it depends on Jagannath Sponge
Pvt Ltd (JSPL), a group company, for around 90% of its sales. The
adverse impact of such concentration is evident from the sharp
decline in TRCL's sales since June 2011, as operations of JSPL
have been shut down. TRCL's plant operated at one-third of its
capacity for the period three months ended August 31, 2011.

CRISIL believes that TRCL's liquidity will deteriorate further
unless the company scales up its capacity utilization and sales to
earlier levels and maintains those over the medium term; this the
company could achieve either after resumption of operations at
JSPL or by targeting customers other than JSPL. Moreover, TRCL has
regularly overdrawn its working capital bank limits in the recent
past, reflecting the stretched liquidity.

                       About T.R. Chemicals

TRCL was established as a private limited company in 1997,
promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It
was subsequently reconstituted as a closely held limited company.
TRCL's facilities for manufacturing sponge iron have an installed
capacity of 46,000 tonnes per annum (tpa). It also manufactures
phenolic resins, for which it has a capacity of 1800 tpa. All its
facilities are in Barpali (Orissa). The sponge iron business
accounts for around 90% of its revenues.

TRCL is expected to report a profit after tax (PAT) of
INR9.38 million on net sales of INR471.76 million for 2010-11,
against a PAT of INR6.78 million on net sales of INR321.83 million
for 2009-10.


VIHAAN INFRASYSTEMS: CRISIL Reaffirms 'CRISIL B' Bank Loan Rating
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings 'CRISIL B/Stable/CRISIL A4' on
the bank facilities of Vihaan Infrasystems India Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Mil. Cash Credit Limit   CRISIL B/Stable (Reaffirmed)
   INR90.0 Million Proposed LT      CRISIL B/Stable (Reaffirmed)
            Bank Loan Facility
   INR10.0 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

CRISIL's ratings on the bank facilities of VIIL continue to
reflect VIIL's below average financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio and a
small net worth, limited track record, and small scale of, and
working-capital-intensive, operations. These rating weaknesses are
partially offset by VIIL's stable order book.

Outlook: Stable

CRISIL believes that VIIL will continue to benefit over the medium
term from its stable order book and business support from Smart
Chip Ltd. The outlook may be revised to 'Positive' if the
company's topline and margins register significant growth along
with efficient working capital management, leading to improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of steep deterioration in VIIL's financial
risk profile and liquidity due to increase in working capital
requirements or a large debt-funded capital expenditure.

                    About Vihaan Infrasystems

VIIL (formerly, Goldrocks Trading Ltd) was incorporated in 1996 by
Mr. Alok Mukherjee. The company was set up to undertake trading,
but remained dormant until April 2007; later, it started providing
services in the telecommunication infrastructure consultation
segment. VIIL undertakes turnkey projects in the telecom
technology services segment and provides consultation and
engineering services to telecom operators. From 2011-12 (refers to
financial year, April 1 to March 31), the company has started
undertaking construction of sub-stations for oil and natural gas
companies, such as GAIL India Limited and Gujarat State Petronet
Limited, which is sub-contracted through Corrtech International
Pvt Ltd.

VIIL is estimated to report net sales of Rs 89 million for
2010-11; it reported a profit after tax (PAT) of INR9 million on
net sales of INR155 million for 2009-10, as against a PAT of
INR8 million on net sales of INR520 million for 2008-09.


WHEELS POLYMERS: CRISIL Rates INR65MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Wheels Polymers Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR65 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile,
small scale of operations with margins vulnerable to fluctuations
in input costs, and working-capital-intensive operations. These
rating weaknesses are partially offset by the promoters' extensive
experience in the business.

Outlook: Stable

CRISIL believes that WPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if WPL improves its
working capital management and achieves more-than-expected growth
in revenues and profitability leading to improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if WPL's liquidity deteriorates, most likely because of a
significant increase in working capital requirements, or it
generates lower-than-expected revenues and profitability.

                      About Wheels Polymers

Incorporated in 1997, WPL manufactures copper strips, which are
mainly used in switchgear applications. The company is owned and
managed by the Gulati family. Based in New Delhi, WPL has an
installed capacity of around 3000 tonnes per annum (tpa). It is
presently undertaking a capital expenditure for expanding the
capacity to around 4500 tonnes per annum.

