TCRAP_Public/111130.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 30, 2011, Vol. 14, No. 237

                            Headlines



A U S T R A L I A

KAILIS ORGANIC: Calls in McGrathNichol as Administrators
SPORTS ALIVE: ACT Commission Asks Fraud Squad to Probe Collapse


C H I N A

POWERLONG REAL: S&P Lowers Credit Scale Rating to 'cnBB-'


H O N G  K O N G

HOI FUNG: Annual Meetings Set for Dec. 30
JOSE CUERVO: Antonio Silva Jauregui Appointed as Liquidator
KIU NAM: Commences Wind-Up Proceedings
KONYUEN LIMITED: Annual Meetings Set for Dec. 30
LENGENT COMPANY: Members' Final General Meeting Set for Dec. 28

LINFAIR CAPITAL: Annual Meetings Set for Dec. 30
LONG VIEW: Members' Final Meeting Set for Dec. 23
LUCKY STRIKE: Kwok Siu Man Appointed as Liquidator
MULTIGOLD DEVELOPMENT: Kwok Siu Man Appointed as Liquidator
PO MING: Members' and Creditors' Final Meetings Set for Dec. 30

RAB CAPITAL: Commences Wind-Up Proceedings
RICO CORPORATION: Commences Wind-Up Proceedings
RIL INDONESIA: Members' Final General Meeting Set for Dec. 30
SOMARGAS LIMITED: Members' Final General Meeting Set for Dec. 28
SWINTON GROUP: Members' Final Meeting Set for Dec. 30


I N D I A

ABCI INFRA: CRISIL Upgrades Rating on INR40MM Loan to 'CRISIL BB'
AIR INDIA: Lenders Approve Debt Restructuring Plan
ALISHAN VENEER: CRISIL Assigns CRISIL BB Rating to INR3.5MM Loan
BALA BALAJEE: CRISIL Upgrades Rating on INR214.7MM Loan to 'B+'
BANK OF BARODA: Fitch Affirms Individual Rating at 'C/D'

BSC-C&C KURALI: ICRA Cuts Rating on INR260cr Loan to '[ICRA]D'
CANARA BANK: Fitch Affirms Individual Rating at 'C/D'
CANARA BANK: Fitch Affirm Rating on $250 Million Bonds at 'BB-'
HANUMANT VANIJYA: Fitch Lowers Rating on INR130-Mil. Loan to 'D'
HINDUPUR VYAPAR: ICRA Downgrades Rating on INR25cr Loan to 'D'

INDRA CONSTRUCTION: CRISIL Puts CRISIL B+ Rating on INR50MM Loan
KABRA COMMERCIAL: CRISIL Puts CRISIL BB+ Rating on INR7.5MM Loan
KINGFISHER AIRLINES: Finances Scrutinized by Government
K.K. PROTIENS: CRISIL Assigns 'CRISIL B+' Rating to INR51MM Loan
KOPPAL GREEN: ICRA Reaffirms '[ICRA]BB' Long Term Rating

LAVANYA JEWELS: CRISIL Assigns CRISIL BB Rating to INR400MM Loan
MODEL INFRA: ICRA Cuts Rating on INR50cr Bank Loan to '[ICRA]BB+'
NIFTY LABS: ICRA Cuts Rating on INR15.29cr Loan to '[ICRA]D'
NINEX DEVELOPERS: Fitch Puts Rating on INR350-Mil. Loan at 'D'
PVN FABRIC: Fitch Affirms Rating on 2 Loan Classes at Low-Bs

RAGHUNATH AGRO: CRISIL Assigns CRISIL BB- Rating to INR40MM Loan
ROLAND EDUCATIONAL: CRISIL Rates INR36 Million Loan at CRISIL B+
SNC FOODS: ICRA Reaffirms '[ICRA]BB-' Rating on INR21.75cr Loan
SOUTH INDIA: CRISIL Places 'CRISIL BB-' Rating on INR80MM LT Loan


I N D O N E S I A

BANK DANAMON: Fitch Affirms Issuer Default Rating at 'BB+'
BANK RAKYAT: Fitch Affirms BB+ Ratings Over Strong Probability


J A P A N

L-JAC FIVE: S&P Lowers Ratings on 2 Certificate Classes to 'D'
OLYMPUS CORP: Former Director Urges Board Revamp
TOKYO ELECTRIC: Sells US$2.4 Billion KDDI Stake


N E W  Z E A L A N D

CAPITAL + MERCHANT: Lloyd's Fights NZ$10MM Claim Over Bad Loans
SMARTPAY LTD: Plans to Raise More Capital; Books Half Year Loss


S I N G A P O R E

JURONG HI-TECH: Court Enters Wind-Up Order
OPTIMUM-3 (CHINA): Creditors' Proofs of Debt Due Dec. 13
PIONEER SMITH: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


KAILIS ORGANIC: Calls in McGrathNichol as Administrators
--------------------------------------------------------
SmartCompany reports that administrators have been appointed to
businesses owned by the Western Australian food family Kailis,
just a year after the company raised more than AUD25 million from
investors.

James Thackray -- jthackray@mcgrathnicol.com -- and Shaun Fraser
-- sfraser@mcgrathnicol.com -- of McGrathNichol in Perth have
been appointed voluntary administrators of Kailis Organic Olive
Groves, Kailis Olive Processing, Everyday Organic and Organic
Olive Management, according to the report.

Mr. Thackray told SmartCompany that Kailis Organic Olive Groves,
a non-listed public company and the largest of the four, tried to
raise money earlier this year for further working capital, but
failed.

Messrs. Thackray said Kailis Organic Olive Groves hadn't traded
profitably over an unspecified period, SmartCompany relays.

SmaryCompany discloses that the olive grove manager, processor
and distributor had revenue in the last year of about
AUD5 million to AUD7 million, and has about 20 staff members.

Unsecured creditors are owed about AUD2 million, including
employees, shareholder loans and suppliers, the report says.

Mr. Thackray expressed confidence the assets would be sold, the
report adds.

                       About Kailis Organic

Based in Osborne Park, Australia, Kailis Organic Olive Groves
Limited -- http://www.kailisorganic.com/-- engages in the
organic olive grove management, olive processing, packaging,
marketing, and sale of organic extra virgin olive oil.


SPORTS ALIVE: ACT Commission Asks Fraud Squad to Probe Collapse
---------------------------------------------------------------
The Sydney Morning Herald reports that the ACT Gambling and
Racing Commission has asked Victoria Police to investigate
whether fraud was involved in the collapse of Sports Alive, which
allegedly traded while insolvent for more than two years.

Sports Alive tipped into administration in August, wiping AU$3.7
million from the pockets of almost 13,000 punters, according to
The Sydney Morning Herald.

"They are considering the information we have given them to see
if it is worthy, or if there is significant evidence for a
criminal investigation," the report quoted ACT Gambling and
Racing Commission Chief Executive Greg Jones as saying.  The
Sydney Morning Herald relates that Mr. Jones said Victoria Police
might forward the case to the Australian Securities and
Investments Commission.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 20, 2011, Henrietta Cook at The Canberra Times reports that
the ACT Gambling and Racing Commission is facing more trouble
after revelations that collapsed betting agency Sports Alive
traded for three years while insolvent.  The Canberra Times said
liquidator Hamish MacKinnon, from Bent and Cougle, told a
creditor's meeting in Melbourne he was "bemused" the ACT
Government regulators were unaware of the company's financial
situation.  According to the report, Mr. MacKinnon said the ACT-
registered Sports Alive had been insolvent since at least 2008,
with records showing the company clocked losses of more than AUD7
million in its last five years of operation.  Auditor reports in
2009 and 2010 revealed continuing concerns about the solvency and
financial position of Sports Alive, The Canberra Times relayed.
The report related that Mr. MacKinnon is still trying to
determine whether the ACT regulator received these dire warnings,
but said they should have.

Sports Alive Pty Ltd is an Australian-based online betting
agency.


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


POWERLONG REAL: S&P Lowers Credit Scale Rating to 'cnBB-'
---------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on China-
based property developer Powerlong Real Estate Holdings Ltd. to
negative from stable. "We also lowered the Greater China credit
scale rating on Powerlong to 'cnBB-' from 'cnBB' and that on the
company's outstanding senior unsecured notes to 'cnB+' from
'cnBB-'. At the same time, we affirmed our 'B+' long-term
corporate credit rating on Powerlong and the 'B' issue rating on
the notes," S&P said.

"We revised the outlook to reflect Powerlong's weakening
financial strength due to lower-than-expected contracted sales so
far this year and the heightened risk of a change-of-control
event under the terms of the company's senior notes if
Powerlong's share price declines further," said Standard & Poor's
credit analyst Christopher Lee.

"Powerlong's sales have been affected by a deepening property
market correction in China and the company's weak execution
capability, in our view. Contracted sales for the first 10 months
of 2011 totaled Chinese renminbi (RMB) 4.60 billion, less than
50% of the company's original full-year budget. The prospects of
sales improving are limited because we expect the Chinese
government to continue tightening policy over the next 12
months," S&P said.

"Powerlong's weakening sales and increased leverage will likely
push the company closer to our downgrade triggers. The company's
expansion has raised its adjusted debt by 184% to RMB8.87 billion
as at June 30, 2011, from a year earlier. We expect Powerlong's
total borrowings to rise to about RMB9.70 billion by the end of
2011 due to a Hong Kong dollar (HK$) 1 billion issuance of senior
notes to China Life Trustees Ltd. In our view, Powerlong has
limited headroom to increase onshore borrowings under a financial
undertaking in its HK$350 million offshore syndicated loan," S&P
said.

"We see heightened risk of a possible change of control that
could result in an accelerated repayment of outstanding notes,"
said Mr. Lee. "As of Nov. 11, 2011, Powerlong's major
shareholders have pledged about 30.24% of the company's total
issued shares as security for the HK$1 billion notes. This ratio
has risen from 19.66% as at Sept. 8, 2011, due to a decline in
Powerlong's share price."

A change of control will happen if the controlling shareholders'
ownership drops to below 43.6%. Their shareholding is 66.36% as
of Nov. 11, 2011. If the share price falls further and the major
shareholders fail to top up the value of pledged assets within a
short time, the noteholders could take ownership of the pledged
shares.

"We may lower the rating if: (1) Powerlong's contracted sales
remain materially below our expectation; or (2) the company's
debt-funded expansion stays aggressive, such that its debt-to-
EBITDA ratio exceeds 5x and we don't see signs of improvement. We
could lower the rating by multiple notches if Powerlong's
liquidity risk heightens due to a potential change of control,
triggering an accelerated repayment of notes," S&P said.

