TCRAP_Public/120111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, January 11, 2012, Vol. 15, No. 8

                            Headlines


A U S T R A L I A

HP STEEL: Up For Sale After Parent Firm Placed in Receivership
LIFESTYLE INVESTOR: ASIC Ruling Sparks Firm's Collapse
* AUSTRALIA: ATO, Insolvency Expert See Rise in Company Failures


H O N G  K O N G

LADY ANGELICA: Placed Under Voluntary Wind-Up Proceedings
LADY BUTTERCUP: Placed Under Voluntary Wind-Up Proceedings
LADY CHERRY: Placed Under Voluntary Wind-Up Proceedings
LADY DAISY: Placed Under Voluntary Wind-Up Proceedings
LADY ERICA: Placed Under Voluntary Wind-Up Proceedings

LADY FOXGLOVE: Placed Under Voluntary Wind-Up Proceedings
LOCO HK: Creditors' Proofs of Debt Due Feb. 6


I N D I A

ABS MERCANTILE: ICRA Reaffirms '[ICRA]BB' Fund Based Loan Rating
ALUPRO BUILDING: ICRA Cuts Rating on INR18cr Loan to '[ICRA]D'
CENTAUR PHARMACEUTICALS: ICRA Rates INR27.74cr Loan at '[ICRA]BB'
GLITTEK GRANITES: ICRA Cuts Rating on INR3.73cr Loan to '[ICRA]D'
H.R. STEELS: ICRA Revises Rating on INR22cr Loan to '[ICRA]BB+'

INDIA TELECOM: ICRA Cuts Rating on INR575cr Loan to '[ICRA]D'
JAY MAHESH: ICRA Assigns '[ICRA]BB' Rating to INR270.5cr Loan
KINGFISHER AIR: Defaults on Interest Payments to Two Banks
KINGFISHER AIRLINES: Chairman Asks Government for Finc'l. Help
PLETHICO PHARMA: ICRA Rates INR188.65cr Loan at '[ICRA]BB+'

RAJ RATAN: ICRA Cuts Long Term Rating to '[ICRA]B'
RAMAN ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR4cr Bank Loan
ROYAL CARBON: ICRA Cuts Rating on INR21cr Term Loan to '[ICRA]D'
RUBY BUS: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
SAHYADRI AGRO: ICRA Cuts Rating on INR41.27cr Loan to '[ICRA]B'

SRI VIJAYALAKSHMI: Fitch Rates INR30-Mil. Based Limits at 'B'
SUPER PLASTIC: ICRA Cuts Rating on INR14.1cr Loan to '[ICRA]BB+'
TEXCOMASH INT'L: Fitch Withdraws 'B' Rating on INR650MM Limits
VIABAN EXIM: ICRA Suspends '[ICRA]BB' Long Term Rating


I N D O N E S I A

* INDONESIA: Fitch Ups Rating on LTFR & IDR to 'BBB-' From 'BB+'


J A P A N

ETHICAL CDO: S&P Lowers Rating on Floating-Rate Notes to 'D'
JAPAN AIRLINES: Faces Competition Amid $6.5-Bil. IPO Plan
TOKYO ELECTRIC: Government May Buy Utility's Common Shares
TOKYO ELECTRIC: Banks to Stark Talks on JPY1 Trillion Add'l. Loan


K O R E A

SSANGYONG CORP: Mahindra to Make Autos in China, Brazil, Russia


S I N G A P O R E

ST CAPITAL: Creditors' Proofs of Debt Due Feb. 6
TERACOTT PTE: Creditors' Proofs of Debt Due Feb. 6
TENTAT HOLDINGS: Court to Hear Wind-Up Petition on Jan. 20
YIP AND BOO: Creditors' Proofs of Debt Due Feb. 6


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


HP STEEL: Up For Sale After Parent Firm Placed in Receivership
--------------------------------------------------------------
SmartCompany reports that HP Steel, one of Australia's largest
steel drum manufacturers, has been put up for sale after its
parent company, which is also one of the country's largest
plastics manufacturers, was placed into receivership last month.

HP Steel, which is part of the HP Group of companies, has been
put up for sale by receivers PricewaterhouseCoopers.

Greg Hall -- greg.hall@au.pwc.com -- and Michael Fung --
michael.fung@au.pwc.com -- of PwC were appointed as receivers and
managers last month, and are calling for expressions of interest.

"We are hopeful of identifying the best party by Monday, and then
hopefully entering into a contract to sell the company as a going
concern," Mr. Hall told SmartCompany.

