TCRAP_Public/111226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 26, 2011, Vol. 14, No. 255

                            Headlines



A U S T R A L I A

PULSE PHARMACY: Receivers Appointed to 12 Pulse Pharmacies


C H I N A

SINO-FOREST CORP: ISDA Rejects Credit Default Swaps Payout Bid


H O N G  K O N G

LONG AGE: Court Enters Wind-Up Order
LUEN HOP: Court Enters Wind-Up Order
MAY KENT: Court Enters Wind-Up Order
MAY & MEIBO: Court Enters Wind-Up Order
MUSIC CHAMBER: Court Enters Wind-Up Order

NEW SUN: Court to Hear Wind-Up Petition on Feb. 8
OME PRINTING: Court Enters Wind-Up Order
PLEASANT SNOW: Court Enters Wind-Up Order
POLYTRADE RECYCLING: Court Enters Wind-Up Order
POON WAI: Court Enters Wind-Up Order

PRO-DIVE EDUCATION: Court Enters Wind-Up Order
RED BEAN: Court Enters Wind-Up Order
RICHFINE DEVELOPMENT: Court Enters Wind-Up Order
SAI WAN: Court Enters Wind-Up Order
SELECT FOOD: Creditors Get 100% Recovery on Claims

SHEREDA ENTERPRISES: Court Enters Wind-Up Order
SI LIMITED: Court Enters Wind-Up Order
STORES CITY: First Meetings Slated for Jan. 11
SUPREME MILLION: Court Enters Wind-Up Order
TUNG TAT: Court Enters Wind-Up Order

UNION CHASE: Court Enters Wind-Up Order
VICTORIA INTERNATIONAL: Court Enters Wind-Up Order
VINSON ENGINEERING: Court Enters Wind-Up Order
YING KAI: Court Enters Wind-Up Order
WATTON INDUSTRIAL: Court Enters Wind-Up Order

WEINO BEVERAGE: Court Enters Wind-Up Order
WELCOME DESIGN: Court Enters Wind-Up Order
WELL DELUXE: Court Enters Wind-Up Order
WIDEVELOP LIMITED: Court Enters Wind-Up Order
WITEX INDUSTRIAL: Court Enters Wind-Up Order

ZILLION ENTERPRISES: Court Enters Wind-Up Order


I N D I A

BHARTIYA SAMRUDDHI: CRISIL Cuts Rating on INR9.24BB Loan to 'C'
BINOD CAR: CRISIL Assigns CRISIL B Rating to INR29.5MM Term Loan
BRAJESH AUTOMOBILES: CRISIL Puts 'B+' Rating on INR25MM Term Loan
CH. SONPAL: Delay in Debt Repayment Cues CRISIL Junk Ratings
CHARANPAADUKA INDUSTRIES: CRISIL Rates INR50MM Loan at 'CRISIL C'

EMGEE CABLES: Fitch Affirms National Long-Term Rating at 'BB+'
LAKSHMI CONSTRUCTIONS: CRISIL Rates INR70MM Loan at 'CRISIL B'
MICRO CLINIC: CRISIL Assigns CRISIL BB+ Rating to INR24.6MM Loan
MONGIA STEEL: CRISIL Cuts Rating on INR220MM Loan to 'CRISIL D'
PALLIPALAYAM SPINNERS: CRISIL Ups Rating on INR170MM Loan to 'B+'

PIYUSH ENTERPRISES: CRISIL Cuts Rating on INR45MM Loan to 'B-'
PRINCE SWR: CRISIL Assigns 'CRISIL BB+' Rating to INR110MM Loan
REDDY AND REDDY AUTO: CRISIL Rates INR10MM LT Loan at 'CRISIL B'
REDDY AND REDDY: CRISIL Puts 'CRISIL B' Rating on INR22.5MM Loan
TI STEELS: Delay in Debt Repayment Cues CRISIL Junk Ratings


J A P A N

ETHICAL CDO: S&P Lowers Rating on Series 2 Notes to 'CC'
KAWASAKI KISEN: S&P Lowers Corporate Credit Rating to 'BB'
OMEGA CAPITAL: S&P Lowers Rating on Class 5Y-B Notes to 'CC'
SILK ROAD: S&P Raises Rating on Class B1-U Notes to 'B+'
TITAN JAPAN: S&P Lowers Class A Floating-rate Bond Rating to 'BB'


M A L A Y S I A

ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes
MALAYAN BANK: Fitch Places Individual Rating at 'B/C'
NAVIN GEMS: Fitch Migrates Rating on Two Note Classes to 'D'
PARIKH FABRICS: Fitch Migrates Rating on Two Loan Classes to 'D'
RAMA PHOSPHATES: Inadequate Info Cues Fitch to Withdraw D Rating

WORKHARDT LTD: Inadequate Info Cues Fitch to Withdraw Ratings


M O N G O L I A

DEVELOPMENT BANK: Moody's Gives (P)B1 Rating to Prospective Debt


N E W  Z E A L A N D

CORONET PEAK: Hotel Placed in Liquidation
CRAFAR FARMS: Chinese Bidder Gets Jan. 31 Offer Deadline


                            - - - - -


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


PULSE PHARMACY: Receivers Appointed to 12 Pulse Pharmacies
----------------------------------------------------------
SmartCompany reports that receivers have been appointed to a
number of Pulse Pharmacy stores across Victoria, while a
management services business within the group has also been
placed in receivership following a tumultuous year for the
business.

The Australian Securities and Investments Commission said Pulse
Pharmacy Management Services was placed into receivership on
December 20, according to SmartCompany.

David McEvoy -- dmcevoy@ppbadvisory.com -- and Daniel Bryant --
dbryant@ppbadvisory.com -- of PPB Advisory have been appointed as
receivers and managers over 12 pharmacies owned by Aujard, the
report discloses.

The pharmacies concerned are located in Victoria, Queensland and
New South Wales.

The new development comes only weeks after chief executive and
founder Rohan Aujard told SmartCompany a property company behind
the chain was placed in administration, although he said at the
time this was due to a routine restructure.

But PPB said the secured creditor -- believed to be NAB -- had
called in the receivers "as a result of concerns over the ongoing
financial position of these pharmacies," SmartCompany relays.

The pharmacies will continue to trade, and PBB will start a sale
program next year, the report adds.

Meanwhile, SmartCompany reports that that Pulse-owned chain
Vitamin Me has also been hit by an application to wind-up the
company.  That chain was sold to Pulse in 2009 after being co-
founded by entrepreneur Phillip Weinman.

The VitaminMe online store is currently down, due to what it says
are "unanticipated stock demands."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2011, SmartCompany said that PPB Advisory was appointed
David McEvoy and Daniel Bryant as receivers and managers of Pulse
Pharmacy Pty Ltd, the property company behind the Pulse Pharmacy
chain, as the National Australia Bank (NAB) is organizing a new
financing arrangement.  PPB said that the receivership will only
affect this entity and not the retail stores, which will continue
to trade as normal, according to SmartCompany.  "The company is
one step removed from the operations of the Pulse retail stores
and, as such, the appointment of receivers and managers will have
no impact on the operations of these pharmacies, their branding
or their employees, including entitlements," the report quoted
PPB as saying.

Pulse Pharmacy operates -- http://www.pulsepharmacy.com.au/--
pharmacy stores across Australia.


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


SINO-FOREST CORP: ISDA Rejects Credit Default Swaps Payout Bid
--------------------------------------------------------------
Bloomberg News reports that a committee of banks and investors
that governs credit-default swaps rejected a request on whether
Sino-Forest Corp., the Chinese timber company fending off fraud
allegations, triggered payouts on contracts linked to its debt.