"We may revise the outlook to stable if the company's property
sales improve and it restores its financial strength and
liquidity buffer," S&P related.


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


HOI FUNG: Annual Meetings Set for Dec. 30
-----------------------------------------
Members and creditors of Hoi Fung Aluminium Engineering Company
Limited will hold their annual meetings on Dec. 30, 2011, at 3:15
p.m., and 3:30 p.m., respectively at Unit A, 14/F, JCG Building,
at 16 Mongkok Road, Mongkok, Kowloon, in Hong Kong.

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


JOSE CUERVO: Antonio Silva Jauregui Appointed as Liquidator
-----------------------------------------------------------
Antonio Silva Jauregui on Nov. 17, 2011, was appointed as
liquidator of Jose Cuervo International Hong Kong Limited.

The liquidator may be reached at:

         Antonio Silva Jauregui
         Guillermo Gonzalez Carmarena #800-4 Piso
         Zedec Santa Fe
         Mexico, D.F. 01210


KIU NAM: Commences Wind-Up Proceedings
--------------------------------------
Members of Kiu Nam Investment Corporation Limited, on Nov. 21,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


KONYUEN LIMITED: Annual Meetings Set for Dec. 30
------------------------------------------------
Members and creditors of Konyuen Limited will hold their annual
meetings on Dec. 30, 2011, at 2:30 p.m., and 2:45 p.m.,
respectively at Unit A, 14/F, JCG Building, at 16 Mongkok Road,
Mongkok, Kowloon, in Hong Kong.

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


LENGENT COMPANY: Members' Final General Meeting Set for Dec. 28
---------------------------------------------------------------
Members of Lengent Company Limited will hold their final general
meeting on Dec. 28, 2011, at 10:30 a.m., at Unit C, 24/F,
Seabright Plaza, at 9-23 Shell Street, North Point, in Hong Kong.

At the meeting, Ng Sau Wa Sylvia, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LINFAIR CAPITAL: Annual Meetings Set for Dec. 30
------------------------------------------------
Members and creditors of Linfair Capital Limited will hold their
annual meetings on Dec. 30, 2011, at 3:45 p.m., and 4:00 p.m.,
respectively at Unit A, 14/F, JCG Building, at 16 Mongkok Road,
Mongkok, Kowloon, in Hong Kong.

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


LONG VIEW: Members' Final Meeting Set for Dec. 23
-------------------------------------------------
Members of Long View Restaurant Limited will hold their final
meeting on Dec. 23, 2011, at 2:30 p.m., at Room 1101, 11/F, Tai
Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

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


LUCKY STRIKE: Kwok Siu Man Appointed as Liquidator
--------------------------------------------------
Kwok Siu Man on Nov. 15, 2011, was appointed as liquidator of
Lucky Strike Investment Limited.

The liquidator may be reached at:

         Kwok Siu Man
         11th Floor, Lai Sun Commercial Centre
         680 Cheung Sha Wan Road
         Kowloon, Hong Kong


MULTIGOLD DEVELOPMENT: Kwok Siu Man Appointed as Liquidator
-----------------------------------------------------------
Kwok Siu Man on Nov. 15, 2011, was appointed as liquidator of
Multigold Development Limited.

The liquidator may be reached at:

         Kwok Siu Man
         11th Floor, Lai Sun Commercial Centre
         680 Cheung Sha Wan Road
         Kowloon, Hong Kong


PO MING: Members' and Creditors' Final Meetings Set for Dec. 30
---------------------------------------------------------------
Members and creditors of Po Ming Jewellery Company Factory
Limited will hold their final meetings on Dec. 30, 2011, at 5:15
p.m., and 5:30 p.m., respectively at Unit A, 14/F., JCG Building,
at 16 Mongkok Road, Mongkok, Kowloon, in Hong Kong.

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


RAB CAPITAL: Commences Wind-Up Proceedings
------------------------------------------
Sole member of RAB Capital (Asia) Limited, on Nov. 15, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


RICO CORPORATION: Commences Wind-Up Proceedings
-----------------------------------------------
Sole shareholder of Rico Corporation Limited, on Nov. 15, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Watt Hung Chow
         Room 1903, New World Tower
         18 Queen's Road
         Central, Hong Kong


RIL INDONESIA: Members' Final General Meeting Set for Dec. 30
-------------------------------------------------------------
Members of RIL Indonesia Services Limited will hold their final
general meeting on Dec. 30, 2011, at 11:15 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SOMARGAS LIMITED: Members' Final General Meeting Set for Dec. 28
----------------------------------------------------------------
Members of Somargas Limited will hold their final general meeting
on Dec. 28, 2011, at 10:00 a.m., at 20/F, Prince's Building,
Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SWINTON GROUP: Members' Final Meeting Set for Dec. 30
-----------------------------------------------------
Members of Swinton Group Limited will hold their final meeting on
Dec. 30, 2011, at 10:00 a.m., at 19th Floor, Seaview Commercial
Building, 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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I N D I A
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ABCI INFRA: CRISIL Upgrades Rating on INR40MM Loan to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of ABCI Infrastructures Pvt Ltd to 'CRISIL BB/Stable' from
'CRISIL BB-/Stable', while reaffirming the rating on the
company's short-term facility at 'CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      CRISIL BB/Stable (Upgraded
                                    from 'CRISIL BB-/Stable')

   INR40 Million Term Loan         CRISIL BB/Stable (Upgraded
                                    from 'CRISIL BB-/Stable')

   INR500 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

The rating upgrade reflects improvement in ABCI's liquidity
driven by increasing net cash accruals and improved working
capital management. ABCI's net cash accruals have improved over
the past two years driven by increasing turnover. Additionally,
the company's improved liquidity has been supported by
improvement in its working capital management as indicated by a
decrease in gross current assets to 178 days from 235 days during
2010-11 (refers to financial year, April 1 to March 31). The
revised rating reflects CRISIL's belief that ABCI will maintain
its healthy revenue growth and net cash accruals in the near term
as well.

The ratings continue to reflect ABCI's above-average financial
risk profile, marked by a moderate net worth, low gearing, and
healthy debt protection metrics, and healthy order book leading
to strong revenue visibility. These rating strengths are
partially offset by ABCI's exposure to geographical and customer
concentration risks and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that ABCI will benefit over the medium term from
its healthy order book and established position in the
construction industry. The outlook may be revised to 'Positive'
if there is a sustained improvement in the company's working
capital management or a significant improvement in its operating
margin and net cash accruals. Conversely, the outlook may be
revised to 'Negative' if ABCI's financial risk profile is
adversely affected by larger-than-expected debt-funded capital
expenditure plan or unrelated diversification, or if the
company's liquidity gets adversely affected by higher-than-
expected working capital requirements.

                    About ABCI Infrastructures

Set up in 1993, ABCI (formerly, Maxxom Vyapaar Pvt Ltd)
undertakes construction activities for government entities. In
2002, the company took over the existing business of another
promoter firm, Anupam Bricks and Concrete Industries.  ABCI,
managed by Mr. Budhmal Baid and Mr. Jodhraj Baid, constructs
roads, bridges, tunnels, and buildings, and undertakes border
fencing.

ABCI reported a profit after tax (PAT) of INR95.1 million on net
sales of INR2.3 billion for 2010-11, as against a PAT of
INR59.0 million on net sales of INR1.5 billion for 2009-10.


AIR INDIA: Lenders Approve Debt Restructuring Plan
--------------------------------------------------
Dow Jones Newswires reports that an aviation ministry official
said Monday that a consortium of 26 lenders to Air India Ltd. has
broadly approved a plan to restructure INR180 billion (US$3.45
billion) debt for the loss-making carrier.

"The lenders have sought three minor clarifications from the
Reserve Bank of India which they should get in three to four
days," the official told reporters, Dow Jones reported.

According to Dow Jones, the turnaround plan includes converting
some loans into equity, restructuring some at lower interest
rates and elongating the repayment tenure for the rest.  It was
prepared by the state-run carrier in consultation with the
government and its consultant SBI Capital Markets Ltd. and
recently got approval from the country's central bank.

In addition, says Dow Jones, the government has agreed that over
the next 10 years, it will put INR67.50 billion as equity into
the carrier.  It will also cover Air India's losses worth INR45
billion and back aircraft purchase loans worth INR170 billion to
INR180 billion, the official, as cited by Bloomberg, said.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


ALISHAN VENEER: CRISIL Assigns CRISIL BB Rating to INR3.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Alishan Veneer & Plywood Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR3.5 Million Term Loan           CRISIL BB/Stable (Assigned)
   INR70 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR179.5 Million Letter of Credit  CRISIL A4+ (Assigned)

The ratings reflect the benefits that AVPPL derives from its
well-established marketing network and the extensive industry
experience of its promoters. This rating strength is partially
offset by AVPPL's below average financial risk profile, marked by
a relatively small net worth and weak debt protection metrics,
and susceptibility of its margins to intense competition in a
fragmented industry.

Outlook: Stable

CRISIL believes that AVPPL will benefit over the medium term from
its moderate business risk profile, backed by the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if AVPPL's financial risk profile improves, marked
by a sustained improvement in profitability, or if the company
receives substantial equity infusion or improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if AVPPL undertakes a large debt-funded capital
expenditure programme, leading to weakening in its financial risk
profile or there is a decline in its profitability.

                        About Alishan Veneer

AVPPL was set up in 1996 by Mr. Ramesh Kumar Agarwal.  The
company is currently managed by Mr. Ramesh Kumar Agarwal along
with son, Mr. Harsh Agarwal. The company is engaged in
manufacturing of veneer (capacity of 25000 cubic metres) and
plywood (capacity of 45 lakhs notional area) in Uluberia, West
Bengal. The company also trades timber logs. It entered into the
plywood business in 2008 and sells the products under its Alishan
brand.

AVPPL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR525.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.7 million on net
sales of INR491.6 million for 2009-10.


BALA BALAJEE: CRISIL Upgrades Rating on INR214.7MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bala Balajee Textiles Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has assigned its 'CRISIL A4' rating to BBTL's
short-term facilities.

