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        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

           Monday, December 12, 2011, Vol. 14, No. 245

                            Headlines



A U S T R A L I A

BROADLANDS FINANCE: S&P Lowers Issuer Credit Rating to 'CC'
GOLD COAST FINANCIAL: Receivers Sell Centre to Melbourne Investor
HELIUM CAPITAL: S&P Cuts Rating on Series 60 Notes to 'CC(sf)'
NINE ENTERTAINMENT: Drops Plans to Extend AUD2.8 Billion Loan


C A M B O D I A

ACLEDA BANK: S&P Keeps 'B/B' Global Scale Ratings


H O N G  K O N G

AFEX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
AFEX PROCUREMENT: Placed Under Voluntary Wind-Up Proceedings
ANDERSON ASIA: Members' Final Meeting Set for Jan. 10
BAOSHINN CORP: Reports $62,900 Net Income in Third Quarter
BILFINGER BERGER: Commences Wind-Up Proceedings

BOND GRAND: Placed Under Voluntary Wind-Up Proceedings
CHINA FORCE: Commences Wind-Up Proceedings
CHINA FORCE STORAGE: Commences Wind-Up Proceedings
CLEVER LUCK: Annual Meetings Set for Dec. 23
FAME ABLE: Creditors' Proofs of Debt Due Dec. 28

FBC LIMITED: Creditors' Proofs of Debt Due Jan. 9


I N D I A

3I INFOTECH: Delays in Loan Repayment Cues CRISIL Junk Ratings
AIR INDIA: Tax Dept Freezes Bank Accounts for Non-Payment of Dues
C M ALLOYS: CRISIL Cuts Rating on INR120MM Cash Credit to 'D'
CHANDI STEEL: Delays in Loan Servicing Cues CRISIL Junk Ratings
DEEPSHIKHA PAPER: CRISIL Places CRISIL B- Rating on INR77MM Loan

DHRUV INDUSTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
EXOTICA INT'L: Fitch Rates INR250 Million Fund at 'B-'
GADRE MARINE: CRISIL Ups Rating on INR217MM Loan to 'CRISIL BB-'
IRAKI TRADING: CRISIL Places 'CRISIL BB-' Rating on INR25MM Loan
KARTHIK INDUCTIONS: CRISIL Cuts Rating on INR10MM Loan to 'B-'

KCS PRIVATE: CRISIL Rates INR70MM Cash Credit at 'CRISIL B'
KINGFISHER AIRLINES: Service Tax Dept Freezes Bank Accounts
LEO DUCT: CRISIL Assigns 'CRISIL B+' Rating to INR7MM LT Loan
MAXHEAL LAB: Delay in Loan Servicing Cues CRISIL Junk Ratings
MEHTA INTERTRADE: CRISIL Puts 'CRISIL B+' Rating on INR85MM Loan

MITTAL POLYPACKS: CRISIL Puts 'BB+' Rating to INR41.3-Mil. Loan
PLASTOLENE POLYMERS: Fitch Rates INR412-Mil. Fund at 'B-'
RAJCO METAL: CRISIL Places 'CRISIL BB' Rating on INR5MM LT Loan
ROTO INDIA: Fitch Rates INR120 Million Fund at 'B-'
RUKMINIRAMA STEEL: CRISIL Cuts Rating on INR31.6MM Loan to 'D'

SINGHALS: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'
SINGHANIA & SONS: CRISIL Puts CRISIL B+ Rating on INR25MM Loan
SUKHSAGAR INFOTECH: Fitch Rates INR195 Million Fund at 'B-'
TARUN ENTERPRISE: CRISIL Puts CRISIL BB- Rating on INR258cr Loan
TRADE LINKERS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B'

VINAYAK IRON: CRISIL Assigns 'CRISIL D' Rating to INR100.3MM Loan


K O R E A

HANA BANK: Moody's Incorporates C- BFSR in A1 Rating of Notes
* Sheppard Mullin Plans Seoul Office Opening


N E W  Z E A L A N D

BRIDGECORP LTD: Directors' Trial Adjourned to Jan. 23


S I N G A P O R E

ADICA PTE: Creditors' Proofs of Debt Due Jan. 9
BORDERS PTE: Court Enters Wind-Up Order
EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 21
JURONG HI-TECH: Creditors' Meetings Set for Dec. 15
JURONG TECHNOLOGIES: Creditors' Meetings Set for Dec. 15


P H I L I P P I N E S

MANILA CAVITE: S&P Lowers $160-Mil. Note Rating to 'CCC+'


V I E T N A M

HOANG ANH: S&P Lowers Corp. Credit Rating to 'B-'; Outlook Neg
VIETNAM STATE BANK: Okays Merger of 3 Troubled Commercial Banks


X X X X X X X X

* Fitch Says Default of PMI Prompts Downgrade on 11 SCDOS


                            - - - - -


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


BROADLANDS FINANCE: S&P Lowers Issuer Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on New Zealand finance company Broadlands Finance
Ltd. to 'CC' from 'CCC', and placed it on CreditWatch with
negative implications.  The 'C' short-term issuer credit rating
on BFL remains on CreditWatch with negative implications, where
it was placed on Nov. 24, 2011.

"The rating actions reflect our criteria-based opinion that it is
likely that BFL will selectively default on creditor obligations
that are due to BFL's key shareholder, Mr. Anthony Radisich," S&P
said. This opinion is based on a deed that has been recently
executed between BFL and its trustee company relating to:

    The waiver of all interest due to BFL's key shareholder on
    his debenture investments in and loan to BFL;

    The subordination of priority for repayment of the key
    shareholder's debenture investments to external debenture
    holders; and

    The deferral of shareholder rights to payment of principal in
    respect to shareholder loans to BFL.

"We believe that BFL's intentions are to suspend and not make
payment on an interest amount due on Dec. 15, 2011, on its loan
from its key shareholder, and to suspend and not make payment on
a quarterly interest amount due on Dec. 31, 2011, on debenture
investments in BFL by its key shareholder," said credit analyst
Gavin Gunning. "Should these circumstances come to pass, we would
be required under our rating criteria to revise our ratings on
BFL on Dec. 16, 2011 to 'SD' (selective default). Under our
rating definitions, an obligor rated 'SD' has failed to pay one
or more of its financial obligations (rated or unrated) when it
comes due."

"Of primary concern to Standard & Poor's in the short term is
that the company's liquidity outlook in our opinion is weak, even
considering that the key shareholder's interests have been de-
prioritised in favor of repayments due to external debenture
holders.  More generally, we have uncertainty about the company's
future business model, given that the debenture funding model has
been seen by BFL as unsustainable, leading to its decision to
withdraw from the New Zealand debenture market on Oct. 19, 2011.
Our view on BFL's asset quality, capitalization, and the key
shareholder's capacity to support BFL are relatively unchanged
from our previous rating announcement, on Nov. 24, 2011. By
themselves, these are not key rating factors that are causing us
to lower the rating," S&P said.

"We expect to resolve the CreditWatch if the owner and key
shareholder, or any other creditor, is not repaid by BFL in full
when their obligations become due," said Mr. Gunning. "This could
be as soon as Dec. 15, 2011, concerning an interest payment due
to the key shareholder on a loan to BFL."


GOLD COAST FINANCIAL: Receivers Sell Centre to Melbourne Investor
-----------------------------------------------------------------
Gold Coast Bulletin reports that after managing to stave off
receivers once, low-profile developer Bob Sukic has finally lost
ownership of the Gold Coast Financial Centre.

The Bulletin relates that an unnamed Melbourne investor has
bought the high-profile Bundall Rd centre after receivers put the
site on the market earlier this year.

According to the report, Mark Witheriff, who marketed the site
with fellow CBRE Gold Coast agent Tania Moore, said an
expressions-of-interest campaign for the site unearthed more than
50 inquiries from a combination of investors and owner occupiers.

While Mr. Witheriff declined to name the price, property industry
sources said the building changed hands for about $6 million, the
report adds.


HELIUM CAPITAL: S&P Cuts Rating on Series 60 Notes to 'CC(sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its rating on the note issued under Helium Capital
Ltd.'s series 60 transaction.

"The downgrade follows our receipt on Dec. 6, 2011, of a notice
stating that a credit event had occurred at a reference entity
relating to the transaction. As a result, we expect that the
transaction's aggregate losses will exceed its available credit
enhancement," S&P said.

Rating Lowered

Helium Capital Ltd.
Corporate basket credit-linked note series 60 (Esperance)
To          From         Issue amount
CC (sf)     CCC- (sf)    AUD85.0 mil.

The transaction's closing date was March 22, 2006.


NINE ENTERTAINMENT: Drops Plans to Extend AUD2.8 Billion Loan
-------------------------------------------------------------
Bloomberg News reports that sources said Nine Entertainment Co.,
the Australian media company owned by CVC Asia Pacific Ltd., has
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015.

CVC Capital Partners Ltd. will continue talks with lenders,
including Goldman Sachs Group Inc., on a revised proposal to
refinance the Australian media company, one of the sources told
Bloomberg.

According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

The AFR said Goldman Sachs, which owns about 20% of the so-called
mezzanine debt and manages the rest on behalf of other investors,
has agreed to swap its debt for equity, Bloomberg relates.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by CVC at the
height of the buyout boom in 2006.  CVC spent about AUD5.3
billion in debt and equity in acquiring the company from media
baron James Packer.  In addition to Nine, one of Australia's
three free-to-air television networks, the group also owns
magazine publisher ACP, the online media company nineMSN, Acer
Arena and ticketing agency Ticketek.


===============
C A M B O D I A
===============


ACLEDA BANK: S&P Keeps 'B/B' Global Scale Ratings
-------------------------------------------------
Standard & Poor's Ratings Services revised or affirmed its
ratings on 44 of Asia Pacific's financial institutions after
applying new ratings criteria for banks, which was published on
Nov. 9, 2011.

This release is a part of a series of announcements by Standard &
Poor's since Nov. 29, 2011, listing and explaining rating actions
resulting from application of its revised ratings criteria for
banks. The previous announcements have included rating actions on
a number of larger financial institutions in the Asia-Pacific
region.

"We list the ratings on these banks and their relevant
subsidiaries that result from the application of our new
criteria," S&P said.

"We will publish individual research updates on each bank group
identified, including a list of ratings on affiliated rated
entities, as well as the ratings by debt type -- senior,
subordinated, junior subordinated, and preferred stock. The
research updates will be available at
www.standardandpoors.com/AI4FI and on RatingsDirect on the Global
Credit Portal. Ratings on specific issues will be available on
RatingsDirect on the Global Credit Portal and
www.standardandpoors.com following release," S&P said.

