TCRAP_Public/111102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 2, 2011, Vol. 14, No. 217

                            Headlines



A U S T R A L I A

ENTERPRISE IT: Wins Reprieve From Liquidation
RIVIERA: Continues to Await for Potential Buyers


C H I N A

WINSWAY COKING: Moody's Says 'Ba3' CFR Unaffected by Coal Deal


H O N G  K O N G

ACNIELSEN INTERNATIONAL: Commences Wind-Up Proceedings
AGB NIELSEN: Commences Wind-Up Proceedings
AIRCREW SERVICES: Members' Final Meeting Set for Nov. 29
AIRCREW SERVICES (UK): Members' Final Meeting Set for Nov. 29
ASIAN COMMUNICATING: Members' Final Meeting Set for Nov. 28

AUSTRIAN GAMING: Members' Final Meeting Set for Dec. 1
BONNY NICE: Members' Final Meeting Set for Nov. 29
CANTRONIC INDUSTRIES: Placed Under Voluntary Wind-Up Proceedings
CHARTERMATE TECHNOLOGIES: Creditors' Meeting Set for Nov. 28
CHITLINK ELECTRONIC: Creditors' Meeting Set for Nov. 4

DG FINANCIAL: Creditors' Proofs of Debt Due Nov. 30
EASY WELL: Members' Final General Meeting Set for Nov. 28
EDEN'S NATURAL: Creditors' Meeting Set for Nov. 15
ELCOTEQ ASIA: Creditors' Proofs of Debt Due Nov. 30
EMERGING SOVEREIGN: Creditors' Proofs of Debt Due Nov. 28

SOFT-TREK MEDIA: Creditors Get 2.2124% Recovery on Claims


I N D I A

B.B. ASIA: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Facilities
DYMES PHARMACHEM: ICRA Assigns [ICRA]BB Rating to INR3.05cr Loan
HIND MOTORS: ICRA Reaffirms '[ICRA]BB' Rating on INR5.5cr LT Loan
INNOVA CHILDREN'S: ICRA Places '[ICRA]B+' Rating to INR15cr Loan
KUNDANMAL ROOPCHAND: ICRA Rates INR7.5cr Loans at '[ICRA]BB-'

NINANIYA ESTATES: ICRA Rates INR50cr Bank Loan at '[ICRA]B'
PETRO PLAST: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
RAIPUR ROTOCAST: ICRA Reaffirms '[ICRA]BB+' on INR7.5cr Bank Loan
RAJ CHEM: ICRA Assigns '[ICRA]BB' Rating to INR7cr Capital Loans
REGALIA BUILDTECH: ICRA Assigns '[ICRA]BB' Rating to INR50cr Loan

SSPDL LIMITED: ICRA Reaffirms '[ICRA]BB+' Rating on INR8cr Loan
VICTOR ELECTRODES: ICRA Assigns '[ICRA]D' to INR5.5cr Loan
* INDIA: Government to Restructure Loans for Textiles Sector


J A P A N

AGC TRUST: Moody's Lowers Rating of Class B Notes to 'Caa3'
ASAHI LIFE: S&P Withdraws 'BB-' Counterparty Credit Rating
J-CORE 13 TRUST: Moody's Cuts Rating on Class C Notes to 'B1'
JLOC37: Moody's Lowers Rating on Class D1/D2 Notes to 'C'
JUROKU BANK: S&P Withdraws 'B' Bank Fundamental Strength Rating

TOKYO ELECTRIC: Government Likely to Approve Financial Assistance


N E W  Z E A L A N D

HIBERNIAN CREDIT: NZ$1.2MM Theft Adversely Affect Credit Union
HIGHCLIFF ROAD: PricewaterhouseCoopers Appointed as Liquidator
NATHANS FINANCE: Former Auditor's Bid May Derail NZ$66MM Claim


S I N G A P O R E

INFOWAVE PTE: Court Enters Wind-Up Order
LANDMARK CHEMICALS: Creditors' Proofs of Debt Due Nov. 28
MAVERIC LTD: Creditors' Proofs of Debt Due Nov. 28
SPS ELECTRIC: Court to Hear Wind-Up Petition Nov. 11
STYLE EVOLUTION: Court to Hear Wind-Up Petition Nov. 11


X X X X X X X X

* S&P: One U.S.-Based Default Last Week; 2011 Total at 36
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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ENTERPRISE IT: Wins Reprieve From Liquidation
---------------------------------------------
Howard Jones at The Border Mail reports that Enterprise IT Global
won a reprieve from liquidation Monday with some creditors
pushing to keep the firm alive.

The Border Mail relates that creditors, including several former
employees, voted to defer a decision on the firm's future until
November 16 to see whether the proposed scheme is viable, though
an alternative sale of the business to other parties hasn't been
ruled out.

According to the Border Mail, administrator Andrew Cummins, of
BRI Ferrier, in a report dated October 21, recommended
liquidation of Enterprise IT (Australia) and its parent,
Enterprise IT Global, but at Monday's meeting, he called instead
for a deferral.

The report notes that Mr. Cummins said this would give the
business a chance to survive with some jobs saved and would
increase the chance of workers and unsecured creditors getting
back more money than a liquidation.

One of the remaining 17 workers employed by the business welcomed
the deferral, the report relays.

Director Jarrod Case and his fellow directors put the companies
into voluntary administration last month.

The Border Mail says former Dragnet owner Chris Abbott's business
was said to be owed AUD1.4 million for the April sale of Dragnet
to Enterprise IT Global for AUD2.25 million.

Mr. Abbott supported the deferral so that he and other parties
can discuss with Mr. Cummins the plan to place the entire
Enterprise IT business into a "deed of company arrangement," the
report relates.

Mr. Cummins said the next two weeks would determine whether that
could be done, but he also said other parties were interested in
buying the business and wouldn't rule out a sale to one of them,
according to The Border Mail.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2011, SmartCompany said Enterprise IT Global had
collapsed into administration despite a number of key
acquisitions and
partnerships during the past 12 months.  The Australian
Securities and Investments Commission said that Enterprise IT
Australia has also been placed into administration, with BRI
Ferrier acting as administrator for both companies.

Enterprise IT Global is a New South Wales information technology
company.


RIVIERA: Continues to Await for Potential Buyers
------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that a buyer seems no
nearer for luxury boat builder Riviera than when it was placed in
receivership in May 2009, but the form of the sale does seem to
be taking shape.

According to the report, Riviera chief operating officer Paul
Lyons confirmed Friday a variety of ownership models were on the
table for potential buyers and several of them included ANZ bank
and the Bank of Scotland retaining a share of the company.

"No option is locked in," goldcoast.com.au quotes Mr. Lyons as
saying. "We don't know who might buy it and in what form the sale
might happen. But the banks may retain their involvement."

The report relates that Riviera spokesman Stephen Milne indicated
possible partners for the business, both in Australia and
overseas, had been approached by receiver Chris Campbell, of
Deloitte, in the past 2 1/2 years.

While it is not known what asking price Deloitte has been
instructed to secure, ANZ and the Bank of Scotland were owed
AUD250 million when the company went into receivership in
May 2009, according to the report.

It is believed the debt was reduced by about AUD100 million in
the first 12 months and now stands at about AUD150 million, the
report discloses.

