TCRAP_Public/111201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 1, 2011, Vol. 14, No. 238

                            Headlines



A U S T R A L I A

BCD RESOURCES: To Close Beaconsfield Gold Mine in June 2012
SOLARCORE: In Administration on Alleged Employee Theft
STORM FINANCIAL: ASIC Compensation Proceedings to Continue
STUDIO 2000: Goes Into Administration, Owes AU$1.5 Million
* AUSTRALIA: Queensland Building Firms Book Highest Insolvency


C H I N A

GITI TIRE: Moody's Withdraws 'B3' Corporate Family Rating
SHANGHAI PUDONG: Moody's Raises Deposit Ratings to Baa3 From Ba1


H O N G  K O N G

TAI CHONG: Members' Final Meeting Set for Dec. 28
TANCROWN LIMITED: Creditors' Proofs of Debt Due Dec. 23
TECHANCE DEVELOPMENT: Annual Meetings Set for Dec. 30
TOP BOND: Cheng and Lee Appointed as Liquidators
WELLYOUNG ASIA: Placed Under Voluntary Wind-Up Proceedings

WESTLY LIMITED: Placed Under Voluntary Wind-Up Proceedings
WIDE GLOBE: Members' Final Meeting Set for Dec. 30
YIELD POINT: Members' Final Meeting Set for Dec. 30
YUEFORD LIMITED: Commences Wind-Up Proceedings


I N D I A

AKAK ISPAT: Weak Liquidity Cues CRISIL to Assign Junk Ratings
ANAND CITI: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
A. S. CARRIERS: CRISIL Reaffirms 'CRISIL B+' Long-Term Rating
BATLIBOI ENVIRONMENT: Fitch Holds Rating on INR6.5MM Loan at 'B+'
KOKILA COTTON: CRISIL Assigns 'CRISIL B+' Rating to INR120MM Loan

LOGWELL FORGE: CRISIL Assigns 'CRISIL BB+' Rating to INR105MM Loan
MANGE RAM: CRISIL Assigns 'CRISIL BB-' Rating to INR47.5MM Loan
MULTI MAX: CRISIL Reaffirms 'CRISL B' Rating on INR108.1MM Loan
PCH GLOBAL: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
PIBCO INDIA: Fitch Puts Rating on Two Loan Class at 'D+'

RATNAPRIYA DYEING: CRISIL Places 'B+' Rating on INR27.5MM Loan
RELISYS MEDICAL: Delay in Debt Servicing Cues CRISIL Junk Ratings
SABER PAPERS: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
SARASWATI COTTON: CRISIL Places 'CRISIL B+' Rating on INR19MM Loan
SM EBERSPAECHER: CRISIL Places 'CRISIL B-' Rating on INR120MM Loan

SOBHA RENAISSANCE: Delay in Loan Payment Cues CRISIL Junk Ratings
SUNNY EXPORTS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating


J A P A N

JLOC 41: Fitch Affirms Rating on Three Note Classes at 'Dsf'
OLYMPUS CORP: Panel Probe Report To Be Released This Week


K O R E A

HANA BANK: Fitch Affirms Rating on Hybrid Securities at 'BB+'
KOREA EXCHANGE: Fitch Affirms Individual Rating at 'C'


M O N G O L I A

MONGOLIA: Fitch Affirms Issuer Default Ratings at Low-B


N E W  Z E A L A N D

CENTURY CITY: ANZ Seeks NZ$25.2 Mil. From ASB Tower Sale
PIKE RIVER: Peter Whittall to Step Down as CEO on Dec. 1
SUSSAN GROUP: Shutters New Zealand Sussan Stores; Slashes Jobs


P H I L I P P I N E S

QUEZON POWER: Moody's Withdraws 'B1' Senior Secured Bond Rating


S I N G A P O R E

GLENCORE SINGAPORE: Pays Tipco $20.2 Million Arbitral Award


                            - - - - -


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


BCD RESOURCES: To Close Beaconsfield Gold Mine in June 2012
-----------------------------------------------------------
The Sydney Morning Herald reports that the Beaconsfield Gold Mine
in northern Tasmania is set to close after its owners, BCD
Resources, declared it was no longer viable.

SMH relates that the mine will close in June next year nearly six
years after it shot to prominence amid a tragic mine collapse on
Anzac Day 2006, which trapped several workers underground for two
weeks.

Despite gold prices being near record highs, BCD Resources said
they are closing it because "at today's gold price, it is not
viable to mine below the current depth," according to the report.

The company, as cited by SMH, said it would review the decision if
gold prices continued "trending upward" but most industry pundits
believe the mine's future is doubtful if it cannot turn a profit
with the current boom prices for gold miners.

The closure will cost more than 150 jobs, including 103 full-time
jobs, the report notes.

                         About BCD Resources

Based in Australia, BCD Resources NL, formerly Beaconsfield Gold
NL, engages in the gold production and exploration at the Tasmania
Mine in north-east Tasmania and mineral exploration in Tasmania
and Victoria.  Beaconfield gold mine is located in Beaconsfield,
Tasmania, Australia.


SOLARCORE: In Administration on Alleged Employee Theft
------------------------------------------------------
SmartCompany reports that Solarcore has been placed into
administration as the industry continues to suffer due to lack of
demand and support from state governments.

The firm is reported to have suffered issues related to
allegations of employee theft, with a complaint already being
filed with police, according to SmartCompany.

SmartCompany, citing The Cairns Post, relates that there have been
allegations of theft surrounding the placement of the company in
administration.  The report notes that a "trusted advisor" is
associated with the allegations, which also suggest company
records were destroyed.

It is reported creditors became aware of the situation when it was
clear accounts weren't being paid, SmartCompany says.

A creditor's meeting expected to take place on December 2.

SmartCompany notes that the collapse of Solarcore and its
subsidiaries has reportedly affected 28 employees, and 63
customers, although administrators are reportedly confident they
will be able to strike a deal.

Two other related companies, The Insulation Depot and Depot
Management, were also placed into administration on November 23,
SmartCompany discloses.

Administrators Moira Carter and Ian Jessup from BRI Ferrier have
been appointed to the firm.

The administrators can be reached at:

          Moira Carter
          Ian Jessup
          BRI FERRIER
          Level 30, Australia Square 264
          George Street, Sydney NSW 2000
          Tel: +61 2 8263 2300
          Fax: +61 2 8263 2399
          E-mail: moira.carter@briferriernq.com.au
                  ian.jessup@briferriernq.com.au

Headquartered in Queensland, Solarcore is a solar panel company.
The company offers solar hot water products, solar panels,
inverters, heat pumps and gas hot water systems, along with
installations.


STORM FINANCIAL: ASIC Compensation Proceedings to Continue
----------------------------------------------------------
The Federal Court of Australia on Nov. 30, 2011, rejected the main
challenges to the Australian Securities and Investments
Commission's pleadings made by the Bank of Queensland, Senrac Pty
Limited and Macquarie Bank Limited, in proceedings brought by ASIC
arising out of its investigation into the collapse of Storm
Financial Limited.

Justice Lindsay Foster declined to strike out the Statement of
Claim filed by ASIC on behalf of two former Storm investors (Barry
and Deanna Doyle), but required ASIC to clarify certain aspects of
the claims by filing an amended statement of claim.

ASIC commenced legal proceedings in the Federal Court of Australia
on Dec. 22, 2010, in ASIC's name and in the name of, and on behalf
of, two former Storm Financial investors (Barry and Deanna Doyle)
against BOQ, Senrac and Macquarie Bank in relation to alleged
breach of contract, contravention of statutory prohibitions
against unconscionable conduct and the banks' liability as linked
credit providers of Storm under section 73 of the Trade Practices
Act 1974 (Federal Court Proceedings: NSD 1797 of 2010).

On March 2, 2011, Macquarie Bank filed a Notice of Motion asking
the court to strike out and dismiss the whole or part of ASIC's
Statement of Claim.

On March 3, 2011, BOQ and Senrac filed a Notice of Motion asking
the court to strike out and dismiss the whole or part of ASIC's
Statement of Claim.

The parties' submissions in respect of the Notices of Motion were
heard by Justice Foster on March 24, 2011.

These proceedings are separate from:

   * the proceedings ASIC has brought against Storm, the
     Commonwealth Bank of Australia, BOQ and Macquarie
     Bank based on the alleged operation by Storm of an
     unregistered managed investment scheme in which the
     banks were allegedly involved; and

   * civil penalty proceedings against Emmanuel and Julie
     Cassimatis.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell --
ivor.worrell@worrells.net.au -- and Raj Khatri --
raj.khatri@worrells.net.au -- of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


STUDIO 2000: Goes Into Administration, Owes AU$1.5 Million
----------------------------------------------------------
SmartCompany reports that Studio 2000 Photographers went into
administration with AU$1.5 million in debt.

