TCRAP_Public/111117.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

          Thursday, November 17, 2011, Vol. 14, No. 228

                            Headlines



A U S T R A L I A

ADDAMO FRESH: In Liquidation; Owes Up to AUD5 Million
QUANTUM MULTIMEDIA: Placed in Administration; Deloitte Appointed
SEIZA AUGUSTUS: Fitch Affirms AUD19 Million Notes at 'BBsf'


C H I N A

NETWORK CN: Charles Liu Appointed to Board of Directors


H O N G  K O N G

STANDARD CHARTERED: Members' Final Meeting Set for Dec. 12
STAR MICRONICS: Commences Wind-Up Proceedings
SUPERB UNION: Members' Final Meeting Set for Dec. 12
UNITED KAYU: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ACTION RETAIL: ICRA Cuts Rating on INR5cr Loan to '[ICRA]D'
BIO-GEN EXTRACTS: ICRA Assigns '[ICRA]BB' to INR8cr Bank Loan
BRAND ALLOYS: ICRA Places '[ICRA]B' Rating on INR85cr Term Loan
CHETAN STEELS: ICRA Assigns '[ICRA]B+' Rating to INR10.75cr Loan
DISHA COMM: ICRA Puts '[ICRA]BB+' Rating on INR7.25cr Loan

G.C. TUBES: ICRA Assigns '[ICRA]BB-' Rating to INR35cr Loan
HALDIA STEELS: ICRA Assigns [ICRA]B+ Rating to INR28cr Term Loan
ISPAT DAMODAR: ICRA Assigns '[ICRA]B' Rating to INR72cr Loan
JR RECREATION: ICRA Assigns [ICRA]BB+ Rating to INR90.07cr Loans
K. PATEL: ICRA Assigns '[ICRA]B+' Rating to INR24cr Bank Loans

KINGFISHER AIRLINES: Plans to Raise INR10 Billion in Loans
KINGFISHER AIRLINES: Must Raise Fresh Funds Before Restructuring
MANGE RAM: ICRA Assigns '[ICRA]B' Rating to INR1cr Cash Credit
SANGHAVI SHOE: ICRA Assigns '[ICRA]BB' Rating to INR8cr Term Loan
SONIC THERMAL: ICRA Assigns '[ICRA]B' Rating to INR46.4cr Loan

SUKHM INFRA: ICRA Assigns '[ICRA]BB-' Rating to INR40cr LT Loan
VEDANTA RESOURCES: Moody's Says Structure Behind B1 CFR Outlook


I N D O N E S I A

FAJAR SURYA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.


J A P A N

CORSAIR (JERSEY): S&P Puts 'B+' Tranche Rating on Watch Positive


K O R E A

HYNIX SEMICONDUCTOR: S&P Puts 'B+' Corporate Credit Rating


N E W  Z E A L A N D

AMI INSURANCE: Court Denies AMI's 'My' Trademark Bid
BRIDGECORP LTD: Former Directors Trial Resumes
SEALEGS CORP: Half Year Net Loss Widens to NZ$1.2 Million


                            - - - - -


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A U S T R A L I A
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ADDAMO FRESH: In Liquidation; Owes Up to AUD5 Million
-----------------------------------------------------
Madeleine Heffernan at SmartCompany reports that Addamo Fresh Pty
Ltd has collapsed after racking up more than AUD5 million in debt
to banks and suppliers.

SmartCompany relates that Rodgers Reidy associate director Shane
Cremin --  RR@rodgersreidy.com.au -- said his company was
appointed liquidators at the start of the month at the request of
Addamo's solicitors.

Mr. Cremin said banks are due about AUD3 million and suppliers
more than AUD2 million.  The Australian Taxation Office is also a
creditor, SmarCompany relays.

According to SmartCompany, several offers have already been filed
for the business, whose revenue could have been as high as
AUD20 million.  The major supermarkets -- Woolworths, Coles and
Aldi -- account for between 80% and 90% of patronage, the report
notes.

Mr. Cremin, as cited by SmartCompany, said several elements led
to the collapse: the increasing price of buying from farms due to
the floods earlier this year, the "general economy", and a
decision by a key customer to reduce its operations.  That
decision sliced about $4 million in earnings over a 12-month
period, Mr. Cremin said.

A creditors' meeting was held on November 15.  Offers for the
sale of plant and equipment, truck and vehicle fleet, packaging
stock and materials, business names and trademarks, workforce and
existing premises will close on November 23.

Based in Beaconsfield, Victoria, Addamo Fresh Pty Ltd --
http://www.addamofresh.com.au/-- trades under Addamo Packers and
Cockatoo Farms, is a fresh fruit and vegetable supplier and
packager.


QUANTUM MULTIMEDIA: Placed in Administration; Deloitte Appointed
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that accounting firm
Deloitte confirmed that Quantum Multimedia Communications has
collapsed into administration.

SmartCompany relates that Quantum was placed into administration
on November 9, just two days after a receiver was appointed.
Deloitte partners Timothy Norman -- tnorman@deloitte.com.au --
and Simon Wallace-Smith -- swallace@deloitte.com.au -- have been
appointed.

Although it has not disclosed any of its clients, the business
claims its partners include one of the largest telcos in
Australia, along with state local government agencies, and one of
the country's largest food manufacturers and marketers, according
to SmartCompany.

Deloitte has confirmed the business has continued to operate, the
report says.

According to SmartCompany, Deloitte also said in a call for
expressions of interest that the business has an established
customer base with contracts in the telecommunications industry,
along with state and local government agencies.

The company is described as a national call centre operator, with
locations in three Australian states, and revenues of around
AUD20 million, SmartCompany adds.

Quantum Multimedia Communications Pty. Ltd. was incorporated in
Australia, in September 2000 as a company providing outsourcing
contact center services such as information dispatching (outbound
and inbound) and business process outsourcing.


SEIZA AUGUSTUS: Fitch Affirms AUD19 Million Notes at 'BBsf'
-----------------------------------------------------------
Fitch Ratings has affirmed three classes of notes issued by
Australian Executor Trustees Limited as trustee of the Seiza
Augustus Series 2007-1 Trust.  The transaction closed in
April 2007, and is a securitisation of small balance commercial
and residential mortgages originated by Seiza Mortgage Company
Pty Limited.  The rating actions are as listed below:

  -- AUD2.23 mil. Class B (ISIN AU3FN0002457) affirmed at 'AAsf';
     Outlook Stable

  -- AUD21.85 mil. Class C (ISIN AU3FN0002465) affirmed at 'Asf';
     Outlook Stable;

  -- AUD19.02 mil. Class D (ISIN AU3FN0002463) affirmed at
'BBsf';
     Outlook Stable

"Total charge-offs have increased in the last year, due to large
principal shortfalls and the consistent balance of loans in
arrears for more than 300 days.  The transaction has, however,
amortized considerably, in turn increasing the level of credit
enhancement of the rated notes.  Future recoveries are expected
to positively impact the notes," said James Zanesi, Director in
Fitch's Structured Finance team.

