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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

         Wednesday, December 21, 2011, Vol. 14, No. 252

                            Headlines



A U S T R A L I A

GLENFORDS TOOL: In Voluntary Administration; Stores Up For Sale


C H I N A

CHAODA MODERN: Moody's Downgrades CFR to 'Caa1' From 'B3'
CHINA BAK: PKF CPAs Raises Going Concern Doubt
CHINA FISHERY: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg
RENHE COMMERCIAL: Moody's Lowers Corporate Family Rating to 'B1'
SINO-FOREST CORP: Sets Up Restructuring Committee After Default


H O N G  K O N G

AIM HIGH: Members' Final Meeting Set for Jan. 17
BOND GRAND: Chow and Cheng Appointed as Liquidators
EAST ASIA: Creditors' Proofs of Debt Due Jan. 16
FILMKO PICTURES: Annual Meetings Set for Dec. 30
GUANGDONG INT'L: Annual Meetings Set for Jan. 11

HK POETRY: Members' Final Meeting Set for Jan. 18
JADE LANE: Members' Final General Meeting Set for Jan. 17
LCL CONTRACTORS: Members' Final Meeting Set for Jan. 16
MONGOLIA HK: Members' General Final Meeting Set for Jan. 17
OVERSEAS CHINESE: Creditors' Proofs of Debt Due Jan. 17

WONG TAI: Creditors' Meeting Set for Dec. 28
YIP SHU: Ho Tung Yin Appointed as Liquidator


I N D I A

AA NUTTS: ICRA Assigns '[ICRA] BB' Rating to INR1.5cr Bank Loan
AFEEF CASHEW: ICRA Assigns '[ICRA] BB' Rating to INR1.5cr Loan
ALPHA INT'L: ICRA Assigns [ICRA]BB Rating to INR0.8cr Term Loans
ARTISTIQUE CERAMICS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
A.S. STEEL: ICRA Assigns '[ICRA]B+' Rating to INR30cr Bank Loans

ASHIKA COMM: Fitch Rates Three Bank Loan Facilities at Low-B
DAMODAR THREADS: ICRA Places [ICRA]BB+ Rating on INR72.78cr Loan
DUET INDIA: Fitch Rates Three Bank Loan Facilities at Low-B
HOTEL AT: Fitch Rates Two Bank Loan Facilities at Low-B
KAYGAON PAPER: ICRA Reaffirms '[ICRA]BB' Short Term Rating

KINGFISHER AIRLINES: Grounds 15 Planes; Lenders Await Report
KINGFISHER AIRLINES: To Join oneworld Alliance in February
LIZER CYLINDERS: Fitch Rates Three Bank Loans at Low-B
MANGLAM BUILD: ICRA Assigns '[ICRA]BB-' Rating to INR75cr Loan
MAXIMUM SYNTHETIC: Fitch Rates Two Bank Facilities at Low-B

MIRHA EXPORTS: ICRA Cuts Rating on INR32.71cr Loan to '[ICRA]BB-'
MONARCH APPARELS: ICRA Cuts Rating on INR20cr Loan to '[ICRA]B-'
PAWA INT'L: Fitch Migrates Rating on Two Bank Loans to Low-B
PERMALI WALLACE: ICRA Assigns [ICRA]BB Rating to INR82.75cr Loan
PUNJAB BASMATI: ICRA Reaffirms '[ICRA]BB' Fund-Based Bank Rating

RAVICAB CABLES: ICRA Assigns '[ICRA]B+' Rating to INR5.5cr Loans
SHRI AMBICA: ICRA Cuts Rating on INR19.77cr Loan to '[ICRA]BB+'


J A P A N

BANK OF TOKYO: Moody's Withdraws Domestic Shelf Reg. Ratings
NORINCHUKIN BANK: Moody's Says C- BFSR Incorporates Many Factors
OLYMPUS CORP: Mulls JPY100-Bil. Preferred Stock Sale
RENAULT S.A.: Moody's Says Outlook Change Won't Impact Nissan


M O N G O L I A

MONGOLIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings


P H I L I P P I N E S

POWER SECTOR: S&P Affirms 'BB' Foreign Currency CCR; Outlook Pos.


S I N G A P O R E

K-F&B PTE: Court Enters Wind-Up Order
KIAN DA: Creditors Get 3.56482% Recovery on Claims
OPTIMUM-3 (CHINA): Creditors Get 6.1% Recovery on Claims
PROWELL BUILDING: Creditors' Proofs of Debt Due Dec. 30


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GLENFORDS TOOL: In Voluntary Administration; Stores Up For Sale
---------------------------------------------------------------
SmartCompany reports that Glenfords Tool Centre is now up for
sale after being placed in voluntary administration.

SmartCompany relates that the sale of the chain comes as the
do-it-yourself sector has reached a major transformation point,
with market leading hardware chain Bunnings now battling the
Woolworths-backed Masters chain.

Analysts have said mid-tier and smaller operators will slowly be
pushed out of the market as Bunnings and Masters stores dominate
areas once controlled by SMEs, according to SmartCompany.

Glenfords Tool Centre -- http://www.glenfords.com.au/-- operates
a chain of specialist retail tool stores.  It has 17 locations in
Queensland, Western Australia and New South Wales.


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C H I N A
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CHAODA MODERN: Moody's Downgrades CFR to 'Caa1' From 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded Chaoda Modern
Agriculture (Holdings) Ltd's corporate family rating to Caa1 from
B3.

At the same time, Moody's will withdraw Chaoda's rating.

Ratings Rationale

"The rating action reflects the heightened likelihood of
accelerated repayment of Chaoda's USD200 million convertible
bonds, as a result of the prolonged trading suspension on its
shares, and the delay in the release of its latest audited
financial report," says Jiming Zou, a Moody's Analyst, adding,
"It also reflects the uncertainty over Chaoda having sufficient
or not cash resources to settle the debt in case it is
accelerated."

The continued trading suspension on its shares deprives it of
access to the debt and capital market which in turn impairs its
ability to fund its operations.

Moody's will also withdraw the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

As noted, Chaoda has still not released its latest audited FYE
30/6/2011 financial information.

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

Chaoda Modern Agriculture (Holdings) Limited, headquartered in
Hong Kong and listed on the Hong Kong Stock Exchange, is
principally engaged in the cultivation and sale of agricultural
produce in China, mainly vegetables. The company is ultimately
20% owned by the Chairman and CEO, Mr. Kwok Ho.


CHINA BAK: PKF CPAs Raises Going Concern Doubt
----------------------------------------------
China BAK Battery, Inc., filed on Dec. 14, 2011, its annual
report on Form 10-K for the fiscal year ended Sept. 30, 2011.

PKF, in Hong Kong, China, expressed substantial doubt about China
BAK's ability to continue as a going concern.  The independent
auditors noted that the Company has a working capital deficiency,
accumulated deficit from recurring net losses incurred for the
current and prior years and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2011.

The Company reported a net loss of US$24.5 million on US$219.0
million of revenues for the fiscal year ended Sept. 30, 2011,
compared with a net loss of US$32.8 million on US$214.8 million
of revenues for the fiscal year ended Sept. 30, 2010.

The Company's balance sheet at Sept. 30, 2011, showed
$475.2 million in total assets, US$339.9 million in total
liabilities, and stockholders' equity of US$135.3 million.

A copy of the Form 10-K is available for free at:

                       http://is.gd/1ciTzF

Shenzhen, PRC-based China BAK Battery, Inc., is a global
manufacturer of lithium-based battery cells.  The Company
produces battery cells for OEM customers and replacement battery
manufacturers.


CHINA FISHERY: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
China Fishery Group Ltd. to negative from stable. "As a result,
we also lowered the Greater China credit scale ratings on the
company to 'cnBB' from 'cnBB+'. At the same time, we affirmed the
'BB-' long-term corporate credit rating on China Fishery," S&P
said.

"We revised the rating outlook on China Fishery to reflect our
view that the company's liquidity has weakened to "less than
adequate" from "adequate", as our criteria define those terms,"
said Standard & Poor's credit analyst Joe Poon. "The
deterioration is due to the company's lower-than-expected cash
holdings and a material increase in its short-term debt due to
the upcoming amortization of a club loan. A negative outlook
signals at least a one-in-three likelihood that we will lower the
rating over the next 12 months."

"The company's cash balance of $24.2 million as of Sept. 28,
2011, is below our expectation, and we anticipate that the cash
balance is likely to stay at a low level over the next 12 months.
China Fishery's liquidity has weakened mainly because it has
early redeemed its $225 million 9.25% senior unsecured notes due
December 2013. In our base-case projection for fiscal 2012, the
company is likely to generate operating cash flow of $150
million-$200 million, depending on its working capital needs and
market conditions. Including committed capital expenditure, this
amount would be tight for servicing its short-term debt of about
$133.7 million. About half of this debt relates to amortization
of a four-year $340 million term loan (about $30.9 million per
quarter starting May 2012 for 11 consecutive quarters)," S&P
said.

"In addition, China Fishery's operating cash flow, its primary
liquidity source next year, is likely to be volatile. Weather
events, and fluctuating demand and pricing due to a gloomy
outlook for the global economy will contribute to the volatility.
Revenue growth was satisfactory in fiscal 2011, but China
Fishery's operating cash flow was below our expectation due to
higher-than-expected working capital usage," S&P said.