WPL reported a profit after tax (PAT) of INR5.0 million on net
sales of INR395.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5.6 million on net sales
of INR251.2 million for 2009-10.


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


BAKRIE TELECOM: S&P Affirms 'B' Corp. Credit Rating; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on PT
Bakrie Telecom Tbk. (BTEL) to negative from stable. "At the same
time, we affirmed our 'B' long-term corporate credit rating and
our 'B' issue rating on the senior unsecured notes due 2015 that
the company guarantees," S&P stated.

"The outlook revision reflects our assessment that BTEL's
liquidity could worsen if the company's cash flows do not improve
as much as we expect from a likely increase in tariffs. The cash
flow could be weaker than we anticipated due to a delay in tariff
revision, a bigger decline in voice and short message service
(SMS) usage than we expected, or increased competition," said

Standard & Poor's credit analyst Mehul Sukkawala. BTEL's cash
level dropped in the first half of 2011 due to the company's weak
operating performance and high capital expenditure.

"We anticipate that the company will significantly raise tariffs,
which could reduce usage by subscribers. We expect BTEL's EBITDA
to increase by 30%-40% in the quarter ending Dec. 31, 2011," S&P
stated.

"We could lower the ratings if we do not expect BTEL's operating
performance to materially improve in the December quarter. We may
revise the outlook to stable if BTEL's operating performance
materially improves, which could be due to the hike in tariffs
without a material adverse impact on usage," S&P stated.

"We believe BTEL has less-than-adequate liquidity, according to
our criteria," said Mr. Sukkawala. "We expect the company's
sources of liquidity, including cash, to be almost equal to its
uses over the next 12 months."

BTEL does not have any maintenance covenants although it has to
comply with an incurrence covenant. The company has limited
headroom to increase debt. The headroom could increase if the
company's operating performance improves after the hike in
tariffs.

Under the financial covenants, BTEL has leeway to raise US$30
million credit and some vendor financing, over and above the
constraints from the incurrence covenant.

"BTEL's operating performance for the past two years has been
consistently weaker than our expectation. This was mainly because
lower usage by subscribers offset the 45% increase in the number
of BTEL subscribers. Nevertheless, the company's broadband
wireless subscribers have grown, though the business' contribution
to revenue is less than 5%," S&P stated.

"BTEL's financial performance in the first half of 2011 was below
our expectation. The ratio of adjusted annualized debt (including
equipment payables) to EBITDA was about 5x for the period. We
expect the proposed tariff revision to improve the ratio to less
than 4.5x for 2011," S&P stated.


PT INDOSAT: Moody's Revises Outlook on 'Ba1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook on PT Indosat Tbk's Ba1 corporate family ratings and
senior unsecured ratings.

Ratings Rationale

The revision in outlook primarily reflects Indosat's improved
financial and liquidity positions, its improving headroom under
its covenants which Moody's believes to be sustainable, and
Moody's expectations for prudent liquidity management moving
forward.

The improvement in Indosat's leverage metrics in FY2010 and LTM
June 2011 was partly driven by lower capex spending of
IDR6.5 trillion as compared to over IDR10 trillion for the
previous two years. With its increased focus on enhancing content
for its data segment, as against more capital-intensive network
expansion, Moody's expects near-term capex spending to range
between IDR6.5 -- 7.5 trillion per year. Such reduced capex also
reflects the increased emphasis on tower and infrastructure
sharing through collocations.

Furthermore, Moody's also draws comfort from Indosat's
demonstrated ability to secure financing in both Rupiah and USD,
despite ongoing volatility in the credit markets, thereby helping
to substantially reduce refinancing risk and extend its debt
maturity profile through prepayment of IDR6.7 trillion of its debt
in 2010.

Indosat's rating combines an assessment of its fundamental
strength -- which at Ba2 reflects its established network and
market position as Indonesia's second largest cellular operator in
terms of revenue and subscribers -- expectations of moderate
growth in the cellular market, and its improving financial
profile.

However, various credit challenges persist. Specifically,
Indosat's margins are expected to remain under pressure owing to
the intensely competitive environment in Indonesia; however the
reduced need for major scale expansionary capex should ensure that
the overall financial and operating profile should remain
consistent with the rating.