The transaction has paid down from initial liabilities of
AUD404.7 million to liabilities of approximately AUD51.1 million
as of Oct. 20, 2011, considering the level of charge-offs to-
date, at which point the pool comprised 123 residential and
commercial mortgages.  Low-documentation loans represented 45% of
the pool.  As of October 2011, two loans were in arrears for more
than 90+ days, accounting for 5.84% of the pool.

As of the October 2011 payment date, the total cumulative
mortgage shortfall amounted to AUD28m, of which AUD14.4m has been
reimbursed via excess spread and income from liquidation
proceeds.  A unique feature of this transaction is the full
charge-off of loans that are greater than 300 days in arrears.
Due to this feature, the transaction has experienced a certain
degree of volatility in terms of charge-offs.  The class E, F and
G notes, which are not rated by Fitch, have experienced charge-
offs during the life of the transaction.  Currently, only class F
and G notes are fully charged-off while class E notes have been
charged-off by AUD51,427.  Charge-offs related to loan in arrears
for more than 300 days amounted to AUD8.2 million as of Oct. 20,
2011.  Currently, the excess and loss provision reserve have been
fully used. The current liquidity facility amounts to AUD13
million, representing 25% of the collateral pool.

As the mortgage portfolio decreases in size, the risk of
principal losses resulting from the default of large loans
becomes a relevant driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timing and
prepayment rates, with each tranche passing at its respective
rating level.


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C H I N A
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NETWORK CN: Charles Liu Appointed to Board of Directors
-------------------------------------------------------
The Board of Directors of Network CN Inc. resolved to increase
the authorized number of Board members from five to six members,
and to appoint Charles Liu to fill the vacancy occasioned by the
increase, effective as of Nov. 16, 2011.   The Board also
appointed Mr. Liu to serve as a member of the Company's Audit
Committee and Nominating Committee as of the Effective Date.

The Board has also determined that Mr. Liu qualifies as an
"independent" director as that term is defined by the rules of
the Nasdaq Stock Market.

Mr. Charles Liu.  Mr. Liu, aged 61, has over 38 years' experience
in the banking industry, and has worked since January 2009 as a
financial advisor to various listed and private companies.  Prior
to that, Mr. Liu served from August 1970 to December 2008, in
various capacities with Citibank Hong Kong, and since March 2004,
as Director of its Asia Pacific Regional Processing Center,
focusing on syndicated loans, agencies and trusts.

The Company has not entered into any written agreement with Mr.
Liu, but as a non-employee director of the Company, he will be
entitled to a monthly cash fee of $1,500 and will be granted an
award of 75,000 shares which shall be vested on June 30, 2012, so
long as he continues in his role as a director that date.

There are no arrangements or understandings between Mr.  Liu and
any other persons pursuant to which he was selected as a director
and there are no transactions between the Company and Mr. Charles
Liu that would require disclosure under Item 404(a) of Regulation
S-K.

                          About Network CN

Network CN Inc. (OTC QB: NWCN) -- http://www.ncnmedia.com/-- is
building a multi-media, multi-application out-of-home advertising
network in the key cities of China.  Network CN Inc. was
incorporated in the State of Delaware in 1993 and is
headquartered
in Causeway Bay, Hong Kong.

As reported in the TCR on Mar 24, 2011, Baker Tilly Hong Kong
Limited, in Hong Kong SAR, expressed substantial doubt about
Network CN's ability to continue as a going concern, following
the
Company's 2010 results.  The independent auditors noted that the
Company has incurred net losses of $2.60 million and
$37.38 million for the years ended Dec. 31, 2010, and 2009,
respectively.  As of Dec. 31, 2010, the Company recorded a
stockholders' deficit of $3.52 million.

The Company's balance sheet at June 30, 2011, showed $1.28
million
in total assets, $5.59 million in total liabilities and a $4.30
million total stockholders' deficit.


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


STANDARD CHARTERED: Members' Final Meeting Set for Dec. 12
----------------------------------------------------------
Members of Standard Chartered Asia 2 (Hong Kong) Limited will
hold their final meeting on Dec. 12, 2011, at 10:00 a.m., at 8th
Floor, Gloucester Tower, The Landmark, at 15 Queen's Road
Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


STAR MICRONICS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Star Micronics Asia Limited, on Nov. 7, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ho Wai Ip
         Room 1903, 19/F
         World-Wide House
         19 Des Voeux Road
         Central, Hong Kong


SUPERB UNION: Members' Final Meeting Set for Dec. 12
----------------------------------------------------
Members of Superb Union Investment Limited will hold their final
general meeting on Dec. 12, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, at 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.


UNITED KAYU: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Oct. 28, 2011,
creditors of United Kayu Agencies Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

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


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ACTION RETAIL: ICRA Cuts Rating on INR5cr Loan to '[ICRA]D'
-----------------------------------------------------------
ICRA has downgraded the long term rating assigned to the
INR5.00 crore fund based working capital limits and INR6.60 crore
term loan of Action Retail Ventures Private Limited from
'[ICRA]BB' to '[ICRA]D'. The outlook on the long term rating has
been withdrawn.

The rating downgrade takes into account the stretched financial
profile leading to delays in debt servicing by the company. The
rating also takes into consideration the decline in profitability
witnessed by the company owing to increase in raw material costs.
The gearing of the company continues to remain high because of
low net worth base and high borrowings. The rating is also
constrained by ARVPL's moderate scale of operations, high
competitive intensity, its low profitability and its high working
capital intensive nature of business. However, ICRA has also
noted the strengths like its experienced management and the
benefits enjoyed by the company being a part of the well-
established Action Group such as established brand and pan India
distribution network.

                        About Action Retail

Action Retail Ventures Private Limited is a part of Action group
having interest in various sectors such as Footwear, Hospitals,
Iron and Steel, Power Backup Devices and Real Estate etc. The
company was incorporated in FY2006 to serve as retailing arm for
the footwear business of the group. The company buys footwear
from Nikhil Footwear Private Limited and then sells it to the
distributors.

Recent Results:

The company reported a net profit after tax of INR0.21 crore on
an operating income of INR28.73 crore in FY 2011.


BIO-GEN EXTRACTS: ICRA Assigns '[ICRA]BB' to INR8cr Bank Loan
-------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB' to the INR8.80 Crore
fund based facilities of Bio-gen Extracts Private Limited.

Rating Rationale

ICRA's rating action factors in moderate size of the company,
increasing competitive intensity in the nutraceutical business
owing to limited regulatory barriers and limited bargaining power
of the company with its key customers and international
suppliers. The rating also factors in the limited market position
of the company as it supplies predominantly to the domestic
market, which also has resulted in limited market size
availability for company's products. Further the rating also
factors in the risks associated with the green field Dobbaspet
plant of the company and limited visibility on the capacity
utilization levels of the new plant in the near future beyond
present production levels of the company. The capacity of the new
plant is around 100 MT/ month as against the present 20 MT/ month
capacity of the company. The rating also factors in the modest
cash flows at the gross level, in spite of healthy profitability
due to increasing working capital intensity.