"We believe that China Fishery will find it challenging to access
significant new financing over the next six to 12 months, due to
the currently tight banking credit environment and volatility in
the capital markets. The company has limited available committed
banking facilities. China Fishery also delayed its plan to raise
additional equity through a dual listing in Hong Kong due to
market conditions," S&P said.

"The rating on China Fishery continues to reflect the company's
exposure to the volatile commercial fishing industry, its limited
-- but improving -- geographic and business diversity, and
inherent regulatory risks. Tempering these weaknesses are the
company's operating track record, low leverage, and growth
potential due to growing demand for fish, particularly in China,"
said Mr. Poon.

S&P could lower the rating if:

    China Fishery's liquidity deteriorates due to weaker-than-
    expected operating cash flow, higher-than-expected capital
    expenditure, or a failure to proactively address its debt
    maturities. "We could lower the rating by multiple notches if
    the company's liquidity becomes 'weak' by our definition,"
    S&P said.

    "The company's debt-funded growth is more aggressive than we
    expected, causing its ratio of FFO to total debt to fall to
    less than 25% without sign of improving," S&P said.

    "The financial performance at its direct and indirect parent
    companies, Pacific Andes Resources Development Ltd. (not
    rated) and Pacific Andes International Holdings Ltd. (not
    rated), weaken materially.

"We could revise the outlook to stable if China Fishery restores
liquidity to what we view as an adequate level. This could happen
if the company improves its cash holdings, prudently manages its
working capital and capital expenditure needs, and obtains more
committed credit facilities as a buffer for any possible
shortfall in cash flow generation," S&P said.


RENHE COMMERCIAL: Moody's Lowers Corporate Family Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded Renhe Commercial
Holdings Co Ltd's corporate family and senior unsecured debt
ratings to B1 from Ba3. The ratings outlook is negative.

Ratings Rationale

"The downgrade reflects Moody's increased concern over the higher
level of uncertainty evident with the cash flow generated by
Renhe's business model," says Kaven Tsang, a Moody's AVP/Analyst.

Renhe has not yet expanded sales to retail clients as Moody's
originally expected, while the absence of title deeds for end-
buyers and tightness in the bank credit environment for small-
and medium-sized enterprises have discouraged more buyers at the
retail level.

As a result, Renhe -- in order to off-load its inventory -- has
focused on large investors.

But, such a strategy adds volatility to sales and cash flow,
especially if the company allows large investors to defer their
payments.

"The downgrade also reflects Renhe's aggressive financial policy.
While it has a high level of accounts receivables from property
sales -- RMB 7.8 billion as of 30 June 2011 -- it continues to
make distributions to investors in the forms of dividends and
share repurchases, and which together totaled the equivalent of
RMB 4.5 billion in the last 2 years," says Tsang.

"Renhe's recognition of sales -- before the full sales proceeds
are received -- is also illustrative of its aggressive strategy,
given incidents of missed payment deadlines by investors," says
Tsang.

Over the past two years, it has experienced two delays in the
collection of accounts receivables related to bulk sales, with
the Zhengzhou project in 2010 and Chengdu project more recently.

While Renhe did eventually manage to collect the receivables for
Zhengzhou, any further delays in cash collections will further
weigh down its working capital and balance sheet liquidity, given
its limited access to bank loans and lack of back-up liquidity
arrangements.

Thus, the liquidity risk inherent in its business model is higher
than that of other property peers.

On the other hand, Moody's estimates its cash holding of
approximately RMB 4-5 billion as of November 2011 as sufficient
to cover its maturing term debt of around RMB 290 million and
construction funding needs for the next 12 months.

"The downgrade further reflects the slow expansion of rental
revenue. The latter still represents a small fraction of its
interest payments. This could be partly due to reduced funding
for development, arising in turn from its high level of accounts
receivables and generous dividend distributions," says Tsang.

At the same time, Renhe's B1 rating continues to reflect its core
competence and track record in commercializing the development
and operation of civilian air-raid shelters as underground
shopping centers.

Chinese civil defense laws and regulations allow the company to
select prime commercial locations for developing these centers
with zero land cost. It also has a track record of maintaining
full occupancy for its completed projects, while achieving both
rising renewal rentals and market values for its operating
rights.

In addition, its projected financial metrics -- EBITDA interest
between 5x and 6x, and adjusted debt/capitalization between 35%
and 40% -- will continue to support its B1 ratings.

The ratings outlook is negative, reflecting Moody's concerns that
the slower-than-expected progress in both sales and collection of
accounts receivables, and the current level of dividend
distributions could further weaken liquidity in the next 12-18
months.

Its ratings could undergo further downgrade if it experiences (1)
a material shortfall in sales; (2) a decline in unrestricted
cash, or further delays in the collection of accounts
receivables; and/or (3) maintains a high dividend payout, such
that its liquidity weakens.

The key credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization above 50% and
EBITDA/Interest below 5x.

Further, changes in laws and regulations that negatively impact
conditions for developing underground air defense shelters for
commercial use would also be negative for the ratings.

The ratings is unlikely to be upgraded, given its negative
outlook. However, the outlook could revert to stable if Renhe (1)
achieves a track record of stable sales to diversified buyers who
can access bank financing; (2) maintains an EBITDA margin of 60%
- 65%, and (3) establishes a large portfolio of investment
properties, such that net rental income can fully cover interest
expenses. At the same time, the company keeps adequate liquidity
with unrestricted cash above RMB 4 billion and a healthy capital
structure with adjusted debt/capitalization under 45%.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such
as i) business risk and competitive position of the company
versus others within its industry; ii) capital structure and
financial risk of the company; iii) projected performance of the
company over the near to intermediate term; and iv) management's
track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Renhe's core industry; Renhe's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers that
can also function as civilian air defense shelters. The projects
are built below city commercial centers and transportation hubs,
and are free of land-use premium fees. As of June 2011, the
company was operating and managing eight underground shopping
centers in Harbin, Guangzhou, Shenyang and Zhengzhou in China.


SINO-FOREST CORP: Sets Up Restructuring Committee After Default
---------------------------------------------------------------
Ben Dummett at Dow Jones Newswires reports that Sino-Forest Corp.
said late Sunday its board set up a special restructuring
committee to review such strategic options as the seeking of
creditor protection or a sale of the company, signalling a
possible showdown between equity and bond holders over the timber
company's assets.

The news agency relates that the move came after the company
received default notices for its senior notes due 2014 and 2017
because of its failure to release 2011 third-quarter financial
results on a timely basis.  Sino-Forest said it doesn't expect to
be able to file those results and cure the default within the
required 30-day cure period, Dow Jones says.

According to Dow Jones, Sino-Forest said in a statement Sunday it
met last week with note holders, who "expressed a willingness to
work cooperatively with the company . . . to preserve value."
These note holders didn't initiate the issuance of the notices of
default, Sino-Forest said, without identifying them.

If Sino-Forest fails to renegotiate terms for its bonds, the debt
holders could force Sino-Forest to immediately pay the debt and
accrued interest. In that event, the bond holders could force
Sino-Forest into bankruptcy-court protection in a bid to seize
the company's timber assets, says Dow Jones.

Some of Sino-Forest's notes last traded around 25 cents on the
dollar, indicating the bond market is betting the company will
file for creditor protection, Dow Jones adds.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2011, Moody's Investors Service downgraded to Ca from
Caa1 the corporate family and senior unsecured debt ratings of
Sino-Forest Corporation.  At the same time, Moody's will withdraw
all the ratings of Sino-Forest.

"The ratings downgrade follows Sino-Forest's announcement that
its Board has decided not to make the US$9.775 million interest
payment on the 2016 convertible notes due on Dec. 15, 2011", says
Jiming Zou, a Moody's analyst, adding, "This action implies that
Sino-Forest will default on this debt obligation, if it does not
rectify the payment after the 30-day grace period from the due
date."

"Furthermore, the company has not yet confirmed when it is
publishing its Q3 2011 results. A failure to publish these
results would also trigger a breach of covenants under its bond
indentures," continues Mr. Zou.

The Ca ratings reflect the high likelihood of default and the low
level of expected recovery for bond holders in case bond
repayments are accelerated.


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


AIM HIGH: Members' Final Meeting Set for Jan. 17
------------------------------------------------
Members of AIM High Profits Limited will hold their final meeting
on Jan. 17, 2012, at 3:00 p.m., at Suite No. A, 11th Floor, Ritz
Plaza, at 122 Austin Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BOND GRAND: Chow and Cheng Appointed as Liquidators
---------------------------------------------------
Chow Cheuk Lap and Cheng Siu Hang on Nov. 30, 2011, were
appointed as liquidators of Bond Grand Development Limited.

The liquidators may be reached at:

         Chow Cheuk Lap
         Cheng Siu Hang
         3/F., Alliance Building
         133 Connaught Road
         Central, Hong Kong


EAST ASIA: Creditors' Proofs of Debt Due Jan. 16
------------------------------------------------
Creditors of East Asia Investment Holdings Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 16, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Seng Sze Ka Mee Natalia
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


FILMKO PICTURES: Annual Meetings Set for Dec. 30
------------------------------------------------
Creditors and members of Filmko Pictures Limited will hold their
annual meetings on Dec. 30, 2011, at 4:30 p.m., and 5:30 p.m.,
respectively at Room A, 1/F, Tontex Industrial Building, 2-4
Sheung Hei Street, San Po Kong, Kowloon, in Hong Kong.