The International Swaps and Derivatives Association said on its
Web site that the group's determinations committee for Asia
excluding Japan declined the Dec. 19 request, which had asked
whether a so-called failure-to- pay credit event occurred,
according to Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2011, Sino-Forest said it has received written notices
of default dated Dec. 16, 2011 in respect of its Senior Notes due
2014 and its Senior Notes due 2017.  The notices, which were sent
by the Trustee under the Senior Note Indentures, reference the
Company's previously disclosed failure to release its 2011 third
quarter financial results on a timely basis.  An "Event of
Default" under the Senior Note Indentures will have occurred if
the Company fails to cure or otherwise fails to address the
breach of indenture giving rise to the notices of default within
30 days following receipt of the notices.  The Company does not
expect to be able to file the Q3 Results and cure the default
within the 30-day cure period.

The Company and its advisors met on Dec. 14, 2011 with an ad hoc
committee of note holders and their legal counsel.  The Company
was informed by the ad hoc committee's legal counsel that the
note holders attending and others represented at the meeting by
legal counsel hold a substantial portion of the Company's four
series of senior and convertible notes.  As there is no registry
of beneficial holders for the notes, the Company cannot
independently verify the holdings of those who attended or were
represented by counsel.  The note holders and their legal counsel
expressed a willingness to work cooperatively with the Company in
an effort to preserve value for the benefit of the Company's
stakeholders.  The Company has since been informed that the note
holders present at the meeting or represented by counsel did not
initiate or support the issuance of the notices of default that
the Company has received from the Trustee.

The Company's breach of the Senior Note Indentures relating to
the Q3 Results can be waived for a series of Senior Notes by the
holders of at least a majority in principal amount of that
series. The Company has begun discussions with its note holders
with a view to obtaining waivers under the two relevant series of
Senior Notes or with a view to having the Trustee withdraw the
notices of default.  There can be no assurance that the notices
of default will be withdrawn or that any such waivers will be
obtained.

                   About Sino-Forest Corporation

Sino-Forest Corporation -- http://www.sinoforest.com-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited , a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

                          *     *     *

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.


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


LONG AGE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on April 6, 2009, to
wind up the operations of Long Age Industrial Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


LUEN HOP: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2009, to
wind up the operations of Luen Hop Air Conditioning Trading &
Engineering Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


MAY KENT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 9, 2009, to
wind up the operations of May Kent Enterprises Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


MAY & MEIBO: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2009, to
wind up the operations of May & Meibo Transportation Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


MUSIC CHAMBER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 25, 2011, to
wind up the operations of Music Chamber International Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


NEW SUN: Court to Hear Wind-Up Petition on Feb. 8
-------------------------------------------------
A petition to wind up the operations of New Sun Bio Science
Limited will be heard before the High Court of Hong Kong on
Feb. 8, 2012, at 9:30 a.m.

Asia Private Credit Fund Limited filed the petition against the
company on Nov. 30, 2011.

The Petitioner's solicitors are:

          Dechert
          27th Floor, Henley Building
          5 Queen's Road
          Central, Hong Kong


OME PRINTING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 5, 2009, to
wind up the operations of OME Printing Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


PLEASANT SNOW: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 24, 2009, to
wind up the operations of Pleasant Snow Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


POLYTRADE RECYCLING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on April 11, 2011,
to wind up the operations of Polytrade Recycling (H.K.) Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


POON WAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2009, to
wind up the operations of Poon Wai Kee Engineering Company
Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


PRO-DIVE EDUCATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2009, to
wind up the operations of Pro-Dive Education Centre Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


RED BEAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2009, to
wind up the operations of Red Bean Technology Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


RICHFINE DEVELOPMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on March 16, 2011,
to wind up the operations of Richfine Development Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


SAI WAN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Dec. 7, 2011, to
wind up the operations of Sai Wan Ho Limited.

The acting official receiver is Lee Mei Yee May.


SELECT FOOD: Creditors Get 100% Recovery on Claims
--------------------------------------------------
Select Food Limited, which is in creditors' voluntary
liquidation, will declare dividend to its creditors on Dec. 30,
2011.

The company will pay 100% for preferential and 4.73% for ordinary
claims.

The company's liquidator is:

         Pang Wai Kui
         12/F, Ritz Plaza
         122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong SAR


SHEREDA ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 30, 2009,
to wind up the operations of Shereda Enterprises Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


SI LIMITED: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Dec. 16, 2011, to
wind up the operations of SI Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


STORES CITY: First Meetings Slated for Jan. 11
----------------------------------------------
Creditors and contributories of Stores City Limited will hold
their first meetings on Jan. 11, 2012, at 2:30 p.m., and 3:00
p.m., respectively at Unit 511-512, 5/F, Tower 1, Silvercord, at
30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SUPREME MILLION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Oct. 2, 2009, to
wind up the operations of Supreme Million (HK) Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


TUNG TAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Sept. 30, 2009,
to wind up the operations of Tung Tat Development Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


UNION CHASE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2009, to
wind up the operations of Union Chase (HK) Company Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


VICTORIA INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 7, 2009, to
wind up the operations of Victoria International Travel Co.
Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


VINSON ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 30, 2009,
to wind up the operations of Vinson Engineering Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


YING KAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 20, 2009,
to wind up the operations of Ying Kai Lau Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


WATTON INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Oct. 27, 2010, to
wind up the operations of Watton Industrial Co. Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


WEINO BEVERAGE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 30, 2009,
to wind up the operations of Weino Beverage and Trading
Enterprise Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


WELCOME DESIGN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2009, to
wind up the operations of Welcome Design & Consturction Company
Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


WELL DELUXE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Dec. 7, 2011, to
wind up the operations of Well Deluxe Limited.

The acting official receiver is Lee Mei Yee May.


WIDEVELOP LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 12, 2011, to
wind up the operations of Widevelop Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


WITEX INDUSTRIAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Oct. 9, 2009, to
wind up the operations of Witex Industrial Company Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


ZILLION ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2009, to
wind up the operations of Zillion Enterprises Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


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


BHARTIYA SAMRUDDHI: CRISIL Cuts Rating on INR9.24BB Loan to 'C'
---------------------------------------------------------------
CRISIL has removed its rating on the debt instrument and bank
facilities of Bhartiya Samruddhi Finance Ltd from 'Rating Watch
with Negative Implications' and has downgraded the rating to
'CRISIL C' from 'CRISIL BB-'.

   Facilities                       Ratings
   ----------                       -------
   INR0.75 Billion Subordinated     CRISIL C (Downgraded from
   Bonds Issue                               'CRISIL BB-';
                                             Removed
                                             from 'Rating Watch
                                             with Negative
                                             Implications')

   INR9.24 Billion Long-Term Bank   CRISIL C (Downgraded from
   Loan Facility                             'CRISIL BB-';
                                             Removed
                                             from 'Rating Watch
                                             with Negative
                                             Implications')

   INR0.76 Billion Proposed Long-   CRISIL C (Downgraded from
   Term Bank Loan Facility                   'CRISIL BB-';
                                             Removed
                                             from 'Rating Watch
                                             with Negative
                                             Implications')

The rating downgrade reflects the significantly enhanced chances
of BSFL not being able to meet its debt repayments in a timely
manner for its near-term maturities. This follows the
considerable weakening of its liquidity because of the non-
availability of additional bank funding as well lack of fresh
capital infusion into the company since the Andhra Pradesh
crisis. BSFL is actively looking at rescheduling its loans and
has submitted a proposal to all its bankers in early December
2011. The company is in negotiation with its existing bankers and
is looking at alternative scenarios for restructuring its
existing outstanding debt; this, however, is yet to be finalized.
The company estimates that the finalization of a proposal
concerning the rescheduling its term loans will take at least
four to six weeks. In the interim, CRISIL believes than it will
be exceedingly difficult for BSFL to meet its debt obligations in
a timely manner. Although BSFL has been servicing its debt in
time so far, the net cash position of the company was stretched
in December 2011. BSFL has a high likelihood of delaying or
defaulting on the repayment of its loans as per the original
schedule.

CRISIL will continue to monitor the timeliness of BSFL's debt
repayment and the impact of the terms of the final restructuring
of the outstanding loans on the company's credit risk profile.

The ratings reflect BSFL's weakened financial flexibility, with
severe strain on liquidity, posing a threat on the long-term
sustainability of the company's operations. The ratings also
reflect BSFL's reduced net worth and weak overall capitalisation.
These rating weaknesses are partially offset by BSFL's track
record in the microfinance industry.