According to goldcoast.com.au, Mr. Lyons said the banks were not
only focused on how much money the potential buyer was willing to
pay and would also weigh up the party's long-term plan for
Riviera.

"I don't believe the receivers want Riviera to shut down," the
report quotes Mr. Lyons as saying.  "I think they have a genuine
interest in the business."

Mr. Lyons, as cited by goldcoast.com.au, said the management
team, which was running the business following the departure of
chief executive John Anderson in August, was focused on improving
Riviera's profits to make it a more attractive to potential
buyers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Riviera was placed into voluntary receivership.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said the company's
sales over the past 12 months had been "significantly impacted"
by the global financial crisis.  It was proposed to sell Riviera
as a going concern after a restructuring of the company, he said.

Riviera, which was released from voluntary administration in June
last year, now has a combined workforce of about 400, including
contractors, goldcoast.com.au discloses.

At its peak, the company employed about 1,200 staff,
goldcoast.com.au notes.

Riviera -- http://www.riviera.com.au/-- is a luxury boat builder
based in Australia.


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C H I N A
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WINSWAY COKING: Moody's Says 'Ba3' CFR Unaffected by Coal Deal
--------------------------------------------------------------
Moody's Investors Services sees no immediate impact on Winsway
Coking Coal Holdings Limited's Ba3 corporate family rating and B1
senior unsecured bond rating from its recent agreement on another
coal supply contract with Mongolyn Alt LLC.

The outlook for the ratings is stable.

Ratings Rationale

Under the agreement, MAK will supply at least 3 million tonnes of
coking coal per annum to Winsway from 2012 for 10 years. Price
will be determined quarterly based on market prices.

"Securing supply on a long-term basis is credit positive and is
consistent with Winsway's business strategy, and which Moody's
has already factored into the ratings," says Ken Chan, a Vice
President and Senior Analyst at Moody's, adding, "With the new
contract in place, around 70% of Winsway's targeted Mongolian
coal procurement volume in 2012 will be backed by long-term
contracts, up from below 50% currently."

Furthermore, Moody's views the new contract as an extension of
Winsway's existing business relationship with MAK, which supplied
about 1.2 million tonnes to the company in 2010.

In terms of the carrying capacity of its railway, Winsway can
transport around 8 million tonnes annually. Therefore, it will
need to invest further in rolling stock to support total
projected volume of around 10 million tonnes in 2012.

Winsway's business growth remains supported by its healthy
liquidity position -- cash on hand of HK$5.8 billion as of June
2011 and short-term debt of HK$572 million. Such a strong
position is partially attributable to the presence of unused
proceeds from its issuance of US$500 million in bonds early this
year.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Winsway Coking Coal Holdings Limited's core industry and
believes Winsway Coking Coal Holdings Limited's ratings are
comparable to those of other issuers with similar credit risk.

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


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


ACNIELSEN INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Acnielsen International Research (Hong Kong) Limited,
on Oct. 20, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         20th Floor, Prince's Building
         Central, Hong Kong


AGB NIELSEN: Commences Wind-Up Proceedings
------------------------------------------
Members of AGB Nielsen Media Research (Hong Kong) Limited, on
Oct. 20, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         20th Floor, Prince's Building
         Central, Hong Kong


AIRCREW SERVICES: Members' Final Meeting Set for Nov. 29
--------------------------------------------------------
Members of Aircrew Services Limited will hold their final meeting
on Nov. 29, 2011, at 10:00 a.m., at 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, James Edward Hughes-Hallett and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


AIRCREW SERVICES (UK): Members' Final Meeting Set for Nov. 29
-------------------------------------------------------------
Members of Aircrew Services (UK) Limited will hold their final
meeting on Nov. 29, 2011, at 10:30 a.m., at 33rd Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, James Edward Hughes-Hallett and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


ASIAN COMMUNICATING: Members' Final Meeting Set for Nov. 28
-----------------------------------------------------------
Members of Asian Communicating Solutions Limited will hold their
final meeting on Nov. 28, 2011, at 10:00 a.m., at Suite 2414,
Level 24, Two Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Jean-Francois Archer, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


AUSTRIAN GAMING: Members' Final Meeting Set for Dec. 1
------------------------------------------------------
Members of Austrian Gaming Industries Hong Kong Limited will hold
their final meeting on Dec. 1, 2011, at 2:30 p.m., at the
Liquidator's office at Unit A, 5/F, Amtel Building, 144-148
Des Voeux Road Central, in Hong Kong.

At the meeting, Ha Yue Fuen Henry, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BONNY NICE: Members' Final Meeting Set for Nov. 29
--------------------------------------------------
Members of Bonny Nice Industries Limited will hold their final
general meeting on Nov. 29, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CANTRONIC INDUSTRIES: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Oct. 19, 2011,
creditors of Cantronic Industries Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

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


CHARTERMATE TECHNOLOGIES: Creditors' Meeting Set for Nov. 28
------------------------------------------------------------
Creditors of Chartermate Technologies (Hong Kong) Limited will
hold their meeting on Nov. 28, 2011, at 11:00 a.m., for the
purposes provided for in Sections 241, 242, 243, 244, 255A and
283 of the Companies Ordinance.

The meeting will be held at Unit A, 5/F, CKK Commercial Centre,
at 289 Hennessy Road, Wanchai, in Hong Kong.


CHITLINK ELECTRONIC: Creditors' Meeting Set for Nov. 4
------------------------------------------------------
Creditors of Chitlink Electronic International Limited will hold
their meeting on Nov. 4, 2011, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.

The meeting will be held at Room 2301, 23/F, Ginza Square 565-567
Nathan Road, Kowloon, in Hong Kong.


DG FINANCIAL: Creditors' Proofs of Debt Due Nov. 30
---------------------------------------------------
Creditors of DG Financial Consulting Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 30, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 21, 2011.

The company's liquidator is:

         Lam Wai Hay
         Room 2301, 23/F Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


EASY WELL: Members' Final General Meeting Set for Nov. 28
---------------------------------------------------------
Members of Easy Well International Trading Limited will hold
their final general meeting on Nov. 28, 2011, at 10:00 a.m., at
Room 1410, Harbour Centre, at 25 Harbour Road, Wanchai, in Hong
Kong.

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


EDEN'S NATURAL: Creditors' Meeting Set for Nov. 15
--------------------------------------------------
Creditors of Eden's Natural Synergy (HK) Limited will hold their
meeting on Nov. 15, 2011, at 3:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Units A & B, 12/F, Tin's Centre, at
Block 1, 3 Hung Cheung Road, Tuen Mun, New Territories, in
Hong Kong.


ELCOTEQ ASIA: Creditors' Proofs of Debt Due Nov. 30
---------------------------------------------------
Creditors of Elcoteq Asia Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Nov. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


EMERGING SOVEREIGN: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
Creditors of Emerging Sovereign Group Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


SOFT-TREK MEDIA: Creditors Get 2.2124% Recovery on Claims
---------------------------------------------------------
Soft-trek Media Limited, which is in liquidation, will declare
the first ordinary dividend to its creditors on or after Nov. 4,
2011.

The company will pay 2.2124% for ordinary claims.

