TCRAP_Public/110927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 27, 2011, Vol. 14, No. 191



BELINDA INT'L: Owner Regains Control of Boutique Chain
BELLA TRUST: Moody's Assigns 'Ba1' Rating to Class E Notes
CDE CIVIL: Goes Into Liquidation; Owes Dozens Alice Springs Firms
COOK COVE: Rockdale Council Urges Government to Save Cooks Cove


* CHINA: Some Developers Face Bankruptcy on Loan Curbs, UBS Says

H O N G  K O N G

ADNET ENTERPRISES: Creditors' Proofs of Debt Due Oct. 14
ALPHA VIEW: Creditors' Proofs of Debt Due Oct. 21
AMS CAPITAL: Placed Under Voluntary Wind-Up Proceedings
ASIA RISK: Members' Final Meeting Set for Oct. 24
CAPITALAND (HK): Ha Yue Fuen Henry Steps Down as Liquidator

CEMCO LIMITED: Commences Wind-Up Proceedings
CHAMP MERIT: Philip Brendan Gilligan Steps Down as Liquidator
CHINA ROCKWAY: Members' and Creditors Meetings Set for Oct. 4
CHUN KOW: Tong Lap Hong Steps Down as Liquidator
CITP HOLDINGS: Creditors' Proofs of Debt Due Oct. 23


ABW INFRASTRUCTURE: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
CHHABI ELECTRICALS: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
DUTTA BUILDERS: ICRA Assigns '[ICRA]BB-' Rating to INR11.7cr Loan
JOGMA LAMINATES: ICRA Assigns 'ICRA]B+' Rating to INR4cr Loan
KAVERI COTEX: ICRA Rates INR6cr Cash Credit at '[ICRA]B'

K. CHANDRAKANT: ICRA Assigns '[ICRA]BB+' rating to INR72cr Loan
KINFOTECH PRIVATE: ICRA Cuts Rating on INR5cr Limits to '[ICRA]D'
MEDPLUS HEALTH: ICRA Withdraws 'LBB' Rating on INR9.75cr Loan
M.N. POLY: ICRA Reaffirms '[ICRA]BB-' Rating on INR7.75cr Loan
RANKA-N-RANKA INFRA: ICRA Cuts Rating on INR16.62cr Loan to 'D'

RCC DEVELOPERS: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
S. C. SHAH: ICRA Assigns '[ICRA]B+' Rating to INR6cr Bank Loans
SHEEL CHAND: ICRA Puts '[ICRA]BB' Rating on INR10cr Capital Limits
SHRI RAM: ICRA Assigns '[ICRA]B' Rating to INR11.25cr Loan

SPARK GREEN: ICRA Assigns '[ICRA]BB' Rating to INR80cr Term Loan
UPPAL FERROCAST: ICRA Cuts Rating on INR5.05cr Loan to '[ICRA]D'
* INDIA:  Nearly 26 Cooperative Banks Fail in 2010-11


CHANDRA ASRI: Moody's Says Change Has no Impact on 'B2' Ratings
MANDALA AIRLINES: Inks Sale Deal With Saratoga, Tiger Airways
PERUSAHAAN LISTRIK: Moody's Assigns (P)Ba1 Rating to MTN Programe


L-JAC 6: Moody's Downgrades Rating of Class C-1 Notes to 'Ba3'
ORIX-NRL TRUST: S&P Lowers Rating on Class H Certificates to 'D'
SUNCITY CO: Files for Bankruptcy Protection


KOREA LINE: Creditors to Meet Oct. 14 to Discuss Turnaround Plan
PANTECH CO: KDB, Others Creditors Seek to Sell Pantech

N E W  Z E A L A N D

ABC LEARNING: Kidicorp Buys 124 ABC Centres in New Zealand
CENTURY CITY: Owner Declared Bankrupt, Loses Phoenix Licence
HANOVER FINANCE: Judge Issues Gag Order on Ex-Boss Asset Freeze


NEW LAKESIDE: Creditors' First Meetings Set for Oct. 10
REDGROUP RETAIL: Borders Singapore Closes Last Store
S.A. ENGINEERING: Court to Hear Wind-Up Petition on Sept. 30
TAITECH SINGAPORE: Creditors' Proofs of Debt Due Oct. 24
VEPRO (SEA): Court to Hear Wind-Up Petition on Oct. 7

VITA NUOVA: Court Enters Wind-Up Order


TRUE CORP: Moody's Changes Outlook on 'B2' CFR to Stable


* BOND PRICING: For the Week Sept. 19 to Sept. 23, 2011

                            - - - - -


BELINDA INT'L: Owner Regains Control of Boutique Chain
Ragtrader reports that Belinda Seper has regained control of her
luxury boutique chain, Belinda International, after creditors
voted in favor of a deed of company arrangement earlier last week.

Belinda International and its eight boutiques, including Belinda
and The Corner Shop, were placed into voluntary administration
earlier this month.

Adam Shepard of Dean-Willcocks confirmed a decision on the
botique's future was reached at a creditors meeting on
September 21, Ragtrader says.

"I can confirm creditors voted in favour of a deed of company
arrangement and the control of the company reverts back to the
board," Ragtrader quotes Mr. Dean-Willcocks as saying.

Ragtrader earlier reported that administrators had fielded a
number of retention of title claims from fashion suppliers to
Belinda International.

Further details are expected to be revealed when administrators
file a report into the affairs of the company with financial
authorities, according to Ragtrader.

Belinda International has eight boutiques across Sydney and

BELLA TRUST: Moody's Assigns 'Ba1' Rating to Class E Notes
Moody's Investors Service has assigned these definitive long-term
ratings to notes issued by BNY Trust Company of Australia Limited
as Trustee of Bella Trust No. 2 Series 2011-2.

Issuer: Bella Trust No. 2 Series 2011-2

AUD550.00 million Class A Notes, Assigned Aaa (sf)

AUD80.40 million Class B Notes, Assigned Aa3 (sf)

AUD20.60 million Class C Notes, Assigned A3 (sf)

AUD5.50 million Class D Notes, Assigned Baa2 (sf)

AUD14.40 million Class E Notes, Assigned Ba1 (sf)

The AUD16.50 million Seller Notes are not rated by Moody's

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.

The transaction is a securitization of a portfolio of Australian
loans extended to individual and small business obligors. All
loans are secured by either motor vehicles or other commercial
equipment and originated by the broker channel of Capital Finance
Australia Limited, a wholly owned subsidiary of Lloyds Banking
Group Plc (rated A1, on review for possible downgrade).

Bella Trust No. 2 Series 2011-2 is CFAL's fifth ABS transaction to
date and is the fifth Australian ABS transaction rated this year.

Ratings Rationale

In terms of transaction structure, Bella Trust No. 2 Series 2011-2
is broadly similar to CFAL's previous securitization issued in
December 2010. However, it differs from the most recent
transaction issued in May 2011 in that it does not have a GBP
denominated tranche, all notes are AUD denominated. From a
collateral pool composition perspective this transaction differs
in that all loans were originated by the broker division of CFAL
as opposed to CFAL's retail auto finance area. As a result there
are no secured loans in this portfolio. Also, this transaction
comprises of both motor vehicles and other commercial equipment,
whereas previous transactions pool's were comprised solely of
motor vehicles.

65.0% of the deal is backed by motor vehicles, predominantly cars.
In Moody's opinion, receivables backed by cars exhibit less
cyclical default patterns and, on average, higher recovery rates.
The pool includes a relatively high proportion of loans extended
to small businesses (68.8%). This is a positive feature of the
transaction, given that commercial loan contracts historically
experience lower default rates as well as higher recoveries
compared to contracts taken out by individuals.

In order to fund the purchase price of the portfolio, the Trust
will issue six classes of notes. The notes will be repaid on a
sequential basis in the initial stages and during the tail end of
the transaction.

Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

Moody's base case assumptions are a default rate of 3.14% and a
recovery rate of 32.5%. These imply an expected (net) loss of
2.12%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 2.6% and 37.0%

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in
July 2009.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among other
factors, Moody's notes the availability of a substantial amount of
historical performance data in the Australian ABS market as well
as on an issuer-by-issuer basis. Here, Moody's has been provided
with detailed vintage data segregated for different receivable
categories for the 2001-2010 period. This allows Moody's to have a
material degree of comfort with regard to assumptions made in
rating Bella Trust No. 2 Series 2011-2. Moreover, CFAL retaining a
significant proportion of the transaction helps to better align
incentives compared to other transactions where no or a minor
proportion of notes is retained by the sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed. The analysis assumes
that the deal has not aged. Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint.

In the case of Bella Trust No. 2 Series 2011-2, the Class A Notes
remain strongly investment grade under all scenarios, i.e. A3
under the most severe stress assumptions under which the default
rate rises to 6.3% (double Moody's assumption of 3.14%) and the
recovery rate decreases to 10% (less than a third of Moody's
assumption of 32.5%). The Aaa rating of the Class A Notes reduces
by one notch to Aa1 when the base recovery rate is stressed from
the assumed 32.5% to 20% and 10% (holding other factors, including
the assumed default rate of 3.14%, constant).

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold

CDE CIVIL: Goes Into Liquidation; Owes Dozens Alice Springs Firms
Allyson Horn at ABC News reports that Alice Springs businesses are
hundreds of thousands of dollars out of pocket, after CDE Civil
Pty Ltd went into liquidation.

ABC News says CDE Civil went into liquidation last week, leaving
around a dozen Alice Springs businesses unpaid.