   Facilities                      Ratings
   ----------                      -------
   INR130.0-Mil. Cash Credit       CRISIL B+/Stable (Upgraded
   (Enhanced from INR80.0 Mil.)     from 'CRISIL B/Stable')

   INR214.7-Mil. Long-Term Loan    CRISIL B+/Stable (Upgraded
   (Enhanced from INR200.0 Mil.)    from 'CRISIL B/Stable')

   INR66.4-Mil. Proposed Cash      CRISIL B+/Stable (Upgraded
   Credit Limit                     from 'CRISIL B/Stable')

   INR15.0-Mil. Letter of Credit   CRISIL A4 (Assigned)

   INR13.9-Million Bank Guarantee  CRISIL A4 (Assigned)

The upgrade reflects expected improvement in BBTL's liquidity,
supported by its increasing cash accruals vis--vis debt
repayment obligations and the recent enhancement in its working
capital limits. BBTL's scale of operations and profitability are
expected to increase over the medium term, following the recent
addition of new machinery and balancing equipment. Consequently,
the financial risk profile of the company is expected to
strengthen, with gearing reducing below 2 times and debt
protection metrics improving.

The rating reflects BBTL's below-average financial risk profile,
marked by high gearing, working-capital-intensive operations, and
susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by BBTL's stable operations and
moderate operating efficiencies.

Outlook: Stable

CRISIL believes that BBTL will benefit over the medium term from
its increasing scale of operations and moderate operating
efficiency. The outlook may be revised to 'Positive' if there is
a significant and sustained improvement in BBTL's working capital
management, while the company maintains its profitability and
cash accruals. Conversely, the outlook may be revised to
'Negative' in case BBTL undertakes larger-than-expected debt-
funded capital expenditure (capex) programme, thereby weakening
its capital structure or if its operating profitability
deteriorates substantially.

                         About Bala Balajee

Set up in 2004, BBTL manufactures combed cotton yarn; its
production unit in Tanuku (Andhra Pradesh) has a capacity of
24,000 spindles and produces cotton yarn in counts of 62s and
67s. More than 90 per cent of BBTL's output is sold to traders in
Bhiwandi and other places in Maharashtra. The company is promoted
and managed by Mr. Subba Rao Chitturi.

BBTL reported a profit after tax of INR14.0 million on net sales
of INR257.5 million for 2009-10 (refers to financial year, April
1 to March 31), as against a net loss INR4.3 million on net sales
of INR227.2 million for 2008-09. For 2010-11, BBTL reported, on
provisional basis, revenues of INR352.0 million.


BANK OF BARODA: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------
Fitch Ratings has affirmed Bank of Baroda's Foreign Currency
Long-Term Issuer Default Rating (FC LT IDR) and Bank of Baroda
New Zealand's LT IDR at 'BBB-'.  BOB's National Long-Term rating
has also been affirmed at 'Fitch AAA(ind)'.  The Outlook is
Stable.

BOB's FC LT IDR, Support Rating Floor and National ratings factor
in Fitch's expectation of continued strong support from its
principal shareholder - the Government of India (GOI, 57.03%,
'BBB-'/ Stable).  The expectation is driven by BOB's systemic
importance as India's fourth-largest bank by assets and third-
largest by deposits, and its strong franchise.  The LT IDR also
derives strength from its viability rating (VR: 'bbb-'),
reflecting its consistently strong financials and robust funding.
BOBNZ's ratings reflect Fitch's expectation of continued strong
support from BOB, given 100% ownership and management control.

BOB has maintained sound asset quality since FY09 due to its
robust risk assessment and monitoring processes.  Gross non-
performing loan (NPL) ratio increased marginally to 1.41% in
H1FY12 (end-September 2011) from 1.36% at end-FY11.  This is
despite a transition (like all government banks) to the system-
based method of measuring NPL, which led to substantial
incremental NPLs for many peers.  However, asset quality may come
under pressure over the near-term from the substantial
international loan book (25% of gross loans, gross NPL ratio was
0.69% in H1FY12), if macroeconomic environment deteriorates
further.

Net profits grew only by 17% (annualised) in H1FY12 compared to
38.7% in FY11 due to declining interest margins as the cost of
funding continued to rise in the domestic and international
markets along with higher credit costs.  Return on average assets
declined to 1.2% from 1.3%.  Fitch notes that BOB's lower fee
income than those of private banks (H1FY12: 13% of operating
income) does not compensate for the decline in margins.  However,
its high operating efficiency and low operating costs (cost-to-
income ratio: around 36% in H1FY12) secure profitability to some
extent.  A further slowdown in margins is possible over the near-
term as the bank slows its lending and pays higher rate on its
savings deposits as savings account rates have been deregulated
by the Reserve Bank of India.

BOB received INR24.6bn from the GOI in FY11, and is further
expected to receive around INR7.75bn in H2FY12.  Post this, the
government's stake in the bank is expected to increase to 58% and
Tier 1 ratio to over 10% from 8.82% in H1FY12 (excluding half
yearly profits).  The latter will also include yearly profits and
be sufficient to sustain business for the next three years as
loan growth is targeted around 18%-20% during this period.

Funding remains robust with retail current and savings deposits
contributing 34% to domestic deposits in H1FY12, given the bank's
strong presence in Western India.  BOB also maintains small
surplus liquidity (around 3% of net demand and time liabilities)
above the statutory liquidity requirement of 24%.

BOB's LT IDR is likely to move in line with the sovereign rating,
given Fitch's expectation of continued strong support.  The VR
rating is linked to the bank's standalone financial performance;
therefore, a persistent decline in the same may lead to a
downgrade in VR, which will lead to a downgrade in BOB's FC
hybrid instrument ratings by at least one notch as per Fitch's
criteria of rating hybrid securities.  That being said, Fitch
expects BOB's financials to remain stable over the near- to
medium-term.

BOB had 3,492 domestic branches and 86 International offices at
end-September 2011.

BOB:

  -- FC LT IDR affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR affirmed at 'F3'
  -- National Long-Term rating affirmed at 'Fitch AAA(ind)';
       Outlook Stable
  -- National Short-term rating affirmed at 'Fitch A1+(ind)'
  -- Viability rating affirmed at 'bbb-'
  -- Individual Rating affirmed at 'C/D'
  -- Support rating affirmed at '2'
  -- Support rating floor affirmed at 'BBB-'
  -- USD500m senior notes under MTN programme affirmed at 'BBB-'
  -- USD350m of senior notes under the MTN programme affirmed at
       'BBB-'
  -- USD300m upper Tier 2 notes under the MTN programme affirmed
       at 'BB-'
  -- INR25bn lower Tier 2 debt programme affirmed at 'Fitch
       AAA(ind)'
  -- Deposit programme rating affirmed at 'Fitch tAAA(ind)'
  -- Short-term debt affirmed at 'Fitch A1+(ind)'

BOBNZ:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Stable
  -- Support rating assigned at '2'


BSC-C&C KURALI: ICRA Cuts Rating on INR260cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR 260.0 crore bank
facilities of BSC-C&C Kurali Toll Road Ltd from '[ICRA]BBB-'
rating to [ICRA]D.

The rating revision takes into account the constrained liquidity
position of the company, as reflected by delays in the debt
servicing by the company, on account of delay in the completion
of the project and lower than anticipated toll collections on the
project stretch primarily due to diversion of traffic to
alternate route. Further, the rating continues to factor in the
sensitivity of the project to growth rates in traffic levels,
adverse movements in interest rates and wholesale price index
(WPI). ICRA has noted the commencement of commercial operations
(following declaration of provisional commercial operation albeit
with a delay) which eliminates the execution risk.

Going forward, improvements in toll collections and timely debt
servicing by the company would remain key sensitivity factors.

                         About BSC-C&C Kurali

BSC-C&C Kurali Toll Road Ltd is a Special Purpose Vehicle (SPV)
promoted by BSCPL Infrastructure Limited (BSCPL) and C & C
Construction Limited (C&C) for the purpose of widening of an
existing 42.90 km long, 2-lane stretch between Kurali to Kiratpur
on the National Highway Number - 21 (NH-21) to 4-lane and
strengthening and maintenance of the existing 2-lane section. The
project was awarded by the National Highway Authority of India
(NHAI) to BSCPL-C&C JV on Build-Operate-Transfer (BOT) basis with
a concession period of 20 years (including construction period of
2 years) starting from December 2007. The project has achieved
provisional completion certificate and tolling has commenced from
August 2011.


CANARA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed India-based Canara Bank's Foreign
Currency Long-Term Issuer Default Rating (FC LT IDR) at 'BBB-'
and National Long-Term rating at 'Fitch AAA(ind)' with a Stable
Outlook.

Canara's LT IDR, Support Rating Floor and National ratings factor
in Fitch's expectation of continued strong support from its
principal shareholder- the Government of India (GOI, 'BBB-
'/Stable), given the bank's systemic importance as it is India's
fifth-largest bank by assets and deposits.  Canara's viability
rating (VR: 'bbb-') reflects its strong capitalization and
comfortable liquidity.  However, the ratings remain under
pressure due to the bank's volatile asset quality and weaker
funding profile compared to peers.

Canara received nearly INR20bn of common equity in FY11 (year-
end: March 2011) by divesting GOI's stake to 67.72% from 73.17%
through qualified institutional placement (end-March).
Consequently, Tier 1 ratio increased to around 11% in FY11 from
8.54% in FY10, enough to sustain business for the next three
years at the projected loan growth of around 20%.  Also, the
government shareholding provides the bank over INR30bn of
headroom to raise fresh capital.

However, the bank is operationally weaker than many of its peers.
It implemented core banking in all its branches much later in
2011. Further, absence of automation led to an increase in gross
non-performing loan (NPL) ratio to 1.73% in H1FY12 from 1.45% in
FY11 mainly due to system-generated NPLs.  Nevertheless, all
branches are currently fully linked by core banking and NPLs are
fully system generated.  This, coupled with the bank's robust
recovery efforts, may ensure better asset quality over the
medium-term.  The bank's industry portfolio is well rated
although portfolio concentrations remain high (FY11: top 20 loans
over 200% of equity).

Profitability came under pressure in H1FY12 due to rising credit
costs and lack of fee income streams. Return on average assets
(RoAA) declined to 0.94% in H1FY12 from 1.32% in FY11. Fitch
expects stronger recoveries to boost Canara's RoAA to around 1%
over the near-term. However, profitability will remain volatile
due to its low net interest margins (H1FY12: 2.51%, FY11: 2.92%)
and high funding costs (H1FY12: 6.55%, FY11: 5.51%).