The company's liquidator is:

         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


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B.B. ASIA: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Facilities
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR5
crore fund based working capital facilities of B.B. Asia Impex
Private Limited. The outlook on the rating is stable. ICRA has
also assigned a short term rating of '[ICRA]A4+' to the INR10
crore non-fund based bank limits of BBAIPL.

The ratings factor in the strong and established supplier-
customer network; considerable experience of the promoters in the
import and trading of polymers; and moderate gearing levels of
the company.  The ratings further factor in the cost advantage
the company derives from the customs authorities due to its green
channel status.  The ratings also consider the favorable outlook
for the company's revenues, in view of the favorable demand
outlook for polymers and chemicals in India; and the large supply
deficit leading to increase in import demand. The ratings,
though, are constrained by the constant change in the product mix
and volumes traded; highly volatile prices of the traded
commodities and the thin margins leading to low coverage
parameters and heavy dependence on imports which exposes BBAIPL
to regulatory risk such as levy of anti dumping duty and
withdrawal of DEPB benefit. The ratings are also impacted by the
high working capital intensity of the business and the weak cash
flows.

                        About B.B. Asia

B.B. Asia Impex Private Limited was started in the late 90s as a
partnership firm and was incorporated in August 2005. The company
dealt in marine exports, steel trading and also trading in items
like CFL lamps, stationery, electronic goods etc. in the recent
years though, the company has shifted its focus to the trading of
polymers and chemicals. The company has a skilled workforce of
about 20 people involved in the marketing and operational
aspects.

Petro group of companies are mainly involved in the trading of
imported and domestic polymer and chemical products. Petro Plast
Industries Limited and BB Asia Impex trade largely in imported
plastic raw materials and chemicals. Raj Chem Plast is the Del
Credere Agent (DCA) for GAIL's petrochemical products in Tamil
Nadu and Pondicherry. Other companies that the promoters own are-
Petroplast India Limited, which is the DCA for HPL, and Indus
valley Housing which is a JV owning land banks and involved in
real estate and housing development.


DYMES PHARMACHEM: ICRA Assigns [ICRA]BB Rating to INR3.05cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR3.05 crore fund based
facilities, INR0.76 crore term loans and INR0.94 crore
unallocated facilities of Dymes Pharmachem Limited.  The outlook
on the long-term rating is Stable. ICRA has also assigned
'[ICRA]A4' rating to INR1.25 crore letter of credit facility of
DPL.

The ratings assigned reflect Dymes Pharmachem Limited's moderate
scale of operations, high competitive intensity of the industry
which coupled with increasing raw material pressures has exerted
pressure on DPL's profitability and this situation is unlikely to
change in the medium term. The ratings also factor in moderate
debt protection indicators as reflected by Net Cash
Accruals/Total Debt (NCA/TD) of 19% and Interest coverage of 2.42
times in FY2011. ICRA has also taken into consideration DPL's
high customer concentration risk as around 90% of its sales are
to single customer Dr. Reddy's Laboratories Ltd. Although this
risk is partly offset by long track record of supplies to DRL and
the latter's strong standing in the pharma industry. However,
ICRA draws comfort from the long track record of DPL's promoters
in the pharmaceutical industry, its comfortable capital structure
with gearing at 0.65 times as on March 31, 2011, and favorable
demand prospects for DPL's products, especially, Thieno (3,2-C),
which is used in the manufacture of Clopidogrel bisulphate
intermediate.

                         About Dymes Pharmachem

Dymes Pharmachem Limited has been formed by takeover of 'Dymes
Exports Limited' in 2005 and is involved in manufacturing of
Active Pharmaceutical Ingredients (API) and its intermediates.
The company has been incorporated by Mr. V. Adinarayana and Mr.
M. Govinda Reddy, who have experience of more than two decades in
the pharmaceutical industry. The company has setup its
manufacturing facilities at Jeedimetla, Hyderabad. The facilities
are designed to comply with current good manufacturing practices
(cGMP). DPL currently complies with Good Manufacturing Practices
(GMP) of India and is also ISO 9001:: 2000 certified.

Recent Results:

As per provisional numbers for FY11, DPL reported operating
income of INR33.21 crore and net profit of INR0.51 crore.


HIND MOTORS: ICRA Reaffirms '[ICRA]BB' Rating on INR5.5cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating to the INR5.5 crore, long-
term, fund-based, bank facilities of Hind Motors Limited.  The
long-term rating has been assigned a "stable" outlook.

The rating reaffirmation takes into account the long experience
of the promoters and the established presence of the firm in the
dealership business. The rating also factors in favorably the
selection of the dealership by Bajaj Auto Limited as one of the
few dealerships in Northern India for the sale of its high end
motorcycles. The rating is, however, constrained by a
considerable decline in the company's operating revenue during
the past few years, HML's low profit margins on sale of vehicles,
spares and accessories as well as it's weak financial risk
profile reflected in moderate gearing and low debt coverage
indicators. The ability of HML to arrest the decline in its
operating revenues as well as increase sales of high end bikes,
which may lead to improvement in its operating margin, would be
key rating sensitivities going forward.

                         About Hind Motors

HML was established in 1971 and has been operating as a Bajaj
Auto Limited (BAL) dealership since its inception. It area of
operation covers the territory of Chandigarh and district Mohali
in Punjab. It has three showrooms (2 in Chandigarh and 1 in
Mohali) and two workshops (1 each in Chandigarh and Mohali). The
dealership has been recently selected by BAL as one of the three
dealerships in Northern India for sale of its high end
motorcycles.

Recent Results

In 2010-11 (provisional numbers), HML's operating income at
INR23.4 crore, reported a 7.8% decline over the previous year.
Also, the firm's operating profit before depreciation, interest
and tax at INR1.0 crore in 2010-11 (provisional numbers) reported
a growth of 11% over the previous year. HML report a profit after
tax (PAT) of INR0.1 crore in 2010-11 (provisional numbers).


INNOVA CHILDREN'S: ICRA Places '[ICRA]B+' Rating to INR15cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR15.00 crore fund based
facilities of Innova Children's Heart Hospital Private Limited.

The rating assigned reflects Innova Children's Heart Hospital
Private Limited's moderate scale of operations, high competition
in healthcare industry leading to high attrition rate of
consultants/doctors, ICHHPL's relatively high gearing of 1.54
times as on Sept. 30, 2011, and its moderate debt protection
metrics. ICRA has also taken into consideration its stretched
liquidity profile given its ongoing capex and the time required
to stabilize operations at the upcoming multispecialty division.
However, ICRA draws comfort from the experienced and well reputed
promoters/doctors especially Dr. K. S. Murthy, and the gradual
increase in per bed day inpatient revenue.

Innova Children's Heart Hospital Private Limited, incorporated in
2006, is a quaternary care hospital specializing in pediatric
cardiology. ICHHPL has been set up by a group of doctors (Dr.
Sujanee Murthy, Dr. Naga Rajan, Dr. Anil Kumar) led by Dr. K. S.
Murthy, to provide dedicated care for children suffering from
heart diseases both congenital and acquired, along with general
paediatrics. Prior to setting up of ICHHPL, Dr. K. S. Murthy
worked as a chief paediatric cardiac surgeon at Apollo Hospitals,
Hyderabad and as a consultant and head of the department of
paediatric cardiac surgery at the institute of cardio vascular
diseases, Madras Medical Mission for 13 years.