The company's collapse comes as Australian Securities and
Investments Commission figures show retail and construction are
two industries that are suffering the highest number of
administrations and receiverships, according to SmartCompany.

KordaMentha Pty Ltd partner Chris Powell has been appointed as
administrator to the company.

The report notes Mr. Powell said that the business, which turns
over AU$5 million, is in the middle of a poor performing industry
with significant overheads.

"The downturn in the industry has had a significant impact on the
bottom line, and it's a very labor intensive company - the biggest
single item is wages," SmartCompany quoted Mr. Powell as saying.

The administrator can be reached at:

          Chris Powell
          Korda Mentha
          Level 11
          37 St Georges Terrace
          Perth 6000
          Western Australia, Australia
          PO Box Y3185
          Tel: +61 8 9220 9333
          Fax: +61 8 9220 9399
          E-mail: cpowell@kordamentha.com

Studio 2000 Photographers is a 25-year-old photography studio in
Adelaide.


* AUSTRALIA: Queensland Building Firms Book Highest Insolvency
--------------------------------------------------------------
Sopie Foster at The Courier-Mail reports that at least one
Queensland construction business went into external administration
per day in the past financial year, the highest level of corporate
insolvency of any industry in Australia.

The Courier-Mail relates that data released by the Australian
Securities and Investments Commission showed Queensland's small
business owners continue to bear the brunt of uneven economic
conditions, making up more than 80% of the state's initial
insolvency reports.

Queensland's small business insolvency is higher than the national
average of 78%, the report discloses.

The Courier-Mail notes that of the 1,468 initial external
administration reports filed for Queensland businesses, 1,192
involved companies that employed fewer than 20 people.

According to The Courier-Mail, the state's spate of natural
disasters was nominated as the reason for 19 Queensland businesses
going into insolvency, while 543 believed their failure was caused
by poor economic conditions.

The Courier-Mail relates that construction dominated the state's
insolvency reports, with 365 companies in external administration
in Queensland, followed by 283 business and personal services
operations and 191 retailers.

Coming off the hard year that tourism has had, says The Courier-
Mail, 120 accommodation and food services businesses had reports
filed.

Manufacturing was also in triple digits with 105 businesses facing
fresh external administration scrutiny, the report adds.


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


GITI TIRE: Moody's Withdraws 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn Giti Tire's B3 corporate
family rating.

Ratings Rationale

Moody's has withdrawn Giti Tire's rating for its own business
reasons. Moody's currently does not rate any debt issued by Giti
Tire. The rating withdrawal does not reflect a change in Giti
Tire's creditworthiness.

Giti Tire Company Ltd is one of the largest tire manufacturers in
China. It is a private company, ultimately owned by the Liem
family, which has a Singaporean-Indonesian background. It also
owns 49.7% in PT Gajah Tunggal TBK (B3/Stable), an Indonesian tire
producer.


SHANGHAI PUDONG: Moody's Raises Deposit Ratings to Baa3 From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded Shanghai Pudong Development
Bank's long-term foreign currency deposit rating to Baa3 from Ba1,
and its short-term foreign currency rating to Prime-3 from Non-
Prime.  At the same time, Moody's has assigned a Baa3 long-term
local currency deposit rating, and Prime-3 short-term local
currency rating to the bank.

Moody's has also affirmed SPDB's bank financial strength rating
(BFSR) of D (mapping to a Baseline Credit Assessment of Ba2).

The ratings outlook is stable.

Below is a list of the bank's ratings:

  Bank Financial Strength: D

  Long-term Bank Deposits (Foreign Currency): Baa3 (upgraded from
  Ba1)

  Long-term Bank Deposits (Local Currency): Baa3

  Short-term Bank Deposits (Foreign Currency): Prime-3 (upgraded
  from Non-prime)

  Short-term Bank Deposits (Local Currency): Prime-3

Ratings Rationale

"The upgrade of SPDB's deposit ratings reflects our recognition of
SPDB's increasing national presence and improving market position
over time, as well as the increased ownership by government-
related entities after China Mobile acquired 20% of the bank's
shares in 2010," says Christine Kuo, a Moody's Vice President and
Lead Analyst for the bank.

"As a result, Moody's has decided that it is more appropriate to
assume two notches of systemic support in SPDB's rating than the
previous assumption of one notch," adds Kuo.

SPDB has grown to become the seventh largest bank in China by
assets. It has a national presence, with 40% of its lending in the
Yangzi River Delta area. It plays an important role in supporting
the government's ambition for Shanghai to develop into a major
global financial center.

The D BFSR reflects SPDB's franchise value as a bank with a market
share of just over 2% in loans and deposits as well as its
adequate financial profile.

SPDB's profitability has been in the mid-range of its Chinese
peers. Its net interest margin has improved in the rising interest
rate environment. Its capital position strengthened after China
Mobile's capital injection. SPDB's Tier 1 ratio and capital
adequacy ratio (CAR) improved to 9.01% and 11.24% respectively at
September 30, 2011, from 6.90% and 10.34% at end-2009.

The bank's asset quality has continued to improve in the past few
years. Its reported non --performing loan (NPL) ratio was 0.40% of
loans at September 30, 2011 -- and is the lowest among Moody's-
rated banks.

However, Moody's believe its NPLs are at, or near, cyclical lows.
The rapid loan growth since the beginning of 2009 raises concerns
about potential asset deterioration when loans originated in the
recent years season.

A further upgrade of SPDB's ratings is unlikely within the next
two years. An eventual upgrade in the bank's rating would require
a more positive assessment of its standalone financial strength.
To achieve this, the bank would need to show consistent and solid
financial performance during a period that is likely to remain
challenging for the Chinese financial system. In particular, a
Tier 1 capital ratio kept above 8% and the ratio of NPLs to total
loans kept below 2% would be minimum expectations before any
upgrade.

The ratings could be downgraded for the following reasons: (1) The
ratio of NPLs to total loans rising above 3% of loans; (2) The
Tier 1 capital ratio declining below 6%; (3) forward-looking
stress tests revealing concerns about the bank's ability to
maintain adequate capital for its rating; or (4) shareholder or
regulatory developments that challenge Moody's view that the two
notches of systemic support was warranted.

The methodologies used in this rating were (1) Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and (2) Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

SPDB is headquartered in Shanghai. As of September 30, 2011, SPDB
reported total assets of RMB2.5 trillion (approximately US$395
billion).

The local market analyst for this rating is Yi Zhang, +86 (106642)
8968-608.


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


TAI CHONG: Members' Final Meeting Set for Dec. 28
-------------------------------------------------
Members of Tai Chong Limited will hold their final meeting on
Dec. 28, 2011, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, 15 Queen's Road Central, in Hong Kong.

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


TANCROWN LIMITED: Creditors' Proofs of Debt Due Dec. 23
-------------------------------------------------------
Creditors of Tancrown Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 23,
2011, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Leigh Man Sung Camballaw
         Units 2205-07, 22/F
         China Merchants Building
         303-307 Des Voeux Road
         Central, Hong Kong


TECHANCE DEVELOPMENT: Annual Meetings Set for Dec. 30
-----------------------------------------------------
Members and creditors of Techance Development Limited will hold
their annual meetings on Dec. 30, 2011, at 4:15 p.m., and 4:30
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.


TOP BOND: Cheng and Lee Appointed as Liquidators
------------------------------------------------
Cheng Kwok Wai David and Lee Yuen Han Hope on Nov. 16, 2011, were
appointed as liquidators of Top Bond Technology Limited.

The liquidators may be reached at:

         Cheng Kwok Wai David
         Lee Yuen Han Hope
         20/F, Fung House
         No. 19-20 Connaught Road
         Central, Hong Kong


WELLYOUNG ASIA: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Nov. 11, 2011,
creditors of Wellyoung Asia Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Ng Kin Yung Tony
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


WESTLY LIMITED: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Nov. 18, 2011,
creditors of Westly Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         But Yun Wai
         3/F., Kam Sang Building
         257 Des Voeux Road
         Central, Hong Kong


WIDE GLOBE: Members' Final Meeting Set for Dec. 30
--------------------------------------------------
Members of Wide Globe Limited will hold their final meeting on
Dec. 30, 2011, at 10:30 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.


YIELD POINT: Members' Final Meeting Set for Dec. 30
---------------------------------------------------
Members of Yield Point Limited will hold their final general
meeting on Dec. 30, 2011, at 10:30 a.m., at 12th Floor, V Heun
Building, at 138 Queen's Road Central, in Hong Kong.

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


YUEFORD LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Sole shareholder of Yueford 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


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I N D I A
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AKAK ISPAT: Weak Liquidity Cues CRISIL to Assign Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Akak
Ispat Udyog Private Limited to 'CRISIL D' from 'CRISIL B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR37.5 Million Cash Credit     CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

   INR12.5 Million Letter of       CRISIL D (Downgraded from
   Credit                              'CRISIL B+/Stable')

The rating downgrade reflects continuous over utilisation of fund
based limits of Akak beyond 30 days; the delay has been caused by
Akak's weak liquidity due to high working capital requirements.