But the call for expressions of interest comes a month after HP
Industries was placed in receivership on December 6, with
Christopher Hill -- chill@ppbadvisory.com -- and Alan Hayes --
ahayes@ppbadvisory.com -- of PPB appointed as administrators
along with Hall and Fung from PwC.

"The business is under-capitalised and that is the main factor
that has led to the decision to appoint Receivers and Managers
and Voluntary Administrators," Mr. Hall said at the time,
SmartCompany reports.  Mr. Hall further explained on Monday the
business was burdened by a significant amount of debt which led
to the receivership.

Both HP Plastics and another division of the company, formerly
titled Amcor PET, have been sold, the report notes.

HP Group employs more than 300 people in its various divisions,
with HP Plastics and HP Steel the main components of the
business.  HP Steel manufactures steel drums for the industrial,
chemical, oil and food industries.


LIFESTYLE INVESTOR: ASIC Ruling Sparks Firm's Collapse
------------------------------------------------------
Gold Coast Bulletin News reports that businessman Rob Wilson has
been forced to sell his share trading business Lifestyle Investor
Services and do a deal with creditors for more than $1 million in
debts after his business ground to a halt.

The Bulletin relates that the trouble started in August when the
Australian Securities and Investments Commission insisted on an
enforceable undertaking (EU) with Mr. Wilson to stop making
claims with investors about returns and to refund any clients
that might have invested because of the promises made.

Lifestyle Investor Services was also forced to advertise the EU
in a prominent position on its Web site, the report says.

"We are a web-based business, so it caused a flood of people
wanting refunds," the Bulletin quotes Mr. Wilson as saying.
"And our sales virtually stopped."

The report says the hardest part for Mr. Wilson was that more
than 43 staff he employed lost their jobs.

According to the Bulletin, Mr. Wilson said he was on the verge of
doing a deal with a US company to sell Lifestyle Investor
Services for $23 million when ASIC got involved and the offer was
then withdrawn.

Mr. Wilson has enlisted the help of insolvency specialist Paul
Scott, from Company Recoveries, in settling the company's debts,
the report relays.

Mr. Wilson's clients were handed over to Investment Capital
Systems when it purchased the business.

Lifestyle Investor Services offered financial training in
Australia.


* AUSTRALIA: ATO, Insolvency Expert See Rise in Company Failures
----------------------------------------------------------------
Myriam Robin at SmartCompany reports that tax commissioner
Michael D'Ascenzo has foreshadowed the rise in insolvencies this
year, reportedly telling public service union officials that the
agency would need to beef up its resourcing in debt collection
areas.

SmartCompany relates that the comments were made at a meeting
with union officials to discuss the effects of the Government's
November "mini-budget".

SmartCompany, citing the Australian Financial Review, reports
that the Australian Taxation Office said in a union briefing that
"the current financial climate and recent case outcomes may
require some adjustment to workloads and processes to meet
commitments."

Insolvencies have fallen slightly for the past two months, but
managing director of business turnaround firm Vantage Performance
Michael Fingland agrees with the Tax Office that in 2012,
insolvencies would certainly increase, says SmartCompany.

"There'll definitely be a rise, and it will be significant,"
SmartCompany quotes Mr. Fingland as saying.  "There will be a
wave of insolvencies that have been held back for a year or two
because of a generous ATO stance [to chasing owed taxes] and
waves of stimulus. This year will see the collapse of businesses
that should have collapsed in 2010."


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


LADY ANGELICA: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Angelica Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LADY BUTTERCUP: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Buttercup Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LADY CHERRY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Cherry Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LADY DAISY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Daisy Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LADY ERICA: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Erica Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LADY FOXGLOVE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2011,
creditors of Lady Foxglove Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Lar Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


LOCO HK: Creditors' Proofs of Debt Due Feb. 6
---------------------------------------------
Creditors of Loco Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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


ABS MERCANTILE: ICRA Reaffirms '[ICRA]BB' Fund Based Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to the
INR5.50 Crore fund based facilities, INR1.55 Crore term loans and
INR6.45 Crore unallocated facilities of ABS Mercantile (P) Ltd.
ICRA has also reaffirmed '[ICRA]A4' rating assigned to the
INR2.00 Crore non fund based facilities of AMPL . ICRA has
retained "Stable" outlook for the long term rating.

The rating reaffirmation takes into account the promoters'
experience, established relationships in the pharmaceutical
industry and exclusive marketing contracts with key suppliers.
The ratings also factor in the fact that the company is an
authorised dealer of Tata Motors and Fiat India, leading OEMs in
the passenger car segment in India. The ratings, however,
continue to be constrained by the company's high dependence on
APL, its low profit margins as well as its weak financial risk
profile characterised by high gearing and low debt coverage
indicators. Going forward, the company's ability to maintain its
financial risk profile would remain key rating sensitivity.