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


GUANGDONG INT'L: Annual Meetings Set for Jan. 11
------------------------------------------------
Members and creditors of Guangdong International Trust &
Investment Corporation Hong Kong (Holdings) Limited will hold
their annual meetings on Jan. 11, 2012, at 9:00 a.m., and 9:30
a.m., respectively at 8/F, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky CW Muk and Gabriel CK Tam, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK POETRY: Members' Final Meeting Set for Jan. 18
-------------------------------------------------
Members of Hong Kong Poetry Territory Publishing Company Limited
will hold their final general meeting on Jan. 18, 2012, at 4:00
p.m., at 1902, 19th Floor, Winning Centre, at 29 Tai Yau Street,
San Po Kong, Kowloon, in Hong Kong.

At the meeting, Yan Chun Fu & Tang Shui Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JADE LANE: Members' Final General Meeting Set for Jan. 17
---------------------------------------------------------
Members of Jade Lane Industrial Limited will hold their final
general meeting on Jan. 17, 2012, at 4:00 p.m., at Room 507, Nan
Fung Tower, at 173 Des Voeux Road Central, in Hong Kong.

At the meeting, Li Cheuk Wai and Lee Wing Hang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LCL CONTRACTORS: Members' Final Meeting Set for Jan. 16
-------------------------------------------------------
Members of LCL Contractors Limited will hold their final meeting
on Jan. 16, 2012, at 10:00 a.m., at 21st Floor, Wyndham Place, at
No. 44 Wyndham Street, Central, in Hong Kong.

At the meeting, Leong Hing Loong Rudoff, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MONGOLIA HK: Members' General Final Meeting Set for Jan. 17
-----------------------------------------------------------
Members of Mongolia Hong Kong Wako Cashmere Limited will hold
their final general meeting on Jan. 17, 2012, at 10:00 p.m., at
Room 1205, 12/F, Manulife Provident Funds Place, at No. 345
Nathan Road, Kowloon.

At the meeting, Ma Chun Frank, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


OVERSEAS CHINESE: Creditors' Proofs of Debt Due Jan. 17
-------------------------------------------------------
Creditors of Overseas Chinese Trade (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 17, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Wong Chi Ming Danny
         Room 1504, 15/F
         Yu Sung Boon Building
         107-111 Des Vouex Road
         Central, Hong Kong


WONG TAI: Creditors' Meeting Set for Dec. 28
--------------------------------------------
Creditors of Wong Tai Yuen Company Limited will hold their
meeting on Dec. 28, 2011, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 2301, 23/F, China Resources
Building, at 26 Harbour Road, Wanchai, in Hong Kong.


YIP SHU: Ho Tung Yin Appointed as Liquidator
--------------------------------------------
Ho Tung Yin on Dec. 9, 2011, was appointed as liquidator of Yip
Shu Lam Foundation Ltd.

The liquidator may be reached at:

         Ho Tung Yin
         Room A, G/F
         Yau Tong Industrial Building
         Phase III, Kowloon
         Hong Kong


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I N D I A
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AA NUTTS: ICRA Assigns '[ICRA] BB' Rating to INR1.5cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] BB' to the
INR1.5 crore fund based facilities (Sub limits) of AA Nutts.
ICRA has also assigned short term rating of '[ICRA]A4' to the
INR9.6 crore fund based facilities and INR3.0 crore fund based
facilities (sub limits) of AA Nutts. The outlook on the long term
rating is stable.

ICRA has taken a consolidated view of AA Nutts along with the
other group entity Al Aziz and Company (henceforth referred to as
"AA Nutts Group"/"The Group") for the purpose of ratings,
considering the common management and close operational linkages
among the aforementioned entities.

The assigned ratings consider the significant experience of the
promoters in cashew processing business and AA Nutts group's
reputed clientele which ensures repeat orders and assured
realisations.

The ratings also consider the group's thin profit margins due to
fragmented nature of industry and low product differentiation.
The ratings take note of the Group's moderate scale of operations
and weak capital structure characterized by high gearing and
stretched coverage indicators, on the back of high working
capital intensity. The capital structure may be strained further
in the medium term due to debt funded capital expenditure plans
for AA Nutts group. The ratings also take into account the
susceptibility of the profit margins to fluctuations in raw
material prices and exchange rate movements. The industry
profitability also remains vulnerable to changes in Government
policies related to duty and export incentive structure. The
customer concentration of AA Nutts group remains moderately high.
ICRA also takes note of the risks inherent to partnership firms
in the form of limited disclosures and issues of capital
continuity.

                           About AA Nuts

The AA Nutts group traces its roots to a partnership firm - Abbas
Cashew Company founded in 1982 by Mr. M A Anzar's father. In
2007, the two partners of erstwhile Abbas Cashew Company decided
to split into two groups - AA Nutts group comprising of two firms
(AA Nutts and Al Aziz and Company) which are managed by Mr. M A
Anzar and the Alpha group comprising of other two firms (Alpha
International and Afeef Cashew Company), which are handled by Mr.
Mohammad Najeeb (cousin of Mr. M A Anzar).

All the firms are based out of Kollam with factories in Kerala
and Tamil Nadu (owned and leased). The combined capacity of all
the AA Nutts group is around 50-60 MT/per day. The firms also
lease temporary capacities during peak season. The firms process
raw cashew nuts (imported mainly from Africa) and export
processed kernels (without any value addition).


AFEEF CASHEW: ICRA Assigns '[ICRA] BB' Rating to INR1.5cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] BB' to the
INR1.5 crore fund based facilities (Sub limits) of Afeef Cashew
Company. ICRA has also assigned short term rating of '[ICRA]A4'
to the INR11.0 crore fund based facilities and INR3.0 crore fund
based facilities (sub limits) of the Firm. The outlook on the
long term rating is stable.

ICRA has taken a consolidated view of Afeef Cashew Company along
with the other group entity Alpha International (henceforth
referred to as "Alpha Group") for the purpose of ratings,
considering the common management and close operational linkages
among the aforementioned entities.

The assigned ratings consider the significant experience of the
promoters in cashew processing business and Alpha Group's reputed
clientele which ensures repeat orders and assured realizations.

The ratings also consider the group's thin profit margins due to
fragmented nature of industry and low product differentiation.
The ratings take note of the Group's moderate scale of operations
and weak capital structure characterized by high gearing and
stretched coverage indicators, on the back of high working
capital intensity. The ratings also take into account the
susceptibility of the profit margins to fluctuations in raw
material prices and exchange rate movements. The industry
profitability also remains vulnerable to changes in Government
policies related to duty and export incentive structure. The
customer concentration of Alpha group remains moderately high.
ICRA also takes note of the risks inherent to partnership firms
in the form of limited disclosures and issues of capital
continuity.

                         About Alpha Group

The Alpha group traces its roots to Abbas Cashew Company - a
partnership founded in 1982 by Mr. M A Anzar's father. In 2007,
the two partners of erstwhile Abbas Cashew Company decided to
split into two groups - AA Nutts group comprising of two firms
(AA Nutts and Al Aziz and Company) which are managed by Mr. M A
Anzar and the Alpha group comprising of other two firms (Alpha
International and Afeef Cashew Company), which are handled by Mr.
Mohammad Najeeb (cousin of Mr. M A Anzar).

All the firms are based out of Kollam with factories in Kerala
and Tamil Nadu (owned and leased). The combined capacity of all
the Alpha group is around 50-60 MT/per day. The firms also lease
temporary capacities during peak season. The firms process raw
cashew nuts (imported mainly from Africa) and export processed
kernels (without any value addition like salting, roasting etc.)

Recent Results:

As per the unaudited results for 2010-11, Afeef Cashew Company
reported operating income (OI) and profit after tax (PAT) stood
at INR 26.7 crore and INR0.2 crore respectively, compared to
INR16.5 crore and INR 0.1 crore in previous fiscal.


ALPHA INT'L: ICRA Assigns [ICRA]BB Rating to INR0.8cr Term Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR0.8 crore term loans and INR 1.5 crore fund based facilities
(Sub limits) of Alpha International.  ICRA has also assigned
short term rating of '[ICRA]A4' to the INR 9.2 crore fund based
facilities and INR 3.5 crore fund based facilities (sub limits)
of the Firm. The outlook on the long term rating is stable.

ICRA has taken a consolidated view of Alpha International along
with the other group entity Afeef Cashew Company (henceforth
referred to as "Alpha Group"/"The Group") for the purpose of
ratings, considering the common management and close operational
linkages among the aforementioned entities.

The assigned ratings consider the significant experience of the
promoters in cashew processing business and Alpha Group's reputed
clientele which ensures repeat orders and assured realizations.

The ratings also consider the group's thin profit margins due to
fragmented nature of industry and low product differentiation.
The ratings take note of the Group's moderate scale of operations
and weak capital structure characterized by high gearing and
stretched coverage indicators, on the back of high working
capital intensity. The ratings also take into account the
susceptibility of the profit margins to fluctuations in raw
material prices and exchange rate movements. The industry
profitability also remains vulnerable to changes in Government
policies related to duty and export incentive structure. The
customer concentration of Alpha group remains moderately high.
ICRA also takes note of the risks inherent to partnership firms
in the form of limited disclosures and issues of capital
continuity.

                         About Alpha Group

The Alpha group traces its roots to Abbas Cashew Company - a
partnership founded in 1982 by Mr. M A Anzar's father. In 2007,
the two partners of erstwhile Abbas Cashew Company decided to
split into two groups - AA Nutts group comprising of two firms
(AA Nutts and Al Aziz and Company) which are managed by Mr. M A
Anzar and the Alpha group comprising of other two firms (Alpha
International and Afeef Cashew Company), which are handled by Mr.
Mohammad Najeeb (cousin of Mr. M A Anzar). All the firms are
based out of Kollam with factories in Kerala and Tamil Nadu
(owned and leased). The combined capacity of all the Alpha group
is around 50-60 MT/per day. The firms also lease temporary
capacities during peak season. The firms process raw cashew nuts
(imported mainly from Africa) and export processed kernels
(without any value addition like salting, roasting etc.)