The rating continues to reflect Akak's weak financial risk
profile, marked by a small net worth, high gearing, weak debt
protection metrics, and constrained liquidity, exposure to risks
related to the commodity-like market for its product and trading
operations, and susceptibility to volatility in steel prices.

                         About Akak Ispat

Akak, based in Kolkata, was set up as a partnership firm, Aditya
Kumar Animesh Kumar, by Mr. Mohanlal Gupta in 1995; it was
reconstituted as a private limited company in January, 2008. The
Gupta family has been trading in steel products since 1962. Akak
trades in iron and steel products. Its products include mild steel
round bars, angles, channels, billets, and galvanised and cold-
rolled sheets. The company procures materials from the Steel
Authority of India Ltd (SAIL), Indian Iron and Steel Company Ltd
(IICO), and local traders and manufacturers. It derives around 95
per cent of its revenues from West Bengal, and the remainder from
sales in Uttar Pradesh and Bihar.


ANAND CITI: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Anand Citi Centre
Holdings Pvt Ltd continues to reflect the benefits that ACCHPL
derives from the experience of the ETA group in executing
construction projects, and by the advantageous location of
ACCHPL's project.

   Facilities                      Ratings
   ----------                      -------
   INR500.00 Million Cash Credit   CRISIL BB/Negative (Reaffirmed)
   Limit

These rating strengths are partially offset by ACCHPL's exposure
to risks related to commercialisation of its real estate project,
given the pending approval of its application for premium floor
space index (FSI).

Outlook: Negative

CRISIL believes that ACCHPL will remain exposed to risks related
to further time overruns in project implementation, because of
pending approval for the premium FSI of 0.86 times from CMDA, in
addition to the normal FSI of 2.5 times for the project. The
ratings may be downgraded if there is further time or cost overrun
in ACCHPL's ongoing project, or delays in concluding sale
contracts, which would adversely affect its cash accruals and
liquidity. Conversely, the outlook may be revised to 'Stable' if
ACCHPL completes its project sooner than expected, or receives
substantial customer advances area within the next six months,
resulting in lower-than-expected reliance on bank borrowings.

Update

ACCHPL has been developing commercial office space at Anna Salai
in Chennai (Tamil Nadu) and its project was rescheduled to be
completed by March 2012. However, the project is not yet completed
as the company is yet to receive approval for the premium FSI of
0.86 times from Chennai Metropolitan Development Authority (CMDA),
in addition to the normal FSI of 2.5 times for the project.
However, ACCHPL's management has achieved around 77 per cent
booking, with around 130,846 square feet (sq ft) out of the total
172,723 sq ft of saleable area, though the final registrations are
not yet done. The Accor hotels group is the main customer with
around 61,562 sq ft area booked for developing its hotel under the
Ibis brand name. The company is developing the fourth floor of the
planned eleven floors currently and the construction is expected
to be completed by December 2012. ACCHPL had received around
INR200 million of customers' advances as on March 31, 2011, and
had around INR92 million in various liquid mutual funds as on the
same date. It has, so far, drawn down around INR270 million of its
INR500 million cash credit limit and needs to repay this amount by
July 2012. CRISIL believes that the timing of the premium FSI
approval will be critical for the project plan and completion of
the same without any further time overrun.

                         About Anand Citi

Set up in 2007, ACCHPL is a special-purpose vehicle of ETA
Properties and Investments Pvt Ltd; ACCHPL is part of the ETA
group, a Dubai-based industrial conglomerate, which includes the
ETA-ASCON group of companies and the ETA-Star group of companies.
It is developing commercial office space on outright sale model at
Anna Salai, which is in the central business district of Chennai.
The project is being developed on 1.616-acre freehold land plot,
with a built-up area of 254,000 square feet. The project, which
was rescheduled to be completed by March 2012, is now expected to
be completed by December 2012.


A. S. CARRIERS: CRISIL Reaffirms 'CRISIL B+' Long-Term Rating
-------------------------------------------------------------
CRISIL's rating on the long-term loan facilities of A. S. Carriers
Pvt Ltd continues to reflect ASC's weak financial risk profile
marked by high gearing and weak debt protection metrics, and
continued competitive pressure on its rental income.

   Facilities                     Ratings
   ----------                     -------
   INR1701.5 Million LT Loans     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by ASC's established
market position in the domestic organised warehousing business and
well-established clientele.

Outlook: Stable

CRISIL believes ASC will maintain stability in its income and
undertake modest capital expenditure (capex) programme over the
medium term. The rating may be revised to 'Positive' if ASC lowers
its debt level, primarily by way of equity infusions. Conversely,
the outlook may be revised to 'Negative' if the company does not
have earn rental income for a prolonged period from any of its
properties, undertakes larger-than-expected debt-funded capex
programme, or if its cost of borrowings continue to increase,
adversely affecting its debt protection metrics.

                       About A. S. Carriers

ASC was established in 1993. Till 2006-07 (refers to financial
year, April 1 to March 31), the company carried out clearing and
forwarding (C&F) services for Hindustan Unilever Ltd (HUL, rated
'CRISIL AAA/Stable/CRISIL A1+'). In 2007-08, L & W Holdings
Limited bought 49 per cent of ASC's equity shares from ASC's
promoters. ASC is currently in the business of constructing and
letting out industrial warehouses (based on lease rental
discounting). ASC has warehouse properties in Bangalore
(Karnataka), Hosur and Chennai (Tamil Nadu), with a combined
storage space of 1.35 million square feet and a land bank of 0.06
million square feet.

The group companies of ASC are AS Cargo Pvt Ltd, Punit Reach
Logistics Pvt Ltd (PRLPL), Reach Logistics Pvt Ltd and three more
non-operational companies. ASC owns 57.5 per cent equity stake in
Satvva Infrastructure Pvt Ltd (Satvva Infra) and the remaining
shares are owned by Satvva Developers Pvt Ltd and an individual.
Satvva Infra, which is in the same line of business as ASC, bought
a 29 acre land plot near Hyderabad (Andhra Pradesh) for
construction of a warehouse.

ASC reported a profit after tax (PAT) of INR61.3 million on net
sales of INR204.3 million for 2010-11, against a PAT of INR45.3
million on net sales of INR171.5 million for the previous year.


BATLIBOI ENVIRONMENT: Fitch Holds Rating on INR6.5MM Loan at 'B+'
-----------------------------------------------------------------
Fitch Rating has revised the Outlook on India's Batliboi
Environmental Engineering Ltd to Negative from Stable. Its
National Long-Term rating has been affirmed at 'Fitch B+(ind)'.

The Negative Outlook reflects BEEL's deteriorating financial
metrics.  During the financial year ended March 2011 (FY11),
revenue declined by 21.8% to INR382.7 million, while EBIDTA stood
at a loss of INR20.2 million compared to a profit of INR9.2
million in FY10.  This is primarily due to delays in the execution
of projects by counterparties in air and liquid pollution control
segments leading to cost overruns and consequent losses for the
company.

The ratings are constrained by BEEL's stressed liquidity position
(cash balance: INR6.0 million in FY11 as against INR8.8 million in
FY10) due its stretched working capital cycle.  In FY11, net cash
conversion cycle increased to 21days from 10days in FY10 on
account of higher receivable days (FY11: 265 days; FY10: 240
days).  To tide over liquidity pressures, the company's founders
infused INR30 million as equity into BEEL in FY11, which also
prevented the erosion of its net worth to almost negative due to
losses incurred over FY04-FY11. Net worth as on March 31, 2011,
stood at INR28.9 million.

BEEL has also obtained liquidity support from Batliboi Limited
('Fitch B-(ind)'/Stable), another entity controlled by the
sponsor, and has access to the latter's INR250 million working
capital limits.  However, Fitch has taken a standalone view of
BEEL as the agency believes that other than this support, the
operational and strategic linkages between the entities remain
weak.

The Outlook may be revised back to Stable if the company becomes
profitable and there is a substantial and sustained improvement in
its financial metrics over the medium term.  Conversely, continued
cash losses resulting into the erosion of the company's net worth
and/or delayed financial support from its founders may result in
negative rating action.

Established in 1959, BEEL is involved in the design, selection,
engineering, fabrication, supply, installation, and commissioning
of air and water pollution control equipment, and a variety of
systems with industrial and municipal applications.