                     About Bhartiya Samruddhi

BSFL, a non-banking financial company promoted by Bhartiya
Samruddhi Investments and Consulting Services Ltd, began
operations in 1997. BSFL provides microfinance (credit and
insurance) services and knowledge-based technical assistance. Its
services are organised under three major heads: livelihood
financial services, agricultural and business development
services, and institutional development services. The company's
customers include small and marginal farmers, rural artisans,
microenterprises, and federations and cooperatives owned by self-
help groups.

BSFL's total assets under management were INR9 billion as on
September 30, 2011 compared to INR12.5 billion as on March 31,
2011. The company reported a net loss of INR1.3 billion for the
six months ended September 30, 2011, compared to a profit after
tax of INR302 million for the six months ended Sept. 30, 2010.


BINOD CAR: CRISIL Assigns CRISIL B Rating to INR29.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Binod Car World Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR29.50 Million Term Loan  CRISIL B/Stable (Assigned)
   INR45.00 Million Cash Credit  CRISIL B/Stable (Assigned)

The rating reflects BCWPL's exposure to risks associated with the
nascent stage of operations and intense competition in the
automobile industry, and below-average financial risk profile
constrained by a relatively small net worth and expected low
profitability. These rating weaknesses are partially offset by
the benefits that BCWPL derives from its promoters' experience in
the dealership businesses and the benefits that the company will
derive from the dealership of Nissan India Pvt Ltd (Nissan).

Outlook: Stable

CRISIL believes that BCWPL will benefit from its association with
Nissan over the medium term, supported by its promoters'
extensive experience in the dealership businesses. The outlook
may be revised to 'Positive' in case of more-than-expected
increase in BCWPL's revenues or cash accruals, or equity
infusion, leading to improvement in the company's financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case BCWPL reports lower-than-expected accruals or undertakes any
debt-funded capital expenditure programmes, leading to
deterioration in its financial risk profile.

                        About Binod Car

BCWPL was incorporated in November 2010 by three brothers: Mr.
Arun Agarwal, Mr. Niraj Agarwal, and Mr. Vineet Agarwal. The
company was appointed as an authorised dealer for selling
passenger cars for Nissan in 2011. BCWPL set up a showroom (6000
square feet [sq ft]) cum workshop (12000 sq ft) in Betkuchi
(Guwahati) in 2011-12 (refers to financial year, April 1 to
March 31). The company commenced operations in September 2011.
Its promoters are also engaged in dealership of spare parts of
Tata Motors Ltd, Mahindra & Mahindra Ltd, and other tyre
manufacturing original equipment manufacturers such as Michelin
India Tamil Nadu Tyres Pvt Ltd, Apollo Tyres Ltd, MRF Ltd etc.


BRAJESH AUTOMOBILES: CRISIL Puts 'B+' Rating on INR25MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Brajesh Automobiles Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR25 Million Term Loan            CRISIL B+/Stable (Assigned)
   INR40 Million Channel Financing    CRISIL B+/Stable (Assigned)
   INR30 Million Cash Credit          CRISIL B+/Stable (Assigned)

The rating reflects BAPL's average financial risk profile marked
by a leveraged capital structure, and the company's low
bargaining power with its principal and susceptibility to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by BAPL's established position in
the automotive dealership market, and strong relations with its
principal Mahindra and Mahindra Ltd (M&M).

Outlook: Stable

CRISIL believes that BAPL will benefit from its promoters'
extensive experience in the automobile dealership business and
established relationship with principal, over the medium term.
The outlook may be revised to 'Positive' in case the company
improves its financial risk profile considerably because of
significant improvement in its profitability, or significant
equity infusion. Conversely, the outlook may be revised to
'Negative' in case there is deterioration in BAPL's financial
risk profile because of larger-than-expected debt-funded capital
expenditure or working capital requirements.

                       About Brajesh Automobiles

Incorporated in 1987 and promoted by the Mishra family, BAPL is
an authorized dealer and service centre of M&M in the Purnea
district (Bihar). The company is one of the largest dealers of
M&M in East India and its area of operations includes seven
regions in and around Purnea. BAPL deals in all four-wheeler
automobiles of M&M, including passenger cars and light commercial
vehicles. Vehicle sales contribute around 97 per cent to BAPL's
total revenues; the company derives the remaining 3 per cent from
sales of spares and accessories, servicing, and commission
income.

BAPL's profit after tax (PAT) reported at INR7.3 million on sales
of INR1354.1 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on sales of
INR760 million for 2009-10.


CH. SONPAL: Delay in Debt Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Ch. Sonpal Singh Memorial Charitable Trust.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Term Loan         CRISIL D (Assigned)

The rating reflects instances of delay by CSPS in servicing its
debt interest obligations; the delays have been caused by the
trust's weak liquidity.

CRISIL expects CSPS's financial risk profile to remain weak
constrained by expected low cash accruals and low networth along
in the start-up phase of operations. . The ratings also reflect
CSPS's small scale of operations due to limited track record of
institute in a highly competitive education industry, and
vulnerability to regulatory risks associated with the educational
institutions. These rating weaknesses are partially offset by the
healthy demand prospects for educational industry and funding
support from CSPS's promoters.

CSPS was established in August 2008 by the Chaduhary family of
Khurja, Bulandshahar, Uttar Pradesh. The trust is managed by Mr.
Veerpal Singh; his wife, Mrs. Santosh Tomar; their son, Mr. Ravi
Tomar; and Mr. Veerpal Singh's mother, Mrs. Jaswanti Devi. The
trust started its operations from 2011-12 (refers to academic
year, June to May) with its institute, Shivam Technical Campus,
which offers courses such as Master of Business Administration
(MBA), Bachelor of Technology (B.Tech), Bachelor of Business
Administration (BBA), and Bachelor of computer application (BCA),
and also diploma courses in engineering and pharmacy. Presently,
the institute has a total intake capacity of 1000 students.


CHARANPAADUKA INDUSTRIES: CRISIL Rates INR50MM Loan at 'CRISIL C'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank facilities
of Charanpaaduka Industries Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          CRISIL C (Assigned)
   INR0.3 Million Proposed LT Bank    CRISIL C (Assigned)
   Loan Facility

The rating reflects instances of delay by CIPL in servicing its
vehicle loan (not rated by CRISIL); the delays have been caused
by the company's weak liquidity. The rating also reflects CIPL's
weak financial risk profile marked by a small net worth, moderate
gearing and debt protection metrics, and small scale of
operations. These rating weaknesses are partially offset by the
benefits that CIPL derives from its promoters' extensive
experience n the footwear industry and its established dealership
network.

CIPL manufactures polyvinyl chloride, polyurethane (PU) sole, and
ethyl vinyl acetate footwear, which includes sports shoes,
floaters, school shoes, bathroom slippers, and casual sports
shoes. The company's production facility is in Bhadurgarh
(Haryana). CIPL's in-house brands include Only-PU, Airform, and
PU-Type. It sells its products through a dealership network of
more than 200 dealers spread across the country. CIPL procures
its input material requirements primarily from domestic traders;
however, it plans to import some of its input material
requirements from China.

CIPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR198.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net
sales of INR129.3 million for 2008-09.


EMGEE CABLES: Fitch Affirms National Long-Term Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Emgee Cables and
Communications Ltd. a National Long-Term rating of 'Fitch
BB+(ind)'.  The Outlook is Stable.

The ratings are constrained by Emgee's tight liquidity position
as reflected in over 95% utilization of its working capital
limits in FY11 (year-end: March 2011).  This is largely on
account of its weak cash accruals due to high working capital
intensity.  Emgee's cumulative funds from operations over FY07-
FY11 were only INR41.4m, against an increase in its working
capital requirement to INR212.5m during the same period.  As a
result, the company funded a significant part of its additional
capital requirements through debts (FY11: INR196m, FY07:
INR61.3m).