At the same time the rating favorably factors in the almost
decade long presence of the promoters in the industry, expertise
in development of the products as evidenced by a portfolio of
around 30 products and filing of drug master files, acquisition
and retaining of customers as evidenced by over 300 customers and
almost 6-7 years of relationship with its key customers. With the
help of increase in the sales of final customer products and
ability to pass on the increase in the raw material prices at
regular intervals, the revenues of the company have grown almost
at a CAGR of 50% over last three years. ICRA also draws comfort
from profitable nature of the operations and good coverage
indicators, which are expected to be maintained at the present
operational levels. While the outlook of nutraceutical products
is good in medium to long term driven by demography and lifestyle
changes and increasing awareness of preventive medication, the
success of products and companies depend upon regular investment
in the development activities owing to high research findings
risk and perception risk inherent to the industry. While the new
facility being commissioned by the company would be EU- GMP
(European Union Good manufacturing practice) compliant facility,
the actual certification might take longer time, minimizing its
benefit in the near future. The commissioning of the Greenfield
plant of the company has been delayed reducing the flexibility of
moratorium; with debt repayments scheduled to start in May 2012
.There has been a moderate cost escalation on this behalf and due
to changes in the plant design by the company. While funding for
the escalated cost is yet to be tied up, BEPL has flexibility to
use internal accruals and other forms of funding due to its
limited use of cash credit facilities as against the actual
working capital requirements of the business. Successful
commissioning of the Dobbaspet project, with all the requisite
approvals and scaling up of the sales to maintain the good
coverage indicators are key rating sensitivity factors.

                        About Bio-gen Extracts

Bio-gen Extracts Private Limited was incorporated in the year
2000 and is being promoted by Mr. Piyush Mohta, Mr. Jai Shankar
R. and Mr. Saif M. Mekhri. BEPL is a WHO-GMP certified company
and manufactures Therapeutic Enzymes, Active Pharmaceutical
Ingredients [API / Chemicals] and Nutraceuticals/Dietary
Supplements with manufacturing of nutraceuticals contributing to
more than 90% sales. In terms of therapeutic targets BEPL is
focused on Gynecology, Orthopedics, Hematology and Anti-Malarial
segments. BEPL has 20 MT/ month refining capacity in Sunkadakatte
in Bangalore and is presently commissioning a new manufacturing
facility in Dobbaspet industrial area near Bangalore.


BRAND ALLOYS: ICRA Places '[ICRA]B' Rating on INR85cr Term Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR85.0 crore term
loan (including a proposed limit of INR45.0 crore) and
INR54.00 crore cash credit (including a proposed limit of INR50.0
crore) facilities of Brand Alloys Limited.  ICRA has also
assigned an '[ICRA]A4' rating to the INR10.0 crore non fund based
bank facilities (including a proposed limit of INR5.0 crore) of
BAL.

While assigning the ratings, ICRA has also considered the
business risk profiles of BAL's group companies Haldia Steels
Limited (rated at [ICRA]B+ and [ICRA]A4), Ispat Damodar Limited
(rated at [ICRA]B and [ICRA]A4) and Sonic Thermal Limited (rated
at [ICRA]B and [ICRA]A4), since all of them are engaged in the
steel and related industries and operate under a common
management. The ratings take into account the ongoing weakness in
the steel industry, BAL's weak financial risk profile reflected
by its low profitability and subdued coverage indicators, the
high working capital intensity of the company's business
impacting liquidity and the funding risks related to the captive
power plant project of BAL, as the proposed debt tie up is still
pending. The ratings are also constrained by the vulnerability of
the company's profits and cash flows to the cyclical trend
inherent in the steel industry and the substantial debt
obligations of the company, which is likely to exert pressure on
BAL's liquidity position in the short to medium term. The
ratings, however, take into consideration the long experience of
the company's promoters in the steel industry, its diversified
product lines mitigating the demand risks associated with a
single product, the accreditation obtained by the company from
the Research Designs and Standards Organisation (RDSO) for
supplying casnub bogies and some other casting products to the
Indian Railways, and BAL's comfortable capital structure, though
the same has deteriorated over the past few years.

                      About Haldia Steels

Incorporated in 1994, BAL has the manufacturing facilities for
20,000 tons per annum (TPA) of billets, 30,000 TPA of TMT bars,
5,000 TPA of steel fabrications and 10,000 TPA of steel castings
at its plant located at Serampore, West Bengal. The company is an
RDSO approved vendor for supplying casnub bogies and some other
casting products to the Railways. The TMT rolling mill of the
company is currently utilised for the conversion of billets into
TMT bars for Tata Steel Limited. BAL has recently commissioned a
sponge iron manufacturing facility and a coal washery with the
estimated capacities of 60,000 TPA and 3,24,000 TPA respectively
at its newly set up plant at Keonjhar, Orissa.

Besides BAL, the other group companies engaged in the steel
business include Haldia Steels Limited (rated at [ICRA]B+ and
[ICRA]A4 by ICRA), Ispat Damodar Limited (rated at [ICRA]B and
[ICRA]A4 by ICRA) and Sonic Thermal Limited (rated at [ICRA]B and
[ICRA]A4 by ICRA).

Recent Results:

The company reported a net profit of INR0.03 crore in 2010-11 on
an operating income of INR105.98 crore, as compared to a net
profit of INR0.74 crore on an operating income of INR114.52 crore
during 2009-10. In the first three months of 2011-12 ended
June 2011, BAL posted a net profit of INR0.86 crore (provisional)
on a net sale of INR40.94 crore (provisional).


CHETAN STEELS: ICRA Assigns '[ICRA]B+' Rating to INR10.75cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR10.75 crore fund based limit, INR5.21 crore term loan ,
INR0.04 crore unallocated bank lines and a short term rating of
'[ICRA]A4' to the INR5 crore non fund based limits of Chetan
Steels Private Limited.

The assigned rating takes into consideration CSPL's moderate
scale of operation, fragmented nature of the industry with low
entry barriers resulting in intensive competition and low value
additive nature of the business leading to low operating and net
profit margins. The rating is also constrained by the high
working capital intensive nature of the business and high gearing
level of 4.75 times as on March 31, 2011. Further significant
dependence on Steel Authority of India Limited and Jindal Steels
for the supply of raw materials limits its bargaining power.
However the rating favorably factors in the established track
record of CSPL and the wide experience of its promoters in the
wire manufacturing business. The rating also factors in the
healthy growth in its turnover with a CAGR of 42% in the last
four years along with a low client concentration risk. Further, a
favorable demand outlook for the real estate and consumer
durables industry, both end users of the company's products,
indicates a healthy growth in the revenues of the company in the
future.  Going forward, the company's ability to maintain
operating margins in competitive environment will be critical in
sustaining its competitive business profile.

                         About Chetan Steels

CSPL was incorporated in the year 1986 for manufacturing of
Galvanized wire, shaped wire, copper coated wires, spring washer
wire, stay wire, cables accessories etc. It is managed by its two
directors Mr. G.S. Rathi and his son Mr. Raghav Rathi. The
directors have wide experience in the Iron and Cement industry,
especially in the steel wire drawing business.