Canara's funding remains weaker than peers as low-cost retail
current and savings accounts contributed only around 26% to
deposits, with bulk deposits contributing over 39% to total
funding.  While expected slow loan growth over FY12 (around 18%-
20%) will enable Canara to reduce bulk deposits to around 30% of
total funding, it is still likely to be higher than peers.
Despite weak funding, refinance risk on the bank is low due to
its well-matched asset-liability maturity profiles.

Canara's LT IDR is likely to move in line with the sovereign
rating, given Fitch's expectation of continued strong support.
The VR rating is linked to the bank's standalone financial
performance, which remains volatile putting possible strain on VR
which in turn may lead to a downgrade of the foreign currency
hybrid ratings.

Rating actions on Canara:

  -- FC LT IDR affirmed at 'BBB-'; Outlook Stable
  -- National Long-Term rating affirmed at 'Fitch AAA(ind)';
      Outlook Stable
  -- Short-term IDR affirmed at 'F3'
  -- Viability rating affirmed at ' bbb-'
  -- Individual Rating affirmed at 'C/D'
  -- Support rating affirmed at '2'
  -- Support rating floor affirmed at 'BBB-'
  -- USD350m of senior notes under the MTN programme affirmed at
      'BBB-'
  -- USD250m upper Tier 2 notes under the MTN programme affirmed
      at 'BB-'


CANARA BANK: Fitch Affirm Rating on $250 Million Bonds at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed India's Canara Bank's Long-term (LT)
foreign currency Issuer Default Rating (FC IDR) at 'BBB-' and
National LT rating at 'AAA(ind)'.  The Outlook is Stable.  The
agency has also affirmed Canara's Short-term FC IDR at 'F3',
Individual rating at 'C/D', Support rating at '2' and Support
Rating Floor at 'BBB-'.

Canara's Individual rating reflects the bank's well-established
franchise as the sixth-largest bank in India by assets and its
sound credit metrics which compares well with its peer government
banks.  The bank's strong franchise lends it adequate funding
stability, while capitalisation benefits from the undiluted
government shareholding of 73%.  This provides added flexibility
to raise capital, if required, especially considering the bank's
above-average growth plans and current headwinds related to
increased pension provisioning costs.  That said, its capital
quality is reasonably strong, additionally complemented by steady
growth in internal accruals.

The ratings of the tier 1 subordinated bonds and upper tier 2
bonds are consistent with the approach taken for other similar
securities subjected to annual profit/loss test, based on Fitch's
criteria.  The agency, however, believes that the bank's high
government ownership coupled with its size and franchise would
result in a high probability of regulatory support in the event
of crisis, reflected in its Support rating.

Canara's asset quality, though fairly well-controlled (gross NPL
ratio: FY10: 1.52%; FY09: 1.56%), could face some near-term
challenges on account of its restructured portfolio (3.2% of
FYE10 loans, 6% slippages) which comprises small corporates and
customers.  That said, given the bank's conservative write-off
policy (doubtful loans beyond two-three years completely written
off), its loan loss coverage sharply increased to 77% (Q2FY11;
including technical write-offs) and a recovering economic
scenario should limit incremental credit costs in the short-term.
The asset quality, however, would be more crucial over the
medium- to long-term as increasing focus on higher yielding asset
classes (viz. SMEs, agriculture) could materially alter Canara's
loan profile.  While tighter risk monitoring mechanisms are being
put in place, their efficacy remains to be tested as the bank
gradually moves towards system-generated NPLs.

The bank has been making concerted efforts to shed high-cost bulk
deposits reflected in the slow-yet-steady improvement in its
current and savings account (CASA) ratio (FY10: 29%; H1FY11: 30%)
and reduced cost of funding.  That said, CASA continues to be
lower than many large government banks, and this (relatively)
higher reliance on interest sensitive term deposits pushes up
funding costs in an upward trending interest rate scenario (as is
seen currently), even though recourse to such funds is expected
to remain strong for the bank.

Canara's profitability (return on assets (ROA): FY10: 1.25%;
H1FY11: 1.47%), which until now, has been underpinned by steady
growth in NIM (FY10: 2.5%; H1FY11: 3%) and strict cost control,
is expected to witness some near-term pressures.  Sharp dip in
treasury income (due to hardening interest rates) coupled with
rising cost pressures from increased 'pension deficit'
provisioning on account of the defined-benefit pension plan
implemented system-wide would yield volatility to earnings in the
short-term.  The trade-off between NIM and credit costs would
continue to be the long-term determinant of profitability as the
bank gradually shifts to a higher yielding asset mix while
managing funding costs on one hand and asset risk on the other.

Sustained improvement in the bank's asset quality, funding and
earnings profile, together with an upgrade to the sovereign LT FC
IDR, could lead to an upgrade in Canara's LT FC IDR.  However,
any sharp deterioration to the above mentioned parameters would
put pressure on the National LT rating, which would more
granularly distinguish Canara's performance with those of its
peers.

Canara has a pan-India franchise with 3,066 branches and 2,017
ATMs as at Q2FYE11.  The bank's international operations are
fairly insignificant although it operates other businesses (viz.
asset management, insurance) through joint-ventures and
subsidiaries.

Canara Bank:

  -- USD1bn MTN programme affirmed at 'BBB-'
  -- USD250m upper tier 2 bonds under USD1bn MTN affirmed at BB-


HANUMANT VANIJYA: Fitch Lowers Rating on INR130-Mil. Loan to 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Hanumant Vanijya Pvt.
Ltd.'s National Long-Term rating to 'Fitch D(ind)' from 'Fitch
B(ind)'.  HVPL's INR130 million fund-based limit has also been
downgraded to 'Fitch D(ind)' from 'Fitch B(ind)'.

The downgrade reflects delays in interest payments of more than
INR1.0 million and overutilization of working capital limits of
over 4% on an average over the last quarter ended September 2011,
which have continued to date.

The ratings may be upgraded if there is a demonstration of timely
payment of interest and regularity in the use of working capital
limits for at least two quarters.

Incorporated in 2005, HVPL manufactures vests and briefs and owns
fabric cutting facilities in Howrah, Kolkata.


HINDUPUR VYAPAR: ICRA Downgrades Rating on INR25cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR25.00 crore
fund based bank limits of Hindupur Vyapar Apparel Park Limited to
'[ICRA]D' from 'LBB'.

The rating revision takes into account the delays in servicing
debt obligations owing to project delays and likely continuation
of delays owing to lower than expected income generation coupled
with INR0.30 crore debt repayment in FY 12. The rating revision
also takes into account the significant funding risk as 80% of
the equity still needs to be brought in and slow progress of the
project with further progress dependent on response from
potential occupants. However, the rating favorably factors in
government support available for the project in the form of grant
to the extent of INR40 crore out of the total project cost of
INR102.3 crore with INR24 crore already received, project
management undertaken by IL&FS Limited and local silk and cotton
weavers being potential occupants of the park which reduces
market risk to some extent.

                        About Hindupur Vyapar

Hindupur Vyapar Apparel Park Ltd is developing an integrated
textile park over 73.2 acres of land in Hindupur, Andhra Pradesh
with a proposed total project cost of INR102.3 crore. The project
site is located at a distance of 35 kms from NH 7 which connects
Bangalore and Hyderabad. HVAPL has been promoted by the silk and
cotton weavers of Hindupur under Scheme of Integrated Textile
Parks (SITP) enabling 40% of project cost to be funded by
Government of India. Vyapar Indistries Ltd of Mumbai holds 31% of
equity stake in HVAPL as a strategic investment. The remaining
equity stake is held by 224 weavers looking for capacity
expansion. The textile park is developing common infrastructure
which is to be leased to the weavers on plug & play basis. The
park is partly operational since mid August 2011 and also work is
in progress for further capacity.  Mr. Palla Adiseshulu is the
Managing Director and Mr. Ravindranath K N is the Chief Executive
Officer of HVAPL. There is also a representation on the board by
the Project Management Consultant (IL&FS), Government of Andhra
Pradesh and Ministry of Textiles - Government of India.


INDRA CONSTRUCTION: CRISIL Puts CRISIL B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indra Construction Co.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR30 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect ICC's modest scale of operations, elongated
working capital cycle, and weak financial risk profile, marked by
a small net worth and subdued debt protection indicators. These
rating weaknesses are partially offset by the extensive
experience of ICC's promoter in the civil construction business.

Outlook: Stable

CRISIL believes that ICC will benefit over the medium term from
its established market position and extensive industry experience
of its promoter. The outlook may be revised to 'Positive' in case
of significant increase in revenues along with improvement in net
cash accruals and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the firm's operating margin, decline in revenues or further
stretch in its working capital cycle.

                      About Indra Construction

ICC is proprietorship concern of Mr. Arvind Jain a Mumbai
(Maharashtra) based entrepreneur set up in 1984. ICC undertakes
civil construction work mainly for Municipal Corporation of
Greater Mumbai (MCGM) and Public Works Department (PWD).Mr.
Arvind Jain has experience of more than three decades in the
civil construction industry. The firm has an established track
record in the civil construction industry; it is registered as a
class 'AA' contractor with Municipal Corporation of Greater
Mumbai and has a high class contractor status with other
government bodies. The current order book position as on
September 30, 2011 is Rs 317.5 million.

Mr. Arving Jain has been actively managing the day to day
operations of A.P.I. Constructions (Rated: CRISIL BB-
/Stable/CRISIL A4+) a Mumbai-based proprietorship firm of Mr
Indravadan Jain, brother of Mr Arvind Jain. This concern was set
up in 1980 and is in the similar line of business. A.P.I
Constructions generally undertakes larger contracts with the
contract value exceeding 10 crores whereas ICC targets the
smaller contracts not exceeding 10 crores.

ICC reported profit after tax (PAT) of INR10.1 million on net
sales (provisional) of INR196.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.4
million on net sales of INR255.2 million for 2009-10.


KABRA COMMERCIAL: CRISIL Puts CRISIL BB+ Rating on INR7.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank loan facilities of Kabra Commercial Ltd (KCL; part of
the Kabra group).

   Facilities                        Ratings
   ----------                        -------
   INR7.5-Mil. Cash Credit           CRISIL BB+/Stable (Assigned)
   INR117.5-Mil. Letter of Credit    CRISIL A4+ (Assigned)
   INR74-Mil. Proposed Short-Term    CRISIL A4+ (Assigned)
    Bank Loan Facility

The ratings reflect the Kabra group's promoters' extensive
industry experience and its moderate financial risk profile
marked by adequate liquidity and moderate debt protection
metrics.