The following facilities of BEEL's have been affirmed:

  -- INR0.77 mil. term loan as on September 2011: 'Fitch B+(ind)'
  -- INR6.5 mil. cash credit: 'Fitch B+(ind)'
  -- INR2.5 mil. non-fund based limits: 'Fitch A4(ind)'


KOKILA COTTON: CRISIL Assigns 'CRISIL B+' Rating to INR120MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kokila Cotton Export Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR120 Million Proposed LT     CRISIL B+/Stable (Assigned)
   Bank Loan facility

The rating reflect KCPL's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio,
susceptibility to unfavorable government policies, and low
operating margin due to trading nature of operations. These rating
weaknesses are partially offset by the extensive industry
experience of KCPL's promoters in the cotton industry, operational
benefits from group companies, and effective working capital
management.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
operational linkages from the group companies. The outlook may be
revised to 'Positive' if the company significantly improves its
capital structure either by equity infusion by the promoters or
cash accruals. Conversely, the outlook may be revised to
'Negative' if KCPL achieves lower-than-expected growth in revenues
and profitability or in case of change in government policy having
a negative impact on operations.

                        About Kokila Cotton

Incorporated in 2006, KCPL trades (domestic and international) in
cotton bales. Based in Ahmedabad (Gujarat), the company is a part
of the PI Patel group of companies, which is owned and managed by
Mr. Navneet Patel (son of Mr. P I Patel). KCPL procures cotton
bales from various cotton ginners, including firms of the PI Patel
group, in Vijapur (Gujarat) and sells them to various mills
located in different parts of the country. KCPL also exports
cotton to various countries like China, Singapore etc

KCPL reported a profit after tax (PAT) of INR 5.5 million on net
sales of INR4708.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.6 million on net
sales of INR1343.3 million for 2009-10.


LOGWELL FORGE: CRISIL Assigns 'CRISIL BB+' Rating to INR105MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Logwell Forge Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR105 Million Term Loan         CRISIL BB+/Stable (Assigned)
   INR185 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR50 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the benefits that the company derives from its
promoters' extensive industry experience and its established
relationship with its clients; the ratings also factor in the
company's moderate financial risk profile marked by moderate net
worth and gearing. These rating strengths are partially offset by
LFL's average scale of operations and client concentration.

As on March 31, 2011, the promoters provided unsecured loan
support of INR183 million to LFL. These unsecured loans bear an
interest rate lower than the interest rate on the company's bank
loan obligations and are subordinated to bank debt; for arriving
at its ratings, CRISIL has treated them as quasi-equity.

Outlook: Stable

CRISIL believes that LFL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with its key clients. The outlook may be
revised to 'Positive' if LFL's financial risk profile improves,
driven by more-than-expected cash accruals, equity infusion by
promoters, and efficient working capital management. Conversely,
the outlook may be revised to 'Negative' if LFL's liquidity is
constrained, most likely by larger-than-expected working capital
requirement or debt-funded capital expenditure.

                        About Logwell Forge

Incorporated in 1982, LFL manufactures forging parts, which are
mainly safety critical components such as suspension parts,
steering parts, and ball joints for the automobile segment. Its
key customers are Rane (Madras) Ltd, Sona Somic Lemforder Co Ltd,
and QH Talbros Ltd. As a Tier-II supplier, LFL's end consumers are
Toyota India Ltd, Honda Siel Cars India Ltd, Bajaj Tempo Ltd,
Maruti Suzuki India Ltd, and Tractors and Farm Equipment Ltd. LFL
is also a direct supplier to Tata Motors Ltd's Chennai (Tamil
Nadu) plant. LFL operates three ISO/TS 16949:2002-accredited
manufacturing facilities in Haryana.

LFL reported, on provisional basis, a profit after tax (PAT) of
INR9.0 million on net sales of INR 772.5 million for 2010-11
(refers to financial year, April 1 to March 31). The company
reported a PAT of INR2.2 million on net sales of INR573.2 million
for 2009-10.


MANGE RAM: CRISIL Assigns 'CRISIL BB-' Rating to INR47.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Mange Ram Enterprises Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR47.5 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR42.5 Million Proposed Cash   CRISIL BB-/Stable (Assigned)
    Credit Limit

The rating reflects MREPL's established relationship with its
principal, Hyundai Motors India Ltd (Hyundai), and the financial
support that the company receives from its promoter. These rating
strengths are partially offset by MREPL's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, small scale of operations, regional concentration, and
susceptibility to intense competition in the automobile dealership
market.

Outlook: Stable

CRISIL believes that MREPL will continue to benefit over the
medium term from its established relationship with its principal,
Hyundai. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, mainly driven by fresh equity
infusion by the promoter, leading to improvement in its gearing.
Conversely, the outlook may be revised to 'Negative' if MREPL's
capital structure deteriorates further, driven by larger-than-
expected debt-funded capital expenditure, or if the company's
revenues and profitability come under pressure.

                         About Mange Ram

Incorporated in 2007 by Mr. Pushpendra Rawat of Uttar Pradesh
(UP), MREPL is an authorised automobile dealer of passenger cars
of Hyundai. It operates a showroom in Ghaziabad (Uttar Pradesh).
MREPL also deals in spares and services.

MREPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR384 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR172 million for 2008-09. MREPL's PAT is estimated at INR2.3
million on net sales of INR384 million, for 2010-11.


MULTI MAX: CRISIL Reaffirms 'CRISL B' Rating on INR108.1MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
Multi Max Engineering Works Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR108.1 Million Proposed LT     CRISIL B/Stable (Reaffirmed)
    Bank Loan Facility
   INR25.5 Million Long-Term Loan   CRISIL B/Stable (Reaffirmed)
   INR23.0 Million Cash Credit      CRISIL B/Stable (Reaffirmed)
   INR3.4 Million Standby Line of   CRISIL B/Stable (Reaffirmed)
    Credit
   INR20.0 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

The ratings reflect MEPL's below-average financial risk profile
marked by high gearing, small net worth and weak debt protection
measures; its large working capital requirements and fluctuations
in revenue owing to cyclicality in capacity addition in the end-
user industry. These rating weaknesses are partially offset by the
experience of MEPL's promoters in the engineering industry.

Outlook: Stable

CRISIL believes that MEPL would continue to benefit from its
promoters' industry experience over the medium term. The company's
financial risk profile is expected to remain weak because of its
large working capital requirements and small net worth. The
outlook may be revised to 'Positive' if there is significant and
sustained increase in the group's scale of operations, while
maintaining its profitability margins, or there is a substantial
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case there is a steep
decline in the group's profitability margins from the current
levels or if its capital structure deteriorates on account of
larger-than-expected working capital requirements.

                           About Multi Max

Set up as a proprietorship firm in 1978 by Mr. Ravi Aggarwal, MEPL
was reconstituted into a private limited company in 2007-08. The
company, based in Meerut (Uttar Pradesh), manufactures pressure
vessels and heat exchangers, which are used in the oil and gas
exploration industry. MEPL was only catering to the replacement
market for pressure vessels and heat exchangers until 2009-10.
However, in 2010-11, it has started executing heat exchanger
fabrication orders from large OEMs.

MEPL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR95.7 million for 2010-11, against a PAT of INR1.0
million on net sales of INR36.1 million for 2009-10.


PCH GLOBAL: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of PCH Global Systems Pvt
Ltd continue to reflect the benefits that PCHGSPL derives from its
promoter's experience in distribution and retailing -- promoter's
knowledge of local market conditions will come in handy in
establishing a strong distribution network for PCHGSPL which would
help the company smoothly scale up its operations.

   Facilities                        Ratings
   ----------                        -------
   INR400 Million Cash Credit        CRISIL BB/Stable (Reaffirmed)
   INR100 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by PCHGSPL's
constrained financial risk profile, because of its large working
capital requirements, and susceptibility to intense competition in
branded information technology (IT) products distribution
business.

Outlook: Stable

CRISIL believes that PCHGSPL will continue to benefit from its
promoter's extensive experience in the retail and distribution
business. PCHGSPL's financial risk profile may, however, remain
constrained by its leveraged capital structure. The outlook may be
revised to 'Positive' if PCHGSPL's financial risk profile improves
considerably because of healthy cash accruals and profit margin.
Conversely, the outlook may be revised to 'Negative' if the
PCHGSPL generates less-than-expected cash accruals, or if it
undertakes a large debt-funded capital expenditure programme.

                          About PCH Global

PCHGSPL was incorporated in April 2009 as PCH Distributors Pvt
Ltd, and its name was changed to the current one in June 2011. The
company is a wholesale dealer for various leading manufacturers
and suppliers of IT products. It is promoted by Mr. Balvinder
Singh and Mrs. Baljit Kaur. The company commenced operations in
mid-September 2009 and has since set up a sub-dealer network of 75
individuals. The company's operations are currently restricted to
Andhra Pradesh and Karnataka. PCHGSPL has plans to expand its
operations to Tamil Nadu and Maharashtra.

PCHGSPL's profit after tax (PAT) was at INR27.5 million on net
sales of INR4472.6 million for 2010-11 (refers to financial year,
April 1 to March 31), up from a PAT of INR18.9 million on net
sales of INR1533.9 million in 2009-10.


PIBCO INDIA: Fitch Puts Rating on Two Loan Class at 'D+'
--------------------------------------------------------
Fitch Ratings has assigned Pibco India Pvt. Ltd. a National Long-
Term rating of 'Fitch D(ind)'.