According to the report, local plumber Paul Glynn says he is owed
nearly AUD100,000.

ABC News relates that Mr. Glynn said it has come as a blow to
small businesses that are already struggling to survive.

Mr. Glynn said he believes some companies face losing up to

A meeting with liquidators is scheduled for this week to try to
recover monies owed, ABC News adds.

CDE Civil was working on the Mt John subdivision project in the
central Australian town.  The project will see new homes built on
27 lots.

COOK COVE: Rockdale Council Urges Government to Save Cooks Cove
Marianna Papadakis at St George & Sutherland Shire Leader reports
that the Rockdale Council has urged the state government to act on
the stalled AUD1.7 billion Cooks Cove project at Arncliffe, given
it is likely to be placed into liquidation.

The project along the Cooks River foreshore halted in 2009 when
Cook Cove Pty Ltd, the developer for the 100-hectare site, went
into administration following the global financial crisis.

According to the report, a report by the council's director of
city planning and development Stephen Kerr said the failure of the
joint venture was "unfortunate" and the state government would
need to "consider alternate ways of delivering the project".

Winding up the project was expected to take place at a meeting of
creditors but the final vote was not taken, the Leader notes.

Such a move would trigger a performance guarantee of about
AUD60 million payable by the developers under the obligations of
the project delivery agreement between Cook Cove Pty Ltd, Kogarah
Golf Course, and Cooks Cove Development Corporation, the latter of
which is managed by Sydney Harbour Foreshore Authority, according
to the report.

While the funds would go to the corporation for no defined
purpose, the Leader states, the council wants to ensure they are
held in trust for the project or put towards remediating the land.

The report says the council also wants a clearer time frame for
the future of the project and a commitment from the government to
the "current planning objectives of the site".

"Despite attempts to reconfigure the project in a manner that was
acceptable to all parties, it now appears likely that Cook Cove
Pty Ltd will be placed into liquidation," the Leader quotes
Mr. Kerr as saying.  "Whatever happens, we need to stay true to
the vision for Cooks Cove as a major employment area."

Mr. Kerr said the failure of the project was attributed to the
global financial crisis and speculation concerning the effect of
the proposed expansion of the M5 East on the site, the Leader

Cook Cove is one of the largest airport office projects in
Australia.  On April 2, 2009, the directors of Cook Cove Pty Ltd
and its subsidiary, Cook Cove Finance Pty Ltd, appointed Brett
Lord, Mark Robinson and Stephen Parbery of PBB as administrators.


* CHINA: Some Developers Face Bankruptcy on Loan Curbs, UBS Says
Bloomberg News reports that UBS AG said some Chinese developers
face bankruptcy in coming months as the government tightens
control on loans obtained from trust companies and sales slow.

Wang Tao, a Hong Kong-based economist at UBS, wrote in a report
dated Sept. 23 that stricter controls on trust loans will add
further financing pressure for developers.

"As property sales weaken in the coming months, we think it is
likely that some developers, likely small and medium-sized ones
with an over-extended balance sheet, will face financial
difficulties and may go bankrupt," Bloomberg quotes Mr. Tao as

H O N G  K O N G

ADNET ENTERPRISES: Creditors' Proofs of Debt Due Oct. 14
Creditors of Adnet Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 14, 2011, to be included in the company's dividend

The company commenced wind-up proceedings on Sept. 16, 2011.

The company's liquidators are:

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

ALPHA VIEW: Creditors' Proofs of Debt Due Oct. 21
Creditors of Alpha View Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 21, 2011, to be included in the company's dividend

The company commenced wind-up proceedings on Sept. 9, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong

AMS CAPITAL: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Sept. 16, 2011,
creditors of AMS Capital Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Chan Chi Keung Victor
         Room 301-303, 3/F
         Golden Gate Commercial Building
         136-138 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong

ASIA RISK: Members' Final Meeting Set for Oct. 24
Members of Asia Risk (HK) Limited will hold their final meeting on
Oct. 24, 2011, at 10:00 a.m., at 36/F., Tower Two, Times Square,
at 1 Matheson Street, Causeway Bay, in Hong Kong.

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

CAPITALAND (HK): Ha Yue Fuen Henry Steps Down as Liquidator
Ha Yue Fuen Henry stepped down as liquidator of Capitaland (HK)
Investment Limited on Sept. 14, 2011.

CEMCO LIMITED: Commences Wind-Up Proceedings
Members of Cemco Limited, on Sept. 23, 2011, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong

CHAMP MERIT: Philip Brendan Gilligan Steps Down as Liquidator
Philip Brendan Gilligan stepped down as liquidator of Champ Merit
Development Limited on Sept. 12, 2011.

CHINA ROCKWAY: Members' and Creditors Meetings Set for Oct. 4
Members and creditors of China Rockway Limited will hold their
annual meetings on Oct. 4, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively at 29/F., Caroline Centre, Lee Gardens Two, at 28 Yun
Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

CHUN KOW: Tong Lap Hong Steps Down as Liquidator
Tong Lap Hong stepped down as liquidator of Chun Kow Limited on
Sept. 9, 2011.

CITP HOLDINGS: Creditors' Proofs of Debt Due Oct. 23
Creditors of CITP Holdings (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 23, 2011, to be included in the company's dividend

The company's liquidator is:

         Kwong Oi Kwan
         Room 702, Manley Commercial Building
         367-375 Queen's Road
         Central, Hong Kong


ABW INFRASTRUCTURE: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
ICRA has reaffirmed the rating assigned to the INR116.94 crore
term loans (after reallocation of proposed limits of INR51.94
crore earlier to term loans), INR60.0 crore overdraft facilities,
and INR33.06 crore non-fund based limits of ABW Infrastructure
Limited at '[ICRA]BB+'.  The outlook on the rating is 'stable'.

The reaffirmation of ABW's rating takes into account its
experienced management, its relatively low cost land bank and
healthy bookings and customer advances in majority of its on-going
projects. The rating also takes comfort from limited approval
risks and debt tie-up for majority of its projects. The rating is,
however, constrained by the increased gearing, execution risk
arising from sizeable on-going projects and market risk due to un-
sold area. The rating also incorporates the funding risk for the
newly launched residential projects as the project cost is planned
to be partly funded by customer advances which is contingent on
the timely collections from customers. Besides, the rating factors
in the geographical risk owing to concentration of ABW's projects
in the National Capital Region.  Going forward, the company's
ability to maintain its sales and collection efficiency would be
the key rating sensitivity factors.

Incorporated in 1988, ABW was promoted by Mr. Atul Bansal in 1988.
The Company started with the development of luxury apartments in
Delhi and NCR region. The Group has constructed over 250 high end
luxury apartments covering one million sq ft area in South Delhi
areas like Shanti Niketan, Golf Links, Jor Bagh, Anand Lok, Anand
Niketan, Greater Kailash, West End, Malcha Marg etc. Over the
years, ABW diversified into the development of commercial projects
and shopping malls. Some of the completed projects of the ABW
include two commercial centres-cum shopping malls in Saket
District Centre and Jasola, ABW Tower at IFFCO Chowk, Rectangle-1
in Saket and Elegance Tower in Jasola. ABW (including its
subsidiaries) is currently developing four commercial and four
residential projects with majority of the projects located in
Manesar, Gurgaon (Haryana).

Recent Results

In FY2011, ABW reported operating income of INR114.5 crore
(previous financial year INR18.01 crore) and net profit of
INR3.96 crore (previous financial year INR5.28 crore).

CHHABI ELECTRICALS: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the Rs.0.89
crore term loan facilities and INR5.50 crore fund based cash
credit facilities of Chhabi Electricals Private Limited. The
outlook on the rating is stable. ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR4.5 crore non-fund based limits of

The reaffirmation of the ratings takes into consideration the long
standing experience of the promoters, CEPL's established track
record and its strong relationship with its client base reflected
in the sizeable share of orders from repeat clients. The ratings
are however constrained by CEPL's stretched capital structure and
the significant competitive pressures that the company faces in
the DC power systems business which given the ongoing sluggishness
in the power distribution sector has resulted in a moderation of
order flow during the first quarter of the current financial year.

Further, CEPL's margins continue to remain sensitive to
unfavorable fluctuations in the prices of steel and copper given
the fixed price nature of most of the contracts executed by it,
notwithstanding recent initiatives undertaken by the management to
improve profitability. While CEPL's liquidity position has
improved considerably over the last fiscal, ICRA notes that
projects executed by CEPL are generally a small portion of larger
EPC contracts wherein document approvals, delivery and site trials
are generally contingent upon the progress of the larger
contracts. As a result any delays in the execution of the main
projects have a direct impact on the progress of orders executed
by CEPL often necessitating increased investments in working
capital owing to sticky debtors and high inventory levels.

                     About Chhabi Electricals

Set up in 1965 by Mr. Madhusudan Rane, Chhabi Electricals Private
Limited is a manufacturer of AC (alternating current)/DC (direct
current) power supply components and systems. The company is
headquartered in Mumbai with its manufacturing facility located in
Jalgaon, Maharashtra.

Recent Results

As per the company's audited results for the year ending March 31,
2011, CEPL recorded an operating income of INR24.2 crore and a PAT
of INR0.5 crore as against an operating income of INR20.6 crore
and a PAT of INR0.3 crore for the twelve months ending March 31,

DUTTA BUILDERS: ICRA Assigns '[ICRA]BB-' Rating to INR11.7cr Loan
ICRA has assigned an '[ICRA]BB-' rating to the INR11.70 crore fund
based bank limits of Dutta Builders & Developers Private Limited.
The outlook on the long term rating is Stable.