The final rating of Ba1 incorporates a one-notch uplift from the
credit support that Moody's believes its parent, Qatar Telecom
("QTel", A2 stable), is likely to provide in a distress situation.
Indosat is majority owned by Qtel and is its largest non-domestic
business, representing 29% of its gross revenue and 28% of EBITDA
in 2010. Further supporting Moody's view is the inclusion of
cross-default provisions between QTel's debt and Indosat's debt.
Therefore, Moody's considers it a strategic investment for QTel.

In keeping with the country's regulations for infrastructure
sharing, Indosat has been leasing space on its towers to third
parties since 2010. Moody's is also cognizant that Indosat is
reviewing strategic options for its portfolio of tower assets. In
June 2011, it invited bids from independent tower operators for a
sale and leaseback of 4,000 of its towers. While a transaction of
this nature could be mildly cash flow positive, Moody's does not
expect it to have any impact on its rating as given Moody's
adjustments for lease payments, adjusted leverage will not
decrease.

The stable outlook incorporates Moody's expectation that the
company will maintain adjusted debt/EBITDA at 2.5-3.0x over the
near term. Although leverage is higher when compared to Indosat's
historical conservative financial profile, it remains appropriate
for the current rating level.

Further upward rating pressure is limited, given the degree of
competition in the Indonesian cellular market. Moody's is also
cognizant of emerging market risks which need to be incorporated
into the rating.

Downward pressure on the rating could result from a deterioration
in Indosat's standalone credit assessment, such that (FFO +
interest expense)/interest expense drops below 3.5x and
Debt/EBITDA increases above 3.0x on a consistent basis.

In addition, the one-notch uplift derived from the support from
QTel could be removed if QTel's shareholding in Indosat falls
below 50%, or if QTel indicates that it is no longer a core asset
for the group.

The principal methodology used in rating Indosat was Global
Telecommunications Industry Methodology, published in December
2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media, data
communications, and internet services. Indosat is 65%-owned by
QTel.


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


J-CORE 12: Moody's Confirms Rating on Class C Notes at 'Ba1'
------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the Class D and E
trust certificates issued by J-CORE 12 Trust.

At the same time, Moody's has confirmed the ratings for the Class
C trust certificates issued by J-CORE 12 Trust.

Deal Name: J-CORE 12 Trust

Class C, Confirmed at Ba1 (sf); previously on Aug 1, 2011 Ba1 (sf)
Placed Under Review for Downgrade

Class D, Downgraded to B3 (sf); previously on Aug 1, 2011 B1 (sf)
Placed Under Review for Downgrade

Class E, Downgraded to Caa3 (sf); previously on Aug 1, 2011 B3
(sf) Placed Under Review for Downgrade

Class: Class C through E trust certificates

Issue Amount (initial): JPY71.0 billion

Dividend: Floating

Issue Date (initial): May 30, 2007

Final Maturity Date: February, 2014

Underlying Asset (initial): Three non-recourse loans and a
specified bond backed by 50 commercial real estate

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Securities Inc.

Asset Trustee: The Sumitomo Trust and Banking Co., Ltd.

J-CORE 12 Trust, issued in May 2007, represents the securitization
of four non-recourse loans and specified bond (loans).

The Originator entrusted the four loans to the Asset Trustee, and
received the Class A through E and X trust certificates, which it
then sold to investors. The trust certificates are rated by
Moody's.

Two of the loans have been paid in full. The transaction is
currently secured by two loans, one of which is under special
servicing.

In this transaction, payments from refinancing and collateral
disposition before the maturity of bonds or loans will be
distributed on a modified pro-rata basis for the trust
certificates. Payments on the recovery of any defaulting bond or
loan or amortization will be made on a sequential basis.

Rating Rationale

The current rating action reflects these factors:

1) Given the new collection strategy for the loan under special
servicing, the Class E Trust Certificates are likely to suffer
losses in the event of the sale of the property.

2) In addition, Moody's has confirmed the occupancy and the cash
flow from the collateral on the performing loan. Moody's has
lowered its recovery assumptions by approximately 32% from initial
assumptions.

3) However, to determine the ratings, Moody's has considered that
the reserve balance in trust accounts is expected to be applied to
principal payments.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published on September 30, 2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.