The ratings reflect current delays in the payment of term loan
instalments and in the servicing of interest.  PIBCO has failed to
meet its monthly term loan repayments of more than INR100,000
since the first payment date in July 2011 due to liquidity
pressures (given the nature of its dealership business).  It has
also delayed the servicing of term loan interests in each of the
last 12 months.

Fitch notes that the ratings may be upgraded if term liabilities
are repaid and interest obligation are serviced on a timely basis
for two consecutive quarters.

PIBCO is an authorized dealer of Mahindra & Mahindra Ltd (M&M)
vehicles in Guwahati.  It engages in the sale and servicing of M&M
vehicles, along with the sale of spare parts and related
accessories of utility vehicles, light commercial vehicles and
tractors.  PIBCO reported provisional revenues of INR766.3 million
and EBITDAR margins of 3.5% in FY11, compared with INR463 million
and 2.6% in FY10, respectively.

Fitch has also assigned ratings to Pibco's bank loans, as follows:

  -- Long-term loans of INR10 million: 'Fitch D(ind)'
  -- Fund-based limits of INR100 million: 'Fitch D(ind)'


RATNAPRIYA DYEING: CRISIL Places 'B+' Rating on INR27.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ratnapriya Dyeing and Printing Mills Pvt
Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR27.5 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR156.8 Mil. Rupee Term Loan   CRISIL B+/Stable (Assigned)
   INR1.5 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect Ratnapriya's below-average financial risk
profile, marked by high gearing, small scale of operations in the
highly competitive dyeing and printing industry, and regional
concentration. These rating weaknesses are partially offset by the
extensive experience of Ratnapriya's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that Ratnapriya will benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' if the company improves
its capital structure or increases its scale of operations
significantly while maintaining its financial risk profile over
the medium term. Conversely, the outlook may be revised to
'Negative' in case of higher-than-expected debt-funded capital
expenditure plan or significant decline in operating margin,
leading to weakening in Ratnapriya's debt protection metrics.

                     About Ratnapriya Dyeing

Ratnapriya was incorporated in April 2010 and is engaged in dyeing
and printing of grey fabric (sarees, dress material, shirting, and
suiting). It has installed capacity of 23.6 million metres per
annum for dyeing and 18.9 million metres per annum for printing.
The dyeing capacities became operational in December 2010, while
its printing unit commenced operations in June 2011. The company
is located in Surat (Gujarat) and is promoted by Mr. Rajesh
Ramnivas Gupta, Mr. Ramdas L Agarwal, Mr. Gopal M Chandak, and Mr.
Ayodhyaprasad Singhal.

Ratnapriya is estimated to report loss of INR3.3 million on net
sales of INR20.7 million for 2010-11 (refers to financial year,
April 1 to March 31), which was its first year of operations.


RELISYS MEDICAL: Delay in Debt Servicing Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Relisys Medical Devices Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR98.0 Million Long-Term Loan     CRISIL D (Assigned)
   INR40.0 Million Cash Credit        CRISIL D (Assigned)
   INR2.60 Million Proposed LT        CRISIL D (Assigned)
    Bank Loan Facility
   INR8.20 Million Bank Guarantee     CRISIL D (Assigned)
   INR9.50 Million Letter of Credit   CRISIL D (Assigned)

The ratings reflect instances of delay by RMD in servicing its
debt; the delays have been caused by the company's weak liquidity.

RMD also has a weak financial risk profile, marked by weak debt
protection metrics, large working capital requirements, low cash
accruals, and a small scale of operations. These rating weaknesses
are partially offset by the extensive industry experience of RMD's
promoters in the healthcare industry.

                      About Relisys Medical

Set up in 1998 by Dr. Krishna Reddy and Dr. N G Badari Narayan,
RMD manufactures medical devices such as cardiac stents,
diagnostic catheters, and balloon catheters, among others. RMD is
India's only such manufacturing unit with end-to-end processing
facility, and exports to Europe and the USA, besides selling in
the domestic market. The company's products are Communaut‚
Europ‚enne (CE) marked for supplies to European countries. RMD has
an installed production capacity of about 500,000 cardiac stents
per annum.

RMD reported a loss after tax of INR0.3 million on net sales of
INR40 million for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax of INR5.4 million on net
sales of INR31 million for 2008-09.


SABER PAPERS: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Saber Paper Ltd
continue to reflect SPL's moderate business risk profile with
expected improvements in operating efficiencies, and moderate
financial risk profile supported by equity infusions by promoters.

   Facilities                      Ratings
   ----------                      -------
   INR461.3 Million Cash Credit    CRISIL BB/Stable (Reaffirmed)
   INR1178.7 Million Term Loan     CRISIL BB/Stable (Reaffirmed)
   INR420.0 Million Letter of      CRISIL A4+ (Reaffirmed)
   Credit & Bank Guarantee

These rating strengths are partially offset by SPL's working-
capital-intensive operations and exposure to implementation and
stabilsation related risks associated with its ongoing project for
setting up a unit for manufacturing kraft paper.

Outlook: Stable

CRISIL believes that SPL will continue to benefit from its
increasing scale of operations at its WPP plant, with expected
increase in operating margin over the medium term. However, the
company will continue to face pressures because of its large debt-
funded capex plans and large working capital requirements. The
outlook may be revised to 'Positive' if SPL reports higher-than-
expected improvement in profitability along with continued
increase in its scale of operations. Conversely, the outlook may
be revised to 'Negative' in case of significant time and/or cost
overruns in the new project, thereby weakening the company's
liquidity.

                         About Saber Paper

SPL was established in October 2007 by Mr. Dinesh Soin and family.
The company has set up a 225 tonnes per day-(tpd) semi-integrated
WPP plant at Haroli in Una (Himachal Pradesh). The plant commenced
production in late January 2010, and is currently running at 80
per cent capacity utilisation. The company's facilities include a
pulping line, a de-inking plant, a steam-based boiler, and
effluent treatment plants. SPL manufactures cream wove, maplitho,
and copier papers, with maplitho being the largest contributor to
sales. The company sells its copier paper under its brands Saber
One and Ditto. The company is currently setting up a 463-tpd kraft
paper manufacturing plant for a total cost of INR3.4 billion in
Ludhiana (Punjab).

During 2009-10 (refers to financial year, April 1 to March 31),
SPL acquired a 75 per cent equity stake in a Switzerland-based
tissue paper manufacturing company, Saber Swiss Quality Paper AG
(SSQ). SSQ is likely to be supported by SPL's promoters directly,
and no cash flow fungibility is expected between SPL and SSQ.
CRISIL has therefore not consolidated the business and financial
risk profiles of the two entities. For 2010 (refers to calendar
year, January 1 to December 31), SSQ reported revenues of INR3.98
billion. The subsidiary had low debt level, with a gearing of 0.49
times as on December 31, 2010. CRISIL believes that the
acquisition has not vitiated SPL's standalone credit risk profile
because of the stability of SSQ's operations and its low debt.

SPL reported a profit after tax (PAT) of INR147 million on net
sales of INR2.55 billion for 2010-11, against a net loss of INR9.2
million on net sales of INR374.8 million for 2009-10.


SARASWATI COTTON: CRISIL Places 'CRISIL B+' Rating on INR19MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Saraswati Cotton Ginning and Agro Industries
Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR19 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR58 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects SCGA's small scale of operations,
vulnerability of its margins to volatility in raw material prices,
dependency on monsoon and government policies, and moderate
financial risk profile, marked by a small net worth and moderate
gearing. These rating weaknesses are partially offset by the
extensive experience of SCGA's promoter in the cotton and rice
industries.

Outlook: Stable

CRISIL believes that SCGA will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case there is considerable
improvement in the company's scale of operations and
profitability, leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
any further pressure on profitability or increase in working
capital requirements, leading to weakening in SCGA's financial
risk profile and liquidity.

                       About Saraswati Cotton

SCGA was promoted by Mr. Yash Garg as a private limited company in
2007. The company is based in Barnala (Punjab). SCGA is engaged in
ginning of raw cotton and also undertakes contract milling of rice
for the Government of Punjab. The company also occasionally trades
agro products.

SCGA reported (on a provisional basis) a profit after tax (PAT) of
INR7 million on net sales of INR110.8 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR5.2 million on net sales of INR55.1 million for 2009-10.


SM EBERSPAECHER: CRISIL Places 'CRISIL B-' Rating on INR120MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of SM Eberspaecher Exhaust Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR120 Million Term Loan      CRISIL B-/Stable (Assigned)
   INR35 Million Cash Credit     CRISIL B-/Stable (Assigned)

The rating reflects the expected weakening in SME's financial risk
profile driven by large debt-funded capital expenditure (capex),
loss-making operations with vulnerability to volatility in raw
material prices, high customer concentration, and large working
capital requirements. These rating weaknesses are partially offset
by SME's established relationship with original equipment
manufacturers and promoters' extensive experience in manufacturing
four-wheeler exhausts.