ARTISTIQUE CERAMICS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for the INR3.45 crore term
loans and INR3.00 crore cash credit facility of Artistique
Ceramics Private Limited.  The outlook for the rating is stable.
ICRA has also reaffirmed '[ICRA]A4+' rating to the INR0.50 crore
short-term, non-fund based facilities of ACPL.

The reaffirmation of ratings take into account the relatively
small size of operations of the company in comparison with other
organized ceramic tile manufacturers, exposure of demand for
ceramic tiles to the cyclicality inherent in the real estate
industry which is the key consuming sector, increasing
competition from presence of other large established players as
well as unorganized players and decline in profitability in FY11
which continues to remains vulnerable to the increasing input
prices and the company's ability to pass on the same to its
customers.

The ratings have favorably considered the association of ACPL
with an established player like AGIL, which has resulted in
benefits like streamlining of ACPL's production processes, entire
production of ACPL being procured and marketed by AGIL under its
established brand "Bonzer 7" and financial support in the form of
advances for finished goods which had led to ACPL again becoming
profitable. The ratings also take into account the recent
capacity expansion which has resulted in increased sales volumes
in FY11 as well as positive outlook for the ceramic industry in
the long term driven by the revival of the real estate sector.

                     About Artistique Ceramics

Artistique Ceramics Private Limited is engaged in the business of
manufacturing ceramic wall tiles. The company was incorporated in
May, 2004 by Mr. Ravindra Gupta and his family. In December,
2007, the management of the company was taken over by relatives
of promoters of Asian Granito India Limited and is now managed by
Mr. Dipak Patel and Mr. Vipul Patel. The company has its
manufacturing facility located in Kheda, Gujarat and manufactures
wall tiles of sizes 10"x16", 8"x12" and 8"x16". The company has
an installed capacity of about 24,000 TPA. The entire production
of ACPL is bought by AGIL and marketed under the brand name of
"Bonzer 7".

Recent Results:

During FY 2011, the company reported an operating income of
INR13.43 crore and profit after tax of INR 0.38 crore.


A.S. STEEL: ICRA Assigns '[ICRA]B+' Rating to INR30cr Bank Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR 30.00 crore fund based
facilities of A.S. Steel Traders Private limited.

The rating assigned takes into consideration ASSTPL's stretched
financial profile as evidenced by its low profitability, high
gearing and weak coverage indicators. The rating also factors in
the intensely competitive nature of the industry, counterparty
credit risk with 45%-50% of the sales made on credit basis with
credit period of around 35 days and susceptibility of its
profitability to variation in prices of traded goods, which is
however mitigated to an extent as the majority of company's
purchases are backed by firm orders from customers and the.
Nevertheless, ICRA draws comfort from promoters experience in
trading of iron and steel and its established relations with key
customers resulting into repeat business and gradual improvement
in its profitability in last few years.

A.S. Steel Traders (VSP) Private Limited is a Visakhapatnam based
iron & steel trading company incorporated in 2003 by Mr. A.
Nagesh and Mr. A. Mahesh. The company started its operations in
the year 2006 and primarily trades in billets, channels, angles,
rounds and TMT re-bars sourced from Rashtriya Ispat Nigam
Limited, Bhushan Steel Limited and Kandoi Steel Corporation and
sells to customers who are manufacturers of long and flat steel
products, primarily based in Andhra Pradesh. Both the directors
have been in the iron and steel trading industry for over two
decades through other group firm A.S.Steel traders.

Recent Results:

In FY11, ASSTPL reported operating income of INR 301.59 crore and
net profit of INR 2.03 crore.


ASHIKA COMM: Fitch Rates Three Bank Loan Facilities at Low-B
------------------------------------------------------------
Fitch Ratings has assigned India's Ashika Commercial Private
Limited a National Long-Term rating of 'Fitch B(ind)'.  The
Outlook is Stable.

The ratings reflect ACPL's limited track record of three years in
air springs manufacturing, strong-but-volatile EBITDA margins and
high net financial leverage.  EBITDA margins dipped sharply to
13.4% in FY11 (year-end: March 2011) from 23% in FY10 (FY09:
15.9%), while net debt/EBITDA increased to 9.3x from 7.9x.

The ratings, however, draw strength from ACPL's 68.1% yoy revenue
growth to INR260.5m in FY11 and its robust order book of
INR949.2 million outstanding at end-August 2011.  This, along
with ACPL's status of a registered vendor with the Indian
Railways for air springs and the expected commencement of
operations at its new fabricated bogie manufacturing facility
from February 2012, provides impetus to its top-line growth.
Fitch expects EBITDA margins to recover to above 16% in the near-
term.

Positive rating action may result from an improvement in ACPL's
net leverage to below 4.5x.  Negative rating action may result if
the EBITDA margins do not improve as expected and the net
leverage remains above 6x.

Incorporated in 1987, ACPL manufactures air springs, anti-
vibration mounds and precision-machined metal components.  It has
a technical collaboration with the UK-based Trelleborg Industrial
Anti-Vibration System to use the latter's licensed know-how and
trade mark for the manufacture, use and sale of air springs.

Fitch has also assigned ratings to ACPL's bank facilities as
below:

  -- INR159.2 million long-term loans: 'Fitch B(ind)'
  -- INR60 million fund-based limits: 'Fitch B(ind)'
  -- INR10 million non-fund-based limits: 'Fitch A4(ind)'


DAMODAR THREADS: ICRA Places [ICRA]BB+ Rating on INR72.78cr Loan
----------------------------------------------------------------
An '[ICRA]BB+' has been assigned to the INR72.78 crore Term Loans
and INR40.00 crore long term fund based facilities of Damodar
Threads Limited.  An '[ICRA]A4+' rating has also been assigned to
the INR8.40 crore short term fund based facilities and
INR18.82 crore short term non- fund based facilities of the
company.  The outlook on the long-term rating is stable.

The ratings factor in the vast experience of the promoters in the
textile industry and DTL's position as one of the largest
organized players for fancy yarn production. The ratings also
take into consideration the large and diversified customer base
of the company. Since DTL is in this line of business for nearly
24 years, they have long and established relationships with their
customers.

The ratings are, however, constrained by the stretched financial
position of the company on account of weak gearing and strained
debt and interest coverage indicators; envisaged capex plan could
put pressure on its capital structure. Additionally, the business
drivers and consequently the profitability indicators would be
sensitive to volatility in commodity prices and regulatory
changes.

                        About Damodar Threads

Damodar Threads Limited was started in the year 1987 by Mr. Arun
Biyani and his brothers Ajay and Anil Biyani and in the year 1993
the company had come out with an IPO. The primary business
activity of DTL includes manufacturing of cotton, synthetic and
fancy (blended) yarn. The company has divided its business under
the following heads: Domestic yarn division, Export division for
manufactured yarn, Merchant export division and Fabrics division
(newly initiated). The company has its sales offices at Bhilwara,
Surat and Ichhalkaranji through which it distributes in the
domestic market.

Recent Results:

As per the audited results for FY 2011, DTL reported a profit of
INR8.20 crore on an operating income of INR385.21 crore as
compared to a net profit of INR2.97 crore on an operating income
of INR 242.74 crore in FY 2010. As per H1, FY 2012, DTL reported
a profit of INR2.01 crore on an operating income of INR180.33
crore.


DUET INDIA: Fitch Rates Three Bank Loan Facilities at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned Duet India Hotels (Jaipur) Private
Limited a National Long-Term rating of 'Fitch B+(ind)' with
Stable Outlook.

The ratings are constrained by DIHJL's high net financial
leverage (net adjusted debt/EBITDAR) of 23.6x and low interest
coverage (net interest expense/EBITDAR) of 0.5x in FY11 (year-
end: March 2011).  The volatility of demand in the hospitality
sector also constrains the ratings. Although the hotel demand in
Jaipur (Rajasthan) is likely to remain robust as it is one
India's major tourist cities, competition is likely to intensify
with several hotel companies focussing on the cities such as
Jaipur for future growth.

The ratings are, however, supported by DIHJL's location advantage
in Jaipur at the Golden Triangle of 'Jaipur-Delhi-Agra', which is
a major tourist attraction in Northern India.  In addition, the
property has proximity to airport and other prominent locations
in the city.

The ratings also reflect DIHJL's branding and marketing tie-up
with 'Four Points by Sheraton', a brand of Starwood Hotels and
Resorts Worldwide.  This provides the company access to the
brand's global clientele and lowers the initial operational risk.
The ratings are also supported by DIHJL's highly experienced
management team and continued financial support from the
promoters, as was witnessed in the past by capital infusion in
the form of preference shares and debentures.

Fitch expects DIHJL's operating parameters such as average room
rent, occupancy to improve in the near term, resulting in higher
revenue and margins for the company.  In FY11, the company
reported revenues of INR132m, with an EBITDA margin of 21.7%.
High interest costs led to the company posting a net loss of
INR74.5m for the year.

Negative rating guidelines include weak operational performance
by DIHJL leading to deterioration of its financial leverage and
interest coverage.  Positive rating guidelines include a higher-
than-expected improvement in the company's operational
performance leading to a sustained improvement in its financial
leverage and interest coverage.