The rating takes into account the favorable location of DBDPL's
Benachity project site at Durgapur, West Bengal, along with the
availability of a clear title of the project land with the
company. The rating also draws comfort from the advance stage of
construction of DBDPL's residential cum commercial project at
Benachity, Durgapur which mitigates the execution risks to a large
extent. However the rating factors in the company's significant
dependence on its anchor tenant for the Benachity project along
with the funding risk of the Aquapolis project.

The rating also notes the lack of experience of the promoters' in
the real estate business and the risks associated with the
marketability of the commercial space of both the projects at
profitable rates.

Dutta Builders & Developers Private Limited is a part of the
Durgapur based Dutta Group which is engaged in the business of
automobile and electronic goods dealership, trading business of
generators and furniture besides providing logistic support,
retail and storage space. The company is promoted by Mr. Kamalesh
Dutta, Mr. Manob Dutta and Mr. Chandan Dutta. The company is
currently developing the Benachity project at Durgapur, with a
total covered area of 1.34 lacs sq. ft at an estimated cost of
INR28.86 crore. Besides this, the construction work of the
company's second residential cum commercial project (Aquapolis) at
Durgapur also commenced in January 2011, with a total estimated
cost of around INR60 crore.

JOGMA LAMINATES: ICRA Assigns 'ICRA]B+' Rating to INR4cr Loan
ICRA has assigned '[ICRA]B+' rating to the INR4.00 crore cash
credit facility and INR4.90 crore term loan facility of Jogma
Laminates Industry Private Limited.

The rating is constrained by JLIPL's relatively small size of
operations; limited track record of its operations and an adverse
financial risk profile characterized by a highly leveraged capital
structure and weak debt coverage indicators. The rating is also
constrained by the very competitive nature of the industry and its
exposure to the cyclicality in the real estate sector. However,
the rating derives comfort from the long standing experience of
the promoters in the laminates business which also ensures
established network of distributors in the country; location
advantage in terms of raw material availability, access to key
markets and the favorable outlook for decorative laminates demand.

                      About Jogma Laminates

Jogma Laminates Industry Private Limited, incorporated in the year
2009, is engaged in the manufacture of decorative and industrial
laminates. Its registered office is located in Nagpur city while
the manufacturing plant is in Butibori village, Nagpur. The plant
has an installed capacity of 12, 00,000 sheets / annum. It sells
its products under the major brand names of 'Ten Lam', 'Ten Mica',
'Ten Touch', 'Ten door skin' and 'Mercury'.

Recent Results:

JLIPL recorded a net profit of INR0.46 crore on an operating
income of INR8.90 crore for the year ending March 31, 2011

KAVERI COTEX: ICRA Rates INR6cr Cash Credit at '[ICRA]B'
ICRA has assigned an '[ICRA]B' rating to the INR6.00 crore cash
credit facilities of Kaveri Cotex Private Limited.

The rating is constrained by the weak financial profile of the
company as reflected by low profitability due to inherently low
value addition in the business and highly stretched capital
structure leading to weak coverage indicators. The rating also
takes into account the susceptibility of the cotton prices to
seasonality and regulatory risks which together with the highly
competitive nature of the industry further exerts pressure on the
margins. High inventory levels and weak demand outlook has
resulted in a drop in the volume and realization in the current
fiscal which is expected to put pressure on the margins going

The rating, however, considers the long experience of the
promoters and associates in the cotton ginning and pressing
business, favorable location of the company which gives it easy
access to raw cotton and recent expansion in the installed
capacity which is likely to increase the utilization level of the
company going forward.

                     About Kaveri Cotex

Established in 2006, KCPL is engaged in the ginning of raw cotton
to produce cotton seeds and cotton bales. The business is promoted
and managed by Mr. Veljibhai Ranipa, Mr. Hansmukhbhai Patel and
Mr. Kalpeshbhai Ranipa. The company's location is in Moti Banugar,
Rajkot Jamnagar Highway, Jamnagar. The company is equipped with 38
ginning machines and has an annual installed capacity of
processing 21,150 MT of raw cotton

K. CHANDRAKANT: ICRA Assigns '[ICRA]BB+' rating to INR72cr Loan
ICRA has assigned an '[ICRA]BB+' rating to INR72.00 crore existing
fund based bank facility and INR28.00 crore proposed bank limits
of K. Chandrakant and Co. International Private Limited.  A stable
outlook has also been assigned on the long term rating.

The rating is constrained by KCCIPL's low profitability and modest
debt protection indicators. The profitability of the company is
also susceptible to adverse fluctuations in foreign exchange rates
and volatility in raw material prices; also the fragmented nature
of the industry would exert pressures on the margins. However, the
rating favorably considers the experience of the promoters in the
cut and polished diamond (CPD) industry spanning over four
decades, long standing relationship with customers and suppliers
and a satisfactory capital structure.

                       About K. Chandrakant

K. Chandrakant and Co. was set up in 1966 as a partnership company
by three partners, viz. Chandrakant Doshi, Chhabildas Shah and
Kantilal Shah. The firm has been converted to private limited
company in May 2011 and presently operates under the name of K.
Chandrakant and Co. International Private Limited.  The company is
in the business of manufacturing of cut and polished diamonds
(CPD) and has two manufacturing facilities at Surat, Gujarat and
Dahiser, Mumbai.

Recent results:

For the year 2010-11, KCCIPL recorded a net profit of INR2.50
crore on an operating income of INR266.02 crore as against a net
profit of INR2.02 crore on an operating income of INR224.51 crore
in 2009-10.

KINFOTECH PRIVATE: ICRA Cuts Rating on INR5cr Limits to '[ICRA]D'
ICRA has revised the rating assigned to INR25 crore Term loan and
INR5 crore Fund based limits of Kinfotech Private Limited from
'LB' to '[ICRA]D'.

The rating revision takes into account recent delays in bank
account servicing by the company, its strained liquidity position
and its increased gearing level (5.3 times as on 31st March 2011
as compared to 3.2 times as on March 31, 2010). Further, the
rating continues to remain constrained by the company's high
repayment obligation and the intensely competitive nature of the
industry. ICRA however, acknowledges Kinfotech's long track in
software reselling business, and the strengths derived by it from
being a 51% subsidiary of Acropetal Technologies Limited
(Acropetal) which is a financially stronger entity.

Kinfotech, founded in 1990 by Mr. Prabhakar Kini, is mainly into
the business of software reselling. The company was recently
acquired by Acropetal (51% stake) and Mr. Ravi Kumar (the founder
and Managing Director of Acropetal, -40% stake). Subsequently, the
company also invested a significant sum into the purchase/
development of a new software. As the investment was partly funded
through fresh borrowings and the new software has not been able to
generate adequate return so far, the company is currently facing
liquidity issues.

Recent results

During FY2011, the company generated a PAT of INR1.2 crore over an
Operating Income of INR40.3 crore.

MEDPLUS HEALTH: ICRA Withdraws 'LBB' Rating on INR9.75cr Loan
ICRA has withdrawn the 'LBB' rating assigned to INR9.75 crore bank
facilities of MedPlus Health Services Private Limited.  The rating
is withdrawn as there is no amount outstanding against the
aforesaid rated bank facility of the Company.

M.N. POLY: ICRA Reaffirms '[ICRA]BB-' Rating on INR7.75cr Loan
ICRA has reaffirmed the long term rating of '[ICRA]BB-' to the
INR7.751 crore fund based bank facilities of M.N. Poly Tex Private
Limited.  The outlook on the long term rating is 'Stable'.

The rating reaffirmation continues to factor in MNPPL's relatively
small scale of operations, susceptibility of the company's margins
to volatility in yarn prices, limited ability to pass on hike in
the input costs owing to high competition in the fragmented
spinning industry, and the weak financial profile of the company
characterized by weak profitability and coverage indicators, and
high gearing. The weak demand for cotton yarn in the current
fiscal could lead to drop in volumes and realizations, which could
further impact the financial profile of the company. The rating,
nevertheless, continues to favorably factor in the long experience
of promoters in the textile business & a moderately diversified
client base.

                         About M.N. Poly

MNPPL was incorporated in 2004 by Mr. Ramesh J. Shah, Mr. Pravin J
Jain and Mr. Mukesh R. Shah. The company is primarily engaged in
the trading of cotton yarn and manufacturing grey fabris on job
work basis. The company gets fabric manufactured on job work basis
from looms located in Bhiwandi, Pali (Rajasthan), and Surat
(Gujarat). The company has its administration & registered office
in Kalbadevi, Mumbai.

Recent results:

The company recorded a net profit of INR0.5 crore on an operating
income of INR84.1 crore as per the provisional figures for the
year ending March 31, 2011 and a net profit of INR0.2 crore on an
operating income of INR53.1 crore as per the audited figures for
the year ending March 31, 2010.

RANKA-N-RANKA INFRA: ICRA Cuts Rating on INR16.62cr Loan to 'D'
ICRA has downgraded the long-term rating outstanding on the
INR16.62 crore Long-term debt of Ranka-N-Ranka Infrastructure
Private Limited to '[ICRA]D' from earlier 'LC'.

The rating revision factors in the continued delay in debt
servicing on account of the low plant load factor of operational
wind mills, the slow movement of unsold stock of apartments in the
residential complex in past 15 months, low scale of contracting
business and weak liquidity profile. The rating also factors in
the pressure on liquidity which has been further accentuated by
RNRIPL's advances to group concerns, which in turn have land
holdings and significant stock of unsold apartments and commercial
building. Timely future debt servicing would be contingent upon
the enhancement of liquidity by sale of unsold stock by RNRIPL and
group companies, improvement in output of wind mills and an upside
in the contracting business.