JLOC XXVIII: Moody's Reviews 'Ba3' Rating of Class C Notes
----------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings for the Class B through D Trust Certificates issued by
JLOC XXVIII Trust. The final maturity of the Trust Certificates
will take place in October 2012.

Deal Name: JLOC XXVIII Senior Trust

Class B, Aa2 (sf) placed under review for possible downgrade;
previously on Feb 16, 2011 downgraded to Aa2 (sf) from Aaa (sf)

Class C, Ba3 (sf) placed under review for possible downgrade;
previously on Feb 16, 2011 downgraded to Ba3 (sf) from Baa3 (sf)

Class D, Caa2 (sf) placed under review for possible downgrade;
previously on Feb 10, 2010 downgraded to Caa2 (sf) from Ba3 (sf)

JLOC XXVIII Senior Trust, effected in October 2005, represents a
liquidating CMBS transaction.

JLOC XXVIII Senior Trust was originally secured by senior
specified bonds issued by two TMK, which were backed by 567
properties. The specified bonds that were issued by Nakano Holding
TMK were redeemed in full in July 2006.

The remaining specified bonds were issued by Harajuku Holding TMK,
and were originally backed by 329 properties or property trust
certificates; 245 of the properties have been sold as of end-
August, 2011.

Meanwhile, the Class A Senior Trust Certificates were redeemed in
full by sequential payments.

Moody's has decided to placed the ratings on the trust
certificates on review for possible downgrade at this time because
of the growing uncertainty over collateral recovery and disposal
scenarios, given that approximately 13 months are left before
final maturity for so many -- 84 -- properties.

In its review, Moody's will examine (in conjunction with the asset
adviser) the current disposition activities and property
performances in detail to re-assess -- and add further stress to -
- its recovery assumptions for the properties, incorporating their
performances.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published on September 30, 2010.


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


HYNIX SEMICON: STX Drops Bid Due to Uncertainty, Financial Burden
-----------------------------------------------------------------
Dow Jones Newswires reports that STX Corp., the holding company of
shipping-to-shipbuilding conglomerate STX Group, said Monday it
has decided to drop its bid for a controlling stake in Hynix
Semiconductor Inc. due to market uncertainties and financial
burden.

"We have been under pressure over (future) investments in
semiconductor facilities (after the acquisition) as the global
economy is surrounded by uncertainties," the news agency cites STX
Group as saying in a statement.

STX added it has encountered difficulties in a partnership deal to
help fund the bid with a Middle Eastern wealth fund, Dow Jones
relates.

According to Dow Jones, STX's withdrawal from the bid leaves
South Korea's biggest mobile carrier SK Telecom Co. as sole bidder
for a 20% stake in the computer-memory chip maker.

Creditors-turned-shareholders originally planned to select a
preferred bidder by the end of October, with the deadline for
final bids Oct. 24, Dow Jones notes.

Dow Jones Newswires has said creditors have been trying for years
to sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in
the chip maker.

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

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


POSCO ENG'G: Moody's Says Action Reflects Downgrade of SAR to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded POSCO Engineering &
Construction Co., Ltd's issuer rating to Baa3 from Baa2. The
outlook on the rating is stable. This concludes Moody's review for
possible downgrade initiated on June 14, 2011.

Ratings Rationale

"The rating action primarily reflects a downgrade of POSCO E&C's
standalone rating to Ba2 from Ba1, while maintaining a two-notch
uplift, based on the high likelihood of parental support from
POSCO (A3/stable) in the event of stress," says Chris Park, a
Moody's Vice President/Senior Credit Officer.

"The downgrade of its standalone rating was prompted by Moody's
expectation that the company's financial profile will remain weak
-- for its previous Ba1 standalone rating -- for an extended
period, mainly due to its lackluster performance and recent debt
take-over from a property developer," says Park.

"In addition, despite its recent efforts to strengthen its risk
screening systems, concerns remain as to the quality of its
projects on hand and payment guarantees for property developers
that were initiated when it pursued an aggressive business
strategy," adds Park.

Notwithstanding the positive impact from a likely growth in new
order wins during 2H 2011, POSCO E&C's operating cash flow is
anticipated to remain moderate in the short to medium term, mainly
due to persistent working capital deficits and inadequate
profitability.