DIHJL was initially incorporated as Dawnay Day Hotels Jaipur
Private Limited.  In December 2008, the company was handed over
to the current owners and was renamed Duet India Hotels (Jaipur)
Pvt. Ltd. DIHJL is a wholly owned subsidiary of Duet India Hotels
Limited (DIHL).  DIHL is the holding company for all Duet Group
Hotels in India.  DIHL currently has two operational hotels in
India, one each in Jaipur and Pune. In addition, DIHL has several
other properties under various stages of execution in India.

DIHJL owns a four-star Hotel in Jaipur, with a room inventory of
114. The hotel began operations in September 2009.  The company
had a term loan of INR462.5m at end-March 2011 and unsecured
loans from its promoters in the form of convertible debentures of
INR121m.

DIHJL's bank loan facilities have been rated as follows:

  -- INR462.5 million term loans: 'Fitch B+(ind)'
  -- INR15 million cash credit facility: 'Fitch B+(ind)'
  -- INR10 million bank guarantee: 'Fitch B+(ind)'


HOTEL AT: Fitch Rates Two Bank Loan Facilities at Low-B
-------------------------------------------------------
Fitch Ratings has assigned India's Hotel AT International (ATI) a
National Long-Term rating of 'Fitch B-(ind)'.  The Outlook is
Stable.

The ratings reflect ATI's weak financial performance in FY11 due
to lack of experience of its founder's in the hospitality
business and the absence of an established brand until February
2011 when it entered into a management contract with 'Golden
Tulip' (GT, one of the largest hotel chains in the world).  The
company reported net financial leverage (net debt/EBITDA) of 20x
and EBITDA interest coverage (EBITDA/gross interest) of 0.5x
based on the provisional financials for FY11.  ATL serviced its
interest obligations for FY11 through additional equity infusion
by the founders.  Fitch expects the company to remain dependent
on its founders for debt servicing for FY12.

The ratings benefit from ATI's operational and management tie-up
with GT, and the expected improvement in ATI's hotel room
occupancies post completion of the transition stage with GT.

Positive rating guidelines include timely completion of GT's
transition period and an improvement in ATI's net leverage to
below 5x.

ATI was established in December 2009 and operates a five-star
hotel in Ranchi near the Birsa Munda Stadium, with 63 rooms, five
food and beverage outlets and a pub-cum-discotheque among other
facilities.  The hotel is operational since February 2010 and
reported revenue of INR32.6m with an EBITDA of INR9.3m based on
the provisional results for FY11.

ATI's bank facilities have been assigned ratings as follows:

  -- INR180 million long-term loans: 'Fitch B-(ind)'
  -- INR 20 million fund-based limits: 'Fitch B-(ind)'


KAYGAON PAPER: ICRA Reaffirms '[ICRA]BB' Short Term Rating
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' and short-
term rating of '[ICRA]A4' assigned to the term loans, fund based
limits and non-fund based limits of Kaygaon Paper Mills Limited
aggregating to INR 9.15 crore (reduced from INR9.50 crore).  The
long-term rating has a stable outlook.

The reaffirmation of ratings takes into account the modest size
of operations of the company with low profitability indicators,
lack of product diversification, intensive competitive pressures
especially for lower BF (Burst Factor) category kraft paper and
highly leveraged capital structure of the company with gearing at
2.25 times as on 30th September 2011. The contribution levels in
the business remain exposed to the volatility in waste paper
prices and the company's ability to pass on increases in the same
remains critical to maintain its current profitability levels.
The ratings are however supported by the long track record of the
company in the kraft paper business, the steady plant capacity
utilization levels (75% - 80%) and its established agent network
in the Western region. ICRA also positively notes the steady
improvement in the sales realizations seen in the past fiscals
aided by healthy demand indicators, though the sharp increase
seen in FY 2011 is largely driven by increase in waste paper and
fuel costs.

                       About Kaygaon Paper

Kaygaon Paper Mills Limited started its commercial production in
1992 and is engaged in the manufacture of kraft paper of various
grades, from 14 BF to 28 BF, though it is currently predominant
in the lower BF category kraft paper. The company's product finds
its application in the packaging industry, especially for making
corrugated boxes. The company's manufacturing unit is located in
Aurangabad district in Maharashtra. Over the years, the company
has undergone several phases of expansion thereby increasing its
manufacturing capacity from 4,500 MT per annum to present
installed capacity of 36,000 MT per annum.

During FY 2011, the company reported Profit After Tax (PAT) of
INR1.05 crore on an operating income of INR 58.27 crore. For the
six month period of FY 2012, the company has reported PAT of
INR0.75 crore on an operating income of INR 35.15 crore
(provisional).


KINGFISHER AIRLINES: Grounds 15 Planes; Lenders Await Report
------------------------------------------------------------
India Today reports that Kingfisher Airlines has grounded its
15 aircraft of the total fleet of 66 aircraft after it was unable
to meet maintenance and overhaul expenses resulting in a massive
exodus of pilots and cabin crew.

State-run banks, which have been exploring ways to finance the
ailing carrier after specific directions from the government,
have not been able to expedite the process, even as liquor tycoon
Vijay Mallya, who runs the airline, has been lobbying in the
corridors of power for additional working capital from its
lenders.

According to the report, the chairman of State Bank of India
(SBI) Pratip Choudhuri said banks are trying to help.  "We are
trying to help Kingfisher," the report quotes Mr. Choudhuri as
saying.  SBI heads the consortium of Kingfisher's lenders.

India Today says the ailing carrier has reportedly told some
pilots and crew member to leave the firm without serving the
notice period.

The report notes that the delay by banks to fund the carrier is
also due to difference among top bureaucrats in the government
about entering into any misadventures like a bailout for
Kingfisher as it could kill the cash-strapped national carrier
Air India.

Meanwhile, The Economic Times reports that banking sources said
on Monday that lenders to cash-strapped Kingfisher Airlines are
awaiting a report on the airline's viability before they approve
a $133 million loan.

SBI Capital Markets Ltd, a unit of State Bank of India, has been
hired by the banking consortium to draft a report on the
carrier's financial outlook, The Economic Times discloses.

That report has yet to be submitted, two sources with direct
knowledge of the matter told ET.

                    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.


KINGFISHER AIRLINES: To Join oneworld Alliance in February
----------------------------------------------------------
The Economic Times reports that Kingfisher Airlines on Monday
said it would become a full-time member of the global airline
alliance, oneworld, from Feb. 10, 2012.  The move is expected to
strengthen the carrier financially, the report says.

"It will strengthen us financially, through revenues from
passengers transferring to our network from our oneworld partners
and the cost reduction opportunities the alliance offers," the
news agency quotes Chairman Vijay Mallya as saying.  "We will be
flying as part of the world's leading quality airline alliance -
and the first carrier from the subcontinent to be accepted into
any of the global airline groups."

Mr. Mallya said the membership with oneworld will allow the
carrier's frequent flyers club members to redeem their travel
points in other airlines in oneworld, according to the report.

"Kingfisher Airlines will expand oneworld's network substantially
in a key region of growing travel demand, while enabling
Kingfisher Airlines to offer its customers a truly global network
on quality partners," The Economic Times quotes Bruce Ashby,
chief executive, oneworld, as saying.

Kingfisher Airlines was invited to join oneworld in June 2010
after gaining approval from India's civil aviation ministry to
become part of the alliance.  British Airways sponsored
Kingfisher's entry into the alliance, the report adds.

Formed in 1999, oneworld is a consortium of 12 airlines,
including American Airlines, British Airways, Cathay Pacific and
Finnair, among other major airlines of the world.

                      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.


LIZER CYLINDERS: Fitch Rates Three Bank Loans at Low-B
------------------------------------------------------
Fitch Ratings has assigned India's Lizer Cylinders Limited a
National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable.

The ratings are constrained by Lizer's high financial leverage
(net debt/ operating EBITDA) of 20.6x in FY11 (year-end: March
2011), driven by its high debt levels of INR427.9m in the year
due to high working capital requirements.  The latter was on
account of significant inventory levels due to the disruption of
exports to Iran following payment-related issues stemming from
the introduction of import licensing procedure in the country.
This resulted in a weak liquidity position for the company in
FY11 as reflected in the 100% utilisation of its working capital
limits as of H1FY12.  Liquidity is further impacted by the
company's about INR340m investment in a group company.  Lizer had
cash and cash balance of INR1.7m in FY11.

The ratings also reflect the volatility in raw material (seamless
tubes) prices and the limited ability of cylinder manufacturers
to pass on the change in raw material prices fully to customers.

The ratings, however, benefit from Lizer's improving operations
under the new sponsors (J.P.M. & family), as evidenced by an
EBITDA profit of INR12.7m in Q1FY12 and INR20.7m in FY11 (FY10:
INR17.8m loss).  EBITDA margins also improved to 11.6% in Q1FY12
and 5.9% in FY11 from -4.3% in FY10.  Management expects that
over three-decade-long track record of the new sponsors in the
auto components business to benefit Lizer in its CNG cylinder
segment over the medium term.

The ratings also derive benefit from the strong global demand
outlook for high-pressure cylinders.  This is reflected in
Lizer's strong revenue growth to INR412.2m in FY10 from INR30.7m
in FY08.  The revenues, however, declined to INR347.5m in FY11
mainly due to lower exports to Iran. Fitch also notes the high
entry barriers in the business due to the stringent certification
requirements.