Wire drawing is a metalworking process used to reduce the cross-
section of a wire by pulling the wire through a single, or series
of, drawing die. There are many applications for wire drawing,
including electrical wiring, cables, tension-loaded structural
components, springs, paper clips, spokes for wheels, and stringed
musical instruments. Chetan Steels is in the business of
supplying wires for air-conditioner and refrigerator condensers
and hardware components.


DISHA COMM: ICRA Puts '[ICRA]BB+' Rating on INR7.25cr Loan
----------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB+' to the INR7.25 Crore
fund based facilities of Disha Communications Private Limited.

Rating Rationale

ICRA's rating is constrained by the moderate size of operations
of DCPL and modest net worth of the company, high competitive
intensity of the business which results in limited profitability
and counterparty risk faced by the company on its debtors. The
media planning business of the company, which contributes to
almost 90% of the turnover, remains susceptible to changes in
regulatory policies. Currently Indian Newspaper Society rules do
not allow companies to approach news papers directly except via
accredited agencies. Any major changes here could constrain the
business of the media planning agencies like DCPL. Further DCPL's
advertising business is also exposed to economic downturns as
advertising spends by companies are generally reduced during
recession.

Nevertheless, the rating draws comfort from long presence of the
company in the industry with good track record, its experienced
management team and reputed client base. The rating also factors
in profitable operations o the company which has resulted in
improvement of its financial risk profile over the last few
years, evidenced by the decrease in the gearing levels and
improvement in coverage indicators of the company. Further low
fixed capital intensity of DCPL's business has resulted in
limited dependence on term loans resulting in low repayment
burden.

Going forward the ability of the company to increase its
turnover, maintain its profitability margins in an intensely
competitive industry and at the same time enhance the
contribution from other business segments and geographies would
improve the business profile and are the key rating
sensitivities.

                      About Disha Communications

Disha Communications Private Limited is a mid-sized advertising
agency and has built a presence as an advertising and media
planning agency for over last 25 years. Headquartered in
Bangalore, it has presence in other major cities like Chennai,
Hyderabad, New Delhi, Mumbai as well as tier-2 cities like
Cochin, Jaipur, Meerut, Mathura, and Hubli. The revenues of the
company are mainly driven from media planning business and news
paper advertisements. However the company is also enhancing its
presence in other business segments like TV advertising,
creative's, creative printings, event management, retainership
etc and going forward has plans to enter social media and mobile
advertising etc.

In FY-2011 DCPL recorded an OPBITDA of INR1.25 crores and PAT of
INR0.83 crores on turnover of INR72.51 crores.


G.C. TUBES: ICRA Assigns '[ICRA]BB-' Rating to INR35cr Loan
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB-' to the INR35.00
crore fund based limits of G.C. Tubes Pvt Ltd.  The outlook for
the long term rating is stable.

The assigned ratings take into consideration GCTPL moderate scale
of operations, low profitability and low value add nature of
company's operations given its presence in trading business,
limited bargaining power vis--vis customers which are relatively
larger entities.  Low profitability coupled with relatively high
gearing (2.95 times as on March 31, 2011) has translated into low
debt protection indicators (Net Cash Accruals/Debt of 2.39% and
interest coverage of 1.30 times in FY 2011) for the company. The
ratings however draw comfort from firm's long track record of
operations and the experience of the management in steel pipes
and tubes trading business; established past relations with its
key customers which this has resulted in repeat orders from some
of its customers. The rating also find comfort from the favorable
demand outlook for the steel industry driven by increased demand
from residential and commercial buildings, infrastructure,
agriculture, furniture, automobile etc.

                           About G.C. Tubes

G.C. Tubes Pvt. Ltd incorporated in year 2000 is wholesale dealer
and distributor of pipes and tubes. Mr. Mahavir Prasad Jain and
Vinod Kumar Jain, promoters of this company have been in this
pipe trading business for more than two decades. The promoters
also have a group concern R T Tubes which is into trading of
black and square pipes and tubes.

Recent Results:

In 2010-11, the company has reported an operating income (OI) of
INR125.26 crore with a profit after tax of INR0.81 crore compared
to an OI of INR108.71 crore and profit after tax
INR0.80 crore in 2009-10.


HALDIA STEELS: ICRA Assigns [ICRA]B+ Rating to INR28cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR28.0 crore term
loan and INR35.0 crore cash credit facilities of Haldia Steels
Limited.  ICRA has also assigned an '[ICRA]A4' rating to the
INR30.0 crore non fund based bank facilities of the company. The
cash credit limit of the company has a sub-limit of INR10.0 crore
towards short term fund based facilities, for which ICRA has
assigned an '[ICRA]A4' rating.

While assigning the ratings, ICRA has also considered the
business risk profiles of HSL's group companies Brand Alloys
Limited (rated at [ICRA]B and [ICRA]A4), Ispat Damodar Limited
(rated at [ICRA]B and [ICRA]A4) and Sonic Thermal Limited (rated
at [ICRA]B and [ICRA]A4), since all of them are engaged in the
steel and related industries and operate under a common
management. The ratings take into account the ongoing weakness in
the steel industry, HSL's low profitability and improving but
modest coverage indicators reflecting a weak financial profile,
the vulnerability of the company's profits and cash flows to the
cyclical trends inherent in the steel industry, the exchange rate
fluctuation risks to which the company remains exposed because of
its significant export sales and the execution risks related to
the expansion programme taken up by HSL. However, the ratings
also consider the experience of the promoters in the steel
industry and a comfortable operational profile of the company
supported by vertical integration to an extent, satisfactory
levels of capacity utilisations at its existing facilities, the
presence of a waste heat recovery based captive power plant which
reduces cost of operations and a conservative capital structure
of the company.

                       About Haldia Steels Limited

Incorporated in 1996, Haldia Steels Limited is currently engaged
in the production of ferro alloys, sponge iron and billets. The
manufacturing facilities of the company are located at Durgapur
of West Bengal, with the capacities of 36,000 TPA of ferro
alloys, 1,20,000 TPA of sponge iron and 1,20,000 TPA of billets.
HSL also has a waste heat based captive power plant of 8 MW.
Besides HSL, the other group companies engaged in the steel
business include Brand Alloys Limited (rated at [ICRA]B and
[ICRA]A4 by ICRA).


ISPAT DAMODAR: ICRA Assigns '[ICRA]B' Rating to INR72cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR72.00 crore term
loan and INR43.00 crore cash credit facilities (including the
stand by line of credit limit of INR5.00 crore) of Ispat Damodar
Limited.  ICRA has also assigned an '[ICRA]A4' rating to the
INR22.20 crore non-fund based bank facilities of IDL.