                       About ABS Mercantile

Established in 1997, ABS Mercantile Private Limited is engaged in
the activity of marketing and representing Pharmaceuticals
companies as their selling agent.  Initially, the company had
started with only a single principal (Aurobindo Pharma Limited)
but over the years it has been able to associate with many big
bulk and API manufacturers. To ensure the timely supply and
availability, AMPL has set up warehouses in Baddi (Himachal
Pradesh), Roorkee (Uttarakhand) and Gurgaon (Haryana) to cater to
the need of the pharmaceutical industries based in those
locations. The company has diversified its business by opening an
auto dealership (Tata and Fiat Auto) in Gurgaon during 2009. The
company, thus, is currently present in two segments viz. Pharma
trading and Auto dealership.

Recent Results:

In H1 2011-12 (provisional financials), AMPL recorded operating
income of INR68.1 crore. The company recorded an operating profit
before tax of INR1.4 crore.


ALUPRO BUILDING: ICRA Cuts Rating on INR18cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR18 crore
fund based limits of Alupro Building Systems Pvt Ltd from
'[ICRA]BBB-' to '[ICRA]D'.  ICRA has also revised the short term
rating assigned to INR28 crore non fund based limits of Alupro
from '[ICRA]A3' to '[ICRA]D'.

The ratings revision factors in the current delay in bank account
servicing by Alupro. There is a significant outstanding against a
single project executed by the company (Delhi International
Airport Limited) in the year 2008-09, the claim for which is
currently under arbitration. Besides, while revising the ratings,
ICRA has taken note of the significant deterioration in the
company's profitability indicators and gearing ratio. ICRA
however, continue to derive comfort from Alupro's track record in
handling of large facade work.

                         About Alupro Building

Established in the year 2000, Alupro specializes in producing and
installing curtain walls, other facade requirements doors and
windows. The company has its origin in Pushpdeep Enterprises
(PDE), a partnership firm set up in 1986 for fabrication of
aluminum windows and curtain walls. Till the year 2000, the
firm's scale of operation was small. In the year 2000, the
promoters of PDE founded Alupro which entered into license
agreement with Aluk Engineering Spa from Italy to use, develop
and market their facade systems in India. Over a period of time,
Alupro has established its own design capability. In the year
2007, PDE was merged with Alupro. Currently, facade engineering
and fabrication of aluminum doors and windows are two main
segments of the company's operation.

During 2010-11, the company recorded a net loss of INR0.04 crore
on an operating income of INR44.50 crore.


CENTAUR PHARMACEUTICALS: ICRA Rates INR27.74cr Loan at '[ICRA]BB'
-----------------------------------------------------------------
An '[ICRA]BB' rating has been assigned to the INR27.74 crore,
term loans and the INR40.00 crore, long-term. Fund-based
facilities of Centaur Pharmaceuticals Private Limited.  An
'[ICRA] A4' rating has also been assigned to the INR12.26 crore,
short-term, non- fund based facilities of CPPL. The outlook on
the long-term rating is stable.

The ratings factor in the vast experience of the promoters in the
Pharmaceutical Industry and the well diversified business model
of CPPL supported by branded formulations business (in India and
semi-regulated markets), Active Pharmaceutical Ingredients (APIs)
(regulated markets) and backward integration with presence in
Contract Research and Contract Manufacturing.

The ratings, are however, constrained by the moderate
profitability indicators of the company, competitive pressures in
the domestic formulations business, high concentration risk with
its top two brands Sinarest and Kofarest contributing -72.5% of
total formulation sales and under-utilization of CRAMS business
capacity which is currently draining the profitability of the
company.

                    About Centaur Pharmaceuticals

Centaur Pharmaceuticals Private Limited is an integrated
pharmaceutical company with presence across research,
manufacturing and marketing of formulations and APIs. CPPL
primarily caters to the domestic and semi-regulated markets in
the formulations business. A majority of CPPL's domestic
formulation revenues are derived from anti-cold and anti-cough
therapies (Sinarest and Kofarest brands, respectively). In the
API business, CPPL's focus is on developing molecules for
regulated markets which require multi-step synthesis and are used
for drugs in chronic therapeutic segments like CNS, CVS and anti-
diabetic. The company has also entered the CRAMS business by
first setting up a bio-availability (BA)/ bio-equivalence (BE)
lab at Mumbai in 2006 and later the Contract Manufacturing unit
at Pune in 2007.

Nearly 77% shares of CPPL are held by the Promoters and their
relatives, while 23% shareholding is with Private Equity
investor, SIDBI Venture Capital Limited who had invested in 2008.