Positive rating action may result from a demonstrated improvement
in liquidity position coupled with strong sales and stability in
margins, leading to net debt/EBIDTA of 5.5x or below on a
sustained basis.  On the contrary, any deterioration in working
capital and/or margins resulting in leverage of 7.5x or above on
a sustained basis may result in negative rating action.

Incorporated in 2007, Lizer manufactures high-pressure seamless
steel gas cylinders at an installed capacity of 200,000 cylinders
per annum.

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

  -- Outstanding INR126.5 million long-term debt: assigned at
     'Fitch B(ind)'

  -- INR110 million fund-based working capital facilities:
     assigned at 'Fitch B(ind)'/'Fitch A4(ind)'

  -- *INR260m non-fund based working capital facilities: assigned
     at 'Fitch B(ind)'/'Fitch A4(ind)'

     *Interchangeable with cash credit to the extent of INR150m


MANGLAM BUILD: ICRA Assigns '[ICRA]BB-' Rating to INR75cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR 75 crore
(enhanced from INR 40.00 crore) term loan of Manglam Build
Developers Limited (erstwhile Manglam Build Developers Private
Limited). The outlook on the rating is stable.

The rating of MBDL continues to take into account established
track record of the promoters in the real estate business and low
approval risk for the projects. The rating also draws comfort
from the satisfactory response for its recently launched
projects. The rating is however constrained by MBDL's high
gearing levels and its significant debt repayment obligations
over the next two years which exposes the company to high
refinancing risk. This risk is however mitigated to some extent
by the fact that the promoters have infused INR 5 crore as equity
during FY2012. The rating also takes into account MBDL's exposure
to execution risk, considering the significant area under
development; market risks for the un-booked area in its on-
going/future projects; and the company's exposure to geographical
risks resulting from concentration of its on-going/upcoming
projects in Jaipur.

                        About Manglam Build

Manglam Build Developers Limited is a real estate company engaged
in development of residential and commercial projects. The
business was started by Mr. N.K. Gupta in 2001 and initially the
projects were executed under various group companies/firms. In
2006, these group companies/firms were merged into a partnership
firm; Manglam Builders & Developers. Subsequently in April 2008,
the partnership was converted into the currently operational
MBDPL, which was eventually converted into a public limited
company in 2011. The entire shareholding of the company is held
by Mr. N.K. Gupta and his family members. The group has been
engaged in real estate development activity in Jaipur.

Recent Results:

The company has reported a net profit after tax of INR 7.8 crore
on an operating income of INR 66.0 crore in FY2011.


MAXIMUM SYNTHETIC: Fitch Rates Two Bank Facilities at Low-B
-----------------------------------------------------------
Fitch Ratings has assigned India's Maximum Synthetic Private
Limited a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings are constrained by Maximum's presence in the highly
fragmented and competitive textile industry and its five-year
long track record of high net financial leverage (total adjusted
net debt/op.  EBITDA: 5.65x in FY11, 4.8x in FY10) and low
interest coverage (FY10-FY11: 2x).  However, Fitch expects
leverage to decline in the near-term as there is no major capex
ongoing.

The ratings, however, draw comfort from Maximum's decade-long
existence in the domestic textile industry and 45% yoy growth in
revenues to INR496m in FY11; however, EBITDA margins declined to
6.1% from 8% due to the increased low-margin trading activities.
Fitch notes that the company plans to focus on high-margin
premium segment sales and garmenting business in future.  Also,
Maximum intends to undertake on-line marketing and make available
all information pertaining to stocks delivery and execution of
orders on line.

Negative rating action may result from a decline in revenues and
EBITDA margins resulting in net leverage exceeding 6.25x on a
sustained basis.  Positive rating action may result from growth
in revenues and EBITDA margins resulting in an improvement in net
leverage to below 4.5x on a sustained basis

Established in 2002, Maximum manufactures textiles including
synthetic fabrics.

Rating actions on Maximum are as follows:

  -- National Long Term Rating assigned at 'Fitch B+(ind)';
     Outlook Stable

  -- INR115 million fund-based working capital limit: assigned
     at 'Fitch B+(ind)'/'Fitch A4(ind)'

  -- INR28.84 million long-term loan: assigned at 'Fitch B+(ind)'


MIRHA EXPORTS: ICRA Cuts Rating on INR32.71cr Loan to '[ICRA]BB-'
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR 32.71
crore (enhanced from INR 2.67 crore), term loans of Mirha Exports
Private Limited from 'LBB+' to '[ICRA]BB-'. The outlook for the
assigned rating is 'stable'. ICRA has also revised the short-term
rating assigned to the INR 30.00 crore (enhanced from INR 15.00
crore), fund based working capital limits of MEPL from 'A4+' to
'[ICRA]A4'.

The ratings revision has taken into account the higher gearing
levels of 3.51 times as on March' 11 on account of aggressive
debt-funded capital expenditure; increased working capital
borrowings and the resultant weak credit metrics of the company.
The ratings also take into consideration factors such as
vulnerability to fluctuations in foreign exchange rates; modest
profitability on account of high competition in the meat export
business; volatility in raw material prices; susceptibility to
change in regulations and exposure to event risks such as disease
out-break. Nevertheless, the ratings derive comfort from the
significant experience (over fifteen years of experience) of the
promoters in the meat export business; the long, established
track record of the company; healthy growth in turnover of 19.2%
p.a. over the last five-year period from FY07 to FY11 and
successful completion of its integrated processing plant at Dera
Bassi (Punjab), which is expected to lead to significant growth
in revenues and profitability.

In ICRA's view, the key rating sensitivities would be decrease in
debt levels and increase in operating profit margins of the
company.

                       About Mirha Exports

Incorporated in 1997, Mirha Exports Private Limited is a private
limited company promoted by Mr. Shuab Ahmed and engaged in
processing and export of frozen meat from India. MEPL has its
processing facility located in Sahibabad (Uttar Pradesh) and an
integrated abattoir at Dera Bassi (Punjab), which commenced
operations in February 2011. Products are exported under the
brand of Al-Nisar and Amber. The company is also expanding the
production capacity of its existing unit at Sahibabad to 60 MT
per day from 20 MT per day; and is expected to complete the
process by March 2012.

In the financial year ending March 31, 2011, MEPL registered an
operating income of INR 239.07 crore and profit after tax (PAT)
of INR 3.28 crore.


MONARCH APPARELS: ICRA Cuts Rating on INR20cr Loan to '[ICRA]B-'
----------------------------------------------------------------
The long term rating assigned to the INR 0.67 crore term loan and
INR 20.00 crore (enhanced from INR 14.00 crore) long term fund
based facilities of Monarch Apparels (India) Limited has been
revised to '[ICRA]B-' from ' [ICRA]BB-' earlier.

The rating revision reflects the stretched liquidity profile of
the company on account of the rising working capital intensity of
operations as a result of its aggressive growth strategy. The
capital structure continues to be stretched with weak debt and
interest servicing indicators. The company has a relatively small
scale of operations in a highly competitive and fragmented
readymade garments industry and has high expenditure towards
marketing and distribution of its products to compete with
established garment manufacturers. Furthermore, the recent hike
in excise duty on branded apparels and hardening of cotton yarn
prices is likely to make it difficult for the company to pass on
the incremental costs on account of the price sensitive customer
profile.

The rating also takes due note of the experience of promoters in
the industry, established network of multi-brand outlets (MBO's)
and high growth witnessed by Monarch competing aggressively on
prices.

                        About Monarch Apparels

Monarch Apparels (India) Limited is a family-owned public limited
company incorporated in April 2005. The company took over the
activities of M/s. Pavan Apparels a proprietary concern run by
the promoter family along with the brand 'Monarch' (registered in
1994 with Pavan Apparels) and is currently positioned as a
company designing, manufacturing and selling men's bottom-wear
with products including Jeans, cotton and TR (Terelyne Rayon
fabric) suiting trousers, club-wear apparels and cargos.

Monarch has two separate manufacturing facilities at Wadala and
Cotton Green for stitching, finishing and packaging activities.
Monarch has acquired another unit in Wadala similar to the
existing facility to double finishing capacities. Of all the
manufacturing activities, 85% of stitching and 100% of washing
and dyeing activities are currently outsourced to local job
workers.

Monarch has four retail outlets on lease basis at Lalbaug
(Mumbai), Pimpri-Chinchwad (Pune - 2 outlets) and Coimbatore
which contribute to less than 5% of the overall sales. Besides,
the company has a reach of over 600+ multi-brand retail outlets
in Maharashtra, Gujarat, Rajasthan, Tamil Nadu, Orissa, West
Bengal and Chhattisgarh through a team of nine sales agents
employed exclusively by Monarch on commission basis.


PAWA INT'L: Fitch Migrates Rating on Two Bank Loans to Low-B
------------------------------------------------------------
Fitch Ratings has migrated India-based Pawa International Private
Limited's 'Fitch B-(ind)' National Long-Term rating with a Stable
Outlook to the "Non-Monitored" category.  This rating will now
appear as 'Fitch B-(ind)nm' on the agency's website.
Simultaneously, Fitch has classified the following bank loan
ratings as non-monitored:

  -- INR175.5m term loans: migrated to 'Fitch B-(ind)nm' from
     'Fitch B-(ind)'

  -- INR150m fund-based working capital limits: migrated to
     'Fitch B-(ind)nm'/'Fitch A4(ind)nm' from 'Fitch B-
     (ind)'/'Fitch A4(ind)'

The ratings have been migrated to the non-monitored category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of Pawa.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".