While assigning the ratings, ICRA has also considered the
business risk profiles of IDL's group companies Brand Alloys
Limited (rated at [ICRA]B and [ICRA]A4), Haldia Steels Limited
(rated at [ICRA]B+ and [ICRA]A4) and Sonic Thermal Limited (rated
at [ICRA]B and [ICRA]A4), since all of them are engaged in the
steel and related industries and operate under a common
management. The ratings take into account IDL's weak financial
profile as reflected by its low net profitability and return on
capital employed, depressed level of coverage indicators and a
highly working capital intensive nature of operations, which in
turn impacts its liquidity position adversely. The ratings also
factor in the significant delay in the implementation of the
ongoing ferro alloy unit, which may lead to cost overrun of the
project and the cyclicality inherent in the steel business, which
is passing through a difficult phase, is likely to adversely
impact the profitability of the players in the steel industry
including IDL. ICRA notes that the company incurred substantial
operating losses in 2010-11; however, the net profits were
supported by significant non operating income. IDL is currently
expanding its billet and ferro alloys capacities and is also
setting up a captive power plant. While this would strengthen its
operating profile post commissioning, the company would face
project related risks in the near term. IDL has substantial debt
repayment obligations in the near term that may adversely affect
the liquidity of the company. The ratings, however, consider the
experience of IDL's promoters in the steel industry, its
diversified product portfolio, which reduces the demand risks
associated with a single product, location of the manufacturing
unit in proximity to raw material sources that reduce freight
costs, and a comfortable capital structure of the company.

JR RECREATION: ICRA Assigns [ICRA]BB+ Rating to INR90.07cr Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR90.07 crore term loans
of JR Recreation Clubs and Resorts Limited. The outlook on the
rating is stable.

The rating factors in the favorable location of the hotel
property being developed by the company at Jaipur which is an
important tourist destination. ICRA also draws comfort from the
fact that the financial closure for the project has been achieved
and initially envisaged equity contribution has been brought in
by the promoters. ICRA also takes into consideration JRRCRL's
association with InterContinental Hotels Group (Asia Pacific) Pte
Ltd (IHGAP - Crowne Plaza Brand) which provides strong brand
recognition and offer JRRCRL access to IHGAP's global reservation
systems. These strengths are however tempered by the project
execution risks, including risks of cost and time overrun, that
are typical of greenfield hotel projects although the fact that
the company has engaged eminent and reputed agencies for project
execution and that key project approvals have been obtained
partly mitigate these risks. The rating is also constrained by
relatively high cost per room which might limit the profitability
and elongate the payback period; market risks owing to high
competition and the expected increase in room supply in the city
which are likely to result in pressures on occupancy rates and
Average Room Revenues (ARRs) once the project becomes
operational. Further, as it would take some time for the hotel to
reach optimal occupancy levels, the returns for the projects in
the initial years of operations are likely to remain modest.
Nevertheless, ICRA draws comfort from the financial strength of
the promoter company - (Dharampal Satyapal Limited (rated
[ICRA]A+ (Stable)/[ICRA]A1)) and their commitment to JRRCRL in
case of any contingency.

                         About JR Recreation

JR Recreation Clubs & Resorts Limited is a wholly owned
subsidiary of DS Hotel & Resorts (India) Limited (DSHRL - rated
[ICRA]BBB-(stable) by ICRA), a company promoted by Dharampal
Satyapal Limited (DSL). JRRCRL is setting up 218 rooms five star
hotel in Jaipur and the hotel will be branded as Crowne Plaza.
The project is in the initial stages of development and is
scheduled to be operational by January 2013. The total cost for
the project is INR180.14 crore which is to be funded by INR90.07
crore term loans and INR90.07 of equity contribution.


K. PATEL: ICRA Assigns '[ICRA]B+' Rating to INR24cr Bank Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR24.00 crore fund-based bank facilities and INR2.39 crore term
loan facilities of K. Patel Metal Industries Pvt Ltd.  ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR1.00
crore non-fund based bank facilities of KPMIPL. ICRA has also
assigned an [ICRA]A4 rating to the INR3.00 crore fund-based and
INR15.50 crore non-fund based bank facilities which are sub-
limits of INR24.00 crore long term fund based facilities.

Rating Rationale

The assigned ratings are constrained by KPMIPL's highly adverse
capital structure and weak coverage indicators, reflecting an
adverse financial risk profile; and limited value adding nature
of the manufacturing process leading to thin profitability of the
company. ICRA also notes KPMIPL's small scale of current
operations which limits the company's bargaining power vis-a-vis
both suppliers and customers. The ratings are also constrained by
KPMIPL's high working capital intensity on account of a high
credit period given to customers, which leads to a liquidity
squeeze; and KPMIPL's exposure to the cyclicality associated with
the copper industry, which is likely to make cash flows volatile.
Nevertheless, the ratings favourably factor in the significant
experience of the promoters of KPMIPL in the copper wire
industry; its reputed and diversified customer base; and the
favourable outlook for the power and heavy engineering sectors,
which are the company's key consuming sectors.

                         About K. Patel

Incorporated in 1992, K. Patel Metal Industries Pvt Ltd has been
in the business of manufacturing enamelled copper wires from
continuous cast copper (CC) rods. KPMIPL has a manufacturing
facility, with an annual production capacity of 3,180 metric
tonnes of copper wires. The products manufactured by KPMIPL find
application in power and heavy engineering industries. CC rod,
which is the key raw material, is procured from reputed copper
manufacturers. K Patel Group has presence in real estate as well
as dyes and pigments. K. Patel Chemopharma Pvt Ltd is a reputed
supplier of dyes and pigments and has significant presence in the
export market.


KINGFISHER AIRLINES: Plans to Raise INR10 Billion in Loans
----------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd. plans to
raise INR10 billion in loans, said Ravi Nedungadi, chief
financial officer of parent UB Group.

Mr. Nedungadi told reporters in Mumbai on Tuesday that the
carrier has sought a term loan of INR1.5 billion to reconfigure
its aircraft, Bloomberg relates.

Bloomberg relates that Mr. Nedungadi said it may also hold a
rights offer before the end of March and sell property in Mumbai
to raise funds.

             Mallya Denies Kingfisher Air May Collapse

Meanwhile, Bloomberg News reports that Vijay Mallya, the
billionaire chairman of Kingfisher Airlines, dismissed
speculation the carrier may collapse as it cuts flights, seeks
new loans and asks for government assistance.

"To suggest an immediate grounding of the airline is neither fair
nor reasonable," Bloomberg quotes Mr. Mallya as saying at a press
conference in Mumbai on Tuesday.  Cancellations "have been blamed
on entirely the wrong reasons," he said.

Mr. Mallya said an Indian investor has also approached Kingfisher
about buying a stake, the report relates.

Mr. Mallya also called on the government to ease restrictions on
overseas carriers investing in Indian airlines and to lower taxes
on jet fuel, according to Bloomberg.

Mr. Mallya, as cited by Bloomberg, said that Kingfisher hadn't
asked for a government bailout and that it wouldn't fire any of
its about 7,000 employees.  The carrier has asked banks to boost
working-capital facilities and also sought to lower interest
costs, he said.

              Reliance Denies Report on Stake-Buy Talks

Reuters reports that a spokesman for Reliance Industries denied
on Wednesday a newspaper report the Indian energy major was in
talks to buy a stake in Kingfisher Airlines.

According to Reuters, The Business Line newspaper had reported
that Reliance might make a financial investment or pick up a
stake through a preferential offer by the carrier, which could be
followed up by an open offer to public shareholders.