Recent Results

For the six months ending September 30, 2011 (unaudited), CPPL
has reported a profit before tax of INR2.54 core on an operating
income of INR110.63 crore. As per the audited results for FY
2011, CPPL reported a profit after tax (PAT) of INR6.08 crore on
an operating income of INR188.56 crore as compared to a PAT of
INR11.70 crore on an operating income of INR161.16 crore in FY
2010.


GLITTEK GRANITES: ICRA Cuts Rating on INR3.73cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has revised the rating assigned to INR3.73 crore (Reduced
from INR4.96 crore) fund based bank facilities of Glittek
Granites Limited to '[ICRA] D' from '[ICRA] BB'.

The rating downgrade reflects delays in debt servicing by GGL in
the recent past. GGL has moderate scale of operations in the
highly fragmented and intensely competitive granite industry.
GGL's financial profile is weak characterized by moderately high
gearing and stretched working capital intensity as reflected by
NWC/OI of 72% during FY 11. Also, GGL being 100% export oriented
unit (EOU) is exposed to any adverse movements in exchange rates
in terms of added pressure on revenues and profits. Lack of
captive operative quarries and still high geographic
concentration of revenues from the US markets continue to remain
credit concerns. ICRA however takes note of the significant
experience of Glittek's promoters in the granite industry and its
long-term relationship with its customers.

                      About Glittek Granites

Glittek Granites Limited, incorporated in 1990 as a public
limited company, is a 100% EOU engaged in the business of
processing and exporting of granite slabs and tiles. The company
is promoted by Mr. Bimal K Agarwal, Mr. Kamal K Agarwal, and Mr.
Ashok Agarwal. As on March 31, 2010, the promoters together hold
63.87 of the equity while the rest is held by institutional
investors and public. In 2008-09, the company expanded its
processing capacity from 93,000 sqm to 351,000 sqm per annum.
Glittek procures raw material from external parties.

Recent Results:

GGL reported a profit after tax (PAT) of INR0.28 crore on an
operating income of INR19.05 crore in 2010-11.


H.R. STEELS: ICRA Revises Rating on INR22cr Loan to '[ICRA]BB+'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR22.00 crore
fund based facilities of H.R. Steels Private Limited to
'[ICRA]BB-' from '[ICRA]BB+'.  The outlook on the long-term
rating is stable.

The rating revision takes into account HRS's deteriorated
operational and financial performance as indicated by its low
profitability, its high gearing levels and its modest debt
protection indicators. The rating however continues to take into
account relatively moderate scale of operations and high
competitive intensity of the steel bars industry. The rating also
takes into consideration the susceptibility of the business to
adverse movements in raw material prices. However, the rating
draws comfort from the long track record of the company;
experience of the promoters in the steel industry; and long
relationship of the company with its customers, which are mainly
real estate and infrastructure players.

HRS is a private limited company incorporated in 1995 by Mr.
Harish Dang. The company is engaged in manufacturing of Thermo-
mechanically Treated (TMT) bars at its plant in Bhiwadi in
Rajasthan. The installed capacity of the plant is 60000 tonnes
per annum (TPA) of TMT bars. The company sells steel bars under
the brand name 'Trimurti'.

In 2010-11, HRS achieved an operating income of INR104.0 crore
and net profit of INR0.04 crore in comparison to operating income
of INR130.4 crore and net profit of INR0.80 crore during 2009-10.


INDIA TELECOM: ICRA Cuts Rating on INR575cr Loan to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the rating assigned to INR575 crore Term Loan
and INR25 crore Fund Based Limits of India Telecom Infra Limited
from '[ICRA}BBB-' to '[ICRA]D'.  ICRA has also revised the short
term rating assigned to INR30 crore Fund Based Limits and INR150
crore Non Fund Based Limits of ITIL from [ICRA]A3 to [ICRA]D.

The ratings revision factors in the recent delays in bank account
servicing by ITIL on account of lack of timely fund infusion by
its current/ prospective owners.  ICRA notes that ITIL is
currently in the process of getting merged with Ascend Telecom
Infrastructure Private Limited post which the ownership structure
of the entity would significantly change. IL&FS and TVS Group,
each of which currently holds 50% stake in ITIL, would become
minority shareholder in the combined entity with 19.3% share
each. New Silk Route Partners, the Private Equity firm currently
holding 100% stake in Ascend, would become the majority
shareholder with 61.4% share and would be primarily responsible
for further equity infusion in the combined entity. Considering
the significant prospective change in the ownership structure,
the support which ITIL can derive from IL&FS and TVS Group going
forward, is expected to be limited. Besides, ITIL's risk profile
continues to be adversely impacted by its modest scale of
operation, its weak financial profile, and its high cost
structure. Further, ICRA notes that the industry is highly
capital intensive and intensely competitive in nature. ICRA
however draws comfort from gradual improvement in ITIL's tenancy
ratio, its professional management team and possible cost and
marketing synergy from the proposed merger with Ascend. Going
forward, timely debt servicing by ITIL would be one the key
rating sensitivities.