The ratings also factor in Emgee's relatively small size of
operations (revenue: INR1,403.3 million in FY11) compared with
the industry peers. This, coupled with the high competition in
the industry, resulted in a low EBITDA margin of 3.7% in FY11
(FY10: 3.9%).  The low profitability and high debt led to a high
net debt/ EBITDAR of 3.7x in FY11 (FY10: 3.7x).

The ratings are, however, supported by Emgee's over two-decade-
long track record in cable manufacturing and its revenue growth
at a CAGR of about 23% over FY07-FY11.  This is supported by its
strong product portfolio and distribution network, especially in
North India from where it derives over 50% of its revenues.

The ratings also factor in the strong growth potential for
Emgee's project division based on the government's increasing
focus on improving India's power infrastructure, while
simultaneously noting its short-track record in this business.
The company started its project division in 2008 for executing
turnkey projects for laying new cables/ replacing existing cables
for electricity distribution at various locations in and outside
India. The division currently contributes about 10% to the total
revenues.

Positive rating action may result from a significant improvement
in Emgee's liquidity coupled with stable profitability resulting
in financial leverage of below 3.0x on a sustained basis.  On the
contrary, any deterioration in its liquidity, decline in
profitability or significant increase in debt resulting in
financial leverage exceeding 4.5x on a sustained basis may result
negative rating action.

Established in 1987, Emgee manufactures insulated power cables
(chlorine and lead-free, submersible cables) and communication
cables (coaxial and CAT-5) at its plant located in Jaipur. In
FY11, the company recorded an EBITDA of INR52.9 million in FY11
(FY10: INR44.1 million) and a profit-after-tax of INR7.4 million
(INR6.8 million).

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

  -- Outstanding INR 1.9 million term loans: 'Fitch BB+(ind)'

  -- INR147 million fund-based working capital limits: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

  -- INR200 million non-fund based working capital limits:
     'Fitch A4+ (ind)'


LAKSHMI CONSTRUCTIONS: CRISIL Rates INR70MM Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Lakshmi Constructions.

   Facilities                          Ratings
   ----------                          -------
   INR70 Million Overdraft Facility    CRISIL B/Stable (Assigned)
   INR5 Million Bank Guarantee         CRISIL A4 (Assigned)

The ratings reflect LC's small scale of operations in the
fragmented civil construction industry, susceptibility to risks
related to geographical and customer concentration, and expected
deterioration in financial risk profile on account of large debt-
funding of large incremental working capital requirement. These
rating weaknesses are partially offset by the extensive industry
experience of LC's promoter and large order book position leading
to high revenue visibility.

Outlook: Stable

CRISIL believes that LC will continue to benefit over the medium
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement
in the firm's financial risk profile on account of higher-than-
expected cash accruals, leading to significantly improved capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of significant weakening in financial risk profile,
especially liquidity, on account of more than expected debt
funded working capital requirements.

                     About Lakshmi Constructions

Established as a proprietorship firm in 1999, LC is promoted by
Mr. Prem Israni, who has around 35 years of experience in the
civil works business. The firm undertakes civil works in the
National Capital Region, which mainly includes construction of
buildings, such as housing complexes and colleges. LC also
undertakes contracts for government organisations, such as Delhi
Development Authority. Till 2009-10 (refers to financial year,
April 1 to March 31), the firm only undertook government
projects. However, it started undertaking projects for private
players from 2010-11. LC is registered as a class I contractor
and mostly undertakes projects by bidding directly through
tenders.

LC reported a profit after tax (PAT) of INR6.8 million on net
sales of INR187.1 million for 2010-11 (Provisional), as against a
PAT of INR2.2 million on net sales of INR57.7 million for 2009-
10.


MICRO CLINIC: CRISIL Assigns CRISIL BB+ Rating to INR24.6MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Micro Clinic India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR24.6 Million Term Loan         CRISIL BB+/Stable (Assigned)
   INR20.0 Million Bill Discounting  CRISIL A4+ (Assigned)
   INR10.0 Million Letter of credit  CRISIL A4+ (Assigned)
   INR50.0 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the extensive industry experience of MCIPL's
promoter, established clientele and supplier tie-ups, and
moderate financial risk profile, marked by moderate gearing and
comfortable debt protection metrics. These rating strengths are
partially offset by MCIPL's low operating margin, small scale of
operations in highly fragmented information technology (IT)
hardware and software industry, and large working capital
requirements.

Outlook: Stable

CRISIL believes that MCIPL will continue to benefit from its
promoter's extensive industry experience and established
relationships with customers and suppliers, over the medium term.
The outlook may be revised to 'Positive' in case the company
achieves higher-than-expected revenue growth and profitability,
resulting in higher cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of higher-than-expected working
capital requirements, leading to weakening in its financial risk
profile, particularly liquidity, and if MCIPL undertakes any
large debt-funded capital expenditure programme or pressure on
profitability and revenues.

                         About Micro Clinic

Promoted by Mr. Tarun Seth, MCIPL was incorporated in 1991 as a
partnership firm; it was reconstituted as a private limited
company in 1993. MCIPL started its operations by providing IT
management services and currently operates in three segments - IT
hardware supply and integration; software and security solutions;
and annual maintenance and service management. MCIPL is a Delhi-
based company and has branch offices in 19 locations across
India. About 70 per cent of the company's revenues are generated
from sale of IT hardware products, and about 20%of the revenues
are generated from sale of software products, applications, and
balance from service management. MCIPL's clientele includes both
private and government players, such as Spanco Ltd, Daikin,
Carrier, Info Edge (India) Ltd, Aditya Birla group, First Source
Solutions, Schneider Electric, Andhra Bank, Department of
Commerce, and Income Tax Department.

MCIPL reported a profit after tax (PAT) of INR12.1 million on an
operating income of INR1.09 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR11.4
million on an operating income of INR1.08 billion for 2009-10.


MONGIA STEEL: CRISIL Cuts Rating on INR220MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mongia Steel Ltd, part of the Mongia group, to 'CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR260 Million Cash Credit        CRISIL D (Downgraded from
                                             CRISIL B-/Stable)

   INR220 Million Long-Term Loan     CRISIL D (Assigned)

   Rs .25 Million Letter of Credit   CRISIL D (Downgraded from
                                               CRISIL A4)

The downgrade reflects instances of delay by the Mongia group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

The Mongia group also has working-capital-intensive operations.
These rating weaknesses are partially offset by the Mongia
group's moderate business risk profile supported by high
integration and established brand.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MSL and Santpuria Alloys Pvt Ltd,
together referred to as the Mongia group. The consolidated
approach is because both the companies are under a common
management and are in similar lines of business. Also, there are
inter-company transactions and strong operational linkages
between the two companies; Santpuria sells all its output to MSL.

                          About the Group

The Mongia group started operations in 1974 by manufacturing wire
nails. The management set up a rolling mill under Santpuria in
1983 and an induction furnace in 1997. The rolling mill was
closed after a family settlement in 2003. During 2003, the
promoters set up a 50-tonne-per-day rolling mill, which was
gradually forward-integrated to manufacture sponge iron, ingots,
thermo-mechanically treated steel bars, and other long products;
the sponge iron output meets about 90 per cent of the input
requirement for manufacturing ingots, while the ingot output is
sufficient to meet the input requirement for steel long products.
The group recently enhanced its rolling mill capacity by three
times and set up a new concast facility in August 2010 and April
2011, respectively.

The Mongia group reported a profit after tax (PAT) of INR8
million on net sales of INR567 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR22
million on net sales of INR726 million for 2009-10.