Citing an unnamed person close to the airline, the paper said
Reliance was understood to have engaged a merchant banker to
carry out due diligence of the carrier, says Reuters.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KINGFISHER AIRLINES: Must Raise Fresh Funds Before Restructuring
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Kingfisher Airlines Ltd. --
which is facing serious headwinds due to a severe cash crunch --
must raise about INR8 billion ($158.8 million) to reduce its
debt, bankers to India's second-largest airline by market share
have demanded.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 3, 2011, The Economic Times reported that Kingfisher
Airlines
denied it was going for another debt restructuring but said it
had sought lenders' help to substitute high-cost rupee borrowings
with low-cost foreign current debt.  According to the report,
Ravi Nedungadi, President and group Chief Financial Officer, said
in a statement that the carrier has also asked banks to "appraise
working capital requirements in the usual course, to account for
changes in international prices of fuel and the change in rupee-
dollar parity."  "The banks are in active consideration of these
requests and there is absolutely no question of another debt
recast," the report quotes Mr. Nedungati as saying.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


MANGE RAM: ICRA Assigns '[ICRA]B' Rating to INR1cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to Fund Based
Cash Credit of INR1.00 crore and '[ICRA]A4' rating to the
captioned LOC of INR5.00 crore to Mange Ram Dilbag Singh.

The ratings are constrained by intensely competitive nature of
the business characterized by low margins. The ratings also take
into account the firm's modest scale of operations and
vulnerability of its profits to fluctuations in product prices.
However, the ratings draw comfort from the firm's experienced
promoters with long track record in trading of agricultural and
other commodities, strong revenue growth in the last two years
and its established relations with customers which have enabled
it to secure repeat orders from them in the past.

Mange Ram Dilbag Singh is a proprietorship concern established in
1984, with Mr. Dilbag Singh as its sole proprietor. MRDS is
primarily engaged in import and trading of fruits and vegetables.
Apart from agricultural commodities, the firm also trades in
commodities such as copper and aluminum rods, PVC, Resin,
Bitumin, wood, etc. The firm is based out of Sonepat, Haryana and
sells its products under its registered brand 'MRDS'.

In FY2011, the company reported operating income of INR6.76 crore
and profit before tax of INR0.15 crore.


SANGHAVI SHOE: ICRA Assigns '[ICRA]BB' Rating to INR8cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR8.0
crore term loans and INR7.0 crore fund based limits of Sanghavi
Shoe Accessories Private Limited.  The outlook on the long term
rating is stable.

The rating favorably factors in the long experience of the
promoters in the shoe last manufacturing business and the healthy
operating margins of the company. However the rating is
constrained by the company's modest scale of operations,
relatively slow revenue growth which largely depend on shoe
manufacturers introducing new designs, vulnerability of raw
material prices to fluctuations in price of crude oil, low net
profit margin, low asset turnover ratios and stretched capital
structure characterized by high gearing and weak coverage
indicators.

                        About Sanghavi Shoe

Sanghavi Shoe Accessories Private Limited was established in 1982
& has been involved in manufacturing of plastic shoe-lasts since
then. It has its corporate office in Mumbai and bulk production
units in Halol, Vellore and Agra. Apart from this it has
prototype development cum mini production centres at Chennai &
Kanpur.

Recent Results

The company reported a net profit of INR0.4 crore on net sales of
INR21.8 crore in FY11 as compared to a net profit of INR0.3 crore
on net sales of INR19.9 crore in FY10.


SONIC THERMAL: ICRA Assigns '[ICRA]B' Rating to INR46.4cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR46.40 crore term
loan and INR10.00 crore cash credit facilities of Sonic Thermal
Limited.  ICRA has also assigned an '[ICRA]A4' rating to the
INR27.72 crore non-fund based bank facilities of STL.

While assigning the ratings, ICRA has also considered the
business risk profiles of STL's group companies Brand Alloys
Limited (rated at [ICRA]B and [ICRA]A4), Ispat Damodar Limited
(rated at [ICRA]B and [ICRA]A4) and Haldia Steels Limited (rated
at [ICRA]B+ and [ICRA]A4), since all of them are engaged in the
steel and related industries and operate under a common
management. The ratings take into account the ongoing weakness in
the steel industry, STL's small scale of current operations and
lack of captive power plant which is likely to adversely affect
the cost structure of the company.

The ratings also take into consideration the weak financial
profile of the company characterized by a low net profitability,
aggressive capital structure and depressed levels of coverage
indicators, and the cyclicality inherent in the steel business,
which makes margins and cash flows volatile. Moreover, a highly
working capital intensive nature of operations impacts the
liquidity position of the company. STL has substantial debt
repayment obligations in the short to medium term that may
adversely affect the liquidity of the company. The ratings,
however, consider the experience of the promoters in the steel
and ferro-alloy industries and the location of the manufacturing
unit in proximity to raw material sources, leading to low landed
costs of input materials. ICRA, however, notes that the company
has successfully commissioned a manganese ore beneficiation and a
briquetting plant, which is likely to lead to an improvement in
its operating efficiency going forward.

                          About Sonic Thermal

STL, incorporated in 2002, is engaged in the manufacturing of
ferro alloys. The company has two submerged EAFs with an
installed capacity of 27,000 MTPA. The manufacturing facilities
of the company are located at Barjhora, Bankura in West Bengal.
Besides STL, the other group companies engaged in the steel
business include Brand Alloys Limited (rated at [ICRA]B and
[ICRA]A4), Ispat Damodar Limited (rated at [ICRA]B and [ICRA]A4)
and Haldia Steels Limited (rated at [ICRA]B+ and [ICRA]A4).


SUKHM INFRA: ICRA Assigns '[ICRA]BB-' Rating to INR40cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR40.00 crore long term
fund-based facilities of Sukhm Infrastructures Private Limited.
The outlook on the long term rating is stable.

The rating takes into account benefits accruing to SIPL from the
operational and financial support of financial investors and
experienced senior management, which coupled with an attractive
project location surrounded by developed residential area of
Mohali is expected to result in satisfactory sales realizations.

The rating also favorably factors in alleviated funding risk as
majority of promoter funding has been infused and the funding
requirement for the development purposes has been tied through
term loans. However, rating is constrained on account of track
record of significant delays in the project as reflected in
extension of timeline provided by Punjab Government till March
2012 vis-a-vis original project completion date of October 2009;
further, the development work at the site is still at nascent
stage; and hence SIPL may require further extension in timeline
from the state government. The scope of the project, which
included construction of towers and encompassed total investment
of around INR900 crore has now been reduced to land development
with minimal construction activity; as a result, the investment
required in the project has now reduced to about INR200 crore and
has also minimized the execution time, risk and funding
requirements.

While the company has currently received bookings for about 50%
of industrial plots, the residential and commercial portions of
the project are yet to be launched for bookings. Further, the
project concentration risk is high, as SIPL is a project SPV
floated by Sree Vrindavan Housing & Builders Private Limited for
executing this project (Integrated IT Mega Project in Mohali,
Punjab). The level of the sales will also be impacted by the
cyclicality inherent in the sector and slowdown in demand owing
to recent hikes in interest rates.