Recent Results:

In FY11, ICHHPL reported operating income of INR15.62 crore and
net profit of INR0.43 crore.


KUNDANMAL ROOPCHAND: ICRA Rates INR7.5cr Loans at '[ICRA]BB-'
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR7.50 crores
fund based limits of Kundanmal Roopchand Jewelers Private
Limited. The outlook on the long term rating is stable.

The assigned ratings take into account intensely competitive and
fragmented nature of the industry; KMRC's modest scale of
operations and its relatively high gearing levels which coupled
with low profitability has led to low debt coverage indicators
However the rating derives comfort from KMRC's experienced
promoters, their long track record in the jewellery business and
established relation with many jewellery wholesalers and
retailers. Going forward, ICRA expects KMRC's margins to remain
under pressure due to stiff competition and majority of sales
coming from low margin wholesale business. This coupled with high
working capital borrowings owing to working capital intensive
nature of business is likely to lead to moderate debt protection
indicators.

                       About KMRC Jewellers

KMRC Jewellers was set up as a partnership firm around 40 years
back by Mr. Roop Chand Soni in Ratangarh, Rajasthan. Subsequently
the promoters moved to Delhi and established another showroom in
Karol Bagh in the year 1995. In June 2005, the partnership firm
was converted to a private limited company. The company is
engaged in the manufacturing, designing, wholesale and retail
sales of gold, diamond and precious stone studded jewellery. At
present the showroom is managed by Mr. Roop Chand Soni and his
son Mr. Karan Singh Soni. KMRC has another group company R.C.
gems private limited which is also engaged in similar business
operations.

Recent results

In FY11, the company reported operating income of INR38.93 crores
and PAT of INR0.11 crores as against operating income of INR9.62
crores and PAT of INR0.04 crores in FY10.


NINANIYA ESTATES: ICRA Rates INR50cr Bank Loan at '[ICRA]B'
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR50
crore, proposed bank facilities of Ninaniya Estates Limited.

The rating factors in the limited track-record of the promoters
of NEL in the hospitality business; execution risk associated
with the project, considering that it is still in its nascent
stage; high demand risk, as commercial development on Gurgaon-
Faridabad Road has been gradual over the years; and intensely
competitive scenario expected in the premium hotel segment in
Gurgaon in the short-to-medium term because of significant
planned room additions. The rating is also constrained by high
funding risk given that the company has not yet achieved
financial closure for the project and is dependent on timely
sales of commercial complex and executive suites at reasonable
rates for part funding of the project. Nevertheless, the rating
derives comfort from the technical, management and marketing
associations of NEL with Starwood Hotels for the hotel property
and with BHPL for the Executive Suites, which provide the
benefits of good brand recognition and access to their
reservation and marketing systems; and low regulatory risk, as
the critical statutory approvals required during the construction
phase have already been obtained.

In ICRA's view, the key rating sensitivity is the ability of NEL
to sell the balance commercial space and executive suites in a
timely manner and at reasonable rates to get clarity on project
funding; arrange the proposed debt funding at favorable terms;
and implement the project within scheduled implementation period
(36 months) and within scheduled costs. Further, the company's
ability to command healthy average room revenues (ARRs) and
occupancies in hotel as well as executive suites to maintain its
profitability, in view of uncertain demand prospects for the
hotel property in the area and fixed liability in the form of
rentals in executive suites, will also be critical in determining
project feasibility and debt-servicing capability of the company.

                      About Ninaniya Estates

Incorporated in 2004-05, Ninaniya Estates Limited is in the
process of setting up an integrated project comprising an upscale
four-star hotel, executive suites and a commercial complex on a
5.05 acres plot in Sector-2, Gwal Pahari on Gurgaon-Faridabad
Road in Gurgaon (Haryana). This apart, the company owns two land
parcels in Gurgaon (Haryana) and Manesar (Haryana). While the
company plans to set up a commercial cum hospitality project on
its 5.05 acre plot in Hayatpur (Gurgaon, Haryana), its plans for
175 acres agricultural land in Manesar are not final as yet.

The project being currently executed by NEL on the Gurgaon-
Faridabad Road is the group's first venture in the commercial and
hospitality segment. The company has appointed two agencies,
namely, M/s Vastukriti and M/s Topline Buildtech for project
execution.

Besides several land deals and small projects, the group has
executed a group housing project in Sushant Lok Phase-I, Gurgaon
on an area of around 20 acres.


PETRO PLAST: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR15
crore fund based working capital facilities of Petro Plast
Industries Limited.  The outlook on the rating is stable. ICRA
has also assigned a short term rating of '[ICRA]A4+' to the INR50
crore non-fund based bank limits of PPIL.

The ratings factor in the strong and established supplier-
customer network; considerable experience of the promoters in the
import and trading of polymers; significant increase in the scale
of operations; and moderate gearing levels of the company. The
ratings also consider the favorable outlook for the company's
revenues, in view of the favorable demand outlook for polymers
and chemicals in India; and the large supply deficit leading to
increase in import demand. The ratings, however, are constrained
by the frequent change in the product mix and volumes traded;
highly volatile prices of the traded commodities and the thin
margins leading to low coverage parameters and heavy dependence
on imports which exposes PPIL to regulatory risk. The ratings are
also impacted by the high working capital intensity of the
business and the weak cash flows.

                        About Petro Plast

Petro Plast industries Limited was started in Chennai in 1995 and
commenced business by importing products from Saudi based
companies. PPIL has now grown into one of the largest importers
of polymers in South India. The main polymers that it imports are
Low Density Polyethylene (LDPE), High Density Polyethylene
(HDPE), Linear Low Density Polyethylene (LLDPE) and Polyvinyl
Chloride (PVC). The company has also been involved in the trading
of chemicals like soda ash, sodium carbonate etc. Recently, the
company has also started trading in the grades of domestic
manufacturers like GAIL (India) Limited, Haldia Petrochemicals
Limited (HPL) etc to reduce dependence on imports.

Petro group of companies are mainly involved in the trading of
imported and domestic polymer and chemical products. Petro Plast
Industries Limited and BB Asia Impex trade largely in imported
plastic raw materials and chemicals. Raj Chem Plast is the Del
Credere Agent (DCA) for GAIL's petrochemical products in Tamil
Nadu and Pondicherry. Other companies that the promoters own are-
Petroplast India Limited, which is the DCA for HPL, and Indus
valley Housing which is a JV owning land banks and involved in
real estate and housing development.


RAIPUR ROTOCAST: ICRA Reaffirms '[ICRA]BB+' on INR7.5cr Bank Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR7.50 crore fund-based bank facilities (enhanced from INR5.50
crore) of Raipur Rotocast Limited.  The outlook on the long-term
rating is 'stable'. ICRA has also reaffirmed the '[ICRA]A4+'
rating assigned to the INR0.50 crore non-fund based bank
facilities of RRL.

The ratings take into account the long track record of the
promoters of Raipur Rotocast Limited (RRL) in the steel sector;
the established and long-term relationship of RRL with its
reputed clients, which helps in getting regular business;
diversified product profile along with a diverse customer base;
profitable operations during 2007 - 2011, although the same has
remained at nominal levels and forward integration of the company
with the steel shot/grit processing unit of its group company,
Rotocast Industries Limited.  The ratings are, however,
constrained by the exposure of the company to the inherent
cyclicality of the steel industry; its relatively small scale of
operations, an unfavorable demand outlook from the automobile
sector in the short term at least and a weak financial profile,
as characterized by profitability at nominal levels and weak
coverage indicators.