Initially a partnership firm known as Ranka-N-Ranka, the company
was converted to a private limited company in March 2008. It is
part of the Ranka Group - a real estate development group with
diversification into businesses such as infrastructure, wind
energy, branded jewellery and contracting. The company undertook
the development of a residential project called Ranka Heights in
2005 to build 184 apartments. The project got completed in FY2010
and 21 flats are yet to be sold. The company has also moved into
wind mill electricity generation space with installed capacity of
5MW and is also scaling up its contracting business.  The Company
follows completed contract method of revenue recognition and has
booked operating income of INR116 Crore and Profit after tax of
INR38 crore in FY2010.

RCC DEVELOPERS: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR15.00 crore fund based and INR18.00 crore non-fund based limits
of RCC Developers Limited.  ICRA has assigned stable outlook to
the rating.

The rating is constrained by dependence on a single order that
comprises about 67% of the unexecuted order backlog, which
amplifies execution risk and can impact liquidity in case of
delayed payments, the company's high geographic concentration
which makes it dependent on the PWD (Public Works Department) of
the region, erratic order inflow from PWD, which coupled with slow
investment in the road sector has led to revenue stagnation in the
past four years, weak profitability because of the low complexity
of work executed, and modest debt coverage indicators on account
of the thin profit margins.

The rating, however, draws comfort from the satisfactory track
record of the management team in the construction business, with
no delays experienced in the projects from the company's side till
date, minimal execution risk on account of the low complexity of
work executed, a modest order backlog of about INR290 crore, which
provides adequate revenue visibility for the next two years based
on FY11 provisional revenues, and the company's moderate financial
risk profile, characterized by FY10 gearing of 0.38 times.

                        About RCC Developers

RCC Developers Limited, established in 1985 by Mr. Brij Mohan
Sharma, is a construction company based out of Meerut. The company
chiefly provides road construction services to the Public Works
Department (PWD), although it has recently bagged a INR196 crore
order from Lanco Infratech as well, which comprises about 67% of
the order backlog. RCC has a satisfactory execution record, and
has completed several road projects in Western Uttar Pradesh,
Haryana and other neighbouring regions. The company is currently
being managed by Mr. Brij Mohan Sharma, who is supported by his
brothers, Mr. Arun Kumar and Mr. Pramod Kumar, as well as Mr. V K
Goel, a civil engineer who has retired from the PWD.  The
promoters have no other business interest apart from the company.
RCC reported provisional revenues of INR119.84 crore in FY11.

ICRA has assigned rating of '[ICRA] BB' to the INR30.0 crore term
loan programme of Renaissance Holdings & Developers Pvt Ltd. The
outlook on the long term rating is stable.

The rating favorably factors in RHDPL's established position,
particularly within the mid-premium residential segment, the long
track record of operations and the relatively low level of
leveraging (Total Debt/Tangible Net Worth at 0.41 times as on
March 31, 2011). Moreover, the ratings draw comfort from the fact
that RHDPL operates in the model of JDAs with the landowners,
which requires lesser capital investment and also limits the
downside risk to an extent.

The ratings are, however, constrained by RHDPL's moderate scale of
operations within the highly competitive Bangalore real estate
development market, the substantial planned scale of operations
relative to the past level of activity and the geographical
concentration risk given the historical focus on the Bangalore
market. While RHDPL plans to extend its operations to new areas
like Mangalore, Coimbatore, Mysore etc., given its limited past
exposure to these geographies, its ability to market its
developments within these areas remains to be seen. These apart,
the ratings are also constrained by the cyclical nature of demand
for real estate in Bangalore, which could critically impact cash
flows from RHDPL's planned projects. ICRA notes that the strained
real estate demand conditions in the recent past were reflected in
RHDPL's financial profile through a substantial moderation of
revenues and operating profitability. RHDPL has also invested in
windmills having a cumulative capacity of 6 MW; cash flows from
these windmills are generally variable depending on the load
factor achieved.

Renaissance Holdings & Developers Pvt. Ltd was incorporated in the
year 1994 and is primarily engaged in real estate development
within the residential segment in Bangalore catering to mid-
premium segment. Under the guidance of the promoter-director
Mr. N.S Ramanj, the company has developed more than 2 million sqft
of residential and commercial space in prominent areas of
Bangalore such as Malleshwaram, Whitefield etc. The company is
currently developing more than five projects most of which are
residential. The company also has plans of diversifying into newer
territories like Mangalore, Coimbatore and Mysore in the near
future. RHDPL has also invested in windmills having a cumulative
capacity of 6 MW; cash flows from these windmills are generally
variable depending on the load factor achieved.

Recent Results

RHDPL reported a profit after tax of INR9.16 crore on an operating
income of INR36.96 crore in 2010-11.

S. C. SHAH: ICRA Assigns '[ICRA]B+' Rating to INR6cr Bank Loans
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore fund
based bank facilities of S. C. Shah Enterprises.  ICRA has also
assigned an '[ICRA]A4' rating to the INR6.00 crore non-fund based
bank facilities of the entity.  The ratings take into account the
experience of the proprietor in steel trading business and
established relationship with reputed suppliers and customers.

The ratings also factor in SCSE's weak financial profile
characterized by thin profits, stressed capitalization and
coverage indicators, fragmented nature of the industry with low
entry barriers, vulnerability of margins to fluctuation in steel
prices and the concerns associated with proprietorship structure
of entity. Entity Profile S. C. Shah Enterprises was established
in 1982 as a proprietorship concern by Mr. Shankarlal C Shah.  The
entity is engaged in the trading of stainless steel products like
coils, sheets, strips and rods etc procured domestically as well
as imported from established suppliers since 1997. At present, the
entity has two warehousing facilities located at Sowcarpet (Mint
Street) and Royapuram, Chennai.

Recent Results

During the year ended March 31, 2011 SCSE reported a net profit of
INR0.4 crore on an operating income of INR56.3 crore (provisional)
as against a net profit of INR0.3 crore on an operating income of
INR44.6 crore during 2009-10.

SHEEL CHAND: ICRA Puts '[ICRA]BB' Rating on INR10cr Capital Limits
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR10.0 Crore fund based working capital limits and the INR1.0
Crore term loans of Sheel Chand Agroils Private Limited.  ICRA has
also assigned a short term rating of '[ICRA]A4+' to the INR40.0
Crore non fund based working capital limits of SCAPL. The Outlook
on the rating is Stable.

The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to changes in import
duty differential between crude and refined oil besides forex
risks; exposure to commodity price and agro-climatic risks. These
factors apart, the ratings are also constrained by the limited
growth potential for the vanaspati segment of the business and
SCAPL's increased dependence on Palm Oil resulting into product
concentration. Nevertheless, while assigning the ratings, ICRA has
favorably factored in the promoters' significant experience and
long track record in edible oil industry; favorable demand
prospects for edible oil in India; moderate financial risk profile
represented by healthy debt protection metrics and the company's
increased integration in edible oils value chain with production
facilities for stearic acid and glycerine.

Sheel Chand Agroils was incorporated in 1994 and is in the
business of manufacturing Vegetable Oils, Vanaspati Ghee and
distilled fatty acid. At present, the Company has refining
capacity of 120,000 MTPA, vanaspati production capacity of 30,000
MTPA, Fatty Acid production capacity of 27,000 MTPA and Blending
capacity of 18,000 MTPA.

Recent Results

SCAPL reported a turnover of INR252.72 Crore and a net profit of
INR7.81 Crore during financial year 2010-11. The company had
reported a turnover of INR117.69 Crore and a net profit of
INR0.61 Crore during 2009-10.

SHRI RAM: ICRA Assigns '[ICRA]B' Rating to INR11.25cr Loan
ICRA has assigned a long-term rating of '[ICRA]B' to the INR11.25
crore Cash Credit facility and INR1.82 crore Term Loan facility of
Shri Ram Rice Mills.  ICRA has also assigned a short term rating
of '[ICRA]A4' to the INR0.70 crore Letter of Credit facility of

The ratings of SRRM take into consideration its moderate scale of
operations, its low profitability metrics, its high gearing levels
and its weak debt protection indicators. The ratings also factor
in the company's high working capital intensity and the intensely
competitive nature of industry which exerts pressure on operating
margins. However, the ratings favorably take into account SRRM's
experienced management and its concentration on export of basmati

Further, ICRA also takes into account the favorable demand
prospects of the rice industry with India being the second largest
producer and consumer of rice in the world.

Shri Ram Rice Mills is a partnership firm established in 2004, and
is primarily engaged in milling of basmati rice. SRRM's milling
unit is based out of Karnal, Haryana, in close proximity to the
local grain market. The firm has two registered brands, and sells
rice in various states in India including Gujarat, Madhya Pradesh,
Maharashtra and Delhi mainly through external dealers. The firm is
also involved in the export of basmati rice.

In FY 2011, the company reported an operating income of
INR36.54 crore and a net profit before tax of INR0.10 crore.

SPARK GREEN: ICRA Assigns '[ICRA]BB' Rating to INR80cr Term Loan
ICRA has assigned an '[ICRA]BB' rating to the INR80.00 crore1 term
loans of Spark Green Energy (Ahmednagar) Private Limited.  The
rating has a stable outlook.