These rating strengths are partially offset by KCL's
susceptibility to volatility in prices of coal because of the
commodity-like market for its products, and its small scale of
operations.

For arriving at its ratings, CRISIL has consolidated financial
and business risk profiles of KCL, Coalsale Company, and Coalsale
Company Ltd. The entities are collectively referred to as the
Kabra group. This is because of the strong operational and
financial linkages among these three entities.

Outlook: Stable

CRISIL believes that the Kabra group's business and financial
risk profiles will remain moderate over the medium term,
supported by promoters' extensive industry experience, adequate
liquidity, moderate net worth, and low profitability. The outlook
may be revised to 'Positive' if the group expands its operations
significantly, while maintaining its margins. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in the group's revenues and profitability or substantial
increase in its debt levels.

                          About the Group

Incorporated in 1984, KCL is part of the Kolkata-based Kabra
group. The group was promoted by the late Mr. Bankat Lalji Kabra
in 1970. The group is primarily engaged in trading in coal and
marble. The group also includes Coalsale Company and Coalsale
Company Ltd, which are in the same line of business. The group
trades in domestic and imported coal, and offers handling and
liaisoning services.

For 2010-11 (refers to financial year, April 1 to March 31), the
Kabra group reported a profit after tax of INR47 million (INR23
million for the previous year) on net sales of INR1.12 billion.
(INR1.01 billion).


KINGFISHER AIRLINES: Finances Scrutinized by Government
-------------------------------------------------------
Bloomberg News reports that a government official said India's
aviation ministry is scrutinizing the finances of Kingfisher
Airlines Ltd.

According to the report, the official said the ministry is
reviewing Kingfisher's accounts to determine whether the airline
has the financial strength to pay for spares and aircraft
services.  The carrier has pared daily services to 300 from 340
and is seeking new loans after losses widened, the report notes.

Kingfisher stopped flying 12 of its 27 ATR planes, prompting
authorities to consider taking back some airport slots, the
official said Nov. 25, declining to be identified because of
department rules, according to Bloomberg.  Chiefs of Indian
carriers met Prime Minister Manmohan Singh the next day as they
sought assistance to stem industrywide losses caused by fuel
costs and a price war, the report relays.

Bloomberg relates that oil minister S. Jaipal Reddy told
parliament Nov. 24 that Kingfisher as well as Jet Airways, the
nation's largest carrier, and SpiceJet, India's only listed low-
cost airline, owed money to state-owned fuel suppliers in the
quarter ended Sept. 30.

Private airlines have blamed fuel costs and low fares for their
troubles, Bloomberg notes.  The price of jet kerosene, the
biggest expense for carriers, increased about 31 percent this
year in Mumbai, according to Indian Oil Corp.'s Web site.  Taxes
on the fuel average about 25 percent.

                      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.


K.K. PROTIENS: CRISIL Assigns 'CRISIL B+' Rating to INR51MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of K.K. Protiens Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR99 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR51 Million Proposed Cash     CRISIL B+/Stable (Assigned)
    Credit Limit

The rating reflects KKPPL's weak financial risk profile, marked
by high gearing and weak debt protection metrics, its limited
pricing flexibility because of intense market competition in the
edible oil industry and susceptibility of operating margin to
volatility in soya seed prices. These rating weaknesses are
partially offset by the extensive experience of KKPPL's promoters
in the solvent extraction industry and its strategic location in
the soya seed growing belt of India.

Outlook: Stable

CRISIL believes that KKPPL will benefit over the medium term from
its promoter's extensive experience in the edible oil industry
and its established raw material linkages. The outlook may be
revised to 'Positive' if the company achieves better-than-
expected growth in revenues and profitability or in case there is
any significant equity infusion by the promoter, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case there is a stretched
liquidity situation owing to large working capital requirements
or in case the company undertakes a large, debt-funded capital
expenditure programme, weakening its capital structure.

                       About K.K. Protiens

Incorporated in 2006, KKPPL is engaged in processing of soya bean
oil and de-oiled cake from soya bean seeds. The company's unit in
Adilabad (Andhra Pradesh [AP]) has an installed soya seed
crushing capacity of 250 tonnes per day (tpd). KKPPL sells the
crude soya oil and de-oiled cake to poultries and hatcheries
across AP. Its promoter-directors, Mr. Rohit Goyal and Mr.
Raghunath Mittal, also manage K K Oil Refinery, which has a soya
oil refining capacity of 50 tpd.

KKPPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR913.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.3 million on net
sales of INR935.7 million for 2009-10.


KOPPAL GREEN: ICRA Reaffirms '[ICRA]BB' Long Term Rating
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR7.02
crore bank facilities of Koppal Green Power Ltd. at '[ICRA]BB'.

The rating takes into account the favorable location of the plant
with respect to fuel availability and the commitment of the
promoters in the business, which is demonstrated in their
involvement in day-to-day operations to ensure consistently high
Plant Load Factor (PLF) in last four years.

ICRA also derives comfort from the company's initiatives towards
lowering fuel cost, like the recently constructed closed shed for
fuel storage and the setting up of a rice mill by a group company
which has started operation from July 2011. By virtue of common
promoters, this rice mill would ensure consistent supply of
better quality fuel at lower cost for about 20% of KGPL's annual
fuel requirement. ICRA also factors in the low demand risk on
account of the PPA with GESCOM which allows it to supply 100 per
cent of its exportable licensed capacity to the state grid. The
assigned rating however is constrained by KGPL's fixed tariff PPA
with KPTCL and GESCOM which makes future profitability vulnerable
to raw material price fluctuations and its exposure to adverse
regulatory changes as power sector is a highly regulated domain.
Further, the continued delay in payments by GESCOM could stretch
the liquidity of the company and the rating remains sensitive to
any such adverse development.

ICRA also notes that plant's operational parameters such as fuel
cost; operation and maintenance (O&M) costs and auxiliary
consumption have remained consistently higher compared to norms
as specified by Karnataka Electricity Regulatory Commission,
thereby resulting in cost under recovery from the sale of power.

                         About Koppal Green

Koppal Green Power Limited is a closely held Limited Company
incorporated in 2000. The company operates a 6MW Biomass power
plant located in Koppal district of Karnataka. The fuel used is
primarily rice husk. Commissioned on January 7, 2005, the plant
has been operating for over 8000 hours p.a. and has an export
potential of about 5.4 MW. The power generated by this plant is
sold entirely to GESCOM under a ten-year Power Purchase Agreement
(PPA). KGPL signed a PPA with KPTCL in 2001 for a period of ten
years with a provision to extend for another ten years. This PPA
was subsequently assigned to GESCOM vide Electricity Act 2003.


LAVANYA JEWELS: CRISIL Assigns CRISIL BB Rating to INR400MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Lavanya Jewels.

   Facilities                      Ratings
   ----------                      -------
   INR400 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of LJ's partners in
the gold retailing industry. This rating strength is partially
offset by LJ's below-average financial risk profile marked by
high gearing and moderate debt protection metrics, susceptibility
to intense competition in the fragmented gold jewellery retailing
industry and volatility in gold prices.

Outlook: Stable

CRISIL believes that LJ will continue to benefit over the medium
term from its promoter's industry experience in the gold
jewellery segment. The outlook may be revised to 'Positive' if
the firm stabilizes its operations in the new showroom earlier-
than-expected, resulting in considerable increase in revenues, or
if it improves its profitability and capital structure, resulting
in significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if LJ is not
able to ramp up their operations in the new showrooms as expected
or if the company undertakes a large debt-funded capital
expenditure programme, resulting in weakening in its financial
risk profile or in case of greater-than-expected capital
withdrawals by the partners.

                        About Lavanya Jewels

Set up as a partnership firm in 2007, LJ is engaged in gold
jewellery retailing and operates a 1200-square-feet retail outlet
in Gandhipuram, Coimbatore (Tamil Nadu). The firm derives around
70 per cent of its revenues through wholesale to various players
like Kalyan Jewellers, Thangamayil Jewellery Ltd and Joyalukkas
India Ltd and the remaining through its retail outlet. The firm
markets the jewellery under their brand 'Tejas' and is managed by
Mr. N. Ashok and his elder brother Mr. N. Balaji. The partners
plan to open another 600 sq.ft retail outlet in Big Bazaar
Street, Coimbatore by March' 2012.

LJ reported a profit after tax (PAT) of INR 30.6 million on net
sales of INR 1,294 million for 2010-11, as against a PAT of
INR1.5 million on net sales of INR 803 million for 2009-10.


MODEL INFRA: ICRA Cuts Rating on INR50cr Bank Loan to '[ICRA]BB+'
-----------------------------------------------------------------
ICRA has downgraded the rating outstanding on the INR50.0 crore
fund based facilities of Model Infra Corporation Private Limited
to '[ICRA]BB+' from '[ICRA]BBB-'.  The outlook on the long term
rating is Stable. ICRA has also downgraded the rating outstanding
on the INR43.0 crore non-fund based facilities of MIC to
'[ICRA]A4+' from '[ICRA]A3.'

The downgrade in ratings takes into account MIC's weak financial
profile characterized by high working capital intensity,
stretched coverage indicators and lower cash accruals during last
fiscal. Though the demand from construction sector recovered
owing to increased infrastructure spend amidst improved macro-
economic conditions, consumption of high cost raw material
inventory, high depreciation and interest expenses impacted the
performance at net profit level adversely. The company is also
vulnerable to low entry barriers for new players and its
significant dependence on a single OEM L&T Komatsu Limited, for
more than 60% of its total revenues. MIC being considered as a
preferred supplier for its customers mitigates the risks to a
certain extent.

The rating factors in the healthy demand outlook for the
construction equipment industry and strong financial support from
the private equity investor. The established strong relationship
with the major OEMs like L&T Komatsu Limited, JCB, BEML etc,
orders procured from new customers like Putzmeister Concrete
Machines, Sesa Goa, Hyundai Construction Equipment and recent
diversification into new segments like defence and railways are
expected to sustain the growth in demand over medium term.

                        About Model Infra

Model Infra Corporation Private Limited was promoted by
Mr. Sukhraj Singh in 2000. The company has its origins in a 100%
Export Oriented Unit started at Dharwad as a proprietorship
concern, under the name Model Projects. Presently, with factories
at five locations, the company is involved in manufacturing of
parts and assemblies used by the OEMs manufacturing earth moving
equipments. The various products manufactured by the company
include buckets, track frames, arms, forming vital structural
parts of excavators.