Outlook: Stable

CRISIL believes that SME's financial risk profile will remain weak
due to the large debt-funded capex and loss-making operations. The
outlook may be revised to 'Negative' if there is any delay in
project completion or ramp-up in sales. Conversely, the outlook
may be revised to 'Positive' if SME successfully ramps up its
operations, or if the company's capital structure improves
substantially.

                       About SM Eberspaecher

SME was incorporated in 1997 as a 50:50 joint venture between SM
Auto Engineering Pvt Ltd (rated 'CRISIL BBB-/Stable' by CRISIL)
and Eberspaecher GmbH & Co. KG, Germany. SME manufactures four-
wheeler exhausts and its main customers are Tata Motors Ltd (TML),
Manforce Trucks Pvt Ltd, Force Motors, and Mahindra & Mahindra.
However, TML accounts for almost 80 per cent of SME's sales

SME is expected to report a net loss of INR39 million on net sales
of INR 241 million for 2010-11 (refers to financial year, April 1
to March 31), as against a net loss of INR46 million on net sales
of INR 181 million for 2009-10.


SOBHA RENAISSANCE: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sobha Renaissance Information Technology Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR53.2 Million Term Loan          CRISIL D (Assigned)

   INR617 Mil. Foreign Currency       CRISIL D (Assigned)
    Term Loan

   INR166.2 Mil. Working Capital      CRISIL D (Assigned)
    Demand Loan

   INR73.5 Mil. Overdraft Facility    CRISIL D (Assigned)

   INR53.6 Million Letter of Credit   CRISIL D (Assigned)
    and Bank Guarantee

The ratings reflect delays by SRIT in meeting its foreign currency
term loan obligations and its consistently overdrawn bank limits.
The delays have been caused by SRIT's weak liquidity resulting
from continued losses in the company's existing operations.

SRIT's financial risk profile is marked by a high gearing and weak
debt protection metrics; the company also has a limited track
record in execution of large information technology (IT) projects.
SRIT, however, benefits from the strong financial flexibility of
its promoters.

                       About Sobha Renaissance

Incorporated in 1999, Bengaluru (Karnataka)-based SRIT mainly
provides IT services across various domains such as healthcare,
and telecommunication and enterprise systems. The company provides
end-to-end software solutions and system integration services to
its clients, as well as support by entering into an annual
maintenance contract with them.

SRIT posted a provisional net loss of INR226 million on net sales
of INR185.7 million for 2010-11 (refers to financial year, April 1
to March 31), against a net loss of INR236 million on net sales of
INR367.3 million for 2009-10.


SUNNY EXPORTS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunny Exports continue
to reflect Sunny's established market position in the home
furnishings exports business, and moderate financial risk profile
marked by a moderate net worth, a comfortable gearing, and
adequate debt protection metrics.

   Facilities                       Ratings
   ----------                       -------
   INR26.7 Mil. Rupee Term Loan     CRISIL BB+/Stable (Reaffirmed)
   INR170.0 Million Export Packing  CRISIL A4+ (Reaffirmed)
    Credit

These rating strengths are partially offset by Sunny's high
customer concentration and exposure to intense competition in the
home furnishing industry.

Outlook: Stable

CRISIL believes that Sunny will maintain its financial risk
profile over the medium term, backed by stable accruals and a
controlled gearing in spite of its planned capital expenditure
(capex) programme. The outlook may be revised to 'Positive' if the
firm scales up its operations substantially thereby improving its
profitability, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if Sunny's
financial risk profile deteriorates because of large, debt-funded
capex, or if there are substantial capital withdrawals from the
firm or unprecedented stretch in Sunny's working capital cycle
thereby negatively impacting its liquidity.

Update
Sunny's topline in 2010-11 (refers to financial year, April 1 to
March 31) was in line with CRISIL's estimates of INR942.6 million.
Sunny's revenues mainly came from Ikea Trading Hong Kong Ltd,
which contributed about 70 per cent to the firm's total revenues.
Sunny achieved a turnover of about INR530 million till September
2011 and is expected to achieve a turnover of close to INR1
billion in 2011-12.

Sunny had a net worth of nearly INR160 million as on March 31,
2011. It had a gearing of just over 0.5 times as on March 31,
2011, which increases its ability to raise debt. Sunny plans to
expend a capital of INR200 million to set up a manufacturing
facility which would primarily be debt funded. Post capex, the
gearing is expected to go over 1 time. This facility would be to
manufacture towels, which again would be a 100 per cent export-
oriented unit. However, this plan is at a very nascent stage and
the partners are on the lookout for land at this stage.

Sunny's liquidity remains adequate, backed by comfortable cash
accruals and availability of unutilised bank lines. The firm is
expected to generate cash accruals of over INR30 million in 2011-
12 versus maturing term loan obligations of about INR10 million
during the year. Sunny's average bank limit utilisation remains
under 70 per cent even at peak times, thus offering adequate
flexibility to the firm. The partners had withdrawn capital of
nearly INR40 million in 2010-11. Any significant capital
withdrawal by the partners in the future remains a key rating
sensitivity factor.

Sunny's net profit is estimated at INR81.6 million on estimated
net sales of INR839.65 million for 2010-11, against a net profit
of INR34.7 million on net sales of INR686.0 million for 2009-10.

                            About Sunny Exports

Sunny was initially set up as a proprietorship firm in 1987 by Mr.
Dalbir Singh. It was reconstituted as a partnership firm in August
2008. Mr. Dalbir Singh's two sons are the other partners in the
firm. Sunny manufactures and exports home d‚cor and furnishing
products such as carpets, rugs, and pillow cushions and bed
covers. The firm's plant at Panipat (Haryana) is installed with 28
shuttle looms.


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


JLOC 41: Fitch Affirms Rating on Three Note Classes at 'Dsf'
------------------------------------------------------------
Fitch Ratings has downgraded JLOC 41, LLC's class D-2 notes due
February 2015 and affirmed the rest of its ratings.  The
transaction is a Japanese multi-borrower type CMBS securitisation.
The rating actions are as follows:

  -- JPY0* Class C-3 affirmed at 'Dsf'
  -- JPY0* Class D-1 affirmed at 'Dsf'
  -- JPY0.34bn* Class D-2 downgraded to 'Csf' from 'CCsf';
  -- Recovery Estimate revised to 0% from 40%
  -- JPY0* Class D-3 affirmed at 'Dsf'

*as of Nov. 21, 2011

The downgrade of the class D-2 notes reflects Fitch's view that
principal loss on the notes is inevitable as a result of all
remaining properties' sales.  The remaining three properties
backing one defaulted loan were all sold in September 2011.  The
sales proceeds were used to repay the principal of the class A, B
and C-2 notes in full at November payment date, while the class D-
2 notes were partially repaid at that time.  Fitch believes the
class D-2 note principal will be written down, following the
servicer's determination of principal loss from a defaulted loan.

Recovery Estimate to the class D-1 notes will no longer be
calculated as the principal of the notes has already been fully
written down.

At closing in June 2008, the notes were ultimately secured by
three underlying loans collateralised by 31 properties.  After all
underlying loans were defaulted, workouts have been effectively
completed to date and no property remains in the transaction.


OLYMPUS CORP: Panel Probe Report To Be Released This Week
---------------------------------------------------------
Bloomberg News reports that Olympus Corp.'s independent panel
investigating the Japanese camera maker's acquisitions and
accounting may release findings as early as this week, a person
involved in the investigation said.

Bloomberg relates that the person, asking not to be identified
because the probe is confidential, said the committee plans to
complete its report before Olympus announces earnings.  The
investigation is ongoing, so the report could be delayed, the
person told Bloomberg.

According to the report, the Tokyo Stock Exchange has said that
Olympus must submit second-quarter results by Dec. 14 or it will
be delisted.  Olympus has said it plans to correct previous
earnings statements after admitting on Nov. 8 that it had
falsified its accounts to hide investment losses dating back
decades, says Bloomberg.

Olympus on Wednesday reaffirmed it plans to meet the deadline, the
report notes.

"The company isn't in the position to comment on the committee's
probe," Bloomberg quotes Olympus spokesman Tsuyoshi Kitada as
saying.

Bloomberg says the investigative panel was set up on Nov. 1 to
investigate Olympus's acquisitions, including $687 million in
payments to advisers in the purchase of Gyrus Group Plc in 2008.
The committee, headed by former Supreme Court judge Tatsuo
Kainaka, has interviewed executives including axed Chief Executive
Officer Michael C. Woodford, former Chairman Tsuyoshi Kikukawa and
Hisashi Mori, the executive vice president dismissed over his part
in the schemes to cover up losses, according to Bloomberg.