Ratings List
(NOTE: Parent banks in upper case, subsidiaries in title case)

Issuer credit rating

                   To                  From

77 BANK LTD.
                   A/Negative/A-1      A/Stable/A-1

ACLEDA BANK PLC

   Global scale ratings
                   B/Stable/B          B/Stable/B

   ASEAN regional scale ratings
                   axBB-/axB           axBB-/axB

AMBANK (M) BERHAD
                   BBB+/Stable/A-2     BBB/Stable/A-2

AMINVESTMENT BANK BHD.
                   BBB+/Stable/A-2     BBB/Stable/A-2

BANK FOR FOREIGN TRADE OF VIETNAM
                   B+/Negative/B         BB-/Negative/B

BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM

   Global scale ratings
                   B+/Negative/B         BB-/Negative/B

   ASEAN regional scale ratings
                   axBB-/axB            axBB/axB

BANK OF IWATE LTD.
                   A/Stable/A-1        A/Stable/A-1

BANK OF KYOTO LTD.
                   A/Negative/A-1      A/Stable/A-1

BANK OF YOKOHAMA, LTD.  (UNSOLICITED RATINGS)
                   A/Stable/--         A/Stable/--

BANK SINOPAC

   Global scale ratings
                   BBB/Stable/A-2      BBB/Stable/A-2

   Greater China credit scale ratings
                   cnA/cnA-2           cnA/cnA-2

CATHAY UNITED BANK CO. LTD.

   Global scale ratings
                   A-/Stable/A-2       A-/Stable/A-2

   Greater China credit scale ratings
                  cnAA/cnA-1           cnAA/cnA-1

CHANG HWA COMMERCIAL BANK LTD.

   Global scale ratings
                   BBB+/Stable/A-2     BBB+/Stable/A-2

   Greater China credit scale ratings
                   cnA+/cnA-1          cnA+/cnA-1

CHIBA BANK LTD.
                   A/Stable/A-1        A/Stable/A-1

CIMB GROUP HOLDING BHD
                   BBB-/Stable/A-3     BBB-/Stable/A-3

  CIMB Bank Berhad
                   A-/Stable/A-2       BBB+/Stable/A-2

  CIMB Investment Bank Berhad
                   A-/Stable/A-2       BBB/Stable/A-2

E.SUN FINANCIAL HOLDING CO. LTD.

   Global scale ratings
                   BBB-/Stable/A-3     BBB-/Positive/A-3

   Greater China credit scale ratings
                   cnA-/cnA-2          cnA-/cnA-2

  E.SUN Commercial Bank Ltd.

   Global scale ratings
                   BBB/Stable/A-2      BBB/Positive/A-2

   Greater China credit scale ratings
                   cnA/cnA-2           cnA+/cnA-1

FIRST COMMERCIAL BANK LTD.

   Global scale ratings
                   BBB+/Stable/A-2     BBB+/Stable/A-2

   Greater China credit scale ratings
                    cnA+/cnA-1          cnA+/cnA-1


GOLOMT BANK OF MONGOLIA
                   B+/Stable/B         BB-/Stable/B

GREATER BUILDING SOCIETY LTD.
                   BBB/Stable/A-2      BBB/Positive/A-2

HACHIJUNI BANK LTD.
                   A/Stable/A-1        A/Stable/A-1

HERITAGE BANK LTD.
                   BBB-/Stable/A-3     BBB/Stable/A-2

HIGO BANK LTD.
                   A/Stable/A-1        A/Stable/A-1

HOKKOKU BANK LTD.
                   A/Negative/A-1      A-/Stable/A-2

HOKURIKU BANK LTD.
                   A-/Stable/--        A-/Stable/--

HYAKUGO BANK LTD.
                   A/Negative/A-1      A-/Stable/A-2

IMB LTD.
                   BBB/Stable/A-2      BBB/Stable/A-2

INDUSTRIAL BANK OF KOREA
                   A/Stable/A-1        A/Stable/A-1

IYO BANK LTD.
                   A/Negative/A-1      A-/Stable/A-2

KAGOSHIMA BANK LTD.
                   A/Stable/A-1        A/Stable/A-1

KEIYO BANK LTD.
                   A/Negative/A-1      A-/Stable/A-2

KOREA DEVELOPMENT BANK
                   A/Negative/A-1      A/Negative/A-1

MALAYAN BANKING BERHAD
                   A-/Stable/A-2       A-/Stable/A-2

MEGA INTERNATIONAL
COMMERCIAL BANK CO. LTD.

   Global scale ratings
                   A/Stable/A-1        A/Stable/A-1

   Greater China credit scale ratings
                   cnAA+/cnA-1         cnAA+/cnA-1

NATIONAL AGRICULTURAL
COOPERATIVE FEDERATION
                   A/Stable/A-1        A/Stable/A-1

NEWCASTLE PERMANENT
BUILDING SOCIETY LTD.
                   BBB+/Stable/A-2     BBB+/Stable/A-2

PHILIPPINE NATIONAL BANK
                   B+/Stable/B         B/Stable/B

PUBLIC BANK BERHAD
   Global scale ratings
                   A-/Stable/A-2       A-/Stable/A-2

   ASEAN regional scale ratings
                   axAA/axA-1          axAA/axA-1

RHB BANK BERHAD

   Global scale ratings
                   BBB+/Stable/A-2     BBB+/Stable/A-2

   ASEAN regional
   scale ratings
                   axA+/axA-1          axA+/axA-1

SHIZUOKA BANK LTD.
                   A+/Stable/A-1       AA-/Negative/A-1+

SUHYUP BANK
                   A-/Stable           A-/Stable

TAIPEI FUBON
COMMERCIAL BANK CO. LTD.

   Global scale ratings
                   A-/Stable/A-2       A-/Stable/A-2

   Greater China
   credit scale ratings
                   cnAA/cnA-1          cnAA/cnA-1

  Fubon Bank (Hong Kong) Ltd.

   Global scale ratings
                   BBB+/Stable/A-2     BBB+/Stable/A-2

   Greater China credit
   scale ratings
                   cnA+/cnA-1          cnA+/cnA-1

TAISHIN FINANCIAL HOLDING CO. LTD.

   Global scale ratings
                   BBB-/Stable/A-3     BBB-/Stable/A-3

   Greater China credit
   scale ratings
                   cnA-/cnA-2          cnA-/cnA-2

  Taishin International Bank Co. Ltd.

   Global scale ratings
                   BBB/Stable/A-2      BBB/Stable/A-2

   Greater China credit
   scale ratings
                   cnA/cnA-2           cnA/cnA-2

THE ROCK BUILDING SOCIETY LTD.
                   BBB-/WatchPos/A-3   BBB-/WatchPos/A-3

TOHO BANK LTD.
                   A-/Negative/A-2     A-/Negative/A-2

VIETNAM TECHNOLOGICAL AND
COMMERCIAL JOINT STOCK BANK

   Global scale ratings
                   B+/Stable/B         BB-/Negative/B

   ASEAN regional scale ratings
                   axBB/axB            axBB/axB

WIDE BAY AUSTRALIA LTD.
                   BBB/Stable/A-2      BBB-/Stable/A-3

  Mortgage Risk
  Management Pty Ltd.
                   BBB/Stable/--       BBB-/Stable/--


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


AFEX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2011,
creditors of Afex International (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F, JCG Building
         16 Mongkok Road
         Mongkok, Kowloon


AFEX PROCUREMENT: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2011,
creditors of Afex Procurement Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F, JCG Building
         16 Mongkok Road
         Mongkok, Kowloon


ANDERSON ASIA: Members' Final Meeting Set for Jan. 10
-----------------------------------------------------
Members of Anderson Asia Investments Limited will hold their
final general meeting on Jan. 10, 2012, at 10:30 a.m., at 20/F,
Fung House, No. 19-20 Connaught Road Central, in Hong Kong.

At the meeting, Cheng Kwok Wai David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BAOSHINN CORP: Reports $62,900 Net Income in Third Quarter
----------------------------------------------------------
Baoshinn Corporation filed its quarterly report on Form 10-Q,
reporting net income of $62,931 on $11.2 million of sales for the
three months ended Sept. 30, 2011, compared with net income of
$17,173 on $8.6 million of sales for the corresponding period in
2010.

For the nine months ended Sept. 30, 2011, the Company has
reported net income of $158,605 on $30.0 million of sales,
compared with net income of $97,209 on $22.4 million of sales for
the same period last year.

The Company's balance sheet at Sept. 30, 2011, showed $4.9
million in total assets, $3.9 million in total liabilities, and
stockholders' equity of $986,131.

As of Sept. 30, 2011, the Company had an accumulated deficit of
$1.0 million and working capital of $950,691.

Dominic K.F. Chan & Co, in Hong Kong, expressed substantial doubt
about Baoshinn Corporation and its subsidiaries' ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2010.  The independent auditors
noted that the Group has accumulated losses.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/ulAURT

Based in Kowloon, Hong Kong, Baoshinn Corporation, through its
Hong Kong subsidiary, is a ticket consolidator of major
international airlines.  The Company provides travel services
such as ticketing, hotel and accommodation arrangements, tour
packages, incentive tours and group sightseeing.


BILFINGER BERGER: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Bilfinger Berger Finance (HK) Limited, on Nov. 25,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


BOND GRAND: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2011,
creditors of Bond Grand Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Chow Cheuk Lap
         Cheng Siu Hang
         3rd Floor, Alliance Building
         133 Connaught Road
         Central, Hong Kong


CHINA FORCE: Commences Wind-Up Proceedings
------------------------------------------
Members of China Force Holding (Hong Kong) Co Limited, on
Nov. 28, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lam Cham
         Flat F, 1/F
         60 Sassoon Road
         Pokfulam, Hong Kong


CHINA FORCE STORAGE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of China Force Storage (H.K.) Company Limited, on
Nov. 28, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Ma Cunjun
         Rms. 3107-09
         Shun Tak Centre West Tower
         200 Connaught Road
         Central, Hong Kong


CLEVER LUCK: Annual Meetings Set for Dec. 23
--------------------------------------------
Contributories and creditors of Clever Luck Limited will hold
their annual meetings on Dec. 23, 2011, at 3:00 p.m., and 3:30
p.m., respectively at 20/F, Far East Consortium Building, 121 Des
Voeux Road Central, in Hong Kong.

At the meeting, Wong Sun Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FAME ABLE: Creditors' Proofs of Debt Due Dec. 28
------------------------------------------------
Creditors of Fame Able Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

         Sun Yongjian
         14/F, Lippo Leighton Tower
         103 Leighton Road
         Causeway Bay
         Hong Kong


FBC LIMITED: Creditors' Proofs of Debt Due Jan. 9
-------------------------------------------------
Creditors of FBC Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 9,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2011.

The company's liquidators are:

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


=========
I N D I A
=========


3I INFOTECH: Delays in Loan Repayment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its ratings on 3i Infotech Ltd's bank
facilities and commercial papers to 'CRISIL D/CRISIL D' from
'CRISIL A-/Stable/CRISIL A1'.

   Facilities                            Ratings
   ----------                            -------
   INR9747.9 Million Rupee Term Loan     CRISIL D (Downgraded
                                         from 'CRISIL A-/Stable')

   INR2580.0 Mil. Cash Credit Limit      CRISIL D (Downgraded
                                         from 'CRISIL A-/Stable')

   INR1488.6 Million Short-Term Loan     CRISIL D (Downgraded
                                         from 'CRISIL A1')

   INR1000 Million Commercial Paper      CRISIL D (Downgraded
                                         from 'CRISIL A1')

The downgrade reflects delays by 3i Infotech in servicing its
debt, as it could not refinance its maturing debt obligations. 3i
Infotech has a significant portion of short-term debt that was
refinanced regularly in the past. Despite a healthy operating
performance, 3i Infotech was unable to refinance its maturing
short-term obligations resulting in delays in debt servicing.
Currently, the 3i Infotech management is in discussions with all
its lenders to clear its overdues and overcome cash flow
mismatches, largely by way of converting its short-term loans
into loans with longer tenure. In addition to the current
overdues, 3i Infotech faces challenges because of foreign
currency convertible bond (FCCB) liabilities amounting to around
INR6.7 billion coming up for redemption over the next nine
months.