Such a situation, together with the sizeable debt take-over, means
that its expected financial profile over the next couple of years
-- as highlighted by debt/EBITDA of 5-6x and funds from operations
(FFO)/debt of about 15% - will likely remain more commensurate
with the Ba2 rating.

The stable outlook reflects the expectation that the company will
maintain a robust order book and its close relationship with as
well as the expected support from POSCO will remain unchanged.

The rating could be upgraded over time if POSCO E&C (1)
successfully de-leverages by containing working capital deficits
and investments, or enhances earnings; and (2) establishes a track
record for sustaining adequate profitability and project
execution, as shown by adjusted debt/EBITDA falling below 4.5x and
FFO/adjusted debt rising above 18%.

The rating could be downgraded if the margins weaken further, or
operating cash flow deteriorates substantially as a result of
protracted housing problems/poor project management. Downward
pressure may also arise from the materialization of significant
contingent liabilities, such that adjusted debt/EBITDA rises above
6-7x and FFO/adjusted debt falls below 10%.

The principal methodology used in rating POSCO E&C was Moody's
Rating Methodology for the Global Construction Industry, published
in November 2010.

POSCO E&C is one of the major construction companies in Korea,
ranking fourth in 2011 in the Korean Construction Association's
construction capacity appraisal. POSCO E&C is 89.5%-owned by
POSCO.


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


SATANG HOLDINGS: Changes Company Name to Destini Berhad
-------------------------------------------------------
Bursa Malaysia Berhad said Satang Holdings Berhad has changed its
company name to Destini Berhad.

The company's shares will be traded and quoted under the new name
and new stock short name with effect Sept. 19, 2011.  The stock
number remains unchanged.

                        About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
Sept. 30, 2007.


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


CAPITAL + MERCHANT: Two Directors Want One Charge Dropped
---------------------------------------------------------
BusinessDay.co.nz reports that two directors of Capital + Merchant
Finance are trying to get some of the charges against them dropped
on the grounds they didn't sign all of the failed finance firm's
offer documents.

Five directors -- Owen Tallentire, Neal Nicholls, Colin Ryan,
Robert Sutherland and former director Wayne Douglas -- face
allegations that they made untrue statements in the company's
registered prospectuses and investment statements, the report
notes.

In the High Court at Auckland Monday lawyers for Messrs. Ryan and
Sutherland argued that one charge should be dropped against each
of them because they did not sign Capital + Merchant's August 2006
prospectus.

BusinessDay.co.nz relates that Anne Callinan, for Messrs. Ryan and
Sutherland, said the two did not become directors until after that
prospectus was produced.  They did sign a certificate extending
the life of the document, but that was more of an administrative
procedure and signing the original prospectus carried more weight,
the report relays.

"The liability lies with those who put together the document in
the first place," BusinessDay.co.nz quotes Ms. Callinan as saying.

Justice Brewer has reserved his decision over the charges,
according to BusinessDay.co.nz.

The matter is due to go to trial in April, the report notes.

Meanwhile, BusinessDay.co.nz reports that the Serious Fraud Office
has laid a raft of charges under the Crimes Act against
Messrs. Nicholls, Douglas and Tallentire and that case is also due
to be heard early next year.

BusinessDay.co.nz relates that the SFO launched its investigation
following a complaint from Capital + Merchant's receivers.

The charges relate to NZ$28 million worth of transactions between
2004 and 2006, and the SFO alleges trusts controlled by the
accused received NZ$16 million in benefits, the report adds.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance, was
one of the bigger finance companies in New Zealand.  Capital +
Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007, due
to breaches in respect of general security agreements issued by
the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and Richard
Simpson of Grant Thornton, chartered accountants, while trustee
Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


LIGHTER QUAY: Accor to Manage Hotel Viaduct Harbour
---------------------------------------------------
The New Zealand Herald reports that global hotel operator Accor is
taking over the management of Hotel Viaduct Harbour, formerly
known as the Westin Auckland Lighter Quay, from next week as the
Rugby World Cup moves closer to the finals.

The hotel will be renamed Hotel Lighter Quay and be part of
Accor's collection of 45 upmarket hotels, the report says.

According to the report, room owners have been in a long-running
dispute with the receivers of the bar, restaurant and other
facilities.