ITIL is 50:50 Joint Venture (JV) between NK Tele Systems Limited
(a TVS group company) and IL&FS. The company was established in
the year 2007 as an independent passive telecom infrastructure
company and has so far built up a portfolio of nearly 2886
telecom towers which are spread across 21 circles in India (all
circles except Delhi and Mumbai). The current tenancy ratio of
the company is moderate at 1.48 times. Nearly 300 proactive sites
of the company is unoccupied. The company is proposed to be
merged with Ascend which would create a combined entity of more
than 4000 towers and nearly 1.5 tenancy. During FY2011, ITIL
incurred a net loss of INR82.5 crore on an Operating Income of
INR117.4 crore.


JAY MAHESH: ICRA Assigns '[ICRA]BB' Rating to INR270.5cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB' long term rating for INR270.50 crore
term loans and INR90.00 crore cash credit facilities of Jay
Mahesh Sugar Industries Limited.  ICRA has also assigned
'[ICRA]A4' short term rating for INR30 crore non-fund based bank
facilities of JMSIL. The long term rating carries a Stable
outlook.

The rating is constrained by the pending commissioning of the
expanded capacity of the sugar plant and the cogen plant. Any
delays over the expected commissioning date could result in lower
cash generation, which would lead to stretched liquidity position
for Jay Mahesh Sugar Industries Limited and increase its
dependence of the parent company NSL Sugars Limited (owns 99.99%
of the equity in JMSIL). ICRA also notes that the financial
closure for the expansion project is currently pending, although
immediate funding requirements are comparatively low as the cogen
plant and the sugar plant have already witnessed substantial
physical progress in implementation. Further, the Power Purchase
Agreement for 30 MW cogen is currently pending and is expected to
be finalized in January 2012. The assigned ratings also factor-in
the weakened credit profile of NSLSL (downgraded from [ICRA]BBB
(Negative)/[ICRA]A3+ to [ICRA]BBB- (Stable) [ICRA]A3 in December
2011).

However, JMSIL is expected to continue to derive operational
strength from promoter company NSLSL, whose satisfactory
operational track record and sufficient experience provides
comfort in this respect. ICRA also derives comfort from the
favorable geographical location of the plant in Beed district
which is a part of the sugar belt of Maharashtra. The area is
well-irrigated and has witnessed satisfactory recovery rates
exceeding 10.5% over the past 4 years. Sufficient command area
would help sourcing cane easily while the presence of cooperative
sugar plants in a 20 km radius would help in procurement of
Molasses and Bagasse to ensure optimum capacity utilization of
the distillery and cogen plants respectively. Also, JMSIL uses
the "Falling Film Evaporator" and "Spray Continuous Pan"
technology, and as such, consumes lesser power and steam (up to
30% lesser) than the conventional process. JMSIL is the first
company in India to use this technology, which was designed by
Spray Engineering Devices Limited (SEDL, previous owner of the
plant). This technology also results in better recovery rates,
higher than conventional process by about 0.2 to 0.4%.

Going forward, company's ability to commission the cogen/crushing
units as per expected schedule; to implement distillery unit
without any major time and cost overrun, and its ability to
source sufficient cane and Bagasse for optimum utilization of its
capacities will remain the key rating sensitivities. An
additional factor would be the ability of the company to leverage
the superior technology towards higher profitability.

                          About Jay Mahesh

Jay Mahesh Sugar Industries Limited was acquired by NSL Sugars
Limited from the previous owners Spray Engineering Devices
Limited in June 2011. Previous promoter SEDL is primarily into
engineering device manufacture and has taken over JMSIL in 2006
primarily to showcase the operational strength of its
technologies and equipment. Prior to the acquisition by SEDL, the
company had witnessed significant net worth erosion due to
operational losses.

Currently, NSLSL directly holds 99.99% equity stake in the
company and balance is held by its nominees. NSLSL is promoted by
Mr. M. Prabhakar Rao & M/s. Nuziveedu Seeds, and has a cane
crushing capacity of 6800 TCD (under expansion 13000 TCD) along
with power cogeneration and distillery. NSLSL has almost 6~7
years of experience in sugar business and has been reporting
profitable operations over all years. Given the background of the
promoters in the sugar business, the project implementation and
operational risk for the plant appears to be on medium to lower
side, as the operational performance of the NSLSL plants is very
satisfactory.