The rating takes into account the project execution risks involved
in the on-going construction of the project with delays already
seen in commissioning, exposure of profitability to movement in
fuel costs in absence of firm fuel supply agreement and lack of
past experience of the promoters in setting up of biomass-based
power plants, though the company has put an experienced management
team in place. Post-commissioning, the company would also be
exposed to counterparty credit risk pertaining to BEST Undertaking
(procurer), though the same would be mitigated to some extent by
the payment security mechanism in form of Letter of Credit to be
opened by BEST, that has been laid down in the terms of the Energy
Purchase Agreement (EPA). ICRA notes that the ability of the
company to achieve the designed plant operating parameters,
subsequent to project commissioning, would be important for
overall profitability and timely debt repayments.

The rating is however supported by the low demand risks for the
project with long-term EPA in place with BEST, low fuel supply
risks owing to adequate availability of cane trash (main fuel) in
the adjoining area, in-place clearances and approvals for the
project and in-place EPC contract on a fixed price basis that
would protect the project returns from any adverse movements in
the plant and machinery costs. The equity requirement for the
project has already been met (with BEST contributing about 60% of
the same in the form of interest free deposits) and about 88% of
the total debt requirement has been tied-up. Further, the sale of
CERs (subject to successful registration for same) would provide a
further upside to the project returns. ICRA also draws comfort
from the low technology risk in the project as it is based on
'Rankine Cycle' technology which is most widely used.

                       About Spark Green

Spark Green Energy (Ahmednagar) Private Limited was incorporated
as a Special Purpose Vehicle by the Chawla Group in December 2003
with the objective of developing, financing and operating a bio-
mass based power project in Ahmednagar district of Maharashtra.
The project involves setting up a 25 MW biomass-based power
project at estimated project cost of INR141 crore which is
proposed to be funded through term loans of INR91 crore (-65%) and
equity contribution of INR50 crore (-35%). BEST Undertaking has
contributed INR30 crore as interest free deposits to meet the
equity requirements of the project. The company has tied-up its
EPA for the project with BEST at discounted tariff rates in lieu
of the interest free deposits provided by the latter. The power
plant would be utilising mainly cane trash from its adjoining area
as fuel. The COD of the project is currently estimated in Q4 FY

UPPAL FERROCAST: ICRA Cuts Rating on INR5.05cr Loan to '[ICRA]D'
ICRA has revised the outstanding long term rating on the
INR5.05 crore fund based limits of Uppal Ferrocast Private Limited
to '[ICRA]D' from 'LBB'.  In addition, ICRA has also revised short
term rating to the INR1.50 crore non-fund based limits of the
company to '[ICRA]D' from 'A4'.

The assigned ratings are constrained by recent instances of delays
in meeting debt obligations by UFPL. The working capital
requirements of UFPL have increased on account of steep rise in
raw material prices over the past one year and no commensurate
enhancement in working capital limits were sanctioned leading to
stretched liquidity.

The ratings are also constrained by the small scale of operations
of the company and the limited growth prospects of the foundry due
to lack of area for expansion. Though the business from Sandvik
Asia has shown encouraging growth in
FY 11, the client concentration of UFPL remains high as top 2
clients BHEL Hyderabad and the Sandvik Group contributed more than
50% of the revenues in FY 11. These risks are further magnified by
the inherently cyclical nature of steel & iron industry. The
ratings take into account the long track record & the reputed
customer base of UFPL, the relatively high degree of customization
in castings supplied by the company which is reflected in its good
profitability indicators.  Going forward, with scale of operations
expected to remain unchanged, ability of UFPL to retain its client
base while at the same time maintain its profit margins are key
sensitivities for the ratings.

                       About Uppal Ferrocast

UFPL was incorporated in the year 1997 after its founding
promoters decided to convert the earlier established partnership
concern into a Private Limited Company. In the last ten years,
UFPL's foundry has seen gradual expansions & modernization, and
today, it has an installed production capacity of 2500 MT per
annum. The foundry, spread over 20,000 sq. ft. in the Industrial
Development Area (IDA) - Uppal, Hyderabad, manufactures ductile &
grey iron castings with a weight range of 300 grams to 2.5 tons.
During its initial years, UFPL enrolled as a vendor for BHEL -
Hyderabad, which has been a major client of UFPL and about one
third of UFPL's business in the past four years has been from
BHEL's Hyderabad division. Sandvik group, a US$9.2bn Swedish
engineering company, was added to UFPL's client base in FY 07
which subsequently went on to become largest client in FY 11.

* INDIA:  Nearly 26 Cooperative Banks Fail in 2010-11
Vaibhav Aggarwal at Rupee Times reports that a large number of
cooperative banks have suffered a setback in the last fiscal year
with nearly 26 cooperative banks failing in operations, as much as
INR268 crore has had to be shelled out by credit insurance
agencies to the depositors with these banks.

Rupee Times says the series of inability to operate on the part of
cooperative banks was visible in the fiscal prior to that too with
29 cooperative banks closing operations in 2009-10.

According to Rupee Times, the Deposit Insurance and Credit
Guarantee Corporation (DICGC) offers depositors a repayment of
INR1 lakh maximum if in case the cooperative bank in which they
had held deposits fails operations and is declared insolvent by

In the last fiscal, as many as 10 banks in Maharashtra, 6 in
Gujarat and 5 in Karnataka have closed down during this period,
Rupee Times reveals.


CHANDRA ASRI: Moody's Says Change Has no Impact on 'B2' Ratings
Moody's Investors Service sees no impact on PT Chandra Asri
Petrochemical Tbk ratings from the recently announced change in
its shareholders.

Ratings Rationale

On Sep 20, CAP announced that Siam Cement PCL, acting through its
wholly owned subsidiary SCG Chemicals Ltd. has agreed to buy a
22.9% stake from Apleton Investments, a unit of Temasek
(Aaa/Stable), and a 7.1% stake from PT Barito Pacific Tbk, the
company's majority shareholder. The transaction does not involve
any increase in equity at CAP.

After the transaction Temasek will cease to be a shareholder in
the company. Moody's B2 ratings on CAP did not incorporate any
tangible support from Temasek, who was viewed as a financial
investor in the company.

Moody's notes that CAP plans to do rights issue, to fund its
discretionary capex. The transaction will remove uncertainty
around its shareholding and may help the company in its funding

SC, which is one of Thailand's industrial conglomerates, after the
transaction will have a 30% stake in the company.

The principal methodology used in rating PT Chandra Asri
Petrochemical Tbk was the Global Chemical Industry Methodology
published in December 2009.

CAP is the largest petrochemical producer in Indonesia. It was
established in January 2011 through the merger between its
predecessor PT Chandra Asri and PT Tri Polyta Tbk.

MANDALA AIRLINES: Inks Sale Deal With Saratoga, Tiger Airways
ANTARA News reports that PT Mandala Airlines, Saratoga Group and
Tiger Airways have signed a conditional purchase agreement and
various other commercial as well as legal documents.

PT Mandala Airlines said the signing of all the documents was done
on Sept. 23, 2011.

Under the agreement, ANTARA relates, Saratoga Group would act as a
financial investor and Tiger Airways as a corporate strategic

According to the report, Saratoga would be the majority
shareholder controlling 51% of the company's shares and Tiger
Airways 33%.  The rest of the shares was to be held by concurrent
creditors and old shareholders.

With the signing of the agreement, all parties had moved closer to
a settlement of Mandala's restructuring, ANTARA notes.

ANTARA notes that Mandala is currently still in the process of
restructuring in accordance with Indonesian laws.

The next stage would be fulfilling transaction requirements needed
including the government's approval so that Mandala could
immediately fly again.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2011, Antara News said Mandala Airlines has decided to
temporarily stop its operations beginning January 12 due to
financial problems.  Herry Bakti S Gumay, director general of air
transportation, said Mandala would concentrate on settling its
financial problems first especially "with regard to its
obligations to its aircraft lessors."  Mr. Gumay said it would
depend upon Mandala's readiness when it would reopen its

Based in Jakarta, Indonesia, Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.

PERUSAHAAN LISTRIK: Moody's Assigns (P)Ba1 Rating to MTN Programe
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to Perusahaan Listrik Negara's proposed US$2 billion Global
Medium-Term Note (MTN) programme.

At the same time, Moody's has affirmed PLN's Ba1 corporate family
rating and Ba1 senior unsecured rating. The rating outlook is

The proceeds from the bond issuance will be used for capital
expenditure and for general corporate purposes.

Ratings Rationale

PLN's ratings are closely linked to the Indonesian government's
credit quality, considering PLN's 100% ownership by the Ministry
of State-Owned Enterprises ("MSOE"), its strategic importance as
Indonesia's only vertically-integrated electricity utility, and
its reliance on government subsidies to ensure its financial
viability and operational soundness," says Simon Wong, a Moody's
VP/Senior Analyst.

"We expect the Indonesian government to continue to support PLN
through favorable policies, such as Public Service Obligation
(PSO) margin adjustments and subsidies," adds Wong, also Moody's
lead analyst for PLN.

Moody's believes there is high incentive for the Indonesian
government to provide the necessary support to PLN as a default on
PLN's non-government debt obligations could lead to a cross
default of government-guaranteed bank financing of PLN.

PLN's financial profile has improved since 2009, returning to a
net profit position, achieved by improving its fuel mix,
increasing its PSO margin to 8% in 2010 from 5% in 2009 as well as
electricity tariff hikes since 1 July 2010, as approved by the

The Indonesian government has mandated PLN to execute two major
capacity expansion programmes, namely Fast Track Programmes of
about 10,000 MW each, targeted to increase much needed generation
capacity in Indonesia as well as improve PLN's fuel mix and

The capex requirements to develop the first Fast Track Programme
are substantial and projected at over US$10 billion. While there
will be execution risk, Moody's draws some comfort from the fact
that this programme has secured over 90% of its financing
requirements and is expected to complete by 2014.