However, at an operating level, 3i Infotech's performance has
been healthy. For the first half of 2011-12 (refers to financial
year, April 1 to March 31), 3i Infotech reported a 10.8 per cent
increase in revenues (excluding the revenues from the payments
solutions business, which the company has exited) and 8.0 per
cent increase in earnings before interest, tax, depreciation, and
amortisation (EBITDA). For arriving at the ratings, CRISIL has
combined the business and financial risk profiles of 3i Infotech
and all its subsidiaries, held directly and indirectly, as all
these companies share a common management and are in the same
line of business.

                        About 3i Infotech

3i Infotech (formerly, ICICI Infotech Ltd) was promoted in 1993
by the erstwhile ICICI Ltd as a back-office processing company.
The company offers a range of IT products and services. Its IT
product solutions include packaged applications for the banking,
financial services, and insurance sector, and an enterprise
resource planning suite of applications. Its IT services include
customised software development and maintenance, system
integration, IT consulting, and offshore and onsite support
(through its business process outsourcing operations). 3i
Infotech exited the payments solutions business (Regulus Group
and J&B Software) in May 2011 for a consideration of USD137
million. The proceeds from the divestments have largely been used
to repay debt.

For 2010-11, 3i Infotech reported a net profit of INR2.5 billion
(INR334.6 million for the previous year) on net sales of INR25.70
billion (INRR24.49 billion). For the first half of 2011-12, 3i
Infotech reported a net profit of INR712.6 million on net sales
of INR9.7 billion, against a net profit of INR1.2 billion on net
sales of INR12.8 billion for the corresponding period of the
previous year.


AIR INDIA: Tax Dept Freezes Bank Accounts for Non-Payment of Dues
-----------------------------------------------------------------
The Economic Times reports that the service tax department has
frozen the bank accounts of Air India and Kingfisher Airlines for
non-payment of dues.

The report relates that while the state-run carrier has dues of
INR170 crore, the Vijay Mallya-promoted airline has to pay
INR100 crore as service tax liability.

Air India chairman and managing director Rohit Nandan told ET
that Air India paid INR85 crore on Thursday and expects its
account to be de-frozen now.  Kingfisher, however, refused to
comment on the matter, the report notes.

The Economic Times notes that a company cannot operate any of its
bank accounts or write a cheque if its accounts are frozen until
recoveries are made.  Tax experts said a freeze on bank accounts
is a standard procedure when statutory dues are not paid by
assesees despite notices being served to them, according to the
report.

                          About Air India

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

                         *     *     *

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


C M ALLOYS: CRISIL Cuts Rating on INR120MM Cash Credit to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of C M
Alloys Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL BBB-
/Negative/CRISIL A3'.

   Facilities                      Ratings
   ----------                      -------
   INR120.0 Million Cash Credit    CRISIL D (Downgraded from
                                      'CRISIL BBB-/Negative')

   INR80.0 Mil. Letter of Credit   CRISIL D (Downgraded from
                                            'CRISIL A3')

The downgrade reflects CMAPL's continuously overdrawn working
capital limits because of weak liquidity. The company's
operations have been shut down following an explosion in its
manufacturing facilities, leading to weak liquidity.

CMAPL, set up in 2000 by Mr. Jugraj Sanghvi and based in Mumbai,
is engaged in manufacturing and trading of steel ingots and
billets. The company's products include various types and sizes
of steel alloy billets and ingots. Its two manufacturing
facilities, have a combined annual capacity of around 50,000
tonnes.

CMAPL reported a profit after tax (PAT) of INR14 million on net
sales of INR575 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR388 million for 2008-09.


CHANDI STEEL: Delays in Loan Servicing Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Chandi
Steel Corporation to 'CRISIL D' from 'CRISIL B-/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR115 Million Term Loan       CRISIL D (Downgraded from
                                          (CRISIL B-/Stable)

   INR42.5 Million Cash Credit    CRISIL D (Downgraded from
                                         (CRISIL B-/Stable)

The downgrade follows the continued delays by CSC in servicing
its term loan obligations, in wake of its weak liquidity. CSC has
a weak liquidity on account of modest accruals, sizeable debt
repayment obligations, and high working capital intensity leading
to close to full utilization of available bank lines. The
liquidity profile is expected to remain weak over the medium term
because of its stretched working capital cycle.

The firm has modest scale of operations in the fragmented
construction equipment rental industry, and is exposed to the
risks of customer concentration in revenue profile, low-value
added nature of its products, and cyclical nature of the end-user
industry. However, the firm benefits from the established client
relationships, and the experience of its promoters in the
construction industry.

                        About Chandi Steel

Setup in 1985 as a partnership firm, CSC is now a proprietorship
concern managed by Mr. Ajay Kumar Garg. CSC rents out equipment
to construction companies. CSC's client base includes companies
such as Larsen & Toubro Ltd (rated 'CRISIL AAA/FAAA/Stable/CRISIL
A1+') and IVRCL Infrastructure & Projects Ltd. The firm has a
fleet of around 120 vehicles and equipment. CSC's operations are
countrywide, but concentrated in Northern India. The firm is also
involved in iron and steel trading on need basis; this, however,
forms only a small part of total sales.


DEEPSHIKHA PAPER: CRISIL Places CRISIL B- Rating on INR77MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Deepshikha Paper Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR77.5 Million Term Loan      CRISIL B-/Stable (Assigned)
   INR17 Million Cash Credit      CRISIL B-/Stable (Assigned)
   INR33 Million Proposed Cash    CRISIL B-/Stable (Assigned)
     Credit Limit
   INR22.5 Million Proposed LT    CRISIL B-/Stable (Assigned)
     Bank Loan Facility

The rating reflects DPPL's weak financial risk profile, marked by
a small net worth, moderate gearing and debt protection metrics,
working-capital-intensive operations, and susceptibility to risks
related to implementation and commercialisation of the project.
These rating weaknesses are partially offset by the extensive
experience of DPPL's promoters in manufacturing kraft paper.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company reports substantial growth in its scale of operations and
profitability, aided by the ongoing capital expenditure
programme. Conversely, the outlook may be revised to 'Negative'
in case of a slowdown in DPPL's revenue growth or significant
decline in its profitability, thereby weakening its liquidity.

                      About Deepshikha Paper

DPPL manufactures kraft paper, which is used for making
corrugated boxes. The company was incorporated in 2007 by Mr.
Ravinder Singh and Mr. Sudip Kapisway and their family members.
Both the promoters currently look after the overall operations of
the company.  DPPL's manufacturing facility is located in
Jharkhand. The current installed capacity is 40 tonnes per day
(tpd).  DPPL is also setting up a new unit with an installed
capacity of 60 tpd.  The total project cost is estimated at
around INR 90 millions, funded through INR 65 million term loans
and INR25 million equity.  The aforesaid project is estimated to
be completed by June 2012.


DHRUV INDUSTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Dhruv
Industries Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Negative/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Cash Credit       CRISIL D (Downgraded from
                                         'CRISIL BB-/Negative')

   INR72.5-Mil. Rupee Term Loan      CRISIL D (Downgraded from
                                         'CRISIL BB-/Negative')

   INR8.9 Million Proposed Long-     CRISIL D (Downgraded from
   Term Bank Loan Facility              'CRISIL BB-/Negative')

   INR15.0-Mil. Letter of Credit     CRISIL D (Downgraded from
                                        'CRISIL BB-/Negative')

   INR24.1 Million Packing Credit    CRISIL D (Downgraded from
                                               'CRISIL A4' )

   INR72.0-Mil. Letter of Credit     CRISIL D (Downgraded from
                                              'CRISIL A4' )

   INR2.5-Million Bank Guarantee     CRISIL D (Downgraded from
                                               'CRISIL A4' )

The rating downgrade reflects instances of delay by Dhruv
Industries Ltd in servicing its term loan instalments, because of
weak liquidity. The delays have ranged from 15 to 30 days, with
the last delay occurring in October 2011. The company's liquidity
has weakened mainly because of a debt-funded capital expenditure
(capex) programme of INR190 million undertaken by the company for
enhancing its capacities in 2011-12 (refers to financial year,
April 1 to March 31) and stretched receivable cycles resulting in
large working capital requirements. This had led to high bank
limit utilization of around 95 per cent over the past 12 months
through September 2011.  CRISIL believes that DIL's liquidity
will remain weak over the medium term driven by increasing
working capital requirements resulting from enhanced capacities.
The company's gearing is expected to increase to more than 1.0
times over the medium term from 0.75 times in 2009-10.

DIL also has working-capital-intensive operations, customer
concentration, an average scale of operations, and is exposed to
intense competition from imports. DIL, however, benefits from its
established market position in the metallised film industry.

                         About Dhruv Industries

DIL was incorporated by Mr. R C Kathuria in 1995; however, it
commenced commercial production in 2000. DIL manufactures
metallised capacitor films used in the manufacture of capacitors,
which are used in the lighting, electronics, and
telecommunication industries. DIL's manufacturing facility in
Gurgaon (Haryana) has annual capacity of 1168 tonnes.

The company has recently commissioned its capex plan of enhancing
its capacities by 960 tonnes per annum; the commercial operations
of the same commenced in October 2011. DIL's total capacity now
stands at 2128 tonnes per annum.

DIL reported a profit after tax (PAT) of INR25.1 million on net
sales of INR406.7 million for 2010-11, against a PAT of INR5.8
million on net sales of INR252.2 million for 2009-10.


EXOTICA INT'L: Fitch Rates INR250 Million Fund at 'B-'
------------------------------------------------------
Fitch Ratings has assigned India-based Exotica International's
additional INR125 million fund-based limits 'Fitch B-
(ind)'/'Fitch A4(ind)' ratings.