PALLIPALAYAM SPINNERS: CRISIL Ups Rating on INR170MM Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on Pallipalayam Spinners Pvt Ltd's
long-term bank facilities to 'CRISIL B+/Stable' from
'CRISIL B-/Stable' and has reaffirmed the rating on PSPL's short-
term facilities at 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR170.00 Million Cash Credit      CRISIL B+/Stable (Upgraded
                                        from 'CRISIL B-/Stable')

   INR149.10 Million LT Loan          CRISIL B+/Stable (Upgraded
                                        from 'CRISIL B-/Stable')

   INR3.50 Million Corporate Loan     CRISIL B+/Stable (Assigned)

   INR95.00 Mil. Letter of Credit     CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that PSPL will maintain its
moderate liquidity and comfortable capital structure over the
medium term despite the expected slowdown in its export sales in
2011-12 (refers to financial year, April 1 to March 31). PSPL's
gearing improved to 1.18 times as on March 31, 2011 from 1.46
times a year ago; gearing is expected to improve gradually over
the medium term with repayment of debt and absence of any major
debt-funded capital expenditure (capex) plans. Although PSPL's
revenues are expected to decline in 2011-12 because of decline in
its export sales - its revenues were INR380 million for the six
months ended Sept. 30, 2011, as against INR1062.5 million for
2010-11 - CRISIL believes that PSPL's liquidity will be adequate,
supported by steady margins and cash accruals to meet maturing
debt obligations of around INR50 million per annum, over the
medium term.

The ratings reflect PSPL's supplier concentration and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by PSPL's established position in
the viscose yarn industry, longstanding relationships with
clients, and moderate financial risk profile marked by
comfortable gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit from its
established position in the viscose yarn market over the medium
term. The outlook may be revised to 'Positive' if PSPL reports
significantly higher-than-expected revenues and margins,
supported by a higher composition of value-added products,
resulting in considerable improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PSPL faces a sharp decline in revenues and cash flows, leading to
weakening in its liquidity, or if the company undertakes larger-
than-expected debt-funded capex programme, adversely affecting
its capital structure.

                     About Pallipalayam Spinners

PSPL was established in 1974 by the late Mr. P Kulandhaivelu, the
late Mr. P Palaniappan, and Mr. Jagadish Prakash Khemka. PSPL is
in the business of manufacturing viscose yarn. The company has an
installed capacity of 30,912 spindles and 720 open-end rotors in
Salem (Tamil Nadu). The company also has windmill capacity of
5.75 megawatts in the Tirunelveli district in Tamil Nadu.

PSPL reported, on provisional basis, a profit after tax (PAT) of
INR25.4 million on a turnover of INR1062.5 million for 2010-11;
the company reported a PAT of INR34.8 million on a turnover of
INR983.7 million for 2009-10.


PIYUSH ENTERPRISES: CRISIL Cuts Rating on INR45MM Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Piyush Enterprises to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', while reaffirming the rating on Piyush's short-term
bank facilities at 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR75 Million Cash Credit          CRISIL B-/Stable
                                      (Downgraded from
                                      CRISIL B+/Stable)

   INR45 Million Proposed LT Bank     CRISIL B-/Stable
   Bank Loan Facility                 (Downgraded from
                                      CRISIL B+/Stable)

   INR100 Million Bank Guarantee      CRISIL A4 (Reaffirmed)

The rating downgrade reflects weakening in Piyush's liquidity
because of significant increase in its working capital
requirements as a result of delayed payments by its main
customer, Irrigation Department, Government of Maharashtra. The
firm's gross current asset (GCA) level has risen to 362 days of
sales as on March 31, 2011 from 199 days of sales as on March 31,
2010. As a result, Piyush has been fully utilizing its bank
limits and has also been occasionally overdrawing the limits.
Furthermore, significant funds being blocked in working capital
along with weak order flow have led to decline in the firm's
revenues by around 50 per cent (year-on-year) to INR374 million
in 2010-11 (refers to financial year, April 1 to March 31).

The ratings reflect Piyush's weak financial risk profile marked
by small net worth and high gearing, and its significant
geographical and customer concentration. These rating weaknesses
are partially offset by the benefits that Piyush derives from the
extensive experience of its promoters in the construction
business and its established regional position in executing
irrigation projects.

Outlook: Stable

CRISIL believes that Piyush will continue to benefit over the
medium term from its promoters' extensive experience and its
established regional position in executing irrigation projects.
The outlook may be revised to 'Positive' if Piyush's liquidity
improves significantly, most likely driven by improved working
capital management, or if there is higher-than-expected and
sustained growth in its revenues. Conversely, the outlook may be
revised to 'Negative' if Piyush's financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure or capital withdrawal.

                        About Piyush Enterprises

Piyush is a partnership firm based in Aurangabad (Maharashtra).
It is in the business of civil construction. It specialises in
execution of irrigation projects, comprising barrages, earthen
concrete dams, and canals, and undertakes civil construction work
for the Indian Railways. It also has two windmills, with a
combined capacity of 1.25 megawatts.

Piyush reported a profit after tax (PAT) of INR25 million on net
sales of INR359 million for 2010-11, against a PAT of INR38
million on net sales of INR714 million for 2009-10.


PRINCE SWR: CRISIL Assigns 'CRISIL BB+' Rating to INR110MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Prince SWR Systems Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR110 Million Term Loan          CRISIL BB+/Stable (Assigned)
   INR340 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR50 Mil. Standby Line of Credit CRISIL BB+/Stable (Assigned)
   INR18 Million Proposed Long-Term  CRISIL BB+/Stable (Assigned)
    Bank Loan Facility
   INR20 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR100 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect PSSPL's promoters' extensive industry
experience and established brand presence in the pipes and
fittings industry. These rating strengths are partially offset by
PSSPL's working-capital-intensive operations and moderate
financial risk profile, marked by high gearing.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profile of Prince SWR Systems Private Limited
(PSSPL) and Prince Industries (PI), since both the entities are
engaged in similar line of activity, have common promoter and
have considerable financial fungibility. So, the team has
assessed the group based on the financials of PSSPL and PI,
referred to as Prince Group.

Outlook

CRISIL believes that the Prince group will maintain a stable
business risk profile backed by the extensive experience of its
promoter and established brand presence in the pipes and fittings
industry. The outlook may be revised to 'Positive' if the company
demonstrates significant improvement in capital structure while
managing its working capital cycle efficiently, and maintaining
the growth in revenues and profitability. The outlook may be
revised to 'Negative' in case of deterioration in the financial
risk profile due to lengthening of its working capital cycle or
decline in revenues and profitability.

                          About Prince SWR

Prince SWR Systems Private Limited is a part of the Piyush Chheda
group. PSSPL was incorporated in March 1995, though commercial
production commenced from April 1996. The company manufactures
polyvinyl chloride (PVC) pipes and fittings under the brand,
Prince. PSSLP is promoted by Mr. Piyush Chheda (managing
director) and his family members. The company has two
manufacturing units in Silvassa (Dadra and Nagar Haveli), with
combined installed capacity of 37500 MTPA. PSSPL's registered
office is in Mumbai (Maharashtra).

Prince Industries was set up a partnership firm in 2003, by
Mr. Piyush Chheda and his family members. The firm is also
engaged in the business of manufacturing polyvinyl chloride (PVC)
pipes and fittings. The firm has its manufacturing unit located
at Haridwar, with an installed capacity of 25,200 MTPA.


REDDY AND REDDY AUTO: CRISIL Rates INR10MM LT Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Reddy and Reddy Automobiles.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR10.0 Million Proposed LT      CRISIL B/Stable (Assigned)
    Bank Loan Facility

The rating reflects RRA's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, exposure to risks related to low bargaining power with
its principal, and intense competition in the automotive
dealership market. These rating weaknesses are partially offset
by RRA's moderate business risk profile backed by its promoter's
extensive industry experience.

Outlook: Stable

CRISIL believes that RRA will benefit over the medium term from
its established market position in Bhimavaram (Andhra Pradesh).
The outlook may be revised to 'Positive' in case of significant
and sustainable increase in the firm's sales and operating
margin, or improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of steep decline in
the firm's revenue and profitability, or if the firm undertakes
fresh large debt-funded capital expenditure programme, thereby
weakening its capital structure.

                  About Reddy and Reddy Automobiles

RRA was incorporated in 2004. The firm is engaged in dealership
for Hero MotoCorp Ltd's (rated 'CRISIL AAA/FAAA/Stable/CRISIL
A1+') automobiles in Bhimavaram. Mr. Goluguri Rama Krishna Reddy
is RRA's managing director.