The company is also planning to enter the defence & metro
segments and is already in talks with BEML for supply of wagon
fronts and tetra bodies for railway wagons for defence needs. The
company has grown rapidly since its inception. After having
started in 2000, the concern became ancillary to the newly set up
JV between the TATAs & Hitachi at Dharwad, Karnataka in 2002-03.
Further in 2003-04, MIC set up another facility at Verna, Goa to
cater to the international market as well as the international
players setting up shops in India. This unit supplied mainly to
Volvo, L&T Komatsu apart from the exports. In 2006, a third
facility was set up in Bangalore to cater exclusively to the
requirements of L&T Komatsu. More recently in 2008 the company
has set up new manufacturing facilities at Kolar Gold Fields
(KGF) and Mysore in Karnataka. These premises are used as
dedicated facility for manufacturing of buckets, track frames,
arms etc for BEML.


NIFTY LABS: ICRA Cuts Rating on INR15.29cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR15.29 crore
(enhanced from INR11.78 crore) fund based facilities, INR6.36
crore (enhanced from INR4.50 crore) non-fund based facilities and
proposed bank facility of INR6.23 crore (enhanced from INR1.60
crore) of Nifty Labs Pvt. Ltd. from 'LB' to '[ICRA]D'.

The assigned rating is primarily constrained by NLPL's continued
stretched liquidity position as reflected in delays in principal
repayments over the last six months. The tight liquidity position
is on account of increased working capital requirements due to
higher sales and limited availability of bank credit lines as
reflected in consistently high working capital limits utilization
over the same period.

The rating is also constrained by the relatively small scale of
operations, low product diversification and dependence on mature
molecules for generating revenue which limits its pricing power.
However, the rating is supported by more than a decade long
experience of the promoters in the pharmaceutical industry and
established track record of growth in revenue. While assigning
the rating ICRA has also taken into account the fact that the
company is expected to benefit from the strong growth prospects
in its core operating segment of anti-ulcerative drugs and anti-
psychotic therapeutic segment.

In addition, the recent supply agreements with European
pharmaceutical majors and EDMF filing of Lansoprazole are
expected to increase export revenue and allow the company entry
into regulated markets. Going forward the key factor governing
the future rating will be timely debt repayment by improving the
liquidity position of NLPL through a combination of effective
working capital management, infusion of funds and availing
additional working capital funding from the banking system.

                           About Nifty Labs

Nifty Labs Private Limited was established in 2005. The company
has set up a manufacturing facility at Kondapally in Krishna
District of Andhra Pradesh with reaction capacity of 70
Kilolitres to produce APIs and intermediates. The company is
present in many therapeutic segments like anti-convulgent, anti-
psychotics, anti-fungal with special focus on anti-ulcerative.
Nifty Pharma Private Limited, a group company was established by
the same promoters in FY 2007. This company is into manufacturing
semi-formulations since FY 2009.


NINEX DEVELOPERS: Fitch Puts Rating on INR350-Mil. Loan at 'D'
--------------------------------------------------------------
Fitch Ratings has assigned India-based Ninex Developers Limited a
National Long-Term rating of 'Fitch D(ind)'.  The agency has also
assigned NDL's INR350m long-term bank loan a 'Fitch D(ind)'
rating.

The ratings reflect delays by NDL in interest payments and debt
repayments due to its strained liquidity position.  The company's
cash and cash balance remained flat at INR79m as per the
provisional results for the financial year ended March 2011
(FY11).

A key positive rating guideline would be timely servicing of debt
obligations by the company for the next six months.

NDL is the flagship company of the Ninex Group, a real estate
group in the National Capital Region.  NDL was incorporated in
2006 to undertake the group's real estate development projects.
It has implemented projects in the housing, commercial,
hospitality and education sectors.  NDL is currently developing a
residential complex in Sector-76, Gurgaon, and has many other
projects in the pipeline.  In FY11, NDL had revenue of INR181m.


PVN FABRIC: Fitch Affirms Rating on 2 Loan Classes at Low-Bs
------------------------------------------------------------
Fitch Ratings has affirmed India-based PVN Fabrics and PVN Tex
Industries at National Long-Term 'Fitch B+(ind)' with a Stable
Outlook.

The ratings are based on a consolidated view of PVN Fabrics
and PVN Tex given the strong inter-linkages between the two
partnership firms by way of common partners, same line of
business and significant inter-firm purchase and sale of raw
materials and intermediate products.

The ratings reflect the steady financial performance of the two
firms in the financial year ended March 2011 (FY11) and thus far
in the current financial year.  The FY11 consolidated revenues
rose 38.8% yoy to INR1,521m, with EBITDA margins improving to
6.4% from 5.7%.  This was due to the completion of the capacity
expansion at PVN Tex to 9.6 tons per day (tpd) from 7.2tpd and at
PVN Fabrics to 9tpd from 7.5 tpd.  For FY11, EBITDA interest
coverage was flat at 2.8x and net leverage (net debt /EBITDA)
improved to 3.1x (FY10: 4.0x).  For H1FY12, the consolidated
revenues and EBITDA margins stood at INR793.9m and 5.9%,
respectively.

However, in Fitch's view, the improved performance has not
translated into a strengthening of the overall credit profile as
net leverage is expected to exceed 5.0x at FYE12 due to the
ongoing INR350m capacity expansion at PVN Fabrics that will raise
output to 16.5tpd by end-FY14.  This investment is being funded
by INR226.7m debt.  Fitch believes that a sustained improvement
in credit profile would be possible from FY14 onwards due to the
absence of large debt-funded capex plans, an increase in the
economies of scale and margin expansion, and scheduled debt
repayments.  Fitch could upgrade the ratings if consolidated net
leverage is maintained below 4.5x on a sustained basis.

The ratings continue to reflect over four-decade-long experience
of the partners in the domestic high-density polyethylene/
polypropylene (HDPE/PP) woven sacks market and the successful
completion of incremental capacity expansions till date.

The ratings remain constrained by the partnership nature of the
businesses and the expected increase in leverage due to the
capex.  Another constraining factor is the commoditised nature of
products, with the business being characterised by high volume
and low margin.  Fitch however notes that the expansion is being
undertaken for the higher margin business (paper lined sacks,
laminated sacks and leno bags) and should therefore improve the
consolidated EBITDA margin.

Negative rating action for the firms may result from delays in
implementation of capex plans, slowdown in revenue growth or
reduction in profitability which causes consolidated net leverage
to increase above 6.0x on a sustained basis.

For FY11, the PVN Fabrics reported net sales of INR794.4m (FY10:
INR593.3m), EBITDA of INR66m (INR45.2m) and total debt of
INR160.6m (INR144.4m). PVN Tex reported net sales of INR726.6m
(INR502.6m), EBITDA of INR30.7m (INR18.8m) and total debt of
INR163.6m (124.8m).

Fitch has affirmed the following bank facilities of the two
firms:

PVN Tex:

  -- INR100m total fund based limits (cash credit): 'Fitch B+  --
     (ind)'
  -- INR50m total long-term loans: 'Fitch B+(ind)'
  -- INR50m total non-fund based limits: 'Fitch A4(ind)'

PVN Fabrics:

  -- INR262.9m term loans: 'Fitch B+(ind)'
  -- INR120m cash credit limits: 'Fitch B+(ind)'
  -- INR30m non-fund based limits: 'Fitch A4(ind)'


RAGHUNATH AGRO: CRISIL Assigns CRISIL BB- Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Raghunath Agro Tech Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Proposed Cash     CRISIL BB-/Stable (Assigned)
    Credit Limit

   INR100 Million Cash Credit      CRISIL BB-/Stable (Assigned)

   INR60 Million Proposed          CRISIL A4+ (Assigned)
    Packing Credit

   INR120 Million Proposed Bill    CRISIL A4+ (Assigned)
    Discounting Facility

The ratings reflect the extensive industry experience of RATPL's
promoters and its established regional market position in the
cotton ginning industry. These rating strengths are partially
offset by RATPL's weak financial risk profile, marked by high
gearing and weak debt protection metrics, and susceptibility of
its margins to volatility in raw cotton prices.

Outlook: Stable

CRISIL believes that RATPL will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton ginning business. The outlook may be revised to 'Positive'
if RATPL improves its operating margin, while maintaining its
scale of operations, or if it improves its capital structure by
way of a significant increase in cash accruals or infusion of
funds by promoters. Conversely, the outlook may be revised to
'Negative' if RATPL's financial risk profile deteriorates, most
likely because of weakening in liquidity, or in case of any
adverse change in government policy with regards to minimum
support price of cotton, or larger-than-expected debt-funded
capital expenditure.

                        About Raghunath Agro

Incorporated in 2004, RATPL manufactures cotton bales, cotton
seed oil, and cotton de-oiled cake. Its promoter-directors are
Mr. Raghunath Mittal and his son, Mr. Rajiv Kumar Mittal, who
take care of the day-to-day operations of the company. The
company uses ginning facilities of its associate companies which
are located in Adilabad (Andhra Pradesh) and has a total ginning
capacity of 1100 bales per day.

RATPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR2.8 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.2 million on net
sales of INR1.7 billion for 2009-10.


ROLAND EDUCATIONAL: CRISIL Rates INR36 Million Loan at CRISIL B+
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Roland Educational & Charitable Trust.

   Facilities                      Ratings
   ----------                      -------
   INR36 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR7.5 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR19.1 Million Proposed        CRISIL B+/Stable (Assigned)
    Long-Term Bank Loan Facility

The rating reflects the extensive experience of RECT's trustees
in the educational sector. This rating strength is partially
offset by RECT's average market position marked by the presence
of numerous engineering colleges in Berhampur and Orissa. The
rating also factors in the trust's susceptibility to geographical
concentration and its limited flexibility to increase fees and
student intake.

Outlook

CRISIL believes that RECT will benefit over the medium term from
the extensive experience of its trustees. The outlook may be
revised to 'Positive' if RECT further scales up its operations,
diversifies its course offerings and revenue sources while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a substantial
decline in revenues and profitability, or significantly higher-
than-expected debt-funded capital expenditure impacting the
financial risk profile.

RECT was established in 1997, in Berhampur, Orissa, with Dr. J
Surya Rao as the trust's chairperson. Mrs. Jayalalaxmi, wife of
Dr. J Surya Rao, is also involved in RECT's day-to-day
operations. The trust operates Roland Institute of Technology
(RIT), Roland Junior College (RJC), and Roland Institute of
Computer & Management Studies (RICMS). RIT offers seven courses
in the engineering stream; RJC offers courses in the science and
commerce streams for students of standards XI and XII; RICMS
offers bachelor's degree in computer application. RECT
contributed to almost 90 per cent of the total revenues in 2010-
11.