Furthermore, the Indonesian government has provided feasibility
guarantees to Independent Power Producers (IPPs) to guarantee
PLN's ability to meet its payment obligations under the Power
Purchase Agreements (PPAs), which are expected to enhance private
sector investment interests under the second Fast Track Programme.

Given the close link between PLN's rating and the sovereign
rating, an upgrade in the latter would lead to a rating upgrade of

Similarly, a downgrade in the sovereign rating would also trigger
a rating downgrade for PLN. Furthermore, a partial privatization
of PLN or any government plan to cease subsidy support -- a
scenario that Moody's considers unlikely in the near to medium
term - would have a negative impact on the rating.

The principal methodology used in this rating was the Global
Regulated Electric and Gas Utilities published in August 2009.
Other Factors used in this rating are described in Government-
Related Issuers Methodology published in July 2010.

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically integrated electricity utility with a generation
capacity of over 28,300MW, accounting for 85% of the market. It is
a monopoly operator of transmission and distribution networks and
is the country's largest electricity producer. The government --
represented by the Ministry of State-Owned Enterprises (MSOE) --
has complete ownership.


L-JAC 6: Moody's Downgrades Rating of Class C-1 Notes to 'Ba3'
Moody's Japan K.K. has downgraded the ratings for the Class A
through E-1 and confirmed the ratings for the Class F-1 and G-1
trust certificates issued by L-JAC 6 Trust.

Details follow:

Class A, Downgraded to A2 (sf); previously on Aug 23, 2011 Aa2
(sf) Placed Under Review for Downgrade

Class B-1 , Downgraded to Baa2 (sf); previously on Aug 23, 2011 A2
(sf) Placed Under Review for Downgrade

Class C-1, Downgraded to Ba3 (sf); previously on Aug 23, 2011 Baa3
(sf) Placed Under Review for Downgrade

Class D-1, Downgraded to B3 (sf); previously on Aug 23, 2011 Ba3
(sf) Placed Under Review for Downgrade

Class E-1, Downgraded to B3 (sf); previously on Aug 23, 2011 B2
(sf) Placed Under Review for Downgrade

Class F-1, Confirmed at B3 (sf); previously on Aug 23, 2011 B3
(sf) Placed Under Review for Downgrade

Class G-1, Confirmed at B3 (sf); previously on Aug 23, 2011 B3
(sf) Placed Under Review for Downgrade

Deal Name: L-JAC 6 Trust

Class: Class A through G-1 trust certificates

Issue Amount (initial): JPY97,500 million

Dividend: Floating

Issue Date (initial): November 12, 2007

Final Maturity Date: October, 2016

Underlying Asset (initial): Two non-recourse loans backed by real

Originator: New Century Finance Co. Ltd. (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC 6 Trust, effected in November 2007, represents the
securitization of two loans backed by real estate (Loan1 and Loan

The Originator entrusted the loans to the Asset Trustee, and
received the Class A through G-1, X-1 and X-2 trust certificates,
which it then sold through the Arranger to investors. The trust
certificates are rated by Moody's.

Dividend distribution will be made on a sequential basis at the
CMBS level. On the other hand, 80% of the principal repayments
from Loan 1 will be allocated to the corresponding classes on a
pro-rata pay basis in accordance with the outstanding balance of
each of the trust certificates.

The remaining 20% will be allocated to the classes on a sequential
pay basis. The principal collections from Loan 2 will be fully
allocated to a corresponding sub-class.

Should an underlying loan be accelerated and judged as no longer
recoverable by the Servicer, the unrecoverable amount of the
defaulted loan will be recognized as a loss. The loss will be
allocated to the most subordinated class corresponding to the
defaulted loan in the reverse order of sequential pay priority.

Rating Rationale

One of two underlying loans is backed by an office building in
Minato-ward, Tokyo and another loan is backed by an office
building in Chuo-ward, Tokyo.

The actual rentals for both properties have fallen below Moody's
assumptions for the previous rating action, while occupancy rates
remain high. Thus, Moody's applied the actual rentals of both
assets as Moody's rental assumptions.

These actual rentals are appropriate, given market trends.

In addition to the re-estimation of the property NCF, Moody's
lowered the recovery assumption by 40% for Loan1 and by 31% for
Loan2, in view of the liquidity of the properties.

Moody's decided the ratings after considering the size of the cash
reserved by property NCF.

The latter was arrived at with consideration of [1] the in-place
amount already reserved and [2] the expected size of the reserve
from future excess cash flow after deducting miscellaneous costs
and interests, for the purpose of amortization on Loan 1's

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 any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.

ORIX-NRL TRUST: S&P Lowers Rating on Class H Certificates to 'D'
Standard & Poor's Ratings Services lowered its ratings on the
class C and H trust certificates issued under the ORIX-NRL Trust
14 transaction, and affirmed its ratings on the class A, B, D to
G, and X trust certificates issued under the same transaction.

"We lowered to 'B (sf)' from 'BB (sf)' our rating on class C
because: we lowered our assumption with respect to the likely
collection amount from the properties backing one remaining loan
(the loan originally represented about 13.4% of the total initial
issuance amount of the trust certificates), which has defaulted,
and one of the remaining specified bonds (the specified bond
originally represented about 8.9% of the total initial issuance
amount of the trust certificates) after considering the property
sales plan that we received from the servicer, as well the status
of property sales. We currently assume the value of the properties
backing the defaulted loan and specified bond to be about 44% of
our initial underwriting value, whereas we estimated the combined
property value to be about 54% of our initial underwriting value
when we reviewed our ratings in August 2010," S&P related.

"Meanwhile, the downgrade of class H is based on the following
factor: the principal on another underlying loan (the loan
originally represented about 6.2% of the total initial issuance
amount of the trust certificates) has been impaired. As a result,
interest payment on the class H trust certificates was only partly
made on the trust distribution date in September 2011, and no
payment of accrued (unpaid) interest has been made since that date
or is set to be made in the future. On May 12, 2011, we lowered to
'CC (sf)' from CCC (sf) our rating on class H because the
principal on the loan had been impaired following completion of
the sales of all the related collateral properties," S&P stated.

Of the 10 nonrecourse loans and specified bonds (hereinafter
"loans") extended to or issued by eight obligors that initially
backed the transaction, only four loans (effectively three loans;
the three loans originally represented a combined 31% or so of the
total initial issuance amount of the trust certificates) remain,
two of which have defaulted.

ORIX-NRL Trust 14 is a multi-borrower commercial mortgage-backed
securities (CMBS) transaction.  The trust certificates were
initially secured by 10 nonrecourse loans and specified bonds
extended to eight obligors, which were originally backed by 39
real estate certificates and real estate properties. The
transaction was arranged by ORIX Corp., and ORIX Asset Management
& Loan Services Corp. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in December 2014 for the class A certificates,
the full payment of interest and ultimate repayment of principal
by the legal final maturity date for the class B to H
certificates, and the timely payment of available interest for the
interest-only class X certificates.

Ratings Lowered
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2014
Class   To       From         Initial issue amount
C       B (sf)   BB (sf)      JPY1.2 bil.
H       D (sf)   CC (sf)      JPY0.2 bil.

Ratings Affirmed
Class     Rating             Initial issue amount
A         AAA (sf)           JPY15.7 bil.
B         A+ (sf)            JPY2.0 bil.
D         CCC (sf)           JPY0.7 bil.
E         CCC (sf)           JPY0.3 bil.
F         CCC (sf)           JPY0.5 bil.
G         CCC (sf)           JPY0.1 bil.
X*        AAA (sf)           JPY20.7 bil. (initial notional
*Interest only

SUNCITY CO: Files for Bankruptcy Protection
Reuters reports that Suncity Co said it filed for bankruptcy
protection with the Sendai District Court on Monday with
JPY24.9 billion (US$326.5 million) in liabilities after sales
plunged in the wake of the March disaster.

Investment firm FinTech Global said it would back Suncity's
restructuring, Reuters relates.

According to the news agency, Suncity said it plans to delist its
shares from the Tokyo Stock Exchange.

Reuters says Suncity's liabilities ballooned after the subprime
loan crisis deflated Japan's real estate market, and it has been
selling collateralised assets and cutting jobs to keep afloat.

The company's sales plunged 57% to JPY3.2 billion in the January-
June period after would-be homebuyers delayed purchases and
companies postponed expansion plans following Japan's March 11
earthquake, according to Reuters.

Suncity Co is a condominium developer based in Japan.  It employs
159 people.


KOREA LINE: Creditors to Meet Oct. 14 to Discuss Turnaround Plan
Seonjin Cha at Bloomberg News reports that Korea Line Corp.
creditors will meet on Oct. 14 to discuss the company's turnaround
plan, after the initial plan was rejected on Sept. 23, 2011.

Korea Line Corp. has been engaged in marine transport and port
logistics businesses since 1968.  Its head office is in Seoul,
Korea, and its representative offices are in Shanghai and
Singapore.  KLC is a publicly listed company on the Korean Stock
Exchange.  Its operations are centered in Korea and the vas
majority of its assets, shareholders and employees are located in

Korea Line Corp. filed for Chapter 15 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10789) in the U.S. to bar creditors
from seizing its shipping vessels and bunkers at U.S. ports.