Recent Results:

JMSIL has reported an operating income of INR153.85 crore in
FY 2011 (against INR79.75 crore in FY 2010) and a net loss of
INR46.27 crore (against net profit of INR0.89 crore in FY 2010).


KINGFISHER AIR: Defaults on Interest Payments to Two Banks
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Kingfisher Airlines Ltd.
hit a new air pocket Friday, with two of its 13 lenders saying
the company has defaulted on loan payments and that its debt has
now been classified as "substandard."

                  About Kingfisher Airlines

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

                        *     *     *

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

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


KINGFISHER AIRLINES: Chairman Asks Government for Finc'l. Help
--------------------------------------------------------------
The Financial Express reports that Kingfisher Airlines chairman
Vijay Mallya has written to Civil Aviation Minister Ajit Singh
that without a temporary bank overdraft for working capital, the
airline would not be able to maintain normal operations.

The report relates that Mr. Mallya also expressed concern that if
dues to aircraft lessors are not paid soon, the leased aircraft
may need to be grounded.  The airline has also sought a 15-day
credit from Hindustan Petroleum Corporation (HPCL) to meet its
fuel requirements, the Financial Express says.

"Our lessors have gone to court in London against non-payment of
lease rentals. If we don't clear dues, our aircraft will be
grounded," Mr. Mallya wrote to Mr. Singh requesting help, the
report relays.

In the letter, seen by the Financial Express, Mr. Mallya also
recounted his earlier meeting with finance minister Pranab
Mukherjee for help.  The letter to Mr. Singh assumes significance
since he has said no airline will be allowed to wind up due to
the financial crisis.

According to The Financial Express, Kingfisher has grounded
nearly 15 planes for reasons ranging from maintenance, lease
rental delays and reconfiguration of seats.  Last week, the
report recalls, the Directorate General of Civil Aviation (DGCA)
found several lapses in the airline's safety compliance during a
financial surveillance audit.

                   Submit Plans on Aviation Safety

Meanwhile, The Economic Times reports that Kingfisher Airlines on
Jan. 9 submitted a detailed response to DGCA giving time-bound
plans to resolve the lapses and discrepancies identified.

As Civil Aviation Minister Ajit Singh asserted that there would
be no compromise on aviation safety, Kingfisher officials
submitted the airline's response at the headquarters of the DGCA
but no details were made available, the Economic Times says.

The Economic Times relates that a long list of discrepancies and
violations by various airlines, including Kingfisher, had come to
light in a financial audit carried out by DGCA which directed
them to resolve all issues in a time-bound manner.

The DGCA asked the carriers to respond to the findings this week
and take urgent action to rectify the situation, the Economic
Times notes.

                       About Kingfisher Airlines

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

                        *     *     *

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

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


PLETHICO PHARMA: ICRA Rates INR188.65cr Loan at '[ICRA]BB+'
-----------------------------------------------------------
An '[ICRA]BB+' rating has been assigned to the INR188.65 crore
term loans and INR145.00 crore ( enhanced from INR115.00 crore)
fund based facilities of Plethico Pharmaceuticals Limited. The
long term rating has been assigned a stable outlook.  An
'[ICRA]A4+' rating has also been assigned to the INR125.00 crore
(enhanced from INR15.00 crore) short term non fund- based
facilities of the company.

The assigned rating continues to factor in PPL's higher than
expected capex plans, higher receivable days for its herbal
business for the CIS, Middle East, African and Latin American
business which has led to stretched capital structure and
liquidity profile. The outstanding FCCBs, which form a large part
of existing debt, are due for redemption in 2012 -- this will
further put pressure on its liquidity and cash flow position. The
revised rating also takes into account the tepid growth in the
recent quarters, vulnerability of profits to fluctuation in
foreign exchange and the relatively weak profitability of Natrol
Inc which accounts for -45% of the total business thereby
impacting the profitability of consolidated entity.

The ratings however takes comfort from the company's established
presence in the herbal and nutraceutical market having a well
diversified geographical base and strong operating margins owing
to sales across key international markets with net margins
further supported by low tax rates. PPL's acquisition of Natrol
Inc. in October 2007 provided the company access to the US
nutraceutical market (the largest in the world) and resulted in
significant strengthening of its product portfolio.