The production facility of RRL has two induction furnaces of 2
metric tonne (MT) and 3.5 MT, respectively. The two furnaces are
used for its steel castings and steel shot/grit units with annual
installed capacities of 1,500 MT and 5,250 MT respectively.
Additionally, RRL is commissioning another induction furnace of 6
MT, which is expected to be operational shortly. During 2010-11,
the capacity utilization of steel castings declined
significantly, but improved substantially for the steel
shots/grits unit on account of buoyant demand conditions for the
latter from the automobile sector. At the same time, the
utilization of steel castings unit declined on account of a
decline in the number of orders received during 2010-11. In the
steel shot segment, RRL has a strong client base including
reputed companies in the automobile and auto ancillary
industries. As for the steel castings segment, the company has a
strong client base in the steel and mining industries. ICRA
believes that with the slower growth in the automobile industry
during 2011-12, RRL's business could have an adverse impact in
the short term. At the same time, the outcome of the integration
of RRL's capacities with the steel shots/grits processing unit of
Rotocast Industries Limited (RIL), with which RRL proposes to
merge, is yet to be seen.

The operating income of RRL has grown by 28% to INR49.39 crore in
2010-11 from INR38.47 crore in 2009-10 on account of increased
production of steel shots along with a significant increase in
its realizations during the year. In 2010-11, steel shots
contributed to around 80% of the total sales, while steel
castings contributed the balance. In 2010-11, the company
increased the production of steel shots significantly on account
of increased demand from the automobile industry. In the period
from 2008-09 to 2010-11, the profits and cash accruals of RRL
remained low on account of low value-addition in the steel
shots/grits business. The gearing levels of RRL increased to 1.13
times as on 31 March 2011 from 0.88 time as on 31 March 2010 on
account of an increase in working capital requirements, funded by
short-term loans from the promoters. Consequently, the coverage
indicators of RRL remained at moderate levels, as reflected by an
interest coverage of 2.7 times and net cash accruals relative to
total debt of 13.88% in 2010-11.

                        About Raipur Rotocast

Incorporated in 1984, RRL is a closely held company belonging to
the Raipur-based Malani & Mohta Group. RRL has facilities at
Raipur, Chattisgarh for manufacturing steel shots/grits and steel
castings from two induction furnaces of 2 MT and 3.5 MT each.

Recent Results:

In 2010-11, as per the audited financial statements, RRL reported
an operating income of INR49.39 crore and net profits of INR0.78
crore, as against an operating income of INR38.47 crore and a net
profit of INR0.73 crore in 2009-10.


RAJ CHEM: ICRA Assigns '[ICRA]BB' Rating to INR7cr Capital Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR7 crore fund based working capital facilities of Raj Chem
Plast.  The outlook on the rating is stable. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR8 crore non-
fund based bank limits of RCP.

The ratings factor in the status of the company as an authorized
Del Credere Agent of GAIL; and steady increase in income through
the interest arbitrage mode. The ratings also consider the
favourable outlook for the company's revenues, in view of the
favourable demand outlook for polymers in India; and GAIL's
planned capacity additions. The ratings, though, are constrained
by the company's high gearing, working capital intensity and the
increasing interest expense leading to decreasing net margins.
Moreover, the company's profitability and networth are vulnerable
to the credit risk of its customers, in view of the underlying
business risk profile of the DCA model.

                           About Ray Chem

Raj Chem Plast is the proprietorship concern of Mr. Raj Kumar
Agarwal and is the authorized Del Credere Agent (DCA) for GAIL's
polymers in Tamil Nadu and Pondicherry. The company operates as a
DCA and a consignment stockist and earns commission income for
these activities. Mr. Rajkumar Agarwal has more than two decades
of experience in the imports of plastic raw materials and uses
this expertise in handling the entire operations and marketing of
the firm.

Petro group of companies are mainly involved in the trading of
imported and domestic polymer and chemical products. Petro Plast
Industries Limited and BB Asia Impex trade largely in imported
plastic raw materials and chemicals. Raj Chem Plast is the Del
Credere Agent (DCA) for GAIL's petrochemical products in Tamil
Nadu and Pondicherry. Other companies that the promoters own are-
Petroplast India Limited, which is the DCA for HPL, and Indus
valley Housing which is a JV owning land banks and involved in
real estate and housing development.


REGALIA BUILDTECH: ICRA Assigns '[ICRA]BB' Rating to INR50cr Loan
-----------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB' to the INR50 crore
term loan limit of Regalia BuildTech & Services Private Limited.
The outlook on the assigned rating is Stable.

The assigned rating of Regalia BuildTech & Services Private
Limited favorably factors in the established track record of the
Karnani group in real estate sector; favourable location of the
proposed project at Nagvara at Outer Ring Road in Bangalore owing
to the proximity to Bangalore airport and an Information
Technology park -- Manyata Embassy Business Park and expected
demand from existing and upcoming residential projects in the
catchment area. Till October 2011, the company has been able to
execute lease agreement/term sheet for the lease of 37% of the
leasable project area with reputed retailers including 'Max
hypermarket India Private Limited' and multiplex operator - PVR
as anchor tenant. The project is in the possession of all
approvals and clearances and is being executed at satisfactory
pace.

However, the assigned rating of RBL is constrained by the
aggressive loan repayment schedule according to which the
repayment to be done in eight quarterly installments from
March 2013 to December 2014. The debt servicing would be
critically linked to RBL's ability to refinance the term loan by
way of raising Lease Rental Discounting (LRD) loan since lease
rentals in the initial phases of operations might not be
sufficient to service the debt obligations. The rating is further
constrained by the exposure of the company to funding risks given
that approximately 43% of the promoter's funding remains to be
infused as of August 2011.

                     About Regalia BuildTech

Regalia BuildTech & Services Private Limited which was
incorporated in 1998 by Mr. Anup S Karnani and his mother Mrs.
Pushpa S. Karnani, is a Mumbai-based real estate company. Till
2002; RBL was involved in the business of manufacture of textiles
under the erstwhile name of 'Regalia Apparels Private Limited'.
RBL is developing a two Basement and 7-storied retail mall cum
hotel cum multiplex Building in the name of 'Elements' at Nagvara
in Bengaluru. The company is a part of 'Karnani Group of
companies' which is a real estate developer in Western Suburbs of
Mumbai since 1960s. The group has so far developed around 90
residential/commercial projects in Mumbai with area coverage of
over 1,35,000 sq. mtrs.


SSPDL LIMITED: ICRA Reaffirms '[ICRA]BB+' Rating on INR8cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR8 crore fund
based facility of SSPDL Limited.  ICRA has also reaffirmed the
'[ICRA]A4+' rating to the INR9 crore non fund based facility. The
outlook on the long term rating is 'Stable'.