Exotica International's outstanding ratings (including above) are
as follows:

  -- National Long- Term Rating: 'Fitch B-(ind)'
  -- INR250 mil. fund-based limits: 'Fitch B-(ind)'
  -- INR20 mil. fund-based limits: 'Fitch A4(ind)'
  -- INR25 mil. non-fund based limits: 'Fitch A4(ind)


GADRE MARINE: CRISIL Ups Rating on INR217MM Loan to 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Gadre
Marine Export Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B-/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR217.00 Million Foreign         CRISIL BB-/Stable (Upgraded
   Currency Term Loan                  from 'CRISIL B-/Stable')

   INR23.00 Million Proposed LT      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   INR100.00 Mil. Packing Credit     CRISIL A4+ (Upgraded from
                                                'CRISIL A4')

   INR130.00 Mil. Bill Discounting   CRISIL A4+ (Upgraded from
                                                'CRISIL A4')

   INR20.00 Mil. Letter of Credit    CRISIL A4+ (Upgraded from
                                                'CRISIL A4')

   INR20.00 Mil. Bank Guarantee      CRISIL A4+ (Upgraded from
                                               'CRISIL A4')

The upgrade reflects expected improvement in the GMEPL's
liquidity, though it remains weak, following generation of
healthy net cash accruals. The company is expected to post
healthy revenue growth along with sustenance of operating
profitability, leading to higher cash accruals. The liquidity
pressure faced by GMEPL in the past (which had led to its loans
being rescheduled) has reduced. The upgrade also factors in the
healthy growth of 40 per cent in GMEPL's revenues to INR2.6
billion in 2010-11 (refers to financial year, April 1 to March
31) and the company's improving operating efficiency, as one of
its Surimi processing units has been shifted to Veravel
(Gujarat), which is closer to its procurement centres, from
Ratnagiri (Maharashtra). GMEPL's financial risk profile has also
improved marked by an improvement in the gearing and moderate
debt protection metrics. CRISIL believes that the company will
maintain the improvement in its financial risk profile over the
medium term, and benefit from the improved demand outlook for its
products.

The ratings continue to reflect the benefits that GMEPL derives
from the integrated nature of its operations and its promoters'
extensive industry experience, and the company's above-average
financial risk profile marked by moderate debt protection
indicators. These rating strengths are partially offset by
GMEPL's relatively high gearing, and exposure to risks related to
volatility in fish supply and to adverse changes in government
regulations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GMEPL and Gadre Marine Export (GME).
This is because the two entities (referred to herein as the Gadre
group) are under common promoters and have operational and
financial linkages with each other, including interchangeable
fund flows.

Outlook: Stable

CRISIL believes that the Gadre group will continue to benefit
over the medium term from its established market position and its
healthy operating efficiencies. The outlook may be revised to
'Positive' if the Gadre group reports significant improvement in
its capital structure and improves its liquidity further.
Conversely, the outlook may be revised to 'Negative' if the Gadre
group's business risk profile is negatively impacted because of
on-going slowdown in its key markets, or there are delays in
realisation from receivables or larger-than-expected debt-funded
capital expenditure.

                        About the Group

GMEPL, incorporated in 1994 by the Gadre family, manufactures and
exports seafood products such as surimi and surimi analogue. The
promoters entered the seafood business in 1978, by setting up
GME, a proprietorship concern. The Surimi operations were
initially under GME; they were transferred to GMEPL in 2007-08
(refers to financial year, April 1 to March 31). GME now
processes varieties of Fishes packed in Whole and dressed form
and exports in Frozen condition. The group has its manufacturing
facilities in Ratnagiri and Veravel.

GMEPL reported a profit after tax (PAT) of INR60.2 million on net
sales of INR2.6 billion for 2010-11, against a profit after tax
of INR23.7 million on net sales of INR1.9 billion for 2009-10.


IRAKI TRADING: CRISIL Places 'CRISIL BB-' Rating on INR25MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' rating to
the bank facilities Iraki Trading Company.

   Facilities                     Ratings
   ----------                     -------
   INR25 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR50 Mil. Letter of Credit    CRISIL A4+ (Assigned)

The rating reflects Iraki group's promoters' experience in the
pig iron trading industry and the Iraki group's diversified
clientele.

These rating strengths are partially offset by Iraki group's
supplier and geographical concentration, and below average
financial risk profile marked by high total outside liabilities
to total net worth and weak interest coverage ratio.

CRISIL has taken a consolidated approach for ITR, Tarun
Enterprise, Haq Enterprises P Ltd, as all three entities are in
same line of operations, managed and promoted by same family,
have intern-company transactions and have given intercompany
guarantees. They are together referred as Iraki group.

Outlook: Stable

CRISIL believes that Iraki group will continue to benefit from
its promoters' extensive experience in pig iron trading and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if group reports more than
expected revenues and profitability or if its financial risk
profile improves on account of additional infusion of capital by
the partners.. Conversely, the outlook may be revised to
'Negative' in case of any decline in group's revenues, or stretch
in its working capital cycle leading to deterioration its in
financial risk profile.

                         About the Group

Iraki group, started in 1971 is engaged in trading of pig iron.
The group is currently promoted by the 2nd generation
entrepreneurs Mr. Inamulhaq S. Iraki and his brother Mr. Abdulhaq
S. Iraki. The group sells pig irons to the foundries and
induction furnace units located in Gujarat. Around 30-40 per of
the revenue is generated from consignment sales and the balance
comes from the principle - principle sales.

For 2010-11 (refers to financial year, April 1 to March 31), ITR
reported profit of INR12 million on net sales of INR796 million,
against a reported profit of INR9 million on net sales of INR525
million for 2009-10.


KARTHIK INDUCTIONS: CRISIL Cuts Rating on INR10MM Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Karthik Inductions Ltd to 'CRISIL B-/Stable' from 'CRISIL
B+/Negative', and has reaffirmed the rating on the company's
short-term bank facilities at 'CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         CRISIL B-/Stable (Downgraded
                                        from 'CRISIL
                                        B+/Negative')

   INR20 Million Bill Discounting    CRISIL A4 (Reaffirmed)

   INR20 Million Letter of Credit    CRISIL A4 (Reaffirmed)

   INR17.5 Million Bank Guarantee    CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the Rukminirama
group's liquidity. The weak liquidity is because of time and cost
overruns in execution, as well as suboptimal utilisation post
commissioning, of the iron pelletisation plant in Rukminirama
Steel Rollings Pvt Ltd.

The rating also reflects expected deterioration in the
Rukminirama group's financial risk over the medium term, because
of the planned large debt-funded capital expenditure (capex) for
setting up a 65-megawatt power plant, and susceptibility to
intense competition and cyclicality in the steel industry. These
rating weaknesses are partially offset by the benefits that the
Rukminirama group derives from its promoters' extensive
experience in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RSRPL and KIL, together referred to as
the Rukminirama group. This is because the two entities are in
the same line of business, under a common management, have
significant inter-company transactions, and derive considerable
business synergies from each other.

Outlook: Stable

CRISIL believes that the Rukminirama group will continue to
benefit over the medium term from its promoters' established
position in the steel industry. The outlook may be revised to
'Positive' if the group's liquidity improves substantially as a
result of higher offtake from the iron pelletisation plant
leading to higher cash accruals. Conversely, the outlook may be
revised to 'Negative' if there is a debt-funded capex in KIL or
if KIL's liquidity weakens further leading to continued
overdrawing of bank limits.

                         About the group

The Rukminirama group has been manufacturing steel products since
1995, when the promoters set up an induction furnace for
production of ingots under KIL at Kundaim (Goa). In 1998, as part
of a forward-integration initiative, the promoters set up a
rolling mill under RSRPL to manufacture steel long products at
Cuncolim (Goa). RSRPL has also commissioned a pelletisation plant
at Hospet (Karnataka) in April 2011, with capacity of 0.3 million
tonnes per annum.

RSRPL reported, on a standalone basis, a profit after tax (PAT)
of INR2.2 million on net sales of INR1.81 billion for 2010-11,
against a PAT of INR9.2 million on net sales of INR1.53 billion
for 2009-10.

KIL reported on a standalone basis a profit after tax (PAT) of
INR1.5 million on net sales of INR638 million for 2010-11,
against a PAT of INR1.3 million on net sales of INR537 million
for
2009-10.


KCS PRIVATE: CRISIL Rates INR70MM Cash Credit at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of KCS Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR70 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects KCS's small scale of operations, revenue
concentration, exposure to risks related to tender-based
business, and modest financial risk profile, marked by a small
net worth, high gearing, and modest debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of KCS's promoter and the established
relationships with clients.

Outlook: Stable

CRISIL believes that KCS will benefit over the medium term from
its promoter's extensive industry experience and its established
relationship with clients. The outlook may be revised to
'Positive' if KCS strengthens its business risk profile by
extending its geographical reach and if the company's revenues
and profitability increase significantly along with improvement
in capital structure, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company faces significant pressure on its revenues and
profitability, there are considerable delays in realisation of
receivables, or it undertakes a large debt-funded capital
expenditure programme, thereby weakening its liquidity and
financial risk profile.

                          About KCS Pvt

Mr. Kishore Chandra Sahu established KC Sahu, a proprietorship
firm, in 1971. In 1991, the firm was reconstituted as a private
limited company and its name changed to KCS Pvt Ltd. The company,
based in Rourkela (Orissa), is engaged in turnkey projects
involving supplying, fabrication, and erecting of electrical and
mechanical components and civil construction. The company is also
an authorised dealer of switch gears manufactured by Larsen &
Toubro Ltd. However, the distribution contributes to only around
4 per cent of sales. KCS has a current order book of INR450
million.

KCS reported a profit after tax (PAT) of INR4.7 million on net
sales of INR122.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.7 million on net
sales of INR164.3 million for 2009-10.


KINGFISHER AIRLINES: Service Tax Dept Freezes Bank Accounts
-----------------------------------------------------------
The Economic Times reports that the service tax department has
frozen the bank accounts of Air India Ltd and Kingfisher Airlines
for non-payment of dues.

The report relates that while the state-run carrier has dues of
INR170 crore, the Vijay Mallya-promoted airline has to pay
INR100 crore as service tax liability.

Air India chairman and managing director Rohit Nandan told ET
that Air India paid INR85 crore on Thursday and expects its
account to be de-frozen now.  Kingfisher, however, refused
comment on the matter, the report notes.

The Economic Times notes that a company cannot operate any of its
bank accounts or write a cheque if its accounts are frozen until
recoveries are made.  Tax experts said a freeze on bank accounts
is a standard procedure when statutory dues are not paid by
assesees despite notices being served to them, according to the
report.

According to ET, Kingfisher which has not paid salaries to a part
of its 7,000-strong workforce for over two months now, is already
operating on a daily cash clearance basis of INR50 lakh at the
Mumbai airport, where it owes authorities INR90 crore for
aeronautical service charges.

It could not be ascertained whether the service tax authorities
had ordered any recovery of dues from Kingfisher yet or if the
airline had approached authorities seeking relief, the report
notes.

                    In Talks With Indian Investor

Meanwhile, The Hindu reports that Kingfisher Airlines Chairman
Vijay Mallya on Friday said negotiations were on with a domestic
investor for infusing funds in his cash-strapped airline.

"That's going on, things do take time, particularly
negotiations," the report quotes Mr. Mallya as saying.  He,
however, did not name the investor.

                      About Kingfisher Airlines

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

                       *     *     *

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

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


LEO DUCT: CRISIL Assigns 'CRISIL B+' Rating to INR7MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Leo Duct Engineers and Consultants Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200 Mil. Overdraft Facility    CRISIL B+/Stable (Assigned)
   INR7 Million Long-Term Loan       CRISIL B+/Stable (Assigned)
   INR13 Mil. Proposed Long-Term     CRISIL B+/Stable (Assigned)
     Bank Loan Facility
   INR130 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect LDEC's working-capital-intensive operations
and limited track record in the solar panel installation
business. These rating weaknesses are partially offset by LDEC's
above-average debt protection metrics.