The Herald recalls that the room owners cancelled their leases
after the former management company, Lighter Quay Management, was
placed in receivership.  After failing to reach agreement with the
receivers at the time, the report relates, the room owners opened
a no-frills hotel in July under the name Hotel Viaduct Harbour. It
has 172 units and a representative of the majority of the owners,
Graham Wilkinson, said about 130 had signed up for the Accor deal.
He was confident more would join, the Herald notes.

Mr. Wilkinson said the deal with Accor was for 10 years and a vote
of confidence by a major operator, the Herald relates.

Owners pay a management fee to Accor based on profitability, the
report discloses.

Mr. Wilkinson, as cited by the Herald, said Accor had plans for a
residents' private lounge with guest access to food and beverage
services.

"However, access to the bar and restaurant facilities retained by
the current receivers [Grant Thornton] will depend on future
negotiations between them and the room owners," the Herald quotes
Mr. Wilkinson as saying.

                        About Lighter Quay

Lighter Quay Hotel Management managed the Westin Auckland Lighter
Quay, Auckland's five-star, NZ$130 million, 172-room Westin Hotel.

As reported in the Troubled Company Reporter-Asia Pacific on
July 2, 2010, Michael Stiassny and Brendon Gibson of KordaMentha
were appointed as receivers to Lighter Quay Hotel Management
by major creditor Bank of Scotland International, which has
security from a loan agreement made in September 2007.  Lighter
Quay Hotel Management is owned by property developer Nigel
McKenna, whose company Melview Developments built the hotel and
surrounding Lighter Quay development at Auckland's Viaduct
Harbour.  The company also owes money to more than 100 investors,
many of them Asian, who bought rooms in the hotel and leased them
to the management company.


SOUTH CANTERBURY: SFO Probe SCF, Kelt Finance Deals
---------------------------------------------------
The Dominion Post reports that the Serious Fraud Office is
investigating transactions between Kelt Finance and South
Canterbury Finance but Hawke's Bay merchant banker Sam Kelt said
it has nothing to do with him or his company .

The Dominion Post relates that the office has confirmed it is
investigating the dealings as part of its larger investigation
into the failed finance company owned by the late Allan Hubbard.

"Investigations into South Canterbury Finance cover a wide-ranging
number of transactions, which include its dealings during 2009
with SCF Hawke's Bay Limited (at that time called Kelt Finance
Limited)," the SFO said.

"The SFO will not currently make any comment on specific
transactions, other than to say that at the conclusion of the SCF
investigation we will make a public statement on the matters we
investigated. If any involve what we consider to be criminal
conduct, charges will follow."

According to the report, the fraud office began investigating the
affairs of SCF in October last year after initial investigations
found there may have been serious or complex fraud.  Kelt Finance,
which changed its name to SCF Hawke's Bay last October, was 75%
owned by South Canterbury Finance, the report discloses.

The Dominion Post relates that Mr. Kelt said the office was
investigating "a particular transaction that South Canterbury
enforced on Kelt Finance without the authority and/or knowledge of
the board of Kelt Finance and/or the 25% minority shareholder in
Kelt Finance, which was me".

Mr. Kelt would not disclose the nature of the transaction, the
report notes.  "But I can tell you the transaction did not involve
Kelt Finance," Mr. Kelt added.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


SOVEREIGN HOMES: No Funds to Repay Creditors, Liquidators Say
-------------------------------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that Sovereign
Homes New Zealand Ltd's creditors, including numerous building and
construction companies and suppliers, won't receive any of the
more than NZ$4.25 million they are owed.

Sovereign Homes went into liquidation in March this year.
Peter Chatfield and Stephen Tietjens of Accru Smith Chilcott Ltd
are handling the liquidation and were called in by the Company's
shareholder.

The company's directors blamed the current economic climate,
decline in orders, greater competition and the failure of related
parties -- including Sovereign Homes Limited -- to repay advances
for its failure, BusinessDay.co.nz relates.

BusinessDay.co.nz, citing a liquidators report released on Friday,
says there "will be no funds available for distribution to any
class of creditors".

According to BusinessDay.co.nz, Sovereign Homes New Zealand owed
NZ$123,134 to preferential creditors including employees and IRD
when it collapsed in March.