Going forward, successful completion of development work within
budgeted cost and timelines stipulated by Punjab Government;
level of bookings, sale rate achieved and timely collections of
payments from customers will remain key rating sensitivities.

                      About Sukhm Infrastructures

Incorporated in 2005, Sukhm Infrastructures Private Limited is a
special purpose vehicle floated by Sree Vrindavan Housing &
Builders Private Limited, which has entered into a joint
development agreement with Arcane Developers Private Limited to
execute integrated IT mega project over 100 acres of land at
Sector 66-A, Mohali. The maiden project of SIPL (integrated IT
mega project) was approved by Government of Punjab in October
2006, and comprises of 60% IT/non polluting business related
industrial plots; 30% Residential space and 10% Commercial space.
The project was scheduled to be finished within three years from
October 2006; however, Punjab Government has provided extension
till March 2012.


VEDANTA RESOURCES: Moody's Says Structure Behind B1 CFR Outlook
---------------------------------------------------------------
Moody's Investors Service says that Vedanta Resources PLC's key
credit issues arising from the Group's structure and its
strategic direction have remained undiminished over these past
few years, and are behind the negative outlook for its Ba1
corporate family rating and its Ba2 senior unsecured bond rating.

"Various credit issues have been largely unaddressed or unchanged
through the last few years, and despite its larger organization
and broader footprint, some of Vedanta's issues are now more
pronounced, and weigh on the company's credit profile and
ratings, culminating in the current rating and outlook," says
Alan Greene, a Moody's Vice President and Senior Credit Officer.

"Vedanta's condition as reflected by its consolidated EBITDA is
impressive. However, its acquisition policy is based on control
and not full ownership, and on pro-rata basis its leverage is
higher. At the same time, further subordination pressure is
building on the parent company's debt which cannot be readily
eased, as its Indian subsidiaries face restrictions on
guaranteeing such debt," adds Greene, also Moody's lead analyst
for Vedanta.

Greene was speaking on the release of a Moody's analysis of
Vedanta, looking at the credit strengths which drive the CFR as
well as the challenging group structure which impacts the senior
unsecured debt rating at the parent level. The report was
authored by Greene and Nidhi Dhruv, a Moody's Associate Analyst.

"The disparity in the Vedanta group -- between the cash-
generating operations in India with minimal third-party debt and
the heavily indebted parent, with low cash upstreaming from its
subsidiaries beyond servicing their intercompany loans with it --
is stark," says Greene.

"At the same time, Vedanta has seemed reluctant to upstream
dividends from operating companies through the myriad of holding
companies to the Parent plc. As a result, loans taken to fund
acquired equity stakes are not being covered by returns from the
investments, leading to the accumulation of debt and losses at
the Parent. This has led Vedanta to convert capital reserves at
various levels in the structure into distributable reserves in
order to stop the run of losses and allow Parent company
dividends to be paid", says Greene.

Moody's notes that interim dividends have been declared by two
Indian subsidiaries, Hindustan Zinc Limited and Sterlite
Industries India Limited, in October 2011. However, these initial
payments merit caution, and a regular pattern of distribution is
required in Moody's view.

The report further notes that doing business in India requires
perseverance and Vedanta faces challenges on many fronts, from
mining rights, land ownership, settlement compensation, pollution
to export bans.

Furthermore, given various uncertainties -- such as regulatory
issues in India -- and the multi-directional growth strategy that
the company tends to pursue, Moody's notes a high degree of event
risk associated with Vedanta's credit profile.

However, Moody's also derives comfort from the company's track
record in executing new projects, its low cost operations, and
the fact that the inorganic and organic growth initiatives
support its geographic and product diversification.


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


FAJAR SURYA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Indonesia-based packaging paper producer PT Fajar Surya Wisesa
Tbk. to negative from stable. "At the same time, we affirmed our
'B+' long-term corporate credit rating on the company," S&P said.

"The outlook revision reflects our view that Fajar's financial
risk profile could weaken because the company could face
difficulties in complying with its bank loan covenant," said
Standard & Poor's credit analyst Vishal Kulkarni. "The covenant
requires Fajar to maintain a ratio of debt to EBITDA of less than
3.5x. As of June 30, 2011, the company was in compliance with
this covenant, with the ratio at 3.4x. Fajar's compliance will be
tested next on Dec. 31, 2011."

"We believe Fajar is unlikely to be able to significantly
increase EBITDA or reduce debt in the fourth quarter of 2011, and
could breach the loan covenant. We expect Fajar's margins to
remain under pressure for the next two to three quarters due to
weak global macroeconomic conditions and the company's limited
ability to pass on rising costs of raw material to end consumers.
Fajar's
EBITDA margins for the nine months ended September 2011 were
slightly weaker than in the fiscal year ended December 2010 due
to higher costs for a packaging paper manufacturing machine the
company commissioned in the first quarter of 2011," S&P said.

"Fajar is also unlikely to meaningfully reduce the debt it took
to finance its working capital," said Mr. Kulkarni. "This is
because we expect the company to use a major part of its cash
flow to meet planned capital expenditure. A substantial
improvement in cash flow is likely only from 2013 on the
commissioning of new capacity."

"Fajar maintains that a breach of covenant is unlikely.
Nevertheless, we believe that the company's debt reduction and
EBITDA improvement targets are aggressive and a timely and
seamless waiver will be important to avoid a technical default on
the covenant," S&P said.

"We may lower the rating if: (1) Fajar is unable to comply with
the loan covenant, banks do not waive the covenant requirement,
and they take negative action that jeopardizes the company's cash
flow adequacy; or (2) Fajar takes up higher debt than we
expected, its cost of raw material rises, or paper demand and
prices weaken, such that the company's debt-EBITDA ratio is more
than 4.0x on a sustained basis," S&P said.

"We are unlikely to raise the rating in the next one year.
However, we may revise the outlook to stable if Fajar is
compliant with the loan covenant with sufficient headroom. This
may result from: (1) Fajar's stronger cash flows due to an
improvement in the company's market position; (2) the company's
stable margins due to a continued improvement in the operating
environment; and (3)
Fajar's adequate liquidity after considering capital
expenditure," S&P said.


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


CORSAIR (JERSEY): S&P Puts 'B+' Tranche Rating on Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
tranches relating to three Japanese synthetic collateralized debt
obligation (CDO) transactions on CreditWatch with positive
implications. "At the same time, we affirmed our ratings on two
tranches relating to two Japanese synthetic CDOs and removed the
ratings from CreditWatch with negative implications," S&P said.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the two tranches placed on CreditWatch positive had
synthetic rated overcollateralization (SROC) levels in excess of
100% at higher ratings than the current ratings as of Oct. 31,
2011. Meanwhile, the SROC levels of the tranches on which the
ratings were affirmed and removed from CreditWatch negative
recovered to 100% or above as of the same date," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P said.

"By the end of the month, we intend to review the tranches listed
below with ratings that we placed on CreditWatch positive, along
with any other tranches with ratings that are presently on
CreditWatch negative or positive, in accordance with our current
CDO criteria," S&P related.