                  About Plethico Pharmaceuticals

Plethico Pharmaceuticals Limited started its business in 1963 as
a small partnership firm and was subsequently converted into
private limited company in 1991. The company is currently engaged
in the manufacturing and marketing a range of herbal,
nutraceutical and pharmaceutical products with a presence across
international markets. Earlier, PPL also had a presence in the
domestic branded formulation market which was sold to Shreya Life
Sciences for INR105 crore in 2003 due to the largely commoditized
nature of its product portfolio consisting primarily of anti-
malarial, ant-TB and antibiotics. Subsequently, PPL decided to
shift focus towards nutraceutical and herbal products and aimed
to expand their presence in the CIS markets by acquiring stake in
six marketing and distribution companies operating under the name
of Rezlov. In October 2007, PPL acquired Natrol Inc, a Nasdaq-
listed company, for US$ 80.8 million which provided PPL with a
presence in the US nutraceutical market. Natrol manufactures and
markets branded dietary supplements, herbal tea and sports
nutrition products and accounted for 44.5% of total sales in CY
2009. In order to further strengthen its presence in the CIS
region, PPL acquired a 20% stake in Tricon Holdings FZE, a Dubai
based company having a chain of -400 retail pharmacy outlets
across CIS in December 2008. PPL has a UK MHRA approved
manufacturing facility at Kalaria, Indore in addition to a plant
at Manglia, Indore and Natrol's plant at Chatsworth, California.

Recent Results:

On a consolidated basis, PPL reported an operating Income of
INR1220.6 crore in 9M, CY11 and net profit of INR168.2 crore
leading to PAT margins of 13.8%.


RAJ RATAN: ICRA Cuts Long Term Rating to '[ICRA]B'
--------------------------------------------------
ICRA has revised the long term rating assigned to the bank lines
of Raj Ratan Smelters Ltd from the '[ICRA]BB-' to '[ICRA]B'.  The
short term rating has been reaffirmed at '[ICRA]A4'.  The ratings
revision take into account the vulnerable financial risk profile
of RRSL, given that the losses over the past years have exceeded
the company's net worth, the high dependence on unsecured loans
to meet funding requirements leading to high interest burden
given the low profitability. Ratings continue to be constrained
by RRSL's modest scale of operations and the cyclicality inherent
in iron and steel business. The ratings, however, derive comfort
from experience of the promoters in iron-and-steel manufacturing
and favorable outlook for the industry in the short-to-medium
term.

Raj Ratan Smelters Limited, incorporated in 2007, is promoted by
Mr. Hira Lal Khatri and his family members. RRSL is involved in
manufacturing of Mild steel TMT Bars. Company's manufacturing
facilities are located at Kanpur in Uttar Pradesh. The sales of
the company are primarily concentrated in Uttar Pradesh. The
company is managed by Mr. Hira Lal Khatri, Mr. Sunil Khatri, and
Mr. Jai Kishan Khatri, all of whom are directors in the company.

Recent Results:

In FY11, as per the provisional financial statements, RRSL
recorded net sales of INR62.42 crores compared to 66.15 crores
last year. The decrease in sales is on account of the change in
credit policy. RRSL's borrowings comprise working capital
borrowings of INR15.86 crores, unsecured loans of 10.5 crores and
term loans of INR1.78 crores. Net worth of the company has eroded
on account of a moderate equity capital and losses booked in
FY11.


RAMAN ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR4cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR4.0
crore fund based facilities of Raman Ispat Private Limited.  ICRA
has also assigned a short-term rating of '[ICRA]A4' to INR1.0
crores non-fund based facilities of RIPL.

The assigned ratings take into consideration RIPL's moderate
scale of operations and highly competitive and fragmented nature
of the industry which limits the pricing flexibility of the
industry participants including RIPL. This, further coupled with
vulnerability of the company's profitability to raw material
price volatility has led to thin profitability and weak debt
protection indicators. The ratings however draw comfort from the
long experience of the promoters in the steel industry; RIPL's
established customer base and recent enhancement of the
manufacturing capacity which is expected to drive the future
revenue growth.

Raman Ispat Private Limited is a private limited company engaged
in the manufacturing of mild steel ingots. The company was
promoted by Mr. R.P. Singh in 1989 and presently the business is
being managed by him and Mr. Virendra Singh Verma. RIPL's
manufacturing facility is located in Muzaffarnagar (Uttar
Pradesh) with an installed capacity of 25,000 tonnes per annum
(TPA).


ROYAL CARBON: ICRA Cuts Rating on INR21cr Term Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised downward the long term rating to the INR21 crore
term loan and INR4 crore working capital facility of Royal Carbon
Black Private Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has also
revised downward the short-term rating from '[ICRA]A4' to
'[ICRA]D' to the INR11.50 crore non-fund based facilities of
RCBPL which are sub-limit of fund based term loan facility.