Outlook: Stable

CRISIL believes that LDEC will benefit over the medium term from
its moderate revenue visibility and healthy margins. The outlook
may be revised to 'Positive' if the company manages to reduce its
working capital requirement significantly over the medium term,
while it maintains its revenues and profitability. Conversely,
the outlook may be revised to 'Negative' if LDEC undertakes a
large, debt-funded capital expenditure programme or reports a
significant decline in its operating margin, leading to material
deterioration in its financial risk profile.

                         About Leo Duct

Set up in 2000 as a partnership firm named Leo Duct Consultants,
LDEC was reconstituted as public limited company with its current
name in 2003. LDEC is promoted by Mr. D A Azmi who is currently
its chairman and managing director. The company is an
infrastructure contractor and also undertakes turnkey projects
for gas networking, telecommunication (telecom) tower and
networking, solar power, and road and bridges infrastructure
segments. LDEC has completed over 20,000 kilometres (km) of
underground cable network, erected around 1,200 telecom towers,
and laid around 1,500 km of gas pipeline network. The company is
currently undertaking a project to set up about 30-megawatt solar
farms for Moser Baer Engineering & Construction Ltd in Gujarat
and Odisha.

LDEC reported a net profit of INR 45 million on net sales of
INR 759 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR 32 million on net sales of
INR 662 million for 2009-10.


MAXHEAL LAB: Delay in Loan Servicing Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Maxheal Laboratories Private Limited.

   Facilities                       Ratings
   ----------                       -------
   INR109.3 Million Term Loan       CRISIL D (Assigned)
   INR54.1 Million Packing Credit   CRISIL D (Assigned)

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

MLPL's weak financial risk profile is also marked by negative net
worth due to past losses, high debt levels and weak debt
protection measures and a small scale of operations with high
customer and geographic concentration. MLPL, however, benefits
from its promoters' extensive industry experience and the
financial support from promoters.

MLPL, incorporated in 2004, manufactures tablets, capsules, and
dry syrups. The company is promoted by Mr. Madan Sakhala, Ms.
Hemlata Sakhala, and Mr. Mehul Sakhala. MLPL's product profile
includes anti-bacterial anthelmentics, analgesics, antipyretics,
antibiotics, B-lactum, vitamins, anti-tuberculosis, and anti-
inflammatory. The company commenced operations in November 2009
and most of its revenues are generated from exports to countries
such as Ghana, Nigeria, and Mozambique.


MEHTA INTERTRADE: CRISIL Puts 'CRISIL B+' Rating on INR85MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Mehta Intertrade Steels Pvt. Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR85 Million Long-Term Loan     CRISIL B+/Stable (Assigned)

   INR415 Million Proposed Long-    CRISIL B+/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects the Mehta group's weak financial risk
profile, marked by its small net worth and high gearing, and
exposure to risks related to operating in a highly fragmented
industry, marked by intense competition. These rating weaknesses
are partially offset by the extensive experience of the group's
promoters in the steel trading business.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MISL and R. B. Mehta & Company (RBM),
together referred to as the Mehta group. This is because both the
entities are managed by the same promoters, are in similar line
of business, have strong operational linkages, and have fungible
funds.

Outlook: Stable

CRISIL believes that MISL will maintain its credit risk profile,
primarily led by its promoters' vast experience in the steel
business. The outlook may be revised to positive in case of
significant improvement in MISL's financial risk profile most
likely through better profitability or large equity infusion
resulting in a decline in gearing levels. Conversely, the outlook
may be revised to 'Negative' if the profitability deteriorates
significantly or if the firm faces problems in receivable
realisation. Larger-than-expected debt-funded capex would also
have a negative bias towards outlook.

                       About the Group

MISL was established in 2005 as a partnership firm by Mr.
Rajendra Mehta, his brothers Mr. Bhupendra Mehta and Mr.
Hasmukhrai Mehta, and Bhupendra's son Mr. Harsh Mehta and
Hasmukhrai's sons Mr. Nilesh Mehta and Mr. Amit Mehta. It
manufactures ERW pipes and precision tubes. The firm was
incorporated as a private limited company in 2007.

RBM was established in 1984 as a proprietorship firm by Mr.
Rajendra B Mehta in Mumbai. The firm is currently being managed
by Mr. Rajendra Mehta and other family members. The Mehta family
is in the steel business for about two decades. RBM primarily
trades in steel products constituting 90 per cent of total sales
which include cold-rolled (CR) and hot-rolled (HR) coils, and
mild steel plate. The firm is also engaged in trading of import
licenses which contribute to the remaining 10 per cent of sales.
The firm has established presence in the trading of flat steel
products.

MISL reported a profit after tax (PAT) of INR12.8 million on net
sales of INR474.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR18.0 million on net
sales of INR484.8 million for 2009-10.


MITTAL POLYPACKS: CRISIL Puts 'BB+' Rating to INR41.3-Mil. Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Mittal Polypacks Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR41.3 Million Term Loan        CRISIL BB+/Stable (Assigned)
   INR70 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR40 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR10 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the Mittal group's stable business risk
profile supported by established relationships with clients and
diversity in end-user industry. These rating strengths are
partially offset by the pressure on the Mittal group's margins
due to its presence in the fragmented high density poly
ethylene/poly propylene (HDPE/PP) fabric industry. The ratings
also factor in the group's susceptibility to volatility in raw
material prices and below average financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MPPL and Mittal Technopack Pvt Ltd
(MTPL), together referred to as the Mittal group. The
consolidated approach is because the two entities are in the same
line of business, and have operational linkages and fungible cash
flows between them.

Outlook: Stable

CRISIL believes that the Mittal group will continue to benefit
over the medium term from growth in its sales and promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of improvement in its financial risk profile,
mainly due to better working capital management, or in case of
equity infusion by the promoters, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of less-than-expected revenues or cash
accruals, or if the Mittal group undertakes a large debt-funded
capital expenditure programme, thereby weakening its financial
risk profile.

                        About the Group

MPPL was started in 1985 and has a manufacturing capacity of 4000
tonnes per annum (tpa). The company mainly caters to the domestic
market and manufactures woven sacks with packaging capacity of up
to 50 kilograms. From 2010-11 (refers to financial year, April 1
to March 31), MPPL also started manufacturing flexible
intermediate bulk container (FIBC) bags and around 20 per cent of
its revenues during 2010-11 accrued through export of FIBC bags.

Based in Kolkata (West Bengal [WB]), MTPL manufactures and
exports FIBC bags. The manufacturing unit, based in Howrah (WB),
has an installed capacity of 6000 tpa. MTPL is an export-oriented
unit recognized since 2006.

The Mittal group reported a profit after tax (PAT) of INR18.3
million on net sales of INR752.6 million for 2010-11, as against
a PAT of INR13.6 or 13.7 million on net sales of INR560.8 million
for 2009-10.


PLASTOLENE POLYMERS: Fitch Rates INR412-Mil. Fund at 'B-'
---------------------------------------------------------
Fitch Ratings has assigned India-based Plastolene Polymers Pvt.
Ltd.'s additional INR199 million fund-based limits a 'Fitch B-
(ind)' rating.

PPPL's outstanding ratings (including above) are as follows:

  -- National Long- Term Rating: 'Fitch B-(ind)'

  -- INR412 million fund-based limits: 'Fitch B-(ind)'/ 'Fitch
      A4(ind)'

  -- INR25 million non-fund based limits: 'Fitch A4(ind)'


RAJCO METAL: CRISIL Places 'CRISIL BB' Rating on INR5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Rajco Metal Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR5 Million Proposed LT         CRISIL BB/Stable (Assigned)
     Bank Loan Facility
   INR15 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect RMI's moderate financial risk profile, marked
by low gearing and moderate debt protection metrics, promoter's
extensive industry experience, and established relations with key
customers. These ratings strengths are partially offset by RMI's
small-scale operations, small net worth, large working capital
requirements, and susceptibility to volatility in raw material
prices.

Outlook: Stable

CRISIL believes that RMI will maintain its financial risk
profile, marked by low gearing over the medium term. The outlook
may be revised to 'Positive' if RMI's business and financial risk
profile improves, supported by significant improvement in revenue
and profitability on a sustainable basis. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in
profitability, or if the liquidity deteriorates most likely
because of stretching of receivable or higher inventory levels.
Any larger than expected debt-funded capital expenditure (capex)
would also result in revision of outlook to negative.

                       About Rajco Metal

RMI incorporated in 1985, by Mr. Harjinder Singh Arora (aka Harry
Singh Arora), is engaged in manufacturing of copper tubes and
coil and also trades in plumbing system, importing the same from
Italy. The manufacturing sale contributes around 85 to 90 per
cent of the revenue and the balance is through the sales of
plumbing systems. The company has manufacturing facilities in
Murbad, MIDC area in Thane (Maharashtra) with manufacturing
capacity of about 400 MT per month.

RMI reported a profit after tax (PAT) of INR7 million on net
sales of INR424 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR293 million for 2009-10.


ROTO INDIA: Fitch Rates INR120 Million Fund at 'B-'
---------------------------------------------------
Fitch Ratings has assigned India-based Roto India Enterprise a
National Long-Term Rating of 'Fitch B-(ind)' with Stable Outlook.
Fitch has also assigned RIE's additional INR50m fund-based limits
'Fitch B-(ind)'/'Fitch A4(ind)' ratings.

RIE's outstanding ratings (including above) are as follows:

  -- National Long- Term Rating: 'Fitch B-(ind)'
  -- INR120 mil. fund-based limits: 'Fitch B-(ind)'
  -- INR80 mil. fund-based limits: 'Fitch A4(ind)'
  -- INR50 mil. non-fund based limits: 'Fitch A4(ind)'


RUKMINIRAMA STEEL: CRISIL Cuts Rating on INR31.6MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rukminirama Steel Rollings Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Negative/CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR31.6 Million Term Loan          CRISIL D (Downgraded from
                                          'CRISIL B+/Negative')

   INR40 Million Cash Credit          CRISIL D (Downgraded from
                                          'CRISIL B+/Negative')

   INR50 Million Letter of Credit     CRISIL D (Downgraded from
                                                'CRISIL A4')

   INR30 Million Bank Guarantee       CRISIL D (Downgraded from
                                                'CRISIL A4')

The rating downgrade reflects instances of delay by RSRPL in
servicing its term debt obligations; the delays have been caused
by the Rukminirama group's weak liquidity arising out of time and
cost overruns in execution, as well as suboptimal utilisation
post commissioning, of the group's iron pelletisation plant.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RSRPL and Karthik Inductions Ltd
(KIL), together referred to as the Rukminirama group. This is
because the two entities are in the same line of business, under
a common management, have significant inter-company transactions,
and derive considerable business synergies from each other.

The Rukminirama group's financial risk profile is expected to
deteriorate over the medium term, because of the planned large,
debt-funded capital expenditure (capex) for setting up a 65-
megawatt power plant; moreover, the group is susceptible to
intense competition and to cyclicality in the steel industry. The
Rukminirama group, however, benefits from its promoters'
extensive experience in the steel industry.