Receivers Jin Bang Lee and Byung Nam Choi estimated that the
Debtor has US$100 million to US$500 million in debts and assets as
of the Chapter 15 filing date in Manhattan.

Korea Line is undergoing rehabilitation before the Seoul Central
District Bankruptcy Court (4th Division), Case No. 2011 Hoe-Hap
14, pursuant to the Korean Debtor Rehabilitation and Bankruptcy

KLC's liquid assets as of January 2011 totaled US$60,655,000,
while the funds necessary for repayment of debts and operating
expenses in February 2011 is US$186,964,000 and in March 2011,
US$170,163,000.   KLC's operating income will not be sufficient to
cover these amounts, with an expected shortfall of US$35,932,000
in March of 2011.

KLC applied for rehabilitation in Korea under the DBRA on Jan. 26,
2011.  The Korean court issued a stay order prohibiting attachment
and execution of KLC's property on Jan. 26, 2011.  Rehabilitation
proceedings commenced Feb. 15, 2011, with the appointment of the

PANTECH CO: KDB, Others Creditors Seek to Sell Pantech
According to Bloomberg News, the Korea Economic Daily, citing
unidentified financial industry officials, reported that creditors
including Korea Development Bank are seeking to sell Pantech Co.
and will receive preliminary bids by Sept. 29, 2011.

                      About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. -- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.

N E W  Z E A L A N D

ABC LEARNING: Kidicorp Buys 124 ABC Centres in New Zealand
---------------------------------------------------------- reports that New Zealand's largest private
childcare provider Kidicorp is buying ABC Learning's extensive
network of early childhood centres.

According to the report, Kidicorp's purchase of ABC's 124 centres,
for an undisclosed sum, bumps up its childcare centre portfolio to
230 around the country.

The amalgamated company is to offer education and care to just
over 15,000 children and employ over 3,500 people.

ABC's Australian parent collapsed in late 2008 owing
AUD1.6 billion (NZ$2 billion) and the receivers had been trying to
sell the Kiwi subsidiary ever since.

Kidicorp, a former NZX firm, is privately owned by a family trust
of Wayne and Chloe Wright in Tauranga.  The Wrights had a long
term vision to make a positive difference in children's lives. relates that Kidicorp managing director
Wayne Wright said the amalgamation of the ABC centres was a way to
grow this vision.

Mr. Wright said there was still a lot of work to be done to ensure
a smooth transition but staff and parents would be kept informed
of its progress, adds.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) -- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centers Australia Ltd.  On
Jan. 26, 2007, it acquired La Petite Holdings Inc.  On Feb. 2,
2007, it acquired Forward Steps Holdings Ltd.  On March 23, 2007,
it acquired Children's Gardens LLP.  In September 2007, the
Company purchased the Nursery division (Leapfrog Nurseries) from
Nord Anglia Education PLC.  In June 2008, the Company completed
the sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

CENTURY CITY: Owner Declared Bankrupt, Loses Phoenix Licence
------------------------------------------------------------ reports that Wellington businessman and former
Phoenix football owner Terry Serepisos has been declared bankrupt
in the High Court at Wellington after his last-minute bid for more
time to pay debts was rejected.

According to the report, Judge Gendall granted an application by
South Canterbury Finance, owed some NZ$22.5 million, to declare
Mr. Serepisos bankrupt after he failed to convince the court to
grant him four more days to secure funding from a Hong Kong-based
merchant bank.

The news agency says it's also been revealed that access has been
blocked to Terry Serepisos's Century City headquarters in
Wellington's ASB Bank Tower.

Employees told Newstalk ZB they have work to do and don't want the
public or reporters to bother them, relates.  They
deny reports the area has been cleared of furniture.

Mr. Serepisos, according to, owes creditors
NZ$203 million and had been selling his assets to try to meet his
large debts.

South Canterbury Finance took over the bankruptcy application on
August 18 after FM Custodians withdrew its bid saying its debt had
been settled, recalls.

According to the report, Mr. Serepisos's lawyer was trying to get
an extra four days grace to secure a loan from an unnamed merchant
bank in Hong Kong.  However Associate Judge Gendall said there
wasn't sufficient evidence to show the money would arrive or that
it would cover the debt.

Associate Judge Gendall also said when he adjourned the case last
time, it was so creditors could consider a proposal to sell off
Mr. Serepisos' property empire and that never went ahead.

He said it was in the interests of the wider commercial community
to bankrupt Serepisos, the report notes.

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

The businessman, says, has been selling off his
assets over the last month and parted with a Ferrari car in the
weekend.  The Ferrari F430 F1, set apart by a distinctive body and
sharknose-like bumper, was sold in an auction for NZ$204,500 on

Creditors have also claimed possession of Mr. Serepisos' clothes
and furniture, adds.

                Serepisos Loses Control of Phoenix

The National Business Review reported Friday that Terry Serepisos
has given up the licence for his football club the Wellington

NBR relates that Football Federation of Australia chief executive
Lyall Gorman told a packed media conference that Mr. Serepisos has
relinquished the playing licence held by his company Century City

"He's agreed to relinquish his licences in the best interest of
football in New Zealand and for the Phoenix -- and probably in the
best interests of himself at the moment as he moves on to address
other part of his life," NBR quotes Mr. Gorman as saying.

Mr. Gorman, as cited by NBR, said a new licence has been issued
for Welnix, a company headed by Wellington businessman Rob
Morrison -- brother of high profile Wellington businessman Lloyd

According to NBR, Mr. Morrison said the team would remain in
Wellington and that Welnix is a vehicle for a number of local
businesspeople who were keen to see the club prosper. These
include a range of well-known Wellington businessman as investors:
Infratil chairman and NBR Rich Lister Lloyd Morrison, Gareth
Morgan, Cambell Gower, James Brown and Henry Tait.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Dominion Post said property developer and
Wellington Phoenix football boss Terry Serepisos has crumpled
under the weight of NZ$200 million debt and is putting forward a
proposal to sell his assets.  A judge in the High Court at
Wellington was told August 29 that Mr. Serepisos' portfolio of
about 150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000.  The Dominion
Post said Mr. Serepisos' liabilities are calculated at
NZ$203,095,206.  The consequences of these proceedings for the
Wellington Phoenix football club are uncertain at the moment, The
Dominion Post noted.

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

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

HANOVER FINANCE: Judge Issues Gag Order on Ex-Boss Asset Freeze
--------------------------------------------------------------- reports that the Chief High Court Judge has
again banned media from reporting details of former Hanover
Finance boss Mark Hotchin's attempts to get an order freezing his
assets lifted. relates that Justice Helen Winkelmann told media
representatives they could remain in court for a hearing yesterday
but would only be allowed to report on the outcome.  She has
reserved her decision, the report says.

According to, it's the second time the judge has
gagged media over matters to do with Mr. Hotchin.  In February
another hearing on whether his assets should remain frozen was
also closed. says Mr. Hotchin and fellow directors of the
failed finance company are being investigated by the Financial
Markets Authority (FMA).

Last year the FMA's predecessor the Securities Commission
succeeded in having all Mr. Hotchin's assets frozen and allowing
him just NZ$1,000 a week to live on.  The former high flyer had
told the court that he could not live on that amount of money. relates that in her judgment in May continuing
the freezing orders Justice Winkelmann said a complex ownership
structure "outside commercial norms" obscured the relationship
between Mr. Hotchin and the multi-million dollar mansion he has
been building in Auckland's Paritai Drive.

Justice Winkelmann, as cited by said, there was
a risk that assets held in trusts connected to Mr. Hotchin could
be disposed off, affecting the ability of potential litigants to
enforce their claims.

The Kelly-Ashley No 4 Trust which owns the property is barred from
dealing with it in any way until further order of the court, the
report notes.

A statement of Hotchin's assets and liabilities provided to the
court showed construction costs on the house had totaled
NZ$12.2 million, discloses.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


NEW LAKESIDE: Creditors' First Meetings Set for Oct. 10
New Lakeside Holdings Limited, which is under Judicial Management,
will hold their first meeting for its creditors on Oct. 10, 2011,
at 3:00 p.m., at 8 Wilkie Road #03-08 Wilkie Edge, in Singapore

The company's Judicial Managers are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road #03-08
         Wilkie Edge
         Singapore 228095

REDGROUP RETAIL: Borders Singapore Closes Last Store
Xinhua News reports that Borders Singapore closed its only
remaining outlet in Singapore on Monday, in the latest chapter of
a wave of failure of high street book stores that had started with
the bankruptcy of its former parent firm in the United States.

According to Xinhua, local daily Straits Times reported that the
outlet at Parkway Parade closed its doors at 9:00 p.m. on Monday
and the store was offering a 70% discount on all stock.

Xinhua recalls that the bookstore chain closed its flagship store
in Singapore at Wheelock Place in August following rental disputes
with its landlord.  Media reports said the store has found it
difficult to keep the store running after the rental surged in
August 2008, according to the report.

Tim Reid, who works with recovery firm Ferrier Hodgson, the
judicial manager of Borders, said the bookstore appointed a
judicial manager recently but several buying offers were turned
down because they do not want to take over the entire shop space
at the only remaining store at Parkway Parade.

According to the report, the final nail in the coffin came on
Wednesday, when the United States company terminated the right of
Borders Singapore to use the Borders brand name and gave it 90
days to cease all activities.

"The licensing is gone. We had to have a business case to commit
to a new lease," Xinhua quotes Mr. Reid as saying.