PERMALI WALLACE: ICRA Assigns [ICRA]BB Rating to INR82.75cr Loan
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR82.75 crore fund based limits of Permali Wallace Private
Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR14.25 crore bank facilities of the company.
The outlook on the long term limits is 'stable'.

The assigned ratings factor in the long standing experience of
the promoters in the laminates industry and the company's
diversified product portfolio which enables it to cater to
various industries such as electrical, defense, railways,
foundries etc. The ratings also take into account the healthy
operating margins and the comfortable coverage indicators. The
ratings however remain constrained by PWPL's moderate scale of
operations, large debt funded capex, significant debt repayment
obligations in the medium term and exposure to volatility on
account of tender based nature of business. Going forward, the
ratings will remain sensitive to the order flow and ability of
the company to ramp up its operations while protecting its
margins

Permali Wallace Private Limited was established in 1961 in
technical and financial collaboration with Permali Limited,
Gloucester, U.K. and Chase Lowe & Co., Manchester, U.K. The
company started as a manufacturer of wood based densifed
impregnated laminates for Industrial and Engineering applications
and expanded its products range to include Veneer based
Components, glass reinforced composites, sheet moulding compounds
(SMC), dough moulding compounds (DMC), moulded components, epoxy
resin castings, etc.  The company's manufacturing facility is
located in Bhopal, and is spread over an area of 9 acres. PWPL is
ISO 9001:2008 certified and has its own R&D Department, which is
recognized by Department of Science and Technology, Govt. of
India. The facility also has full fledged testing facilities for
testing of all products.


PUNJAB BASMATI: ICRA Reaffirms '[ICRA]BB' Fund-Based Bank Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned
to the enhanced INR35.00 crore (enhanced from INR 19 crore) fund-
based bank facilities and INR 2.50 crore term loans (enhanced
from INR 2.00 crore) of Punjab Basmati Rice Limited.  The long
term rating carries a Stable outlook.  ICRA has withdrawn the
short-term rating of '[ICRA]A4' assigned to the non-fund based
bank facilities of PBRL.

The reaffirmation of ratings continues to reflect PBRL's weak
financial profile as evidenced in its moderate profitability
(Operating Profit before Depreciation, Interest and Tax/Operating
income of 5.6% and Net Profit/Operating Income of 0.8% in FY
2011), high working capital intensity (Net Working Capital/
Operating Income of 65% in FY 2011), its leveraged capital
structure as reflected in a high gearing of 3.32 times as on
March 31st, 2011 and weak debt protection metrics.  However
infusion of equity capital by the promoters to the tune of
INR4.45 crores in FY 2011 has led to deleveraging of company's
balance sheet to an extent.

The assigned ratings are also constrained by the intensely
competitive nature of the industry, PBRL's limited presence in
branded basmati rice segment resulting in low operating margins
and vulnerability of the company's profitability to foreign
exchange fluctuations. However, the ratings drive comfort from
strengths of the company arising from its long track of
operations in the basmati rice industry, adequate geographical
diversification with entry into new export destinations (Saudi
Arabia), and the planned equity infusion by the promoters in near
future to provide more flexibility to the company's capital
structure.

                       About Punjab Basmati

Punjab Basmati Rice Limited was incorporated by Mr. Kulwinder
Makhani in 1995. The company's operations include milling of
basmati paddy and processing of basmati rice. The company has
setup its production facilities in Amritsar and has a milling
capacity of 12 MTPH (Metric Tonnes per Hour) which translates
into milling capacity of 72,000 tonnes per annum. The product
profile of company comprises of Basmati rice, Superior Husk, Rice
Husk, Rice Bran and Bardana. The company derives more than 95% of
its revenues from the sales of basmati Rice in both domestic and
overseas market.

As per the audited results, PBRL reported a net profit of
INR0.81 crore on an operating income of INR107.91 crore for the
year ended March 31, 2011 as against net profit of INR 2.13 crore
on an operating income of INR 74.41 crore for the year ended
March 31, 2010.


RAVICAB CABLES: ICRA Assigns '[ICRA]B+' Rating to INR5.5cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the
INR5.50 crore term loans and INR1 crore fund-based limits of
Ravicab Cables Private Limited.

The rating takes into account RCPL's long track record in the
cable manufacturing industry, the positive demand outlook for the
company's products, and its strong customer base. The rating is
however constrained by RCPL's moderate scale of operations,
exposure of the company's revenues to cyclical conditions in the
consuming industries, high working capital intensity, and
stretched capital structure and cash flows of the company on
account of the debt funded capex. While assigning ratings ICRA
has also factored in RCPL's susceptibility to raw material
fluctuation risks which has been witnessed in the past. Going
forward, the company's ability to achieve desired production and
sales volume at its new facility at Bangalore and generate
adequate accruals to meet its repayment obligations will remain
the key rating sensitivities.

Ravicab Cables Private Limited has been promoted by Mr. Hemant K
Mehta and Mrs Kalpana H Mehta along with Late Mr. Lalchand Mehta
and Mr. Yogesh L Mehta in 1999. The company is located in
Bangalore, engaged in manufacturing of all types of electrical
and electronic wires and cables used for domestic, industrial
application and specialty market.

Recent Results:

RCPL reported an operating income of INR 7.36 crore and a profit
after tax of INR 0.26 crore for 2010-11 as compared to an
operating income of INR 5.88 crore and a profit after tax of
INR0.34 crore for 2009-10.


SHRI AMBICA: ICRA Cuts Rating on INR19.77cr Loan to '[ICRA]BB+'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR19.77 crore
(enhanced from INR 4.57 crore) term loans and INR 19.00 crore
(enhanced from INR 9.50 crore) long term fund based facilities of
Shri Ambica Polymer Private Limited from 'L BBB-' to '[ICRA]BB+'.
ICRA has also revised the short-term rating assigned to INR 4.00
crore (enhanced from INR 3.00 crore) non-fund based facility of
SAPPL from 'A3' to [ICRA]A4+.

The ratings however favorably factor in the long experience of
the promoters in manufacturing of geo textile products and long
association with various stockists and distributors which
enhances its marketing position, and allows it to operate at
consistently healthy capacity utilization levels and moderate
profitability and return indicators.

Founded in July 1999, Shri Ambica Polymer Private Limited was
promoted by Mr Yogesh Agarwal and their family members for
manufacturing and marketing of woven geo-textile products. The
plant was set up as an export oriented unit at GIDC Estate,
Sariyala, approximately 45 km from Ahmedabad and is in close
proximity to Mundra & Pipavav ports and most of the exports are
centered in USA and European countries.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR 47.70 crore and profit after tax of
INR5.62 crore as against operating income of INR 36.63 crore and
profit after tax of INR 3.71 crore for the financial
year 2009-10.


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


BANK OF TOKYO: Moody's Withdraws Domestic Shelf Reg. Ratings
------------------------------------------------------------
Moody's Japan K.K. has withdrawn its (P)Aa3/(P)A1 ratings on the
JPY2 trillion domestic shelf registration programme of The Bank
of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) for business reasons. As of
December 19, 2011, JPY 1,161 billion in long-term debt issued
under the programme remained outstanding.

At the same time, Moody's has assigned (P)Aa3/(P)A1 ratings to
the JPY2 trillion domestic shelf registration programme of BTMU.
The ratings outlook is stable.

Under this domestic shelf registration, BTMU is allowed to issue
senior unsecured debts and senior subordinated debts, which will
be rated Aa3, and A1 respectively.

The specific shelf registration rated is:

* JPY2 trillion effective Dec. 27, 2011

Rating Rationale

Moody's has withdrawn the credit ratings on BTMU's existing
domestic shelf registration programme for its own business
reasons, following the front-loaded withdrawal of its existing
shelf registration and the establishment of the new shelf as of
December 19, 2011.

This withdrawal of existing shelf ratings does not reflect a
change in BTMU's creditworthiness, nor does it affect the bank's
other ratings. Please refer to Moody's Guidelines for the
Withdrawal of Ratings, which can be found on www.moodys.co.jp.

The Aa3 ratings of BTMU incorporate 1) BTMU's standalone BFSR of
C, equivalent to a Baseline Credit Assessments (BCA) of A3, 2)
Moody's assessment of "very high" systemic support probability,
and 3) the systemic support input of Aa2 (JGB rating at Aa3 plus
1) for Japan.

The C bank financial strength rating (BFSR) reflects Moody's
overall assessment of Mitsubishi UFJ Financial Group Inc. as a
medium-C range institution with adequate financial standing,
including the following factors: 1) MUFG's valuable franchise in
Japan's retail/wholesale banking and fiduciary markets; 2) the
higher volatility in its profitability and revenue structure; 3)
its high concentration risk in Japanese corporate credit, and its
equity risk relative to earnings and capital.

Senior subordinated debts of BTMU and its guaranteed subsidiaries
is rated A1, one notch below the bank's Aa3 debt rating (BDR).

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology, Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology, published on September 30, 2010.

The Bank of Tokyo-Mitsubishi UFJ, Ltd., headquartered in Tokyo,
is one of the largest banks in Japan.


NORINCHUKIN BANK: Moody's Says C- BFSR Incorporates Many Factors
----------------------------------------------------------------
Moody's Japan K.K. has assigned an A1 rating to the Norinchukin
Bank's Series 739 debenture. The rating outlook is stable.