The ratings reaffirmation continues to reflect SSPDL's long
presence in the real estate market, its experienced management
and its moderate gearing levels. However, the ratings are
constrained by stressed financial performance of SSPDL in 2010-11
on account of sluggish sales and execution activity, reflected by
decline in revenue from sale of property, and high working
capital intensity on account of high receivables as well as
inventory levels. Moreover, SSPDL's operations are mainly
concentrated in Chennai and are highly susceptible to volatility
in real estate market. Although, SSPDL has significant real
estate development plans in Hyderabad and Kerala as well, which
are presently in planning stage under separate Special Purpose
Vehicles (SPVs), the implementation and market risks associated
with these projects are considerably high. In addition, these
projects could further entail debt funding which may impact the
financial risk profile of SSPDL. Going forward, the company's
ability to pick-up its sales volumes and collection efficiency in
an otherwise competitive & sluggish market environment would be
the key sensitivity factors.

                        About SSPDL Limited

Incorporated on Oct. 17, 1994, as a public limited company, SSPDL
Limited (erstwhile Srinivasa Shipping & Property Development
Limited) is in the business of real estate development and
construction of buildings, commercial and residential complexes.
The company was originally promoted by Srinivasa Hatcheries Group
and Mr. Challa Prakash. The company made its public issue in May
1995 to raise a capital of INR0.75 crore and got its shares
listed on Bombay, Hyderabad and Madras Stock Exchanges. On 10th
April 2003, Srinivasa Hatcheries Group has divested its holding
in favour of Mr. Challa Prakash, Mr. Challa Suresh, Mr. E Bhaskar
Rao and M/s. Sri Krishna Devaraya Hatcheries Private Limited. In
2010, SSPDL has entered into a joint venture with UK based
Interserve Plc, by forming a subsidiary Company i.e. SSPDL
Interserve Private Limited (SIPL), for carrying on construction
business in India. While SSPDL will continue with its focus on
real estate development projects, it is looking at major
expansion plans in the construction business through its
subsidiary SIPL.

Recent results:

During 2010-11, SSPDL recorded a net profit of INR6.10 crore on
an operating income of INR36.85 crore as against a net loss of
INR2.64 crore on an operating income of INR48.98 crore in
2009-10.


VICTOR ELECTRODES: ICRA Assigns '[ICRA]D' to INR5.5cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR5.50
crore fund based limits of Victor Electrodes Limited.  ICRA has
also assigned '[ICRA]D' rating to the INR0.50 crore non fund
based facilities of VEL.

ICRA's rating action factors in the company's adverse capital
structure and stretched liquidity which have resulted in delays
in debt servicing by the company. ICRA's rating also factors in
concerns arising from the low scale of operations resulting in
limited economies of scale and intense competitive pressures from
organized and unorganized players and Chinese imports, which in
turn constrains the operating margins of the company. Low
profitability coupled with a levered capital structure has
resulted in inadequate coverage indicators for the company. ICRA
has however noted the company's long track record of operations
in the welding consumables business, established dealer network,
and growing proportion of sales to Indian Railways.

                      About Victor Electrodes

Victor Electrodes Limited was established in 1986 by Mr. Dinesh
Kapoor as a private limited company and later it was converted
into a public limited company in 1998. It is engaged in the
manufacturing of variety of welding electrodes. Its manufacturing
facilities are located in Mangolpuri Industrial Area (Delhi) and
Bahdurgarh (Haryana) with a total capacity of 680 tons per month.
The products are marketed under the brand name- "Victor" through
a network of dealers and distributors spread across different
states with a small percentage being sold to the Indian Railways.
The operating income of Victor Electrodes Limited stood at
INR18.97 crores in FY 2010, while the company reported a PAT of
INR0.09 crores.


* INDIA: Government to Restructure Loans for Textiles Sector
------------------------------------------------------------
The Economic Times reports that the government is working on a
package to restructure up to INR5,000 crore worth of loans for
the textiles sector but has ruled out a debt waiver.

According to the news agency, textiles secretary Rita Menon said
that facing a slowdown, the textiles sector has been saddled with
loans and has proposed a four-pronged strategy to deal with the
burden.  It wants the interest rate on the debt to be reset,
besides seeking conversion of working capital into fresh debt,
which will cost INR835 crore, the Economic Times relates.

The report further says the companies have sought a two-year
moratorium on repayment of the restructured debt and have
proposed a 4.5% interest subsidy on packaging credit.


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


AGC TRUST: Moody's Lowers Rating of Class B Notes to 'Caa3'
-----------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class B
Trust Certificates issued by AGC Trust.

Class B, Downgraded to Caa3 (sf); previously on September 9,
2011, B3 (sf) placed under review for possible downgrade

Deal Name: AGC Trust

Class: Class B Trust Certificates

Issue Amount (initial): JPY6 billion

Dividend: Floating

Issue Date (initial): September 7, 2007

Final Maturity Date: August, 2014

Underlying Asset (initial): Class B Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the Specified Bond

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Securities Inc.

AGC Trust is a single-asset/single-borrower CMBS deal, effected
in October 2007.

The Originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, the Originator
executed a loan to a Tokkin Trust (Tokkin loan receivables).

The Originator then entrusted both the Tokkin loan receivables
and Tokkin Trust Certificates to another trustee, and in turn
obtained Trust Certificates, which are divided into Classes A, B,
C1, C2. The Trust Certificates incorporate a senior/subordinated
structure.

The Originator then sold the Class B Trust Certificates through
the Arranger to investors. The Trust Certificates are rated by
Moody's.

Dividends on the rated Trust Certificates are made using interest
collections as specified bond interests. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.

Ratings Rationale

The current rating action reflects these factors:

1. Moody's has re-assessed the property's stabilized cash flows
   and value in light of the rental market conditions in sub-
   markets around the property. It has also re-evaluated the
   performance of the underlying property in terms of occupancy
   rates and actual rent prices. As a result, Moody's has decided
   to apply higher stress on the stabilized value, reducing it by
   about 45% from the initial estimate.

2. In light of Moody's re-assessment, losses on the Class B Trust
   Certificates are highly likely.

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.


ASAHI LIFE: S&P Withdraws 'BB-' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' financial
strength and long-term counterparty credit ratings on Asahi
Mutual Life Insurance Co. at the company's request. The outlook
on both ratings was negative.


J-CORE 13 TRUST: Moody's Cuts Rating on Class C Notes to 'B1'
-------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A
through E Trust Certificates issued by J-CORE 13 Trust.

  Class A, downgraded to A1 (sf); previously on September 9,
  2011, Aa3 (sf) placed under review for possible downgrade

  Class B, downgraded to Baa3 (sf); previously on September 9,
  2011, Baa2 (sf) placed under review for possible downgrade

  Class C, downgraded to B1 (sf); previously on September 9,
  2011, Ba2 (sf) placed under review for possible downgrade

  Class D, downgraded to B2 (sf); previously on September 9,
  2011, Ba3 (sf) placed under review for possible downgrade

  Class E, downgraded to Caa2 (sf); previously on September 9,
  2011, B2 (sf) placed under review for possible downgrade

Deal Name: J-CORE13 Trust

Class: Class A through E Trust Certificates

Issue Amount (initial): JPY42.7 billion

Dividend: Floating

Issue Date (initial): December 18, 2007

Final Maturity Date: September, 2014

Underlying Asset (initial): Class A Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the specified bond

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Securities Inc.

J-CORE 13 is a single-asset/single-borrower CMBS deal, effected
in December 2007.

The Originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, the Originator
executed a loan to a Tokkin Trust (Tokkin loan receivables).

The Originator then entrusted both the Tokkin loan receivables
and Tokkin Trust Certificates to another trustee, and in turn
obtained the Trust Certificates, which are divided into Classes
A, B, C1, C2. The Trust Certificates are senior to the next
junior class sequentially.

The Originator further entrusted cash and Class A of the Trust
Certificates to the J-CORE 13 Trust trustee, and in turn obtained
the Class A through E Trust Certificates (Trust Certificates),
which it then sold through the Arranger to investors. The Trust
Certificates are rated by Moody's.

Dividends on the rated Trust Certificates are made using interest
collections as specified bond interest. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.

Ratings Rationale

The current rating action reflects these factors:

1. Moody's has re-assessed the property's stabilized cash flows
   and value in light of the rental market conditions in sub-
   markets around the property. It has also re-evaluated the
   performance of the underlying property in terms of occupancy
   rates and actual rent prices. As a result, Moody's has decided
   to apply higher stress on the stabilized value, reducing it by
   about 45% from the initial estimate.

2. In light of Moody's re-assessment, losses on the Class E Trust
   Certificates are highly likely.

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.


JLOC37: Moody's Lowers Rating on Class D1/D2 Notes to 'C'
---------------------------------------------------------
Moody's Japan K.K has changed ratings on the Class A1 through B2
Notes and D1/D2 Notes issued by JLOC37.

  Class A1/A2, upgraded to Aaa (sf) from Aa3 (sf); previously, on
  February 10, 2011, downgraded to Aa3 (sf) from Aa2 (sf)

  Class B1/B2, upgraded to Baa1 (sf) from Ba1 (sf); previously,
  on February 10, 2011, downgraded to Ba1 (sf) from A3 (sf)

  Class D1/D2, downgraded to C (sf) from Caa3 (sf); previously,
  on February 10, 2011, confirmed at Caa3 (sf)

Deal Name: JLOC37

Class: Class A1 through D2

Issue Amount (initial): JPY81.22 billion

Dividend: Floating

Issue Date (initial): July 11, 2007

Final Maturity Date: January, 2015

Underlying Asset (initial): 10 non-recourse loans backed by real
estate

Originator: Morgan Stanley Japan Securities Co., Ltd. and Morgan
Stanley Japan Limited (as of the issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

JLOC37, effected in July 2007, represents the securitization of
10 loans backed by real estate. The originator transferred the 10
loans to the issuer SPE, which issued the Class A1 through D2 and
X notes, and then sold them to investors. The notes are rated by
Moody's.

The underlying loans are classified as either component loans or
pooled loans. Component loans are further divided into senior and
junior components. The senior component and pooled loans will
secure the Class A1 through D2 notes.

Interest and principal collections from the pooled loans will be
used to make payments on the senior notes. Interest payments on
the notes will be made sequentially, while principal payments
will be made pro-rata. Principal collections from the underlying
loans (other than defaulted loans) will be used to pay down the
Class A through D notes pro-rata.

Interest and principal collections from the component loans will
be used to pay down the senior and junior notes. Interest
payments on the senior and junior components will be made
sequentially, while principal payments will be made pro-rata.
Principal collections from the underlying loans (other than
defaulted loans) will be paid pro-rata, according to the
outstanding amount of the senior and junior components.

Interest and principal payments made on the senior component
loans will be used to pay the interest on and principal of the
senior notes in the same manner as the pooled loans: interest
payments on the notes will be made sequentially, while principal
payments will be made pro-rata. Principal collections from the
senior component (other than defaulted loans) will used to pay
down the Class A through D notes pro-rata.

Currently, three non-recourse loans -- backed by six properties -
- remain. They are under special servicing.

Rating Rationale

1) The recovery of the loan backed by hotels outside a major city
   and under special servicing is higher than Moody's
   assumptions.

2) After recovery activities, losses on the remaining loan are
   highly likely, and could negatively affect the Class D note.

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.


JUROKU BANK: S&P Withdraws 'B' Bank Fundamental Strength Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'A-' long-term
and 'A-2' short-term counterparty credit ratings on Juroku Bank
Ltd. at the bank's request. "At the same time, we also withdrew
the 'B' bank fundamental strength rating on Juroku Bank," S&P
related.


TOKYO ELECTRIC: Government Likely to Approve Financial Assistance
-----------------------------------------------------------------
The Wall Street Journal reports that the Japanese government is
expected to approve financial assistance to Tokyo Electric Power
Co. this week, after the embattled utility sought about
JPY1 trillion, or about US$13 billion, in public funds Friday to
deal with compensation claims from the disaster at the Fukushima
Daiichi nuclear plant.

The news agency relates that the government's objective is to
keep the company afloat.  Without public funds, the Journal
notes, TEPCO would have to report a capital deficit for the July-
September quarter, results of which are due by Nov. 14.  Even the
slightest hint of bankruptcy of a company with JPY13 trillion in
liabilities could trigger major financial turmoil, the Journal
says.

According to the Journal, public assistance is expected to
sustain TEPCO in a state of positive net worth of about
JPY700 billion at the end of the current business year in March,
even after booking an expected annual net loss of about
JPY570 billion.

But if the bleeding continues at the current pace, much of the
capital would be lost in the next business year, the report
relays.  The Journal relates that a government official familiar
with the matter said this makes it crucial for TEPCO to secure
either an electricity-rate increase or an early restart of idled
nuclear reactors to deal with the cost increases resulting from
the prolonged stoppage of nuclear power plants and greater
reliance on expensive thermal power.

Meanwhile, the Journal reports that the official said TEPCO's
main creditor banks are expected to accept a request to maintain
the balance of their loans to TEPCO -- now at about JPY2 trillion
-- through the current business year.  In addition, the
government-affiliated Development Bank of Japan is expected to
increase its supply of working capital to TEPCO, the official
added.

According to the Journal, TEPCO originally sought to have the
bank loan balance maintained for the next 10 years. But the banks
found it difficult to agree to that, given the many uncertainties
about the business outlook, including future electricity rates
and the restart of reactors.

                        About Tokyo Electric

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

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

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


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


HIBERNIAN CREDIT: NZ$1.2MM Theft Adversely Affect Credit Union
--------------------------------------------------------------
Rosaleen Macbrayne at APNZ reports that a spokesman for the
Hibernian Catholic Benefit Society said that the actions of a
woman jailed Friday for a NZ$1.2 million fraud against the
Wellington non-profit benefit society have dealt its associated
credit union a "fatal blow."

According to APNZ, Mike McBride, president of the Hibernian
Catholic Benefit Society and chairman of the Hibernian Credit
Union, revealed the union is being forced into liquidation,
although the society would carry on.

Credit union accounts represented the life savings of some
elderly members.

"Generally, these are not wealthy people," the report quotes the
retired Inland Revenue tax investigator, who did not personally
lose any money, as saying.

APNZ notes that the ongoing theft by former trusted employee
Susan Hagai, 45, had adversely affected the benefit society,
which was established in 1869 to provide mutual aid and support,
such as life assurance, housing loan and funeral costs.

A credit union set up later to provide savings and loan
facilities became a separate legal entity in 1988, the report
discloses.