The liquidator's first report said general security holders were
owed over NZ$1.9 million while unsecured creditors - many of them
builders, contractors or suppliers based in Auckland and
Northland, were owed more than NZ$2.3 million, BusinessDay.co.nz
relays.

BusinessDay.co.nz notes that the six monthly report by liquidator
Accru Smith Chilcott said it had received 81 formal claims from
unsecured creditors totalling more than NZ$1 million.

Only NZ$1,502.58 remained in the company's bank account. Sovereign
Homes had NZ$84,137 on hand at the time of its liquidation.

More than NZ$71,000 had been paid out in the six months from March
to September, the report said, with the majority, NZ$44,000, paid
to the liquidator, according to BusinessDay.co.nz.

BusinessDay.co.nz relates that the liquidator said debts had
proven difficult to collect.

At liquidation Sovereign Homes was owed over $4m by related
parties Sovereign Homes Limited, Sovereign Homes Properties and
Sovereign Homes Holdings, BusinessDay.co.nz adds.

                        About Sovereign Homes

Sovereign Homes New Zealand Ltd is an Auckland-based home building
company.  It has a head office and a display home in Albany, as
well as show homes in Whangarei and Hamilton.  The company
employed about 11 people.


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


LBC DEVELOPMENT: House Probe on Bank's Collapse to Focus on BSP
---------------------------------------------------------------
Danessa O. Rivera at The Daily Tribune reports that the House
committee on banks and financial intermediaries will put the
spotlight on the Bangko Sentral ng Pilipinas (BSP) when it looks
into the collapse of LBC Development Bank.

Party-list Rep. Arnel Ty has filed House Resolution 1749, enabling
the House inquiry into the failed bank, the report says.

"This case interests us because regulators were fully aware the
bank had been having serious problems, long before it was finally
closed down on Sept. 9," the Tribune quotes Mr. Ty, a member of
the committee on banks and financial intermediaries, as saying.

According to the news agency, Mr. Ty pointed out that the BSP had
supposedly earlier issued a number of cease-and-desist orders
against the bank, however, these corrective measures were
evidently not complied with.

The Tribune relates that Mr. Sy said revelations that excessive
advances allegedly made to sister firm LBC Express Inc. ruined the
bank could also be instructive to regulators moving forward.

Courier and remittance company LBC Express Inc., meanwhile, said
it should not be connected with LBC Bank which had been ordered
closed by the BSP, asserting it is a distinct separate entity from
the said bank, according to the report.

LBC Express general counsel Luis Manuel Ermitano said the company
is "neither a bank nor a non-bank financial intermediary" and
should not be linked to the travails of the said bank, the report
relays.   "Whatever troubles befall LBC Bank should not be unduly
transferred to LBC Express," he said.

According to the Tribune, Mr. Ermitano noted that statements to
the effect that LBC Express did not settle remittance transactions
with LBC Bank are simply erroneous. "They are not only erroneous
and untrue but they also have caused, and continue to cause, as
much undue negative effect on LBC Express," he added.

The Tribune notes that the BSP has claimed the bank became
insolvent due to unwarranted advances to LBC Express; large
amounts of non-performing as well as high-risk loans, against
which no adequate provisions were set aside; and the unusually
high interest rates it paid for deposits.

                        About LBC Bank

LBC Development Bank is a 20-unit thrift bank.  Its head office is
located at 809 J. P. Rizal St., Poblacion, Makati City.  Its 19
branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance Corporation
by virtue of MB Resolution No. 1354 dated Sept. 9, 2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than PHP1
billion as of December 2010, according to Manila Standard Today.
The bank also had more than PHP725 million in classified loans and
other risk assets as of December last year.  Against these high-
risk loans, the bank had only PHP158.7 million in specific
provision for loan losses.  While LBC Development Bank had nearly
PHP6 billion in deposit liabilities, its net loans and receivables
amounted to less than PHP1 billion, the Manila Standard disclosed.


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


SANUR INDONESIAN: Court to Hear Wind-Up Petition on Oct. 5 & 6
---------------------------------------------------------------
A petition to wind up the operations of Sanur Indonesian
Restaurant Pte Ltd will be heard before the High Court of
Singapore on Oct. 5 & 6, 2011, at 10:00 a.m.