RRA reported a profit after tax (PAT) of INR0.1 million on net
sales of INR345.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.0 million on net
sales of INR318.6 million for 2008-09.


REDDY AND REDDY: CRISIL Puts 'CRISIL B' Rating on INR22.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Reddy and Reddy Imports and Exports.

   Facilities                        Ratings
   ----------                        -------
   INR22.5 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR17.5 Million Proposed LT       CRISIL B/Stable (Assigned)
    Bank Loan Facility
   INR10.0 Million Bank Guarantee    CRISIL A4 (Assigned)
   INR5.0 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect RRIE's weak financial risk profile, marked by
a small net worth, moderate gearing, and weak debt protection
metrics, and exposure to inherent risks in the seafood industry.
These rating weaknesses are partially offset by the extensive
industry experience of RRIE's promoter.

Outlook: Stable

CRISIL believes that RRIE will benefit over the medium term from
the extensive industry experience of its promoter. The outlook
may be revised to 'Positive' in case of a significant and
sustainable improvement in the firm's operating income or capital
structure through infusion of equity by the promoter. Conversely,
the outlook may be revised to 'Negative' if RRIE's volumes or
margins decline steeply because of further decline in demand for
shrimp feed and lack of availability of quality shrimp, or if the
firm undertakes a large debt-funded capital expenditure
programme.

                  About Reddy and Reddy Imports

RRIE commenced commercial operations in 1997. Mr. G R Reddy is
the firm's managing partner. The firm trades in fish (prawn)
feed. It procures fish (prawn) feed from local suppliers and
stores the same in jute bags in its warehouse. This activity is
carried out throughout the year. The firm also manufactures and
processes shirt buttons made from the horns of animals, such as
buffaloes and cows.

RRIE reported a profit after tax (PAT) of INR0.4 million on net
sales of INR181.1 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR163.4 million for 2008-09.


TI STEELS: Delay in Debt Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of TI Steels Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR120 Million Term Loan          CRISIL D (Assigned)
   INR65 Million Cash Credit         CRISIL D (Assigned)

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

TISPL also has a modest scale of operations with high customer
concentration in the intensely competitive stainless steel (SS)
rolled products industry. SFPL, however, benefits from the
extensive experience of its promoters in the steel industry.

Incorporated in 2003, TISPL manufactures SS ingots, SS billets,
SS rounds, and SS flats. In January 2009, the Mumbai
(Maharashtra)-based Sanghvi family acquired the company from the
Gambhir family of Delhi, the company's initial promoters. Mr.
Kapoorchand Sanghvi, the managing director, looks after the
overall operations of the company. He is ably supported by his
two sons Mr. Rakesh Sanghvi and Mr. Nilesh Sanghvi. TISPL has
capacity of 80,000 tonnes per annum at Paonta Sahib (Himachal
Pradesh).

TISPL's estimated sales are around INR838 million during 2010-11
(refers to financial year, April 1 to March 31). TISPL reported a
profit after tax (PAT) of INR2.7 million on net sales of INR481
million for 2009-10, against a net loss of INR31.2 million on net
sales of INR255 million for 2008-09.


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


ETHICAL CDO: S&P Lowers Rating on Series 2 Notes to 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its rating on the notes issued under Ethical CDO I
(Jersey No. 1) Ltd.'s series 2 transaction.

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

               Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

Rating Lowered
Ethical CDO I (Jersey No.1) Ltd.
Floating-rate extendible maturity secured portfolio
credit-linked notes
Series 2 due 2014

To            From            Issue amount
CC (sf)       CCC- (sf)       A$50.0-mil.

The transaction's closing date was March 17, 2005.


KAWASAKI KISEN: S&P Lowers Corporate Credit Rating to 'BB'
----------------------------------------------------------
Standard & Poor's Rating Services lowered to 'BB' from 'BB+' its
long-term corporate credit and senior unsecured debt ratings on
Kawasaki Kisen Kaisha Ltd., one of the world's leading shipping
companies, and removed the ratings from CreditWatch, where it
placed them on Oct. 5, 2011. "The outlook on the ratings is
stable. We base this action on our view that the company will
show a sharp deterioration in earnings and financial performance
in its financial results for fiscal 2011 (ended March 31, 2012)
amid difficult conditions in the container shipping industry. The
outlook on the long-term corporate credit rating is stable,
reflecting our expectation that the company's financial
performance will gradually recover in coming years," S&P said.

Kawasaki Kisen expects to make a large net loss of JPY32 billion
in fiscal 2011. Across the industry, higher fuel costs and fierce
competition on prices have produced a significant deterioration
in the profitability of container shipping companies. The strong
yen, a sluggish dry bulk market, and a sharp decline in car
exports following the Great East Japan Earthquake on March 11
further weakened the company's earnings. Standard & Poor's
believes Kawasaki Kisen's ratio of total debt to capital will
increase to 70% or more as of March 31, 2012.

"However, we are of the opinion that Kawasaki Kisen's key
financial ratios will recover gradually after hitting bottom in
fiscal 2011. In our view, the company is likely to lower debt to
EBITDA to below 5x in the coming two to three years from a level
we estimate of more than 13x in fiscal 2011. We expect the market
for container and dry bulk shipping to remain weak because new
vessels that shipping companies are scheduled to launch will
continue to increase capacity. However, most container operators,
including Kawasaki Kisen, are eager to increase prices following
significant losses. Also, Standard & Poor's expects earnings in
Kawasaki Kisen's car carrier business to improve steadily on the
back of a recovery in production at Japanese automakers. At the
same time, company management has frozen new capital expenditure
on fleet expansion to improve the company's financial standing,"
S&P said.

"We may consider lowering the ratings on Kawasaki Kisen if
weakness in the shipping market results in a larger loss than the
company expects in fiscal 2011. Another loss or negative free
cash flow in fiscal 2012 would further pressure the ratings. On
the other hand, we may revise the outlook to positive if we
become more confident that Kawasaki Kisen can lower its debt to
EBITDA to below 4x. Given the severity of the current business
environment, however, we believe the possibility of such an
outcome is low," S&P said.


OMEGA CAPITAL: S&P Lowers Rating on Class 5Y-B Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its rating on the class 5Y-B secured notes issued
under Omega Capital Investments PLC's series 48 transaction.

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

            Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

Rating Lowered
Omega Capital Investments PLC
Series 48 secured notes
Class     To            From            Issue amount
5Y-B      CC (sf)       CCC- (sf)       JPY1.0-bil.

The transaction's closing date was June 6, 2007.


SILK ROAD: S&P Raises Rating on Class B1-U Notes to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Silk
Road Plus PLC's series 2, 5, 6, and 10 synthetic collateralized
debt obligation (CDO) transactions, and removed the ratings from
CreditWatch with positive implications. "In addition, we affirmed
our rating on the Corsair (Jersey) No. 2 Ltd. series 45 credit
default swap (CDS) transaction and removed the rating from
CreditWatch with negative implications," S&P said.

"The rating actions are part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. These actions
incorporate, among other things, the effect of rating migration
within reference portfolios," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE
Silk Road Plus PLC
Limited-recourse secured floating-rate
credit-linked notes series 2 class B1-U
To            From                   Issue amount
B+ (sf)       B (sf)/Watch Pos       $70.0 mil.

Limited recourse secured floating-rate
credit-linked notes series 5 class C1-J
To           From                    Issue amount
B (sf)       B- (sf)/Watch Pos       JPY1.0 bil.

Limited-recourse secured variable return combination
credit-linked notes series 6 class B3-U
To                From                       Issue amount
B+pNRi (sf)       BpNRi (sf)/Watch Pos       $14.0 mil.

Limited recourse secured floating-rate credit-linked
notes series 10 class A1-E
To            From                     Issue amount
BB (sf)       BB- (sf)/Watch Pos       EUR10.0 mil.