According to the report, Mr. McBride said all members of the
society had been affected badly by the fraud, but none more so
than the 458 Credit Union participants.

APNZ relates that Mr. McBride said the members had suffered "a
very real and tangible loss" and been told they could expect to
lose at least half of their savings.  The reaction had been
disbelief, anger, tears and disgust, he said.

Branches of the society and trusts with accounts with the credit
union would be severely limited in the benefits and grants they
could offer, APNZ relays.

Mr. McBride, as cited by APNZ, said the credit union had assets
of less than NZ$80,000 remaining.  The costs associated with
placing it in liquidation would further reduce the funds
available to redistribute.

However, the society would be able to recover from the fraud,
thanks to its stronger position -- assets of just under NZ$10
million.

Both the society and the credit union had spent a considerable
sum of money identifying and tracing the fraud -- which extended
over at least six years -- and getting legal and other advice.
Those costs had topped NZ$154,000 and continued to rise, APNZ
adds.

Founded in 1869, The Hibernian Catholic Benefit Society is a
friendly society which offers financial services to about 2,800
members, of which about 20% to 30% are also with the credit
union.


HIGHCLIFF ROAD: PricewaterhouseCoopers Appointed as Liquidator
--------------------------------------------------------------
Simon Hartley at Otago Daily News reports that Highcliff Road Ltd
has been placed in the hands of liquidators.  The company was
owned by former Dunedin property developer Geoffrey Kennedy, who
has been sentenced to 11 years' jail in Australia on drug
charges.

Otago Daily News says the company has been placed in the hands of
Christchurch-based liquidators from PricewaterhouseCoopers and
creditors have until November 25 to make claims.

It is not known if the liquidation was voluntary or forced, or if
there are outstanding debts, Otago Daily reports.

According to the report, Mr. Kennedy developed Harbour Heights in
Highcliff Rd, Dunedin, and was also involved in a 580 sqm. two-
storey building development in King Edward St in South Dunedin at
the time he was arrested.  He later sold the unfinished
development.

Otago Daily News relates that Mr. Kennedy and Colombian partner
Jennifer Romero-Maya were respectively 53 and 30 years old when
convicted in the Supreme Court Brisbane on August 16 of
attempting to possess a marketable quantity of an unlawfully
imported border-controlled drug.  They were sentenced to 11
years' jail time.


NATHANS FINANCE: Former Auditor's Bid May Derail NZ$66MM Claim
--------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that a bid by Nathans
Finance's former auditor could derail a NZ$66 million claim
brought by the failed firm's receiver.

Nathans Finance collapsed in August 2007, owing 7,000 investors
about $174 million.

The company's former directors -- Mervyn Doolan, John Hotchin,
Kenneth (Roger) Moses and Donald Young -- were convicted this
year on Securities Act charges relating to untrue statements made
in the company's offer documents.

Messrs. Moses and Doolan were sentenced to more than two years'
jail while Mr. Young got nine months' home detention.  Mr.
Hotchin, who made an early guilty plea and then testified against
his former colleagues, received 11 months' home detention.

According to the report, PricewaterhouseCoopers receiver Colin
McCloy is attempting to recover investor losses from the
directors and the firm's auditor, Staples Rodway.

nzherald.co.nz recalls that Staples Rodway's Christopher Hughes,
who worked with Nathans, pleaded guilty last year to charges
brought by the Institute of Chartered Accountants relating to his
treatment of the failed finance firm's statements.

According to nzherald.co.nz, Mr. McCloy's counsel, Murray Tingey,
argued Monday that if the auditor had performed its duty,
receivers would have been brought in earlier and more money would
have been left for investors.

Mr. Tingey, as cited by nzherald.co.nz, said the auditor failed
to properly assess the recoverability of related-party loans
Nathans made to VTL Group and subsidiaries.

No date for the trial has been set and lawyers for both groups
appeared in the High Court at Auckland Monday to hear an
application for security of costs from the defendants, the report
relays.

The report states that the mechanism is to ensure that if Mr.
McCloy is unsuccessful in his claim, then there are funds set
aside to pay the defendants' court costs.

The application for up to NZ$890,000 security was brought by
Staples Rodway after Mr. Doolan's counsel withdrew, the report
discloses.

But Mr. Tingey said only NZ$540,000 was left in Nathans'
accounts, which was needed for the receiver's own legal fees. And
he said if an award of security was made, the NZ$66 million claim
against the auditor would have to be dropped, nzherald.co.nz
reports.

Mr. Tingey said many of Nathans 7,000 out-of-pocket investors
were elderly and it was not feasible for them to put forward
funds for security, the report relates.

But Staples Rodway counsel Philippa Fee said some of
NZ$2.5 million paid to investors in December 2009 should have
been left aside for security, especially as the receiver
indicated a civil claim might be brought.

Justice Geoffrey Venning has reserved his decision on the
security for costs, the report adds.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers
on Aug. 20, 2007.  The company owed approximately NZ$174 million
to some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of
vending machine related businesses which operate in New Zealand,
Australia, North America and Europe.


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


INFOWAVE PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 14, 2011, to
wind up the operations of Infowave Pte Ltd.

Arrow Asia Opportunity Fund Limited filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         Singapore 069118


LANDMARK CHEMICALS: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
Creditors of Landmark Chemicals Asia Pte Ltd, which is in
member's voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


MAVERIC LTD: Creditors' Proofs of Debt Due Nov. 28
--------------------------------------------------
Creditors of Maveric Ltd, which is in member's voluntary
liquidation, are required to file their proofs of debt by
Nov. 28, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SPS ELECTRIC: Court to Hear Wind-Up Petition Nov. 11
----------------------------------------------------
A petition to wind up the operations of SPS Electric Pte Ltd will
be heard before the High Court of Singapore on Nov. 11, 2011, at
10:00 a.m.

Lam Chee Group filed the petition against the company on Oct. 18,
2011.

The Petitioner's solicitor is:

         Messrs Loy & Company
         133 New Bridge Road
         #13-06 Chinatown Point
         Singapore 059413


STYLE EVOLUTION: Court to Hear Wind-Up Petition Nov. 11
-------------------------------------------------------
A petition to wind up the operations of Style Evolution LLP will
be heard before the High Court of Singapore on Nov. 11, 2011, at
10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Oct. 18, 2011.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


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


* S&P: One U.S.-Based Default Last Week; 2011 Total at 36
---------------------------------------------------------
One corporate issuer defaulted last week, raising the 2011 global
corporate default tally to 36, said an article published Friday
by Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (Oct. 20 - 27, 2011)."  The rating on
U.S.-based Trailer Bridge Inc. was revised to 'SD' from 'CCC'
after the company provided confidential information regarding its
debt obligations.

Of the total defaulters this year, 26 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, and Russia.

Of the defaulters by this time in 2010, 49 were U.S.-based
issuers, nine were from the other developed region (Australia,
Canada, Japan, and New Zealand), eight were from the emerging
markets, and two were European issuers.

Fourteen of this year's defaults were due to missed interest or
principal payments and seven were due to distressed exchanges--
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with six defaults, and regulatory
actions accounted for three. Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one
issuer had its banking license revoked by its country's central
bank, another was appointed a receiver, and three were
confidential.

By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.


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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***