                           About the Group

The Rukminirama group has been manufacturing steel products since
1995, when the promoters set up an induction furnace for
production of ingots under KIL at Kundaim (Goa). In 1998, as part
of a forward-integration initiative, the promoters set up a
rolling mill under RSRPL to manufacture steel long products at
Cuncolim (Goa). RSRPL has also commissioned a pelletisation plant
at Hospet (Karnataka) in April 2011, with a capacity of 0.3
million tonnes per annum.

KIL reported on a standalone basis a profit after tax (PAT) of
INR1.5 million on net sales of INR638 million for 2010-11,
against a PAT of INR1.3 million on net sales of INR537 million
for 2009-10.

RSRPL reported, on a standalone basis, a profit after tax (PAT)
of INR2.2 million on net sales of INR1.81 billion for 2010-11,
against a PAT of INR9.2 million on net sales of INR1.53 billion
for 2009-10.


SINGHALS: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the cash
credit facility of Singhals.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects the Singhal group's weak financial risk
profile, marked by a small net worth and weak capital structure
and debt protection metrics, small scale of operations,
susceptibility to cyclicality in the real estate industry, and
high customer and geographical concentration in revenues. These
rating weaknesses are partially offset by the extensive industry
experience of the Singhal group's promoters and its established
relationships with customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SL and Trade Linkers, collectively
referred to as the Singhal group. The consolidated approach is
because both the entities are under a common ownership and are
engaged in the same line of business.

Outlook: Stable

CRISIL believes that the Singhal group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationship with its customers.
The outlook may be revised to 'Positive' in case of significant
improvement in the group's scale of operations, along with
improvement in its financial risk profile on account of higher-
than-expected cash accruals or significant improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of larger-than-expected working capital requirements or
lower-than-expected cash accruals or withdrawal of capital by the
promoters, resulting in pressure on the group's liquidity.

                        About the Group

Established in 2003 by Mr. Anil Kumar Singhal, SL trades plastic
and mild steel pipes and tanks and fittings to set up sanitary
facilities for domestic and commercial purposes. The firm is
based in Ghaziabad and caters to real estate developers and
construction companies located in North India. The Singhal group
derives a significant portion of its revenues from trading in PVC
(Polyvinyl Chloride) pipes.

Established in 1991, TL trades sanitary and bathroom fittings and
PVC and mild steel pipes. The firm is based in Ghaziabad (Uttar
Pradesh) and was established by Mr. Sajjan Singhal as Industrial
Equipment Corporation. The firm was taken over by Mr. Anil Kumar
Singhal (son of Mr. Sajjan Singhal) in 2007 and the name was
changed to its current one.  TL's customers comprise real estate
developers and construction companies primarily in North India.

The Singhal group reported a profit after tax (PAT) of INR1.4
million on net sales of INR482.7 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.8
million on net sales of INR260.5 million for 2009-10.


SINGHANIA & SONS: CRISIL Puts CRISIL B+ Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Singhania & Sons Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR25 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR250 Million Bill Purchase-   CRISIL A4 (Assigned)
    Discounting Facility
   INR22.5 Million Letter of       CRISIL A4 (Assigned)
    Credit & Bank Guarantee

The ratings reflect SSPL's susceptibility to cyclicality in its
end-user industry and to adverse regulatory changes, below-
average financial risk profile, and high customer concentration.
These rating weaknesses are partially offset by SSPL's promoters'
extensive experience in exporting iron ore.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of sustained improvement in SSPL's
financial risk profile, especially liquidity, most likely driven
by better-than-expected working capital management or more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, especially
liquidity, weakens, most likely because of less-than-expected
cash accruals, stretch in working capital cycle, or larger-than-
expected debt-funded capital expenditure.

                       About Singhania & Sons

SSPL, based in Kolkata (West Bengal), was promoted in 1947 by
Mr. Purushottam Lal Singhania as a chemical trading company.  In
2003-04 (refers to financial year, April 1 to March 31), the
company diversified into iron ore fines exports to China.
Currently, approximately 90 per cent of its operating income is
generated from iron ore exports to China, while the remaining
comes from trading in chemicals. SSPL currently exports iron ore
to China based Sinosteel Corporation and its subsidiaries, and
China National Minerals Co Ltd. In its chemical trading division,
SSPL's principal suppliers are Huntsman Advance Materials Pvt
Ltd, Cetex Petrochemicals Ltd and Arizona Chemicals Ltd.

SSPL reported a profit after tax (PAT) of INR24 million on an
operating income of INR1.5 billion for 2010-11, as against a PAT
of INR14 million on net sales of INR1.3 billion for 2009-10.


SUKHSAGAR INFOTECH: Fitch Rates INR195 Million Fund at 'B-'
-----------------------------------------------------------
Fitch Ratings has assigned India-based Sukhsagar Infotech Pvt.
Ltd.'s additional INR100m fund-based limits 'Fitch B-
(ind)'/'Fitch A4(ind)' ratings.

SIPL's outstanding ratings (including above) are as follows:

  -- National Long-Term Rating: 'Fitch B-(ind)'
  -- INR195 mil. fund-based limits: 'Fitch B-(ind)'
  -- INR55 mil. fund-based limits: 'Fitch A4(ind)'
  -- INR26.5 mil. non-fund based limits: 'Fitch A4(ind)'


TARUN ENTERPRISE: CRISIL Puts CRISIL BB- Rating on INR258cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities Tarun Enterprise.

   Facilities                     Ratings
   ----------                     -------
   INR25 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR50 Mil. Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect Iraki group's promoters' experience in the
pig iron trading industry and the Iraki group's diversified
clientele. These rating strengths are partially offset by Iraki
group's supplier and geographical concentration, and below
average financial risk profile marked by high total outside
liabilities to total net worth and weak interest coverage ratio.

CRISIL has taken a consolidated approach for TE, Iraki Trading
Company, Haq Enterprises P Ltd, as all three entities are in same
line of operations, managed and promoted by same family, have
inter-company transactions and have given intercompany
guarantees. They are together referred as Iraki group.

Outlook: Stable

CRISIL believes that Iraki group will continue to benefit from
its promoters' extensive experience in pig iron trading and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if group reports more than
expected revenues and profitability or if its financial risk
profile improves on account of additional infusion of capital by
the partners. Conversely, the outlook may be revised to
'Negative' in case of any decline in group's revenues, or stretch
in its working capital cycle leading to deterioration its in
financial risk profile.

                         About the Group

Iraki group, started in 1971 is engaged in trading of pig iron.
The group is currently promoted by the 2nd generation
entrepreneurs Mr. Inamulhaq S. Iraki and his brother Mr. Abdulhaq
S. Iraki.  The group sells pig irons to the foundries and
induction furnace units located in Gujarat. Around 30-40 per of
the revenue is generated from consignment sales and the balance
comes from the principle - principle sales.

For 2010-11 (refers to financial year, April 1 to March 31), TE
reported profit of INR8 million on net sales of INR731 million,
against a reported profit of INR9 million on net sales of INR580
million for 2009-10.


TRADE LINKERS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Trade Linkers, part of the Singhal group.

   Facilities                     Ratings
   ----------                     -------
   INR75 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects the Singhal group's weak financial risk
profile, marked by a small net worth and weak capital structure
and debt protection metrics, small scale of operations,
susceptibility to cyclicality in the real estate industry, and
high customer and geographical concentration in revenues. These
rating weaknesses are partially offset by the extensive industry
experience of the Singhal group's promoters and its established
relationships with customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of TL and M/s Singhals, collectively
referred to as the Singhal group. The consolidated approach is
because both the entities are under a common ownership and are
engaged in the same line of business.

Outlook: Stable

CRISIL believes that the Singhal group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationship with its customers.
The outlook may be revised to 'Positive' in case of significant
improvement in the group's scale of operations, along with
improvement in its financial risk profile on account of higher-
than-expected cash accruals or significant improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of larger-than-expected working capital requirements or
lower-than-expected cash accruals or withdrawal of capital by the
promoters, resulting in pressure on the group's liquidity.

                        About the Group

Established in 1991, TL trades sanitary and bathroom fittings and
PVC (Polyvinyl Chloride) and mild steel pipes. The firm is based
in Ghaziabad (Uttar Pradesh) and was established by Mr. Sajjan
Singhal as Industrial Equipment Corporation. The firm was taken
over by Mr. Anil Kumar Singhal (son of Mr. Sajjan Singhal) in
2007 and the name was changed to its current one. TL's customers
comprise real estate developers and construction companies
primarily in North India.

Established in 2003 by Mr. Anil Kumar Singhal, SL trades plastic
and mild steel pipes and tanks and fittings to set up sanitary
facilities for domestic and commercial purposes. The firm is
based in Ghaziabad and caters to real estate developers and
construction companies located in North India. The Singhal group
derives a significant portion of its revenues from trading in PVC
pipes.

The Singhal group reported a profit after tax (PAT) of INR1.4
million on net sales of INR482.7 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.8
million on net sales of INR260.5 million for 2009-10.


VINAYAK IRON: CRISIL Assigns 'CRISIL D' Rating to INR100.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' rating to the bank
facilities of Vinayak Iron and Coke Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR100.3 Million Term Loan        CRISIL D (Assigned)
   INR90 Million Cash Credit         CRISIL D (Assigned)
   INR400 Million Letter of Credit   CRISIL D (Assigned)

The rating reflects instances of delay by VICPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

VICPL also has a weak financial risk profile, marked by a high
gearing, small net worth, and weak debt protection metrics, small
scale of operations, large working capital requirements and weak
operating efficiencies. These rating weaknesses are partially
offset by the extensive industry experience of VICPL's promoters.

VICPL was established in 2003 and manufactures low-ash
metallurgical coke with an installed capacity of 1 lakh tonne per
annum. The company largely imports coking coal and manufactures
low ash metallurgical coke and sells to steel rolling mills in
and around Jharkhand. VICPL is a part of the Saraf group, which
has diversified business in steel, mica, real estate, and
chemical industries.

VICPL reported a net loss (NL) of INR3.5 million on net sales of
INR394.8 million for 2010-11 (refers to financial year, April 1
to March 31), as against a NL of INR23 million on net sales of
INR119 million for 2009-10.


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


HANA BANK: Moody's Incorporates C- BFSR in A1 Rating of Notes
-------------------------------------------------------------
Moody's Investors Service has assigned an A1 rating to Hana
Bank's proposed senior unsecured US$ notes.  The rating outlook
is stable.

Ratings Rationale

The A1 rating incorporates two factors: (1) the bank's bank
financial strength rating (BFSR) of C-, which maps to Baa1 on the
long-term scale, and (2) Moody's assessment of the very high
probability of government support in the event of a systemic
crisis.

The C- BFSR considers the balance between its fundamental
strengths and weaknesses.

Its strengths include its good domestic franchise as Korea's
fifth largest bank with 9.4% share in system deposits at June
2011 as well as good efficiency with its cost income ratio of
being around 40% in 2010.

Management has enhanced its franchise value over the longer term
through four mergers and acquisitions (M&As) in the past decade,
and the bank has carved out meaningful niches for itself in the
high-end retail banking and small and medium-sized enterprises
(SME) segments.