The Borders Singapore store was formally a unit of the U.S.-based
Borders Group, but was sold to the REDgroup Retail of Australia in
2008 as the U.S. firm ran into difficulties, Xinhua discloses.

                       About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd

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

Sino New Steel Pte Ltd filed the petition against the company on
Sept. 7, 2011.

The Petitioner's solicitor is:

          M/s David Ong & Co
          Advocates & Solicitors
          151 Chin Swee Road #08-14
          Manhattan House
          Singapore 169876

TAITECH SINGAPORE: Creditors' Proofs of Debt Due Oct. 24
Creditors of Taitech Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 24, 2011, to be included in the company's dividend

The company's liquidator is:

          Chua Keng Yang
          89 Short Street
          #04-01 Golden Wall Centre
          Singapore 188216

VEPRO (SEA): Court to Hear Wind-Up Petition on Oct. 7
A petition to wind up the operations of Vepro (Sea) Pte Ltd will
be heard before the High Court of Singapore on Oct. 7, 2011, at
10:00 a.m.

Goldlite Pte Ltd filed the petition against the company on
Sept. 13, 2011.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road, #15-01
          Straits Trading Building
          Singapore 049910

VITA NUOVA: Court Enters Wind-Up Order
The High Court of Singapore entered an order on Aug. 19, 2011, to
wind up Vita Nuova Studios Pte Ltd's operations.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


TRUE CORP: Moody's Changes Outlook on 'B2' CFR to Stable
Moody's Investors Service has changed the outlook from negative to
stable on the B2 corporate family rating of True Corporation
Public Company Limited and the B2 corporate family and senior
unsecured bond ratings of True Move Company Limited.

Ratings Rationale

The change in outlook follows True Move's announcement that 98% of
holders of its notes due in 2013 and 95% of holders of its notes
due in 2014 have tendered their holdings, and provided consent to
the proposed amendments to both bond indentures under the terms of
the company's offer to purchase and consent solicitation.

Moody's earlier commented on the positive implications of the
tender offer on September 15, 2011, and noted that the rating
outlook would revert to stable if a substantial majority of the
notes were tendered.

The consents received are sufficient to effect all proposed
amendments to the indentures, including to substantially eliminate
all restrictive covenants, certain events of default and related
provisions contained in the indentures governing the notes, and
shorten the notice period for redemption of the notes.

True Move is refinancing the tendered notes through partial
proceeds of a 10-year Bt48.9 billion secured bank facility signed
with Krung Thai Bank and Siam Commercial Bank. Moody's expects the
bank facility to have amortizing repayment terms, with some grace

The stable outlook reflects the significant decline in refinancing
risks on the bonds, especially in light of True Move's concession
expiring in 2013. The bond refinancing exercise has also
lengthened the debt maturity profile on True Move's and True
Corp's debt, and eliminated potential foreign exchange volatility
by better aligning the domestic currency denominated bank facility
with the domestic currency revenue stream.

True Move's liquidity profile has also improved following an
equity injection of Bt4 billion from its parent and repayment of
outstanding amounts under its facilities from IFC and KfW in Q2
2011, which eliminates the need for continuous covenant waivers.

Furthermore, surplus amounts under the Bt48.9 billion new bank
facility, after utilizing Bt27 billion for the buyback of bonds
and Bt6.3 billion for refinancing a bridge facility for the Hutch
acquisition, would leave True's wireless group with adequate
resources for investments in its 3G business, network expansion,
and potential bidding for new spectrum licenses when announced by
Thailand's telecoms regulator.

Moody's is cognizant that the new debt facility and future 3G
investments will result in increased leverage over the near-term
on a consolidated basis for the True Group, but note that this can
be accommodated in the current stable outlook given the improved
debt maturity profile, improved liquidity position and committed
funds for capex.

The current B2 ratings encapsulate True Move and True Corp's
exposure to an uncertain and politicized regulatory environment
for telecom players in Thailand, which has had an overhang effect
on the rating. Moody's remains concerned about execution risks for
the HSPA 3G upgrade and the migration of subscribers from the CDMA
network to the new HSPA platform.

However, the proposed changes under the consent solicitation have
no effect on existing guarantees, and the company's obligations
under the remaining notes and indentures will remain guaranteed by
the parent guarantor and subsidiary guarantors. As such, there is
no subordination risk for any remaining notes that do not get
tendered by the expiry of the offer on 4 October 2011.

True Move's credit profile is highly correlated with True Corp's,
given their strong financial and operating links, and as such
their ratings are equalized. Given True Move's relative importance
to the consolidated group, contributing 49% of the consolidated
revenue, Moody's expects support from True Corp to remain

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

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group (CP Group) is the major shareholder (64.74%). Its
wireless business is conducted predominantly through its 97.1%-
owned subsidiary, True Move, Thailand's third largest mobile
telecommunications operator.


* BOND PRICING: For the Week Sept. 19 to Sept. 23, 2011

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


ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       2.03
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.16
EXPORT FIN & INS         0.50    06/15/2020   AUD      68.95
EXPORT FIN & INS         0.50    06/15/2020   NZD      68.47
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.41
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.68
NEW S WALES TREA         1.00    09/02/2019   AUD      74.47
NEW S WALES TREA         0.50    09/14/2022   AUD      62.70
NEW S WALES TREA         0.50    10/07/2022   AUD      62.21
NEW S WALES TREA         0.50    10/28/2022   AUD      62.93
NEW S WALES TREA         0.50    11/18/2022   AUD      61.84
NEW S WALES TREA         0.50    12/16/2022   AUD      61.29
NEW S WALES TREA         0.50    02/02/2023   AUD      60.97
NEW S WALES TREA         0.50    03/30/2023   AUD      60.43
PALADIN ENERGY           3.62    11/04/2015   AUD      72.32
RESOLUTE MINING         12.00    12/31/2012   AUD       1.50
TREAS CORP VICT          0.50    08/25/2022   AUD      63.03
TREAS CORP VICT          0.50    11/12/2030   AUD      61.21
TREAS CORP VICT          0.50    11/12/2030   AUD      44.15


CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.08
SHANG EXPO LAND          4.15    02/15/2022   CNY      71.03
SOUTHERN POWER           5.60    09/17/2019   CNY      66.66
TIANJIN CONSTR           3.75    03/25/2014   CNY      51.96


CHINA SOUTH CITY        13.50    01/14/2016   USD      74.87
CHINA SOUTH CITY        13.50    01/14/2016   USD      71.05
RESPARCS FUNDING         8.00    12/29/2049   USD      23.01


PUNJAB INFRA DB          0.40    10/15/2024   INR      26.80
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.37
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.20
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.27
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.53
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.98
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.58
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.38
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.21
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.20
VIDEOCON INDUS           6.75    12/16/2015   USD      73.59


JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.04
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.60
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.22    03/24/2017   JPY      70.25
TOKYO ELEC POWER         1.22    07/29/2020   JPY      72.35
TOKYO ELEC POWER         1.15    09/08/2020   JPY      74.88
TOKYO ELEC POWER         2.34    09/29/2028   JPY      72.23
TOKYO ELEC POWER         2.40    11/28/2028   JPY      72.53
TOKYO ELEC POWER         2.20    02/27/2029   JPY      67.42
TOKYO ELEC POWER         2.11    12/10/2029   JPY      68.84
TOKYO ELEC POWER         1.95    07/29/2030   JPY      65.84
TOKYO ELEC POWER         2.36    05/28/2040   JPY      63.47


ADVANCED SYNERY          2.00    01/26/2018   MYR       0.08
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.45
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.05
DUTALAND BHD             6.00    04/11/2013   MYR       0.66
DUTALAND BHD             6.00    04/11/2013   MYR       0.38
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.44
ENCORP BHD               6.00    02/17/2016   MYR       0.85
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.85
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.79
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.40
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.76
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.59
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.52
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.72
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.40
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.38
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.70


BLUE STAR GROUP          9.10    09/15/2015   NZD       4.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      57.26
FONTERRA                 5.30    11/29/2049   NZD      75.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      58.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.05
NEW ZEALAND POST         7.50    11/15/2039   NZD      62.96
NZF GROUP                6.00    03/15/2016   NZD      32.42
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94


BAKRIE TELECOM          11.50    05/07/2015   USD      63.50
BAKRIE TELECOM          11.50    05/07/2015   USD      70.00
BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
DAVOMAS INTL FIN        11.00    12/08/2014   USD      55.50
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.93
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.01
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.95
SENGKANG MALL            4.00    11/20/2012   SGD       0.05
SENGKANG MALL            8.00    11/20/2012   SGD       0.04
SINO-ENVIRONMENT         4.00    07/08/2013   SGD       5.31
UNITED ENG LTD           1.00    03/03/2014   SGD       1.02
WBL CORPORATION          2.50    06/10/2014   SGD       1.20


DAEYEONG SAVINGS         7.95    07/29/2015   KRW      20.11
JEIL II SAVINGS          8.50    07/19/2014   KRW      48.75
JEIL MUTUAL SAV          8.00    01/22/2015   KRW       9.59
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      70.13
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.42
TOMATO MUTUAL SA         8.30    03/12/2012   KRW      10.26
TOMATO MUTUAL SA         8.50    03/12/2014   KRW       5.42
TOMATO MUTUAL SA         8.40    01/06/2015   KRW      40.15
TOMATO MUTUAL SA         7.90    03/12/2026   KRW       4.06


SRI LANKA GOVT           5.35    03/01/2026   LKR      67.52


THAILAND GOVT            0.75    01/04/2022   THB      70.72


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

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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