RECT reported a profit after tax (PAT) of INR9.5 million on net
sales of INR76.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.8 million on net
sales of INR72.6 million for 2009-10.


SNC FOODS: ICRA Reaffirms '[ICRA]BB-' Rating on INR21.75cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR21.75
crore bank facilities of SNC Foods Pvt Ltd. at '[ICRA]BB-'.

The assigned rating is constrained by the fact that the company
is in stabilization stage and operates at low capacity
utilization (20-30%).  ICRA notes that the company is exposed to
demand risks in the absence of any guaranteed rice off-take
agreements; there is an assured off-take of the by-product "rice
husk" by a group company but revenues from rice husk accounts for
less than 2% of projected turnover. ICRA also notes that the
industry is regulated by government which controls demand-supply
and prices through procurement of rice under levy system and
Minimum Support Price (MSP) for paddy.

The rating is also constrained by the fact the projected capital
structure has high leverage in the medium term as the project is
being financed in a debt equity ratio of 1.7:1 and the expected
profitability and hence internal accruals are also modest. The
ratings, however, take into account the favorable location of the
plant with respect to raw material availability and the
commitment of the promoters towards advanced modern machineries
which could reduce wastage and ensure higher milling recovery and
hence higher operating efficiencies. ICRA notes that the
promoters have demonstrated the ability to operate one of the
most efficient power plants in the state; their direct
supervision of rice mill's operations could also ensure higher
operating efficiency for SFPL.

The ratings also take comfort from the fact the term loans tied
up for the project are at relatively moderate terms and
conditions with respect to the rate of interest, the repayment
tenure. ICRA also takes into account the strong clientele of SFPL
with significant sales to the established which results in low
counter party credit risk.

                          About SNC Foods

SNC Foods Private Limited was incorporated in December 2009 by
Mr. M. Subbaiah and his son Mr. M Chandra Mohan, the promoters of
the rice husk based power generation company Koppal Green Power
Limited (KGPL) with an objective of backward integration for some
fuel security. SFPL has set up a rice milling plant in Koppal
district of Karnataka with a milling capacity of 8MT/hour. The
plant has started operation from May 2011. While the by-product
has an assured 100% off-take from KGPL by the virtue of common
promoters, the company is in the stage of developing a market for
its main product "rice".


SOUTH INDIA: CRISIL Places 'CRISIL BB-' Rating on INR80MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL BB-/Stable' to the bank
facilities of South India Freight Carriers, which is part of the
SIFC group.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR80 Million Proposed LT       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the SIFC group's average financial risk
profile marked by modest networth and high gearing levels and
exposure to risks relating to intense competition in the
logistics industry. These weaknesses are partially offset by the
benefits that the group derives from its promoters' experience in
the road transportation segment, and an established customer base

Analytical Approach

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of South India Freight Carrier
(SIFC), a partnership firm and South India Freight Carriers (SIF
Carriers), a proprietorship concern, collectively referred to as
the SIFC group; this is because both the entities are under the
same management, share a brand, resources, employees, and
infrastructural facilities.

Outlook: Stable

CRISIL believes that SIFC will maintain its business risk profile
over the medium term, backed by its established relationships
with customers and carriers, and the extensive experience of its
promoters in the logistics business. The outlook may be revised
to 'Positive' if SIFC group increases its scale of operations
while maintaining its profitability and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
if the company's profitability declines significantly, or if its
debtor level increases considerably, leading to large working
capital requirements, resulting in deterioration in its financial
risk profile

                          About the Group

SIF Carriers was set up as a proprietorship concern in 1988 by
Mr. N. Nageshwar Rao. The firm is engaged in providing parcel
services and offering end to end logistics through Full Truck
Loads (FTL).

The group has another entity SIFC, a partnership firm established
in April 2009 by Mr. N. Nageshwar Rao and Mr. N. Shyam Prasad
(son of Mr. N. Nageshwar Rao). SIFC is engaged in similar line of
business activity and commenced its operations in the last week
of October 2009.

The SIFC group reported a profit after tax (PAT) of INR34.06
million on net sales of INR740.0 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR20.8
million on net sales of INR609.7 million for 2007-08.


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


BANK DANAMON: Fitch Affirms Issuer Default Rating at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed PT Bank Danamon Indonesia Tbk's
National Long-Term Rating at 'AA+(idn)', Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB+', Short-Term
Foreign-Currency IDR at 'B', Viability Rating at 'bb+',
Individual Rating at 'C/D', and Support Rating at '3'.  The
Outlook is Stable.

The affirmations are a result of the bank's ability in
maintaining its strong capitalisation profile.  The ratings also
reflect the bank's satisfactory asset quality and continuing
access to resources from its majority shareholder, Temasek
Holdings, the investment arm of the Singapore government
('AAA'/Stable), as well as the high quality of the management
team appointed by Temasek, which is reflected in its Viability
Rating.

Danamon's Tier 1 and total Capital Adequacy Ratios (CAR) remained
strong at 17.4% and 17.8%, respectively, as the bank raised
IDR5trn through right issues in Q311.  Fitch believes the current
level of Tier 1 capital is sufficient in offsetting the
possibility of worsening asset quality.

The bank's profitability remains high but is under pressure as
net interest margin (NIM) continues to decline as a result of
intense competition.  NIM in Q311 was 9.7% (2010: 11.3%).  ROA
and ROE in Q311 stood at 2.6% and 16.8% (2010: ROA: 2.8%; ROE:
17.3%), respectively.  In Fitch's opinion, strong competition
will continue to pressure the bank's profitability.

NPLs declined to 2.9% of gross loans at end-Q311 (2010: 3.0%) in
line with the industry average.  Fitch notes that the bank has
managed growth well, as asset quality remains reasonably sound.

Danamon's regulatory loan-deposit ratio (LDR) increased to 99.5%
in Q311 (2010: 93.8%), one of the highest among its peers.  Long-
term funding increased significantly by 82% in Q311, reflecting a
more balanced management of asset liabilities, but it could
increase refinancing risk as bank funding resources depend more
on wholesale investors.  Fitch notes that although LDR is above
average, the bank's excess liquidity of about IDR17.4trn should
be adequate in diminishing funding/liquidity risk.

Established in 1956 and listed in 1989, Danamon was nationalised
by the Indonesian government in 1999 following the Asian
financial crisis and sold to Asia Financial (Indonesia) in 2003.
Asia Financial (Indonesia) owned 67.4% of Danamon at end-
September 2011, and is in turn fully owned by Fullerton Financial
Holdings, a financial holding company of Temasek Holdings.


BANK RAKYAT: Fitch Affirms BB+ Ratings Over Strong Probability
--------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Rakyat Indonesia (Persero)
Tbk's Long-term Foreign-Currency at 'BB+' with a Positive
Outlook, Short-term Foreign Currency IDR at 'B', National Long-
Term Rating at 'AAA(idn)' with a Stable Outlook, Individual
Rating at 'C/D', Viability Rating at 'bb+', Support Rating at '3'
and Support Rating Floor at 'BB+'.  The agency has also affirmed
BRI's five-year rupiah subordinated bond issued in 2009 at
'AA(idn)' which, under Fitch's hybrid security rating criteria,
is two notches below the National Long-Term Rating to reflect the
issue's cumulative coupon deferral features.

These affirmations reflect BRI's improved and consistently strong
underlying profitability, its status as Indonesia's second-
largest bank with a largely unchallenged position as a leading
micro-lender, its satisfactory asset quality and adequate
capital.  BRI's strong underlying profitability and high
provision cover, against a backdrop of favourable economic
conditions, help to somewhat mitigate the pressure on asset
quality, funding and capital arising from its strong loan growth,
and in the event economic conditions become more challenging.
Rapid loan growth which may affect the bank's capital position
and/or asset quality, such that impairment risk on capital
increases, may exert pressure on the bank's Viability rating,
while BRI's IDR will remain unchanged as it is supported by the
at 'BB+' Support Rating Floor.

The Outlook on BRI's Long-Term IDR is Positive, and in line with
Indonesia's sovereign rating.  A sovereign rating upgrade could
lead to a similar change for the bank, given its significant
government ownership and systemic importance (11.6% of total
system assets at end-September 2011).

BRI's asset quality remained satisfactory. Its NPLs to gross
loans ratio improved to 3.3% at end-Q311 (Q310: 4.3%), supported
by benign economic conditions and improved corporate loan
quality.  Fitch notes that NPLs tend to decline towards the end
of the year (2010: 2.8%; Q 310: 4.3%) as BRI mostly writes off
NPLs in Q4.  The NPL ratio in BRI's core micro and consumer loans
remained low, at less than 2% in 9M11.  Provision cover remained
high at 192%, and above its peers' average, in order to pre-empt
possible contingencies from the bank's larger exposure to natural
disasters as a result of sprawling rural network.

BRI's Tier 1 capital adequacy ratio (CAR) and Total CAR improved
to 13.3% and 14.9% at end-September 2011, respectively, (2010:
12% and 13.8%, respectively) as strong retained earnings, from
its above-average profitability and lower dividend rate, offset
the capital reduction from Basel II operational risk
implementation and loan growth.  The bank's profitability
remained strong with ROA of 3.4% at end-Q311, which is among the
highest in the industry.  Fitch notes that BRI is making efforts
to lower dividend payouts and to increase lower-risk-weighted
assets to maintain total CAR at a minimum of 12% in the medium-
term. Lower loan growth also contributed to BRI's CAR
improvement.

Established in 1895, BRI is Indonesia's oldest bank and has the
widest domestic distribution network.


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


L-JAC FIVE: S&P Lowers Ratings on 2 Certificate Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its ratings on classes D-2 and J-1 issued under the L-JAC
Five Trust Beneficial Interest (L-JAC Five) transaction.

"Two of the transaction's underlying loans (the loans originally
represented about 1% and 12% of the initial issuance amount of
the trust certificates), which defaulted, were impaired (a
portion of the principal on one of the two loans was waived). We
lowered to 'CC (sf)' from 'CCC (sf)' our rating on class D-2 on
July 25, 2011, and our rating on class J-1 on Nov. 8, 2011,
because we took the view that the class D-2 and J-1 trust
certificates would incur principal losses following the
impairment of the loans. We downgraded classes D-2 and J-1
because we have confirmed that the entire remaining principal on
class D-2 and part of the remaining principal on class J-1 have
been written off," S&P said.