Bloomberg notes that the person said the group will make its
report public first before submitting it to the company's board.
According to the report, Olympus commissioned an earlier
investigation into the acquisitions in 2009. That report was
submitted to the board and wasn't made public until this year,
when Mr. Woodford publicly questioned the Gyrus transaction
following his Oct. 14 dismissal, Bloomberg adds.

                   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.


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


HANA BANK: Fitch Affirms Rating on Hybrid Securities at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Korea-based Hana Bank's hybrid
securities at 'BB+' and removed them from Rating Watch Negative
(RWN).  The agency has simultaneously affirmed Hana's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'A-' with Stable
Outlook and Support Rating Floor at 'A-'.

Hana's IDRs are driven by the bank's Support Rating Floor,
reflecting Fitch's continued belief of an extremely high
propensity to support the bank by the South Korean government
('A+'/Positive), if needed.  Fitch views that Hana is
systematically important as one of the major commercial banks in
South Korea, with a sizable franchise in the local banking system,
accounting for 8%, 9%, and 9% of the system's total assets, loans,
and deposits, respectively.  Unless Fitch anticipates either less
propensity or ability for the sovereign to support the bank, no
change in the support-driven IDR is expected.

The removal of Hana's hybrid securities from RWN and affirmation
of its 'bbb' Viability Rating (VR) reflect Fitch's view that the
planned acquisition of Korea Exchange Bank ('A-'/Stable) by its
parent Hana Financial Group would have no material impact on
Hana's standalone credit profile, providing HFG does not rapidly
complete the acquisition of KEB, which Fitch expects to be the
case.  The potential impact from funding the acquisition has been
reduced as HFG has less need to issue additional debt, while
Hana's financial performance has also improved.  Hana's VR is
underpinned by its strong local franchise and adequate
capitalization.  It also takes into account a below-average
funding/liquidity profile by international standards and weaker
profitability than its immediate peers.

The rating of Hana's hybrid securities (preferred shares) reflects
their going-concern loss absorption features.  The 'BB+' rating is
two notches below the bank's VR, in line with Fitch's current
criteria and notching practice for such performing securities.
However, under proposed revisions of Fitch's criteria, the rating
of the hybrid securities and subordinated bonds may be lowered.
For details, please refer to the exposure draft of 'Rating Bank
Regulatory Capital Securities' dated 28 July 2011.

Hana's regulatory net interest margin was 2.0% in H111, which is
lower than the industry average of 2.4%.  The bank has been keen
on controlling costs to support its bottom line profitability
which was hit hard during the global credit crisis by elevated
credit costs.

Loan quality has improved significantly with a regulatory non-
performing loan ratio of 1.2% and a provision coverage ratio
(inclusive of loan loss reserves booked in retained earning) of
123% at end-Q311.  Its precautionary-and-below loans ratio (2.3%)
is well below the system's average (about 3.7%) and has improved
from a peak of 3.5% at end-Q109.

Fitch estimates Hana's loan-to-customer deposits ratio was rather
high at 137% in mid-2011 (average of commercial banks was about
126%), which compares with 129% at end-2007.  Unlike its immediate
peers, Hana's loans have increased faster than its deposits.
Capitalisation is adequate with a Tier 1 ratio of 9.8% at Q311
under Basel II F-IRB approach for credit risk.

With Hana's Long-Term Foreign Currency IDR being the same level as
Thailand's Long-Term Local Currency IDR, the National Long-Term
rating on its Thai baht senior unsecured debt is affirmed at
'AAA(tha)', which is the highest level on the Thai National Rating
scale.

A strengthened and more diversified foreign currency retail
deposit base and/or significantly greater capitalization may lead
to positive rating action on Hana's VR.  Negative rating action is
most likely to stem from any unexpected material deterioration in
underlying performance or in the operating environment, or stem
from potential risk from outsized loan growth which could also
pressure its capitalization.  Any further M&A by the parent may
also trigger a ratings review.

Hana is the sixth largest bank in Korea with total assets of
KRW149.8trn at end-H111.  Hana is the flagship subsidiary of HFG
whose largest shareholder is Korea's National Pension Fund with an
8.3% stake.

The ratings of Hana are detailed below:

International ratings:

  -- Long-Term Foreign Currency IDR affirmed at 'A-'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb'
  -- Individual Rating affirmed at 'C'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior government-guaranteed debt affirmed at 'A+'
  -- Senior unsecured debt affirmed at 'A-'
  -- Subordinated debt affirmed at 'BBB+'
  -- Hybrid securities (preferred stock) affirmed at 'BB+';
     removed from Rating Watch Negative

National ratings:

  -- Senior unsecured debts affirmed at 'AAA(tha)'


KOREA EXCHANGE: Fitch Affirms Individual Rating at 'C'
------------------------------------------------------
Fitch Ratings has affirmed Korea-based Korea Exchange Bank's Long-
Term Foreign Currency Issuer Default Rating (IDR) at 'A-' with
Stable Outlook and Support Rating Floor at 'A-'.

The affirmation of KEB's IDRs reflects Fitch's continued belief
of an extremely high propensity for support from South Korean
government ('A+'/Positive), if needed.  Fitch views that KEB is
systematically important not only as one of the main commercial
banks in South Korea but also as a key player in trade finance and
foreign currency settlement.  KEB holds 6% of the system's total
assets and facilitates 30% of the nation's trade finance.

KEB's 'bbb+' Viability Rating is underpinned by its strong
capitalization and solid franchise, especially in providing trade
finance and foreign exchange services to importers, exporters, and
retail customers.  However, it also reflects concentration risks
in large corporate loans and the lack of a long-term strategy due
to litigation issues and the exit plan of its 51.02% shareholder,
Lone Star Fund, a US-based private equity fund, to sell its stake
to Hana Financial Group (HFG).  The rating has been affirmed as
Fitch would not expect the sale to HFG to lead to any material
weakening of its financial profile in the medium term (such as
from higher dividend payments).

KEB's loan quality was sound with a non-performing loan (NPL)
ratio of 1.3% and provision coverage ratio (inclusive of loan loss
reserves booked in retained earnings) of 137% at end-Q311.  Fitch
also notes that its precautionary-and-below loans fell to 2.8% of
total loans at end-Q311 from a peak of 3.3% at end-Q111.  However,
KEB's concentration risk, driven by a sizable exposure to large
corporates including Hynix (37% of KEB's total loans versus 26%
for the system), is the primary risk.

KEB's profitability outperformed the system average due to
realized gains from the sale of equity securities, most of which
the bank acquired through debt-to-equity swaps during/after the
Asian crisis.  Once KEB has disposed of its equity securities in
Q112, KEB's profitability would become comparable with its peers.
KEB's regulatory net interest margin in H111 was 2.7% compared
with 2.4% for the industry average.

Like other Korean banks, KEB has negligible foreign currency
retail deposits although foreign currency deposits from corporates
is larger than its local peers.  The loan-to-customer deposit
ratio at end-H111 is estimated to be 118% and is not likely to see
significant improvement.  Capitalization is strong with a Tier 1
ratio of 11.6% at end-Q311 under Basel II F-IRB approach for
credit risk.

Upside potential for KEB's IDRs is limited given its Support
Rating Floor already factors in strong propensity to support.
Unless Fitch anticipates either less propensity or ability for the
sovereign to support the bank, no change in the support-driven IDR
is expected.

A significant improvement in its loan concentration risk and a
strengthened and more diversified foreign currency retail deposit
base may put upward pressure on KEB's VR.  Downside risk for the
VR may arise from a significant increase in credit costs,
deterioration in profitability or weakening capitalisation.
Currently, Fitch views such a prospect as remote.

KEB is a commercial bank in Korea, accounting for 6% of the
system's total assets.

The ratings of KEB are detailed below:

  -- Long-term Foreign Currency IDR affirmed at 'A-'; Stable
     Outlook
  -- Short-term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Individual Rating affirmed at 'C'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured debt affirmed at 'A-'


===============
M O N G O L I A
===============


MONGOLIA: Fitch Affirms Issuer Default Ratings at Low-B
-------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B+' with Stable
Outlook.  The agency has also affirmed its Short-Term IDR at 'B'
and Country Ceiling at 'B+'.

"Mongolia's economy is set to expand rapidly as the mineral sector
develops, but a stronger policy framework is needed to manage the
boom," said Andrew Colquhoun, Head of Asia-Pacific Sovereigns at
Fitch.  "The economy currently risks overheating amid rapid growth
in bank lending and government spending."

Mongolia emerged from its International Monetary Fund programme
with a new fiscal policy framework including a Stabilisation Fund
(SF) for saving excess mineral-derived revenues starting 2011, and
a medium-term budget framework (MTBF) setting out a path for the
structural deficit (adjusted for commodities prices) to 2013.  But
savings in the SF have been negligible (just MNT65.7bn by October
2011, 0.6% of 2011 GDP), while a revision to the 2011 budget
essentially spent a revenue overshoot, against the spirit of the
MTBF.  Strong growth in entitlement spending in 2011 that would be
hard to unwind leaves the budget exposed to future commodity-price
volatility.  However, the moderate level of government debt --
expected at just 25% of GDP by end-2011 -- supports the ratings.