Hau Tau Thong filed the petition against the company on Sept. 30,
2011.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay, #10-01
          Ocean Financial Centre
          Singapore 049315


SCHOOL OF APPLIED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 9, 2011, to
wind up the operations of The School of Applied Studies Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as Trustee
of Suntec Real Estate Investment Trust filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


SING ASIA: Creditors Get 98.20453% Recovery on Claims
-----------------------------------------------------
Sing Asia Builder Co. Pte Ltd declared the first and final
dividend on Sept. 7, 2011.

The company paid 98.20453% to the received claims.

The company's liquidators is:

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


WAVETREND TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 30
------------------------------------------------------------------
A petition to wind up the operations of Wavetrend Technologies
(Asia) Pte Ltd will be heard before the High Court of Singapore on
Sept. 30, 2011, at 10:00 a.m.

S.L. Prime Properties Pte Ltd filed the petition against the
company on Sept. 7, 2011.

The Petitioner's solicitors are:

          Messrs Colin Ng & Partners LLP
          36 Carpenter Street
          Singapore 059915


ZHONGHUI HOLDINGS: Court to Hear Wind-Up Petition on Sept. 30
-------------------------------------------------------------
A petition to wind up the operations of Zhonghui Holdings Ltd will
be heard before the High Court of Singapore on Sept. 30, 2011, at
10:00 a.m.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


ZUNOUCAN PTE: Court to Hear Wind-Up Petition on Sept. 23
--------------------------------------------------------
A petition to wind up the operations of Zunoucan Pte Ltd will be
heard before the High Court of Singapore on Sept. 23, 2011, at
10:00 a.m.

China Faith Trading Ltd filed the petition against the company on
Aug. 29, 2011.

The Petitioner's solicitors are:

          WongPartnership LLP
          63 Market Street #02-01
          Singapore 048942


===========
T A I W A N
===========


UNION INSURANCE: Fitch Holds Rating on Fin'l Strength at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed the Taiwan-based Union Insurance
Company's Insurance Financial Strength (IFS) rating at 'BB+' and
its National IFS rating at 'A-(twn)'.  The Outlook is Stable.

The ratings primarily reflect Union's continued prudent risk-based
capitalisation and a prudent and liquid balance sheet.  The
ratings are constrained by the company's modest and volatile
underwriting profits.

Union has been moderating its risk appetite in insurance
underwriting to reduce volatility and improve results by
increasing profitable commercial motor and casualty insurance,
while downsizing businesses with unfavorable loss experience.
Nonetheless, its profitability remains modest and vulnerable to
large-loss events.  The company reported a high combined ratio of
114.4% and a net loss of TWD457 million in 2010 as it suffered
significant losses from several insurance claims.  The combined
ratio improved to 94.6% in H111 (a net profit: TWD175 million) in
the absence of severe catastrophes.

Despite the volatility in insurance underwriting, Union still
maintained sound capitalization, with the statutory risk-based
capital ratio at above 300% at end-H111, compared with the
regulatory minimum of 200%. Fitch considers that Union's capital
position provides a strong buffer against adverse reserve
developments, in view of its low underwriting leverage with net
written premiums to adjusted shareholders' surplus (including
shareholders' fund and claims equalization reserve) at around
1.1x between 2008 and H111.

Investments remained liquid and were of sound credit quality with
around 40% of invested assets being bank deposits while fixed-
income portfolios were mainly government bonds at end-H111.
Although equity exposures increased in H111 to TWD1.2 billion
(TWD0.3 billion at end-2010), Fitch considers that risks should be
manageable in light of its high shareholders' equity base
(TWD2.1 billion at end-H111).

Fitch expects market competition and low interest rates to
continue to challenge Union's profitability.  The greater exposure
to equity may also add volatility to its earnings.  Nevertheless,
modest underwriting profit margins should be achievable given
Union's ongoing business restructuring.

Key rating drivers that could lead to a downgrade include
substantial underwriting losses and poor investment performance
resulting in a fall in its statutory capital ratio to below 250%
on a sustained basis.  On the other hand, consistent improvements
in insurance underwriting performance and the containment of large
losses as well as maintaining prudent capitalization are major
factors for an upgrade.


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


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


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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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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