RATING AFFIRMED, REMOVED FROM CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Series 45 credit default swap
To              From                      Amount
Bsrp (sf)       Bsrp (sf)/Watch Neg       JPY3 bil


TITAN JAPAN: S&P Lowers Class A Floating-rate Bond Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
class A floating-rate bonds issued under the Titan Japan, Series
1 GK (Titan) transaction to 'BB (sf)' from 'BBB (sf)'. "The
rating remains on CreditWatch with negative implications, where
it was placed on Nov. 29, 2011. "At the same time, we lowered the
rating on class B to 'CCC (sf)' from 'B- (sf)' and the rating on
class C to 'CCC- (sf)' from 'CCC (sf)', and affirmed the 'CCC-
(sf)' rating on class D," S&P said.

"Only four loans remain of the six loans that backed the
transaction when the bonds were issued in December 2007. In
October 2010, we lowered our assumption with respect to the
likely collection amount from the properties backing two of the
remaining loans (effectively one loan because the two loans are
in cross-collateral and cross-default) to about 53% of our
initial underwriting value. These two loans, which originally
represented about 64% of the total initial issuance amount of the
bonds, defaulted at their maturity in November 2010. The two
loans were backed by a portfolio of suburban shopping centers,
which are to be sold in bulk within a period of 11 months until
the legal final maturity date in November 2012. Given the asset
type of the underlying properties and the size of the portfolio,
it is our view that the recovery prospects for the properties are
under increasing stress. The downgrades of classes A to C reflect
that we have further lowered our assumed likely collection amount
to 43% of our initial underwriting value. We affirmed the rating
on class D because we had already lowered it to 'CCC- (sf)'," S&P
said.

"The rating on class A remains on CreditWatch negative,
reflecting our view that the stress on the likely collection
amount may increase further, depending on the status of property
sales. We intend to review our rating on class A after
considering factors such as progress in the sales of the
properties in question," S&P said.

Titan is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The bonds were originally secured by six
nonrecourse loans extended to six obligors. The nonrecourse loans
were initially backed by 43 real estate properties or real estate
beneficial interests. The transaction was arranged by Credit
Suisse Securities (Japan) Ltd., and Premier Asset Management Co.
acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
November 2012 for the class A bonds, and the full payment of
interest and ultimate repayment of principal by the legal
maturity date for the class B to D bonds," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com

Rating Lowered, Kept On CreditWatch Negative
Titan Japan, Series 1 GK
JPY125.8 billion floating-rate bonds due Nov. 2012
Class    To                   From                  Initial issue
amount
A        BB (sf)/Watch Neg    BBB (sf)/Watch Neg    JPY90.2 bil.

Ratings Lowered
Class    To           From        Initial notional principal
B        CCC (sf)     B- (sf)     JPY12.1 bil.
C        CCC- (sf)    CCC (sf)    JPY11.8 bil.

Rating Affirmed
Class    Rating       Initial notional principal
D        CCC- (sf)    JPY11.7 bil.


===============
M A L A Y S I A
===============


ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes
--------------------------------------------------------
Fitch Ratings has affirmed Officedge India Pvt. Ltd.'s National
Long-Term rating at 'Fitch BB(ind)' with a Stable Outlook. A list
of additional rating actions is provided at the end of this
commentary.

The affirmation reflects Officedge's continued comfortable credit
profile and strong liquidity. In FY11, the company's financial
leverage (total adjusted debt/op. EBITDAR) improved to 0.4x from
1.5x in FY10; however, interest coverage (op. EBITDA/gross
interest expense), though comfortable, declined to 4.3x from
18.7x due to a rise in interest costs as working capital limits'
utilization increased to around 35% from around 10%. Working
capital utilization at end-October 2011 was around 60%. Cash flow
from operations (CFO) has largely been positive in the past three
years except in FY10, when increased inventory led to a negative
CFO.

The ratings also reflect Officedge's standing as a supplier of
speciality chemicals to HUL's personal care products division for
over five-years. HUL has a strong credit quality and demonstrated
record of timely payments. The ratings also benefit from limited
inventory risk as purchasing is undertaken on HUL's defined
production schedules at negotiated product prices.

The ratings, however, remain constrained by the high customer
concentration risk, with Hindustan Unilever Limited (HUL, 'Fitch
AAA(ind)'/Stable) being Officedge's only customer, and the
absence of any formal agreement between Officedge and HUL. The
ratings are further constrained by the low entry barriers in the
domestic chemical industry and Officedge's low operating EBITDA
margins, which remained flat at around 2% over FY10-FY11 (year-
end: March).

Negative rating guidelines include any significant reduction in
business from HUL, Officedge's leverage exceeding 4x and interest
coverage falling below 2x. Positive rating guidelines include a
diversification in Officedge's customer base - which would reduce
its dependence on HUL - while maintaining the current level of
profitability and leverage.

Established in 2003, Officedge supplies speciality chemicals to
57 HUL plants across India including the second- and third-party
manufacturers of HUL's products. In FY11, the company's revenues
grew by 10% yoy to INR565 million and earned a net income of
INR10.1 million (INR9.7 million).

Fitch has also affirmed Officedge's bank loan ratings as follows:

- INR40 million fund-based facility: affirmed at 'Fitch BB(ind)'
- INR10 million non-fund based facility: affirmed at
  'Fitch A4+(ind)'


MALAYAN BANK: Fitch Places Individual Rating at 'B/C'
-----------------------------------------------------
Fitch Ratings has assigned Malayan Banking Berhad's 15-year
JPY10bn fixed rate notes a Long-Term rating of 'A-'.  The notes
are issued under Maybank's USD2 billion multicurrency medium term
note programme.

The notes are rated at the same level as Maybank's 'A-' Long-Term
Foreign-Currency Issuer Default Rating (IDR) as they constitute
direct and unsecured obligations of Maybank, and hence rank
equally with all its unsecured and unsubordinated obligations.
The net proceeds are intended for Maybank's working capital,
general banking and other corporate purposes.

The full list of Maybank's ratings is as follows:

  -- Long-Term Foreign-Currency IDR: 'A-'; Outlook Stable;
  -- Long-Term Local-Currency IDR: 'A-'; Outlook Stable;
  -- Viability Rating 'a-';
  -- Individual Rating 'B/C';
  -- Support Rating '2'; and
  -- Support Rating Floor 'BBB'.


NAVIN GEMS: Fitch Migrates Rating on Two Note Classes to 'D'
------------------------------------------------------------
Fitch Ratings has migrated India-based Navin Gems's 'Fitch
D(ind)' National Long-Term Rating to the "Non-Monitored"
category.  This rating will now appear as 'Fitch D(ind)nm' on the
agency's website.

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 Navin Gems.  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".

Fitch has also classified Navin Gems's following bank loan
ratings as non-monitored:

  -- INR390 million export-packing credit limits: migrated to
     'Fitch D(ind)nm' from 'Fitch D(ind)'

  -- INR940 million post-shipment credit limits: migrated to
     'Fitch  D(ind)nm' from 'Fitch D(ind)'


PARIKH FABRICS: Fitch Migrates Rating on Two Loan Classes to 'D'
----------------------------------------------------------------
Fitch Ratings has migrated India-based Parikh Fabrics Pvt Ltd's
'Fitch D(ind)' National Long-Term Rating to the "Non-Monitored"
category.  This rating will now appear as 'Fitch D(ind)nm' on the
agency's Web site.

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 Parikh.  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".

Fitch has also classified Parikh's following bank loan ratings as
non-monitored:

  -- INR220 million cash credit limits: migrated to 'Fitch
     D(ind)nm' from 'Fitch D(ind)'

  -- INR580 million term loans: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'


RAMA PHOSPHATES: Inadequate Info Cues Fitch to Withdraw D Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Rama Phosphates Ltd's
(RPL) National Long-Term rating of 'Fitch D (ind)nm'.
Simultaneously, the agency has withdrawn the rating on RPL's
INR100m preference share programme of 'Fitch D (ind)nm'.
The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of Rama Phosphates.