Real GDP grew 20.8% in Q311 yoy, up from 17.3% in Q211. Fitch
projects a 17% growth for the year.  Foreign direct investment
(FDI), overwhelmingly into the mining sector, totalled USD2.7bn or
about 32% of GDP in just the first nine months of the year.  But
the boom has other drivers beyond mining: government spending was
up 43% in October 2011 (year-to-date, yoy) while credit grew 79%
in the year to October.  House prices rose a rapid 17% yoy in
September 2011. Bank supervision remains an area of concern, with
the IMF raising concerns over the practice of supervisory
forbearance and the robustness of supervision.  Inflation rose to
10% in September 2011, above the 12-month average of 9%.

The economy's external liquidity position has strengthened with
official reserves rising to USD2.6bn by end-September, up 14.4%
year-to-date.  The current account deficit is projected at 26% of
GDP for 2011, but is funded by FDI inflows.  Following repayment
of a USD75m bond in 2010, sovereign external debt is entirely from
multilateral and bilateral official creditors.  The average
interest rate on the external debt was around 1% in 2010. The
sovereign became a net external creditor to the tune of around 4%
of GDP in 2010, a position sustained in 2011.

Mongolia's core public institutions and quality of governance are
a relative strength in the 'B' range, although maintaining these
strengths once mineral revenues start flowing strongly will be
crucial.  Per capita income of USD3,100 in 2011 is near the 'B'
range median but below the 'BB' median of USD3,700.

Mongolia's longer-term prospects are bright, but managing the
resources-led boom will be challenging.  Building fiscal buffers
against commodity price volatility would be positive for the
ratings, although progress on this around elections for parliament
in 2012 and the presidency in 2013 will likely be slow.
Completing banking sector reform and strengthening bank
supervision could reduce risks of further banking crises and would
support the ratings.


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


CENTURY CITY: ANZ Seeks NZ$25.2 Mil. From ASB Tower Sale
---------------------------------------------------------
BusinessDesk reports that ANZ National Bank is seeking to recover
NZ$25.2 million from the sale of bankrupt Wellington property
developer Terry Serepisos' former headquarters.

Receivers for Century City Investments, Barry Jordan --
bjordan@deloitte.co.nz -- and David Vance -- dvance@deloitte.co.nz
-- of Deloitte, who were appointed by the bank on Sept. 30, have
put ASB Bank Tower up for sale in a public tender being jointly
managed by Colliers International and CBRE, according to
BusinessDesk.

The report says the building was valued at NZ$34.2 million in
2009, though the receivers have withheld an independent valuation
report they commissioned since the date of their appointment.
Tenders for the building close on Dec. 6, the report notes.

"If a satisfactory sale cannot be achieved, the receivers will
discuss with ANZ National other options which may include updating
the tenancy profile and completing the deferred maintenances and
capital works before repeating the sale process later in 2012,"
BusinessDesk cited receivers in their first report.

The receivers, as cited by BusinessDesk, said the Century City
unit had been in financial difficulty for at least two years, and
due to loan defaults, had entered into a 'lockbox' arrangement
where CB Richard Ellis was responsible for collecting rental
income and paying all expenses relating to the building's
operation.  Surplus funds were transferred into a bank account
nominated by ANZ National, the report relays.

BusinessDesk states that the bank holds a first mortgage over the
building, and the first ranked creditor.  Allied Farmers
Investments, the vehicle which absorbed the toxic Hanover Finance
loan book, held a second mortgage over the property and is owed
NZ$4.3 million, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

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

The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


PIKE RIVER: Peter Whittall to Step Down as CEO on Dec. 1
--------------------------------------------------------
Laura Mills at the Greymouth Star reports that Peter Whittall, the
face of the Pike River Mine disaster, will finish up as chief
executive today, December 1.

The Greymouth Star relates that Mr. Whittall was kept on by the
receivers, PricewaterhouseCoopers, but with the NZ$80 million
insurance claim settled and a mine sale imminent, his role has
been declared surplus to requirements.

Facebook pages set up in support of him in the immediate wake of
November 19 tragedy that killed 29 men underground have recently
gone quiet, and he has since been charged by the Department of
Labour, according to the report.

Receiver John Fisk -- john.fisk@nz.pwc.com -- said Wednesday the
company had 17 employees left, reports The Greymouth Star.

"There were 156 when we took over, excluding the 16 (employees)
who died.  One hundred and fifteen were made redundant within a
day or so," the report quotes Mr. Fisk as saying.

The report relates that Mr. Fisk said a "number'' of staff were
needed leading up to the sale of the mine, but he could not say if
all 17 would be kept on.

"We will try to enter a sale and purchase agreement before
Christmas. Settlement will be next year."

The Greymouth Star discloses that Mr. Whittall, an Australian,
joined Pike River Coal Ltd in February 2005 as mine manager,
responsible for planning and developing the mine from the turning
of the first sod.  He reported to former general manager Gordon
Ward.

In January 2010, he relocated from Greymouth to the Wellington
head office, and in October 2010, was appointed chief executive
after Mr. Ward left.

Mr. Whittall intends to remain in New Zealand to continue with the
current inquiries, the report notes.

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
Coal also owed another estimated NZ$10 million to NZ$15 million
to contractors, including some of the men who lost their lives in
the disaster.


SUSSAN GROUP: Shutters New Zealand Sussan Stores; Slashes Jobs
--------------------------------------------------------------
BusinessDay.com.au reports that fashion chain Sussan is to close
six of its New Zealand stores and turn the remaining nine into
outlets for its low-budget sister, Suzanne Grae.

"We will exit the New Zealand brand in August next year," Sussan
chief executive Colleen Callander told BusinessDay.

BusinessDay.com.au relates that Ms. Callander said the move would
increase the number of Suzanne Grae stores in New Zealand from 11
to 20.

Sussan has about 120 employees in New Zealand but Ms. Callander
said she did not yet know how many would lose their jobs.

According to the report, Ms. Callander said some people might move
from Sussan to Suzanne Grae, and the company would pay redundancy
and full entitlements to those who lost their jobs.

The Sussan Group is a fashion retailer comprising three brands --
Sportsgirl, Sussan and Suzanne Grae.  The group has over 550
stores in Australia and New Zealand.


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


QUEZON POWER: Moody's Withdraws 'B1' Senior Secured Bond Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 senior secured bond
rating of Quezon Power (Philippines) Ltd Co (Quezon).

The rating withdrawal is a result of Quezon's full repayment of
its US$124 million outstanding bonds in early November 2011.
Quezon has no other rated debt outstanding.

Quezon is 45.9% owned by InterGen, 52.1% by Electricity Generating
Public Co Ltd, and 2.0% by PMR Ltd.


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


GLENCORE SINGAPORE: Pays Tipco $20.2 Million Arbitral Award
-----------------------------------------------------------
Bloomberg News reports that Glencore International Plc's Singapore
unit has paid a $20.2 million arbitration award to Tipco Asphalt
(TASCO) Pcl's Thai Bitumen Co., which will withdraw a lawsuit
seeking to liquidate the commodities trader in Singapore.

"Glencore Singapore has only just paid the principal sum of the
award," Bloomberg cited Thai Bitumen's lawyer Lim Chee Wee in an
e- mailed statement on November 30.  "The only outstanding issue
now is the recovery of interest and costs."

According to Bloomberg, Thai Bitumen filed a winding-up petition
on Nov. 23 against the Singapore unit of Glencore, the largest
publicly traded commodities company, claiming it should be
declared insolvent for being unable to pay its debts.  A closed
hearing was scheduled for Dec. 9.

Bloomberg relates that Glencore was ordered to pay $20.2 million
and interest to Thai Bitumen by arbitrator Kenneth Rokison on
Sept. 21, according to the lawsuit.  Glencore failed to deliver
600,000 barrels of Venezuelan crude oil to Thai Bitumen, breaching
an October 2008 sale contract, Rokison ruled in the London
arbitration proceedings, Bloomberg reports.

Bloomberg, citing court papers, says Thai Bitumen, a unit of
Thailand's biggest asphalt producer Tipco Asphalt, and Glencore
couldn't agree on the interest amount to be paid on the
arbitration award.  Glencore's lawyers claimed Thai Bitumen had
over-calculated the interest by $42,785, according to court
filings obtained by Bloomberg.

Bloomberg adds that Glencore declared force majeure on the
delivery to Thai Bitumen, a legal clause that allows delays
because of an incident outside a supplier's control, after a
decision by Venezuelan state oil company Petroleos de Venezuela SA
to cut production in 2008, according to the filing.

Glencore Singapore Pte. Ltd. sells petroleum products.  It
operates as a subsidiary of Glencore International AG.


                             *********

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.


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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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