Ratings Placed On CreditWatch Positive
Corsair (Jersey) No. 2 Ltd.
Floating rate secured portfolio
credit-linked series 52 (Portfolio F360)

To                   From       Issue amount
B+ (sf)/Watch Pos    B+ (sf)    JPY1.0 bil.

Fixed rate credit-linked loan series 58
To                   From       Issue amount
B+ (sf)/Watch Pos    B+ (sf)    JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan 2005-3
To                   From       Issue amount
A+ (sf)/Watch Pos    A+ (sf)    JPY4.0 bil.

Ratings Affirmed, Removed From Creditwatch Negative
Hummingbird Securitisation Ltd.
Series 2 loan
Class      To          From                  Issue amount
#2 Loan    CCC (sf)    CCC (sf)/Watch Neg    JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To           From                   Amount
CCC+ (sf)    CCC+ (sf)/Watch Neg    JPY4.0 bil.


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


HYNIX SEMICONDUCTOR: S&P Puts 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Korea-based Hynix Semiconductor Inc.
on CreditWatch with positive implications over SK Telecom Co.
Ltd.'s (A/Watch Neg/--) plans to acquire a major stake in the
company. "At the same time, Standard & Poor's also placed its
'B+' rating on Hynix's senior unsecured notes on CreditWatch with
positive implications. For the rating action media release on SK
Telecom, see 'Rating On Korea's SK Telecom Placed On CreditWatch
Negative On Planned Acquisition Of Major Stake In Hynix
Semiconductor,'" S&P said

"Hynix creditors revealed Nov. 11, 2011, that the company had
chosen SK Telecom as preferred bidder to acquire a 20% stake in
the company, which we estimate to be valued at about Korean won
(KRW) 3.4 trillion. Given that Hynix says it plans to issue SK
Telecom 101.85 million new shares under the deal, we expect Hynix
will raise about KRW2.3 trillion in capital if the deal goes
ahead. In our view, this increase in capital may positively
impact Hynix's capital structure and financial flexibility," S&P
related.

"We plan to resolve the CreditWatch on or soon after completion
of the transaction. We currently expect Hynix and SK Telecom to
close the deal in early 2012," S&P said. In resolving the
CreditWatch, S&P will examine these factors:

    Final execution of the transaction and the resulting
injection
    of capital into Hynix;

    Hynix's standalone operating and financial performance;

    Changes to Hynix's business and financial strategies under
the
    new management structure; and

    Positioning of Hynix in the SK Telecom group's strategy and
    the likelihood of additional group support.

"At this stage, we expect the possible change in the rating on
Hynix will be one notch if the acquisition proceeds as planned,"
S&P said.


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


AMI INSURANCE: Court Denies AMI's 'My' Trademark Bid
----------------------------------------------------
BusinessDay.co.nz reports that AMI Insurance has lost its battle
to trademark 15 common insurance terms with the prefix "my", such
as "my insurance".

The trademarks were approved for registration by the Intellectual
Property Office last year, the report recalls.

But rivals AA Insurance, IAG New Zealand, Tower Insurance and
Vero Insurance united to appeal against the decision to the High
Court at Wellington in June, according to BusinessDay.co.nz.

BusinessDay.co.nz relates that they claimed the terms were
generic to the industry, and were not distinctive enough to
qualify as a trademark and could confuse consumers.

According to the report, Justice Joe Williams said in his
judgment that a large number of "my marks" had been registered in
relation to goods and services, such as "My Money", a trademark
for a Bank of New Zealand account and Sky Television's "My Sky".

But these did not use generic product names, unlike the words AMI
was seeking to register, Justice Williams said.

BusinessDay.co.nz notes that AMI's application was the first in
the insurance industry to try to trademark generic industry
terms, including "my insurance, my car insurance and "my house
insurance".

AMI said that the words it wanted to register were not used in
the way its competitors would use them, BusinessDay.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.

AMI has since been seeking alternative sources of capital to
replace the government backing, BusinessDay.co.nz reported.

                             About AMI

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


BRIDGECORP LTD: Former Directors Trial Resumes
----------------------------------------------
ONE News reports that the trial of three former directors of the
failed finance company Bridgecorp resumed Monday.

ONE News relates that Rod Petricivic, Rob Roest and Peter
Steigrad are accused of misleading thousands of investors in
various documents, particularly the company prospectus.

A fourth director, Gary Urwin, who was also charged over the
finance company's failure, pleaded guilty last week, the report
says.

Bridgecorp collapsed in 2007 owing more than NZ$450 million to
14,500 New Zealanders.

According to the report, the Crown alleges public documents
signed off by the company directors made untrue statements about
a company that was in freefall.  It said Bridgecorp was
defaulting on payments while calling for further investment.

ONE News says two former Bridgecorp directors fronted up in
court, Rod Petricivic and Rob Roest, but lawyers for all three
said their clients had relied on advice and expertise from
Bridgecorp staff.

The court heard written statements from a number of investors who
say they put their trust in Bridgecorp, according to ONE News.

A former Bridgecorp risk manager also told the court information
was regularly audited and provided to management, the report
adds.

The case, says ONE News, is due to continue for many months yet.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


SEALEGS CORP: Half Year Net Loss Widens to NZ$1.2 Million
---------------------------------------------------------
BusinessDay.co.nz reports that Sealegs Corporation Limited has
extended its interim losses by 24.8% as increased costs from its
restructuring programme sapped improved sales.

BusinessDay.co.nz, citing the company's half year financials,
discloses that the net loss for the six months ending
September 30 was NZ$1.2 million, up from $941,000 in the same
period last year.

The report relates that the loss was due to a NZ$1.4 millin spike
in costs as the company restructured its operations to
concentrate on the lucrative east coast market in the US, which
helped it reap a 70% increase sales to NZ$6.7 million compared to
last year.  During the period it sold 49 boats compared to 29 a
year ago, the report relays.

"The company took the decision to take greater control of its
sales and marketing activities, and to focus on a smaller number
of target markets which the directors believe can generate
significant boat sales moving forward," BusinessDay.co.nz quotes
chairman Eric Series as saying.

BusinessDay.co.nz says the increased costs were almost entirely
made up from increased administrative, distribution, markets,
occupancy and research expenses, which rose by NZ$1.2 million in
the period.

That put a dent in the company's cash reserves, with its bank
balance falling to NZ$3.8 million in the six month period, down
from NZ$7.2 million last year, although Sealegs said this was
sufficient to continue with its current strategy, according to.
BusinessDay.co.nz

The company, as cited by BusinessDay.co.nz, said the
restructuring will bear fruit in the second half of the year,
having already shaved $800,000 off its cost base by reducing
staff numbers.

In May, the company posted a full year loss of NZ$3.6 million,
the report discloses.

Sealegs Corporation Limited (Public, NZE:SLG)is engaged in
manufacturing of amphibious marine craft. The Company imports
amphibious marine craft. The Company subsidiaries include Sealegs
International Limited, Sealegs Australia Pty Limited, Sealegs
(US) Corporation, Sealegs Amphibious Boats Canada Limited and
Sealegs Europe.


                             *********

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

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

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


                            *********


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

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

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

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

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





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