A high-cost and potentially more volatile deposit base pressures
the bank's interest margins, but high efficiency has somewhat
alleviated this situation.

However, its weaknesses include relatively modest liquidity and
high credit risk concentration, similar to other domestic banks.

The bank's liquidity is modest, given its average monthly KRW
loan-to-deposit ratio of 102% in September 2011 which is much
higher than many banks in other Asian countries. In addition,
Hana heavily depends on wholesale funding for foreign currencies,
which exposes it to refinancing risks in a capital market freeze.

As of end-2010, its top 20 group exposures were equivalent to
194% of the bank's tier-1 capital, or 762% of pre-provision
income in 2010.

Its core Tier 1 capital ratio (excluding hybrid Tier 1
securities) was 9.74% at June 2011, slightly lower than the
industry average of being over 10%. In addition, future capital
retention may be constrained by acquisitions, as the bank's
parent, Hana Financial Group (HFG), is conducting an acquisition
of Korea Exchange Bank (A2 positive, C-/Baa2 positive), and it
also has ambitions to expand into non-banking businesses.

In Moody's assessment, support by the Korean government to Hana
in a systemic crisis would be very high. This view is predicated
on the bank's importance as the fifth-largest player in Korea's
banking system. The expected support provides three-notch lift
for the global local currency (GLC) deposit rating from the Baa1
BCA.

Moody's does not see much chance for the bank's long-term deposit
or debit ratings to be upgraded in the foreseeable future,
because its A1 long-term senior debt or deposit ratings already
incorporate a three-notch rating uplift due to Moody's assumption
of strong government support.

However, upward pressure on the bank's BFSR could arise from its
improved financial metrics. The triggers for upgrading the BFSR
include: the proportion of short-term foreign currency
liabilities to fall below 60% of total foreign currency
liabilities (82% at December 2010), its core Tier 1 ratio to
improve above 10% (9.74% at June 2011), and the ratio of net
income to risk-weighted assets to improve above 1.5% (1.3% in
2010). Moody's will also focus on the bank's track record in
maintaining stronger profitability and more stable asset quality
than its major domestic peers through future economic downturns.

Moody's expects a downgrade of Hana's long-term deposit or debt
ratings could occur from either a noticeable drop in systemic
support from the government or a downgrade of its BFSR.

The drop in systemic support probability could occur from its
diminishing position in the banking system, or a sign that the
government attempts to impose losses on creditors or depositors
before a possible bailout.

Moody's would consider downgrading Hana's BFSR if: (1) core Tier
1 ratio drops below 9%, (2) its NPL ratio rises above 4%, or (3)
the bank posts net losses for two consecutive fiscal years.

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

Hana Bank, headquartered in Seoul, had assets of KRW
149.8trillion on 30 June 2011. It is the fifth largest bank with
9.5% share in system deposits among 18 domestic banks. The bank
is 100% owned by Hana Financial Group, which is in turn 7.9%-held
by National Pension Service as of July 2011.


* Sheppard Mullin Plans Seoul Office Opening
--------------------------------------------
Sheppard, Mullin, Richter & Hampton LLP plans to open an office
in Seoul, Korea in the first quarter of 2012.  The announcement
follows the recent ratification of the Korea-U.S. Free Trade
Agreement by both countries and the resulting opening in 2012 of
the Korea legal services market to U.S.-based law firms.

Partner Seth (Byoung Soo) Kim, currently based in Sheppard
Mullin's New York and Los Angeles offices and chair of the firm's
Korea practice, will relocate back to Seoul to lead the office.
Partners Gary Halling and Ken Carl will be integral members of
the Korea team and will anchor the U.S.-side of the firm's
practice from their offices in San Francisco and Los Angeles,
respectively, as well as splitting time between their U.S.
offices and Seoul.

"Many of our clients have operations in Korea and it makes sense
for us to establish a presence in Seoul to provide the support
and guidance that our clients require," said Guy Halgren,
chairman of Sheppard Mullin. "Opening an office in Korea marks a
natural expansion of our greater Asia practice, which includes
offices in Shanghai and Beijing."

"I am very excited about returning to Korea and leading the Seoul
office," Kim commented.  "I look forward to growing the new
office and working more closely with my Korean clients."

Sheppard Mullin's Korea-based clients include Samsung, Hyundai
Motor, Korea Development Bank, Kookmin Bank, Hana Bank, Woori
Bank and Shinhan Bank.

Kim is a member of Sheppard Mullin's Finance and Bankruptcy
practice group.  He specializes in entertainment law, commercial
law, bankruptcy, bank regulatory matters, and bank acquisition
transactions. Kim is a graduate of Seoul National University.

Halling is Sheppard Mullin's Antitrust and Trade Regulation
practice group leader.  He specializes in international antitrust
and unfair competition matters, and has extensive experience in
civil and criminal antitrust proceedings involving both federal
and state enforcement agencies.  Halling is a former Trial
Attorney at the Department of Justice, Antitrust Division in
Washington, D.C.

Carl is a member of the Finance and Bankruptcy practice group. He
specializes in banking law and corporate finance, advising
lenders and borrowers in financing transactions and bank clients
in regulatory matters.  Carl represents a number of major Korean
and U.S. financial institutions and companies, including several
S&P 500 members.

                    About Sheppard, Mullin

Sheppard, Mullin, Richter & Hampton LLP is a full service AmLaw
100 firm with more than 570 attorneys in 14 offices located in
the United States, Europe and Asia.  Since 1927, companies have
turned to Sheppard Mullin to handle corporate and technology
matters, high stakes litigation and complex financial
transactions. In the U.S., the firm's clients include more than
half of the Fortune 100.


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


BRIDGECORP LTD: Directors' Trial Adjourned to Jan. 23
-----------------------------------------------------
BusinessDesk reports that the trial of three former Bridgecorp
directors on Securities Act charges has been formally adjourned
until next year.

BusinessDesk relates that the case was adjourned last week at the
High Court at Auckland after hearing the evidence in chief of
former Bridgecorp treasurer John Welch.  Justice Geoffrey Venning
said Mr. Welch is yet to be cross-examined, but that will not
happen now until the case resumes on January 23, according to the
report.

Rod Petricevic, Rob Roest and Steigrad, former directors of the
finance company, face 10 Securities Act charges related to making
untrue statements in prospectus statements.  Another former
director, Gary Urwin, has already pleaded guilty to the charges.

                      About Bridgecorp Ltd

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

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

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


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


ADICA PTE: Creditors' Proofs of Debt Due Jan. 9
-----------------------------------------------
Creditors of Adica Pte Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 9,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

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


BORDERS PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on December 2, 2011,
to wind up the operations of Borders Pte Ltd which under judicial
management.

The company's liquidator is:

         Timothy James Reid
         c/o Messrs Ferrier Hodgson,
         ASO Building, #12-00,
         8 Robinson Road,
         Singapore 048544


EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------------
Creditors of EC-Asia International Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by Dec.
21, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Neo Ban Chuan
         c/o BC Neo Business Advisory Pte Ltd
         151 Chin Swee Road
         #14-04 Manhattan House
         Singapore 169876


JURONG HI-TECH: Creditors' Meetings Set for Dec. 15
---------------------------------------------------
Jurong Hi-Tech Industries Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
Dec. 15, 2011, at 10:30 a.m., at 6 Shenton Way #32-00, DBS
Building Tower Two, in Singapore 068809.

Agenda of the meeting include:

   a. to receive a status update from the Liquidators;

   b. to appoint a Committee of Inspection ("COI") pursuant to
      Section 277(1) of the Companies Act (Cap. 50);

   c. to nominate and authorise a member of the COI and the
      Liquidators to open and/or close and operate one or more
      bank accounts and/or close any existing bank accounts and
      that the signatories of the abovementioned bank accounts be
      the nominated COI member and the Liquidators:

   d. to appoint a solicitor to assist the Liquidators in their
      duties;

   e. to give authority to the Liquidators to compromise debts;
      and

   f. to consider any other matter which may properly be brought
      before the meeting.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


JURONG TECHNOLOGIES: Creditors' Meetings Set for Dec. 15
--------------------------------------------------------
Jurong Technologies Industrial Corpn Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
Dec. 15, 2011, at 10:30 a.m., at 6 Shenton Way #32-00, DBS
Building Tower Two, in Singapore 068809.

Agenda of the meeting include:

   a. to receive a status update from the Liquidators;

   b. to appoint a Committee of Inspection ("COI") pursuant to
      Section 277(1) of the Companies Act (Cap. 50);

   c. to nominate and authorise a member of the COI and the
      Liquidators to open and/or close and operate one or more
      bank accounts and/or close any existing bank accounts and
      that the signatories of the abovementioned bank accounts be
      the nominated COI member and the Liquidators:

   d. to appoint a solicitor to assist the Liquidators in their
      duties;

   e. to give authority to the Liquidators to compromise debts;
      and

   f. to consider any other matter which may properly be brought
      before the meeting.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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


MANILA CAVITE: S&P Lowers $160-Mil. Note Rating to 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the $160
million Series 2010-1 notes due 2022 issued by Manila Cavite Toll
Road Finance Co. (MCTFC) to 'CCC+' from 'B'. The outlook is
negative. "We removed the ratings from CreditWatch, where they
were placed with negative implications on Aug. 30, 2010," S&P
said.

"We lowered the rating on the Series 2010-1 notes because we
expect MCTFC's liquidity position to worsen and be under pressure
for most of 2012," said Standard & Poor's credit analyst Allan
Redimerio. "This is because a revised forecast by an independent
traffic consultant for the extension road segment of the Manila
Cavite Toll Expressway for 2012 is much lower than we expected."

"According to the revised forecast, the average annual daily
traffic on the extension road will be about 40,000 vehicles a day
one year after the road is fully completed. Assuming Nov. 1,
2011, as the starting point, the average daily traffic on the
extension road would be about 25,000-30,000 vehicles per day in
2012. This is much lower than our projections of about 48,000
vehicles three months ago," S&P said.

"We have considered Nov. 1, 2011, as the starting point for our
assessment of the traffic ramp-up on the extension segment of the
toll road because the re-design work at the Zapote interchange
and a pipe-laying project in Bacoor were both completed in late
October 2011. These two development works affected the
anticipated traffic ramp-up on the toll road this year, which in
turn affected the project's liquidity," S&P said.

"In our view, MCTFC's weak liquidity will require constant cash
injections from the project sponsor in the December quarter and
for most of 2012 to avoid triggering a cash sweep or early
amortization of the Series 2010-1 notes," said Mr. Redimerio. "If
an early amortization trigger occurs, no cash flows in the
project can be released to the shareholders of the project until
the breach is cured. Furthermore, cash trapped will be used to
pay the principal on the notes earlier than scheduled."

While cash injections from the project sponsor should improve
liquidity in the transaction, its availability on an ongoing
basis is highly uncertain and is dependent on the MCTFC achieving
traffic levels in line with the traffic consultant's revised
forecast. The project sponsor is a non-rated entity and its
intention to inject cash to the project on an ongoing basis does
not benefit from any letter of credit from rated banks.