Of the effectively 13 loans that initially backed the trust
certificates, effectively six loans remain (the six loans, five
of which have defaulted, originally represented a combined 32% or
so of the initial issuance amount of the trust certificates). In
addition, apart from the transaction's six remaining loans, there
are two loans (the loans originally represented a combined 24% or
so of the initial issuance amount of the trust certificates) for
which the sales of the related collateral properties have been
completed but final calculations at the loan level have not yet
been completed.

L-JAC Five is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
originally secured by 13 loans, and the loans were originally
backed by 81 real estate properties and real estate beneficial
interests. Premier Asset Management Co. acts as the servicer for
this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal on
the class D-2 and J-1 trust certificates by the transaction's
legal final maturity date in August 2015," S&P said.

Ratings Lowered

L-JAC Five Trust Beneficial Interest
JPY63.63 billion Floating-rate trust certificates due August 2015
Class   To       From      Initial issue amount   Coupon type
D-2     D (sf)   CC (sf)   JPY1.75 bil.           Floating rate
J-1     D (sf)   CC (sf)   JPY0.37 bil.           Floating rate


OLYMPUS CORP: Former Director Urges Board Revamp
------------------------------------------------
The Wall Street Journal reports that former Olympus Corp.
director Koji Miyata said that the company's top executives
should resign their board seats but retain their management posts
for the time being to keep the company stable.

The concerns expressed by Mr. Miyata, a former senior executive
and director who retired from Olympus in 2006, underscore the
management dilemma Olympus finds itself in after the company's
admission earlier this month of efforts to hide investment losses
dating to the 1990s, according to the Journal.

In an interview with The Wall Street Journal, Mr. Miyata said
Olympus's current board members showed they weren't capable of
effective oversight when they refused to investigate suspicious
payments flagged by former Chief Executive Michael Woodford last
month.  Olympus later admitted that the payments were part of
efforts to hide upward of $1 billion in investment losses.

Still, the Journal relates Mr. Miyata said that if the nine
current executives on the board of directors all left their daily
management jobs as well as their board posts, Olympus would be in
trouble.  That is because those executives lead all of the
company's major operations, and include the chiefs of Olympus's
overseas operations as well as its camera and medical-equipment
businesses.  "If everyone were to leave, that would be a real
problem," Mr. Miyata said. "They need to continue helping out for
a period," Mr. Miyata said.

The Journal notes that three senior Olympus executives resigned
last week after the company said earlier this month that they
were responsible for hiding the investment losses.

According to the news agency, many investors have called for the
resignation of Olympus's current executives as well, arguing that
the company's credibility can't be re-established as long as they
are running the company.

Some have called for the reinstatement of Mr. Woodford, who was
sacked in mid-October after he demanded an investigation into the
suspicious payments, the Journal states.  Mr. Miyata, according
to the Journal, is leading an effort to rally employee support
behind Mr. Woodford.

The Journal notes that Olympus's current management team, led by
President Shuichi Takayama, is arguing that Olympus would fall
deeper into crisis if they left the company essentially
leaderless.  According to the Journal, Mr. Takayama last week
published an open letter to Olympus employees, saying that the
incumbent management intended to get the company on a path to
recovery, aiming to present a new management structure and reform
plan by the next shareholders' meeting in June.

The Journal adds that Mr. Woodford said Friday that he and the
board came to an understanding that current management should
stay in place at least until a Dec. 14 stock-exchange deadline to
revise financial results.  Mr. Woodford said that he thought
management changes should be made soon after that.

                    Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


TOKYO ELECTRIC: Sells US$2.4 Billion KDDI Stake
-----------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. raised
JPY186.3 billion (US$2.4 billion) selling its stake in KDDI
Corp., the firm's biggest disposal since saying it plans to
offload assets to pay compensation for the Fukushima disaster.

Bloomberg relates that the utility known as TEPCO, which owned
about 8% of KDDI, plans to book a 35.1 billion-yen loss on the
transaction.  TEPCO sold the stock back to KDDI Tuesday on the
Tokyo Stock Exchange Trading Network System at JPY521,000 a
share, Hiroki Kawamata, a spokesman for the utility, told
Bloomberg by phone.

According to the report, TEPCO has been selling holdings since
the March 11 earthquake and tsunami crippled its Fukushima Dai-
Ichi nuclear station, leading to the worst atomic disaster since
Chernobyl 25 years ago.  Compensation may total JPY4.5 trillion
the first two years after the disaster, Bloomberg cited a report
from a government panel that went through the company's finances.

KDDI, Japan's second largest mobile-phone operator, plans to
raise as much as JPY201 billion from a sale of convertible bonds
to buy back the shares held by TEPCO, reports Bloomberg.

KDDI said it completed the buyback of 424,126 shares, paying
about JPY221 billion, Bloomberg adds.

                       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
====================


CAPITAL + MERCHANT: Lloyd's Fights NZ$10MM Claim Over Bad Loans
---------------------------------------------------------------
BusinessDay.co.nz reports that further fallout from the collapse
of finance company Capital + Merchant Finance has hit the courts
as British insurer Lloyd's battles a NZ$10 million claim over bad
property loans.

BusinessDay.co.nz relates that the case, which surfaced at the
High Court in Auckland on Monday, involves a special purpose
vehicle named Diversified Mortgage Trust. It was set up to help
finance Capital + Merchant as its position tightened in late
2006.

According to BusinessDay.co.nz, the deal involved DMT raising
money to buy priority positions on Capital + Merchant loans, in
an arrangement almost identical to one used by Bridgecorp two
years earlier.  In both cases, the directors of the special
purpose vehicles were former Fay Richwhite merchant banker
Stephen Maud, lawyer Jack Porus and former BNZ corporate banker
Ronald Diack, the report says.

BusinessDay.co.nz says investors in the Bridgecorp Mortgage Trust
No 2 got all of their NZ$30 million back in 2006, a year before
Bridgecorp collapsed. Many DMT investors, due to be repaid in
December 2008, were not so lucky, the report notes.

Although investors in "Class A" DMT notes have been repaid, about
NZ$12.7 million remains outstanding in "Class B" and "Class C,"
BusinessDay.co.nz discloses.  The loan assets backing the notes
were covered by an insurance policy from Lloyd's, but several
have gone bad and the insurer has so far fought against payment,
according to the report.

BusinessDay.co.nz relates that DMT's most recent financial
statements, filed in September, said Lloyd's had rejected claims
on eight loans specifically and indicated the whole policy was
probably invalid.  "It is their view that all of the claims may
be void as a result. The directors do not share this view and
intend to vigorously pursue DMT's right to recover monies under
the policy."

According to the report, DMT said a successful claim would
realise NZ$10.3 million, just enough to repay NZ$9.7 million of
"Class B" notes outstanding.  The Class C notes, owned by Capital
+ Merchant Finance, will probably be wiped out, the report notes.

Mr. Maud said the case was at the discovery stage and no hearing
date had yet been set, the report relays.  However, Mr. Maud was
"highly confident" DMT's claim would be successful.  Capital +
Merchant receiver Tim Downes said he was happy to see DMT pursue
the claim, but "[Lloyd's is] not paying out a cent to anyone
unless everything is absolutely tickety-boo."

Similar insurance taken out on 42 Capital + Merchant loans has
been found invalid on 39 of them, the report adds.

                     About Capital + Merchant

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

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


SMARTPAY LTD: Plans to Raise More Capital; Books Half Year Loss
---------------------------------------------------------------
BusinessDay.co.nz reports that Smartpay Limited will have to tap
debt and equity markets even further to fund its expansion into
Australia after burning through NZ$2 million worth of cash in the
first half of the year and widening its interim net loss even
further.

The company reported Friday a net loss of NZ$2.4 million, or
2.01 cents a share, for the six months ending September 30,
compared to a net loss of NZ$1.98 million, or 0.23c a share, in
the same period previously, BusinessDay.co.nz discloses.

According to BusinessDay.co.nz, the loss was primarily due to a
decline in first-half sales, with revenue dropping to NZ$15.9
million from NZ$21.7 million previously, outstripping the NZ$2
million in cost savings achieved over the period, and leaving the
company with just NZ$351,000 of cash in the bank.

"We're currently going through the different options, and debt is
one way of managing the business," the report quotes managing
director Ian Bailey as saying.

At present, the company has total liabilities of NZ$29.6 million,
predominantly made up of NZ$11.4 million in current debt and
NZ$12.9 million in non-current debt, costing the company
NZ$1.97 million in the six months to September 30 to service.

"We know we have to reduce interest costs and shore up the
balance sheet at some stage," Mr. Bailey.

BusinessDay.co.nz relates that Mr. Bailey said Smartpay is
currently looking at how it will structure its capital raising,
having already put NZ$6 million of redeemable preference shares
up for sale earlier this year, and flagged a plan to list on the
Australian share market by August -- a deadline which has been
subsequently pushed out to March next year.

SmartPay Limited, formerly Cube Capital Limited --
http://www.smartpay.co.nz/-- provides technology services for
merchants and retailers. The Company offers services to 4,500
merchants throughout New Zealand. It provides merchant services,
including voice over Internet protocol (VoIP) and broadband. In
addition, the Company operates and manages Wireless fidelity (Wi-
Fi) network. It offers a range of other services, such as audio
and video decision marketing tools with retail radio.


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


JURONG HI-TECH: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 18, 2011, to
wind up Jurong Hi-Tech Industrial Pte Ltd's operations.

Tam Chee Chong and Keoy Soo Earn filed the petition against the
company.

The company's liquidators are:

         Tam Chee Chong
         Andrew Grimmett
         C/O Deloitte & Touche LLP
         6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


OPTIMUM-3 (CHINA): Creditors' Proofs of Debt Due Dec. 13
--------------------------------------------------------
Creditors of Optimum-3 (China) Pte Ltd, which is in liquidation,
are required to file their proofs of debt by Dec. 13, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

          Mr. Don M Ho, FCPA
          c/o Don Ho & Associates
          Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza 20 Cecil Street #12-02
          Singapore 049705


PIONEER SMITH: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 30, 2011,
to wind up Pioneer Smith (S) Pte Ltd's operations.

Rico (Pte) Ltd filed the petition against the company.

The company's liquidator is:

         Mr Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


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


* 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.





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