The specific bond issue rated is:

* JPY69 billion Series 739 senior unsecured debenture, due 2016

Rating Rationale

Moody's A1 ratings on Norinchukin are based on a Baseline Credit
Assessment (BCA) of Baa1, the systemic support input for Japan
bank ratings of Aa2, and Moody's assessment (based on the bank's
importance as the primary banking institution for Japan's
agricultural, forestry, and fishery cooperatives) that the
likelihood of systemic support for Norinchukin is very high.

The C- bank financial strength rating (BFSR) incorporates a
number of factors:

(1) the bank's strong franchise as the central financial
    organization for Japan's agricultural, forestry, and fishery
    cooperatives

(2) its high risk positioning due to sizeable foreign securities
    investments and the complexity of the bank's market
    investment portfolio

(3) volatility in financial fundamentals, although this is
    tempered by solid liquidity stemming from the savings of the
    agricultural cooperatives (JAs) and the prefectural banking
    federations of the agricultural cooperatives (the shinnoren).

The BFSR also factors Norinchukin's (standalone) strengthened
capital, which is unique to its position as an international
investment institution, as well as the ongoing long-term
challenges to its business model.

The principal methodologies used in this rating were Moody's
"Bank Financial Strength Ratings: Global Methodology" and
"Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology" published on September 30, 2010.

The Norinchukin Bank, headquartered in Tokyo, is the central
financial organization for Japan's agricultural, forestry, and
fishery cooperatives. Its total assets (as of March 2011) were
approximately JPY 69.6 trillion.


OLYMPUS CORP: Mulls JPY100-Bil. Preferred Stock Sale
----------------------------------------------------
According to Bloomberg News, Nikkei newspaper reported Tuesday
that Olympus Corp. may raise JPY100 billion (US$1.28 billion) by
selling preference shares to shore up its balance sheet.

The Nikkei newspaper, without citing anyone, reported that the
Japanese camera maker has hired financial advisers for a plan to
sell preferred stock convertible into common shares, Bloomberg
relates. Investors may include Sony Corp., Fujifilm Holdings
Corp., Panasonic Corp., Innovation Network Corp. of Japan and
Germany's Siemens AG, the report said. Details of the sale would
be set next month, Nikkei, as cited by Bloomberg, said.

According to the report, the paper said the size of the
fundraising would be influenced by the Tokyo Stock Exchange's
decision on whether to delist Olympus following a $1.7 billion
accounting fraud.

"A share sale would strengthen Olympus's financials and that
brings reassurance for investors," said Yoshihiro Okumura, who
helps oversee $365 million at Chiba-Gin Asset Management Co. in
Tokyo. "It was also positive that there are companies interested
in investing in Olympus."

                   Securities Investment Scandal

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

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

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

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

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

                        About Olympus Corp.

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


RENAULT S.A.: Moody's Says Outlook Change Won't Impact Nissan
-------------------------------------------------------------
Moody's Japan K.K. says that the outlook change for Renault
S.A.'s Ba1 rating to stable from positive will not impact Nissan
Motor Co, Ltd's rating (Baa1, Positive). (*: This Moody's
Investors Service's rating is not governed by Japanese
regulation.)

On December 13, Moody's Investors Service affirmed Renault's Ba1
corporate family rating, but changed the outlook to stable from
positive.

The change was mainly due to the worsening nature of the business
environment for the passenger vehicle market in Europe, on which
Renault depends significantly for sales, and Moody's expectation
that growth in sales in other parts of the world will not make up
for this weakness.

Renault owns 43.4% of Nissan, and Nissan 15.0% of Renault
creating a close business relationship through the Renault-Nissan
alliance. Therefore, changes in the credit risk profile of either
company can have an impact on the other. In this case, the
outlook change had a limited impact on Nissan's rating. Moody's
considers Nissan's improving business fundamentals and financial
profile, reflected in its current Positive Outlook to offset the
change in Moody's expectations for Renault.

In November, Nissan revised upwards its guidance for its
FYE3/2012 consolidated operating profits to JPY510B from JPY460B
in view of an increase in expected unit sales. And, Moody's
believes that the company's financial condition should further
improve.

While Moody's Investor Service's change in outlook for Renault
indicates a lower probability of an upgrade to investment grade,
it believes that Renault will be able to halt losses in market
share in Europe and will avoid burning any significant cash
through the cycle.

The principal methodology used in this rating was Moody's "Global
Automobile Manufacturer Industry," published on August 25, 2011.

Nissan Motor Co., Ltd., headquartered in Yokohama, is a leading
global automobile manufacturer and is 43.4% owned by Renault S.A.


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


MONGOLIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Mongolia to positive from stable. "At the same time, we affirmed
the 'BB-' long-term and 'B' short-term sovereign ratings. The
transfer and convertibility assessment (T&C) is 'BB'," S&P said.

"We revised the rating outlook on Mongolia to positive to reflect
our expectation of significant real per capita GDP growth through
to 2014, at least, as the ongoing large-scale expansion of output
and exports in the extractive industries fully unfolds," said
Standard & Poor's credit analyst Agost Benard. "The associated
improvement in general government debt and external leverage
position will reduce the vulnerability of the sovereign's debt-
servicing capacity."

The ratings on Mongolia reflect the country's underdeveloped,
resource-based economic profile and weak policy environment.
These weaknesses are balanced by Mongolia's exceptionally strong
growth outlook over the medium term, and moderating public and
external debt ratios. Continued strong donor and multilateral
support also underpin the rating by ensuring a moderate debt-
servicing burden.

"We could raise the sovereign ratings on Mongolia if fiscal and
external debt metrics continue to improve, or if improvements in
fiscal, monetary, and banking sector policies materially reduce
vulnerabilities in these areas," said Mr. Benard.

Steadfast adherence to the principles of the Medium Term Fiscal
Framework and the Fiscal Responsibility Law -- including the
prudent allocation of expected large fiscal revenues from the
mining sector -- would also benefit the ratings.

On the other hand, the ratings would stabilize or come under
downward pressure if macroeconomic stability and public finances
come under renewed threat from extravagant fiscal expansion or
the fiscal cost of intervention from further unexpected banking
sector losses. The ratings would also come under downward
pressure from excessive recourse to commercial external
borrowing, as that
would adversely affect Mongolia's hitherto favorable debt
interest and maturity structure.


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


POWER SECTOR: S&P Affirms 'BB' Foreign Currency CCR; Outlook Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlooks on the
following three Philippine companies to positive from stable and
affirmed the ratings:

Outlook revision/Ratings affirmed

Power Sector Assets & Liabilities Management Corp. (PSALM)
                              To                From
Corporate credit rating
  Foreign currency            BB/Positive/--    BB/Stable/--
  Local currency              BB+/Positive/--   BB+/Stable/--

National Power Corp. (Napocor)
Corporate credit rating
  Foreign currency            BB/Positive/--    BB/Stable/--
  Local currency              BB+/Positive/--   BB+/Stable/--

Philippine Long Distance Telephone Co. (PLDT)
Corporate credit rating
  Foreign currency            BB+/Positive/--   BB+/Stable/--
ASEAN regional scale         axBBB+/--         axBBB+/--

"We also affirmed all the issue ratings on the companies'
outstanding rated debt," S&P said.

"We revised the outlooks after taking similar action earlier
today on the outlook on the sovereign credit rating on the
Republic of Philippines (foreign currency BB/Positive/B; local
currency BB+/Positive/B; axBBB+/axA-2)," S&P said.

"We consider the credit profiles of PSALM and Napocor to be weak
and heavily dependent on the support of the Philippine
government. Our outlook revision reflects our opinion that both
utilities are almost certain to receive timely and sufficient
extraordinary support from the Philippine government in the event
of financial distress," said Standard & Poor's credit analyst
Allan Redimerio.

"Our view is based on our assessment that PSALM and Napocor: (1)
play a critical role in implementing government reforms in the
power sector and providing missionary electrification -- or basic
services -- in the country; and (2)benefit from an integral link
with the government, which fully owns both utilities and has
control over key budgetary and strategic decisions. The
Philippine government also provides an irrevocable,
unconditional, and timely guarantee on all debt obligations of
PSALM and Napocor," S&P said.

The foreign currency rating on PLDT continues to be constrained
by the transfer and convertibility assessment for the Philippines
of 'BB+.

"The rating on PLDT also reflects the country and macroeconomic
risk of the Philippines and intense competition in the domestic
cellular market with slowing subscriber growth," said Mr.
Redimerio. "PLDT's strong position in the domestic market,
diversified services and integrated network, and solid cash
flow measures temper these weaknesses."


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


K-F&B PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on December 2, 2011,
to wind up K-F&B Pte Ltd's operations.

C.J. Management & Development Pte Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         Singapore 069118


KIAN DA: Creditors Get 3.56482% Recovery on Claims
---------------------------------------------------
Kian Da Construction Pte Ltd declared the first and final
dividend on Dec. 9, 2011.

The company paid 3.56482% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


OPTIMUM-3 (CHINA): Creditors Get 6.1% Recovery on Claims
--------------------------------------------------------
Optimum-3 (China) Pte Ltd declared the first and final dividend
on Dec. 14, 2011.

The company paid 6.1% to the received claims.

The company's liquidator is:

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


PROWELL BUILDING: Creditors' Proofs of Debt Due Dec. 30
-------------------------------------------------------
Creditors of Prowell Building & Civil Construction Co. (Pte) Ltd,
which is in liquidation, are required to file their proofs of
debt by Dec. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wee Phui Gam
         c/o 79 Anson Road #07-03
         Singapore 079906


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


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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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