"The weak traffic on both the extension and existing segments has
resulted in negative cash flows for the project. We estimate
that, at current traffic levels, the project has a net loss of
about $3.5 million-$4.0 million per quarter. We had expected some
pick-up in traffic along the extension road in November, but the
traffic growth remained flat. Nevertheless, traffic on the
existing road did pick up," S&P said.

The negative outlook on the Series 2010-1 notes reflects our
expectation that the project's weak liquidity situation will
continue for most of 2012.

"We could lower the rating on the notes if: (1) traffic on the
extension road does not ramp up to the levels reflected by the
revised traffic consultant's forecast, such that average daily
traffic on the road is materially lower than 20,000 by March
2012; or (2) the project's liquidity is worse than what we had
anticipated such that cash shortfalls continue to be funded out
of the DSRA, or ongoing operations and maintenance costs increase
materially above expected levels," S&P said.

"The potential for the outlook to be revised to stable is limited
until traffic on the toll road increases to levels that are in
line with our original base-case forecasts of 40,000 on the
extension and 80,000 on existing segment. We should also see no
signs of poor long-term traffic fundamentals. We may raise the
rating on the notes if traffic on both roads stabilizes at levels
that are at, or more than, our forecast," S&P said.


=============
V I E T N A M
=============


HOANG ANH: S&P Lowers Corp. Credit Rating to 'B-'; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Vietnam-based property developer Hoang
Anh Gia Lai Joint Stock Co. to 'B-' from 'B'. The outlook is
negative. "We also lowered the issue rating on the company's
senior notes to 'B-' from 'B'. At the same time, we lowered the
ASEAN regional scale rating on HAGL to 'axB-' from 'axBB-'. We
removed all the ratings from CreditWatch, where they were placed
with negative implications on Aug. 30, 2011," S&P said.

"The rating downgrade reflects our view that HAGL's operating
performance and liquidity are likely to remain weak in the next
six to 12 months," said Standard & Poor's credit analyst Weekhim
Loy. "This is due to the challenging operating conditions for the
company's residential property development business. A delay in
obtaining approvals to start iron ore mining in Laos and Cambodia
has exacerbated the situation for HAGL."

"Given our view that liquidity is weak, based on our criteria,
the rating on HAGL will be no higher than 'B-'. In addition,
HAGL's plan to diversify into rubber plantations and hydropower
businesses requires significant capital expenditure and poses
heightened execution risk," S&P said.

"We expect HAGL's property sales to remain depressed in 2012 due
to persistent high inflation and high interest rates in Vietnam,
and the devaluation of the Vietnamese dong (VND)," said Ms. Loy.
"We do not expect HAGL's Laos and Cambodia mines to generate cash
flows in 2012. A ramp-up in the iron ore production from mines in
Vietnam and the commissioning of new hydropower projects will
only modestly offset the decline in property sales, in our view."

"We estimate HAGL's capital expenditure for 2012 at about VND3
trillion ($142 million), of which we believe VND1 trillion is
committed for investment in rubber plantations. We assume that
the rest of the capital expenditure (pertaining to hydropower
stations and mining ore operations) is discretionary and can be
deferred until HAGL's liquidity strengthens through improved
property sales," S&P said.

"We believe HAGL would be able to service its interest burden of
VND600 billion, including $8.9 million interest on the US$90
million senior notes. We assume the company's total borrowings
will be unchanged as it carries out only committed capital
expenditure and reduces operating expenses to preserve
cash flows. We expect EBITDA interest coverage to deteriorate to
2.0x-2.5x in fiscal 2012. For the 12 months ended Sept. 30, 2011,
HAGL's consolidated EBITDA interest cover was 3.3x," S&P said.

"As of Sept. 30, 2011, HAGL has not met the incurrence covenant
of fixed charge coverage ratio of at least 3.5x (defined as the
ratio of consolidated EBITDA to interest expense) stipulated in
the $90 million bond documents. We believe HAGL is unlikely to
meet this covenant in 2012 due to the weak outlook for the
property sector in Vietnam and the company's reduced iron ore
production," S&P said.

"HAGL has undrawn credit facilities of about $68 million (VND1.4
trillion) provided by various banks. In our view, HAGL has
limited flexibility to draw on these credit facilities for
working capital purposes as they are mostly project-related
loans," S&P said.

"The negative outlook on HAGL reflects our view that the
company's liquidity is likely to continue to be weak," said Ms.
Loy. "Our view is based on our expectation that HAGL's apartment
sales will remain depressed. Moreover, the company's committed
capital expenditure is large, and it has limited flexibility in
its bond covenant to increase borrowings. The improvement in its
liquidity is reliant on less certain sources of funds such as
asset sales."

"We may lower the rating if HAGL's liquidity deteriorates
further. This could happen if the sale of iron ore or electricity
is hit by weak demand, or the company's capital expenditure is
more aggressive than we expected, particularly for investments in
rubber plantations. We expect cash flows from these investments
to materialize only in 2014 and beyond," S&P said.

"We may revise the outlook to stable if HAGL's liquidity
stabilizes and the company reduces its leverage. This could
happen if HAGL raises significant capital from asset sales,
improves property sales, or ramps up its iron ore production and
electricity sale," S&P said.


VIETNAM STATE BANK: Okays Merger of 3 Troubled Commercial Banks
---------------------------------------------------------------
The Wall Street Journal reports that the State Bank of Vietnam
approved a plan to merge three troubled private commercial banks
and give the government an undisclosed stake in the newly formed
lender.

The central bank said in a statement that the merger, which comes
after the three banks faced liquidity problems, is part of the
central bank's plan to restructure the country's commercial
banking system, the Journal relates.

The Journal relates that the central bank said the three unlisted
banks -- De Nhat Commercial Joint Stock Bank, Vietnam Tin Nghia
Bank and Saigon Commercial Bank -- have a combined registered
capital of VND10.6 trillion (US$508.8 million) and are based in
Ho Chi Minh City. It said they had run into liquidity problems.

According to the news agency, the central bank said it has
assigned state-run Bank for Investment and Development of Vietnam
to manage the government's stake in the new bank and will hold
talks with the banks involved to discuss the size of the
government stake in the new bank.

As part of the broader restructuring plan for the industry, the
State Bank of Vietnam said it expects to complete its assessment
and classification of all commercial banks in Vietnam by the end
of March, says the Journal.


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


* Fitch Says Default of PMI Prompts Downgrade on 11 SCDOS
---------------------------------------------------------
Fitch Ratings has downgraded four, upgraded two, and affirmed
seven notes from 11 synthetic arbitrage corporate CDOs (SCDOs)
arranged out of Asia, excluding Japan.  SCDOs typically reference
a portfolio of 100 to 150 corporate obligations mainly in the
U.S. and Europe.  The rating actions are listed at the end of
this commentary.

The downgrades follow the default of The PMI Group, Inc. (PMI)
that was widely referenced in eight of the 11 SCDOs.  Losses from
PMI are expected either to reduce the credit enhancement (CE) to
a negligible level or result in losses on the notes.  Notes that
have been downgraded to 'CCsf' do not have enough CE to withstand
an additional credit event; their portfolios still reference
'CCC' assets, which represent between 3% and 6% of the portfolio
notional.  Notes that have been downgraded to 'Csf' are expected
to incur losses from PMI.  These losses will be realised upon the
receipt of the valuation notice of PMI from the calculation
agent.

The two upgrades relate to two transactions that do not reference
PMI. The upgrades reflect adequate CE to absorb potential credit
events and stable portfolio performance with no defaults since
2009; the portfolios reference only one asset in the 'CCC'
category.  The Outlook of these two notes is Stable, reflecting
adequate surplus CE at their respective rating levels.

Six notes from four transactions were affirmed despite PMI being
referenced in the portfolios as the notes' estimated remaining CE
is still commensurate with their ratings.  The Outlook of Omega
Capital Investment Plc Series 40's (Omega 40) class A notes was
revised to Negative from Stable, reflecting a reduction in
surplus CE, although current CE levels can still withstand the
default of all 'CCC' assets in the portfolio until scheduled
maturity in June 2012.  A Negative Outlook has been assigned to
Omega 40's class B notes ('CCsf') to reflect the likelihood of
default should the recovery of PMI be lower than 12%.

Separately, Fitch has also affirmed the rating of a CDO-squared
transaction, Zenesis SPC Series 2006-7 class A floating-rate
notes due 2012 (Zenesis 2006-7).  This is despite the occurrence
of two additional credit events with respect to Dynegy Holdings,
LLC and AMR Corporation in one of the inner CDOs.  This inner CDO
still has adequate CE to cover expected losses until the
transaction's maturity in March 2012.

Recovery Estimates for the tranches rated 'CCCsf' or lower are
zero given the typical tranche thickness of 1% or less of the
portfolio notional.

Excluding the defaulted reference entities and the CDO-squared
transaction, the quality of the underlying assets is broadly
unchanged from the last rating action in March 2011; on average,
'CCC or below' assets account for 5% of the portfolios, while 'B'
assets have increased to 6% from 4%.

Corsair (Cayman Islands) No.4 Ltd Series 6

  -- AUD105m notes due March 2014 downgraded to 'CCsf' from
    'CCCsf'; Recovery Estimate of 0%

Corsair (Jersey) No. 2 Limited Series 72

  -- AUD135m notes due March 2013 downgraded to 'Csf' from
     'CCsf';  Recovery Estimate of 0%

Morgan Stanley ACES SPC Series 2006-17

  -- USD7.523m notes due December 2011 affirmed at 'CCCsf';
     Recovery Estimate of 0%

Morgan Stanley ACES SPC Series 2007-15

  -- USD11.961m Class IA notes due April 2014 affirmed at 'CCsf';
     Recovery Estimate of 0%

  -- USD16.026m Class IIA notes due April 2014 affirmed at
     'CCsf'; Recovery Estimate of 0%

Morgan Stanley ACES SPC Series 2007-16

  -- USD3.904m notes due October 2012 affirmed at 'Csf'; Recovery
     Estimate of 0%

Morgan Stanley ACES SPC Series 2007-32

  -- USD23.63m notes due August 2014 downgraded to 'CCsf' from
     'CCCsf'; Recovery Estimate of 0%

Morgan Stanley ACES SPC Series 2007-33

  -- USD6.844m notes due February 2013 downgraded to 'Csf' from
     'CCsf'; Recovery Estimate of 0%

Omega Capital Investments Plc Series 40

  -- AUD70m class A notes due June 2012 affirmed at 'Bsf';
Outlook
     revised to Negative from Stable; Recovery Estimate of 0%

  -- AUD40m class B notes due June 2012 affirmed at 'CCsf';
     assigned Outlook Negative; Recovery Estimate of 0%

Zenesis SPC Series 2006-7 class A floating rate notes due 2012

  -- USD53.2m notes due March 2012 affirmed at 'BBBsf'; Outlook
     revised to Stable from Positive

Zenesis SPC Series 2007-10 class A floating rate notes due 2012

  -- USD13.6m notes due September 2012 upgraded to 'BBB-sf' from
     'BB+sf'; Outlook Stable

Zenesis SPC Series 2007-10 class A floating rate notes due 2014

  -- USD17.2m notes due September 2014 upgraded to 'BBB-sf' from
     'BB+sf'; Outlook Stable


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***