WORKHARDT LTD: Inadequate Info Cues Fitch to Withdraw Ratings
-------------------------------------------------------------
Fitch Ratings has withdrawn India-based Wockhardt Limited's
National Long-Term rating of 'Fitch D(ind)nm'.  Simultaneously,
the agency has withdrawn Wockhardt's bank loan ratings as
follows:

  -- INR2,000 million long term non-convertible debenture
     programme: 'Fitch D(ind)nm'; rating withdrawn

  -- INR2,500 million long-term loans and INR2,500m non fund-
     based cash credit facilities: 'Fitch D(ind)nm'; rating
     withdrawn

-- INR1,450 million non fund-based limit: migrated to 'Fitch
    D(ind)nm'; rating withdrawn

The rating has been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of Wockhardt.


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


DEVELOPMENT BANK: Moody's Gives (P)B1 Rating to Prospective Debt
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P)B1 to the prospective debt issuance program of the
Development Bank of Mongolia. Debt issued under this program will
benefit from a full guarantee by the government of Mongolia. The
rating outlook is stable, in line with the issuer rating of the
government.

Ratings Rationale

The newly established Development Bank of Mongolia's payment
obligations will carry an explicit, irrevocable and unconditional
credit guarantee of the government of Mongolia. Since Moody's
considers that the commitment of the Mongolian government to back
the issuer's obligations is no lower than its commitment to
service its own bonds, the Development Bank of Mongolia's debt
will be ranked pari passu with other senior, unsecured debt
issuances of the government of Mongolia. Thus, such obligations
justify a rating at the same level as the government of Mongolia.

Rating Support Factors

The government of Mongolia's B1 government bond rating reflects
relatively low economic and institutional strengths, moderate
government financial strength and a high susceptibility to
economic event risk. Government finances and the external balance
of payments are heavily dependent on global copper and gold
prices.

The enactment into law of a fiscal responsibility rule in 2010
holds promise for avoiding future boom-bust cycles in government
finances and in remedying past weakness and inconsistency in the
conduct of economic policies. A strengthening of policy
performance was demonstrated by the government's successful
completion of its 18-month IMF Stand-By Arrangement in September
2010.

The exploitation of the Oyu Tolgoi copper field and other large
mineral deposits, such as Tavan Tolgoi's high-grade coking coal,
will lead to significant structural changes in the economy and
provide a windfall to government finances from 2013 onwards based
on the current state of developments.

What Could Change the Rating - Up

A raising of the government's rating, which could be prompted
from an ability to maintain firm and prudent economic policies as
demonstrated by macroeconomic stability, fiscal soundness and
reduced vulnerability to boom-bust cycles.

What Could Change the Rating - Down

A lowering of the government's rating or a material change in the
government's guaranty that is unfavorable to creditors.

The government's rating could come under downward pressure from:
a relapse into macroeconomic instability; a collapse of the newly
adopted policy framework arising from an inability to maintain
fiscal discipline against rising social welfare demands or from
failure to implement fully key provisions of the fiscal
responsibility law in 2013-2014; or from a major setback in the
development of strategic mining projects from either political or
economic factors.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.

Other Factors used in this rating are described in Moody's
Identifies Core Principles of Guarantees for Credit Substitution
published in September 2010.

This rating does not immediately apply to any individual notes
issued under the program. Ratings on individual notes issued
under the program are subject to Moody's satisfactory review of
the terms and conditions set forth in the final prospectuses,
supplements, or offering memorandums of the notes to be issued.

Furthermore, Moody's does not intend to assign the program rating
to individual notes issued under the program with features linked
to the performance of another obligor (credit-linked notes) or to
notes for which payment of principal and/or interest is variable
and contractually dependent on the occurrence of a non-credit-
linked event or the performance of an index (non-credit-linked
notes), except for notes whose principal and coupon payments are
affected by standard sources of variation (see Moody's Rating
Methodologies and Implementation Guidance, "Moody's Revised
Update on Rating Debt Obligations with Variable Promises," July
2010).


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


CORONET PEAK: Hotel Placed in Liquidation
-----------------------------------------
Tracey Roxburgh at Otago Daily Times reports that the company
behind Coronet Peak Hotel has been placed in liquidation, with
the February 22 Canterbury earthquake described as the "death of
the business."

The report relates that the three-star hotel, with 75 guest
rooms, was operated by Coronet Peak Hotel Ltd, which the
Companies Office has flagged as "in liquidation."  It also
contains a restaurant, two bars and a Strike Bowl bowling alley.

According to the report, liquidators Christopher McCullagh --
anthony.mccullagh@pkfcr.co.nz -- and Stephen Lawrence --
steve.lawrence@pkfcr.co.nz -- of PKF Corporate Recovery and
Insolvency, were appointed on Dec. 20.

Otago Daily discloses that the first liquidators' report, dated
Dec. 21, said Coronet Peak Hotel Ltd operated the hotel from
premises it leased from Coronet Alpine Ltd from late 2006 until
July this year.

In November last year, the report recalls, CPHL filed a claim
against Coronet Alpine for damages suffered because of a lack of
maintenance of the buildings.  On March 1 this year, Coronet
Alpine filed a statement of defence together with a counterclaim.
The parties agreed on a settlement on June 30, which became
effective on July 1, the report notes.

According to Otago Daily Times, the liquidators' report said the
settlement provided for termination of the lease, the assignment
of the chattels and other assets to Alpine, and the payment of
NZ$65,000 by CPHL to Coronet Alpine.

Following the settlement, Otago Daily Times relates, the company
was unable to continue operating as a hotel, as it no longer
leased the premises and no longer had any operating assets."

Otago Daily Times recalls that on September 1 a "creditor
compromise proposal" was put to CPHL's creditors, which was not
accepted.  "As a result, the directors and shareholders put the
company in liquidation.

The report relates that Mr. McCullagh and Mr. Lawrence said they
had yet to determine why the business had failed.  They had
frozen the company's bank accounts, the liquidators said.

Fifty-seven creditors were listed, with the only preferential
creditor as of December 20 the Inland Revenue Department, which
was owed about NZ$281,925, according to Otago Daily Times.

Unsecured creditors, as at December 20, were owed NZ$1,244,665 in
total, and comprised trade creditors (NZ$92,846); BNZ term loan
(NZ$400,000); BDM Enterprises loan (NZ$15,000); and Dold Trust
loan (NZ$736,819), the report discloses.

The company had NZ$71,597 in assets available to preferential
creditors, including NZ$10,337 cash, the report adds.


CRAFAR FARMS: Chinese Bidder Gets Jan. 31 Offer Deadline
--------------------------------------------------------
Fairfax NZ News reports that the Overseas Investment Office won't
say whether it will enable aspiring Crafar farms buyer Shangahi
Pengxin to meet a January 31 deadline for the deal, imposed by
Crafar receivers.

According to the report, receivers KordaMentha have announced the
Chinese company has a "final" deadline of the end of next month
to make its preferential offer for the 16 North Island dairy
farms unconditional, or the deal will lapse.

Fairfax NZ relates that the OIO, a Government agency, said it was
aware of the deadline, and while it had now received information
from Pengxin it had been waiting for, could not say when it would
be ready to make a recommendation to Cabinet Ministers.

The news agency notes that the receivership of the 8,000 hectares
of farmland is now dragging into its third year and Pengxin,
which has made the application to purchase the farms in the name
of Milk New Zealand Holding, has been waiting nearly 9 months for
an answer from the OIO.

Meanwhile, FairfaxNZ reports that Taranaki farmer Theresa
Nicholas said last week that a group of "low key" farmers she
could give no details about, had approached the receivers with an
offer for the Crafar farms which topped all other bids.

Ms. Nicholas said Pengxin's purchase deal was for NZ$200 million
and her group's offer was conditional on Pengxin's application to
the OIO being cancelled, the report relates.

Fairfax NZ says Ms. Nicholas was unable to give any other
information about her group's interest, other than to say it was
seeking overseas funds.

Pengxin's New Zealand spokesman Cedric Allan said the company was
confident it could meet the deadline and buy the farms, the
report adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny -- mstiassny@kordamentha.com -- and
Brendon Gibson -- bgibson@kordamentha.com -- in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


                             *********

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

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

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


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

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

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

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

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





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