The rating revision takes into account of recent delays in debt
servicing obligation during the project construction stage. The
ratings are also constrained by execution risks as evident from
delay in project execution of pyrolysis unit and consequently,
deferment in the tie-up for supplies of used tyres at cost-
competitive rate as well as technology risks given that it is yet
to be commercially proven by Jinan Eco-Energy Technology Company
Ltd, China. The ratings also factor in the significantly high
counter party credit risk exposure in case to sales to Royal
Energy Ltd. which has shut down its operations since April 2011
on account of unviable operations due to increase in raw material
prices i.e. PFAD and also due to technical difficulties faced at
the plant (using acid oil as an input).The project execution has
delayed mainly due to delays in funding tie-up resulting into
project CoD being revised to April 2012 from July 2011, and
accordingly, debt repayment terms have been amended by the
lender. The ratings further take into account promoter group's
presence in the business of bio-diesel along with its marketing
strengths, the favourable demand potential for products, i.e.
tyre oil and carbon black, as well as track record of the
equipment supplier, Jinan Eco-energy Technology Company Ltd,
based in China, of using similar process/technology in various
countries.

                      About Royal Carbon

Royal Carbon Black Private Limited, incorporated in December
2009, is promoted by Mr. Vishesh Agarwal & Mr. Suved Lohia
alongwith the equity ownership from the corporate entities i.e.
Royal Energy Ltd (which is promoted by Mr. Vishesh Agarwal - owns
bio-diesel & fuel ethanol unit) & Chhattisgarh Investments Ltd
(which is closely held by Mr. Kamal Sarda, Chairman of Sarda
Energy & Minerals Ltd, also, the father-in-law of Mr. Vishesh
Agarwal). RCBPL was formed to set up a green-field unit for
pyrolysis of used tyres, which is under implementation at
Patalganga, an MIDC zone near Mumbai. Pyrolysis means the
chemical decomposition of organic materials by heating in the
absence of oxygen. In regards to pyrolysis of used tyres, the
tyres are reduced primarily into three products; fuel oil (43%-
48% i.e. yield by volume basis), carbon black (35-38%) and steel
scrap (-8%). Non-condensable hydrocarbon gases (the balance i.e.
about 5-7%) recovered from the pyrolysis process can be reused as
a fuel source for the process furnace. The cost of the project is
estimated at INR35 Cr. for a capacity of 31,680 TPA. The project
cost is proposed to be funded through debt of INR21 Cr. and
equity of INR14 Cr. The company has incurred capital expenditure
of approx. INR30.53 Cr. as on November 2011, which account for
around 87% of the total project cost. The project is expected to
start operations by April 2012. In addition, the company has also
set up the granulation unit of 3000 TPA (i.e. rubber powder from
shredded tyre) at a cost of about INR6 Cr., which is entirely
being funded through equity, and the same has become operational
since January 2011.


RUBY BUS: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
----------------------------------------------------
The rating of '[ICRA]BB' has been reaffirmed to the INR2.63 crore
term loans facility (enhanced from INR2.14 crore) and INR27.00
crore fund based facility (reduced from INR40.00 crore) of Ruby
Bus Private Limited. The outlook on the long term rating is
stable. The rating of [ICRA]A4 (pronounced ICRA A four) has been
reaffirmed to the INR7.00 crore (enhanced from INR5.00 crore)
short term non fund based Limits of RBPL.

The ratings continue to be constrained by RBPL's highly leveraged
capital structure resulting from high working capital intensity
of its operations, low profitability and low cash accruals;
overdependence on key customers leading to client concentration
risks as well as the fragmented and highly competitive nature of
the bus body building industry which is expected to continue to
exert pressure on the company's margins. In addition to these,
the rating also factors in the susceptibility of RBPL's business
to the slowdown in the user industry (commercial vehicles) as
witnessed in the past from the relatively large losses incurred
in FY09; although current focus on the Sri Lankan market where
demand prospects are favorable and a healthy order book position
mitigates the risk to an extent.

The rating, though, favorably factors in the vast experience of
RBPL's promoters in the bus body building business, its reputed
client profile, flexibility of operations on account of contract
manufacturing coupled with strong order book and the recent
introduction of bus code which is likely to benefit organized
players like RBPL. The rating also takes into account RBPL's
recent foray into manufacturing of kits wherein the entire bus
model is made without chassis and the expansion plan to enter
luxury bus segment will have a positive effect on the bottom
line; although profitably scaling up of the operations given the
debt repayment obligations would remain a key rating sensitivity.

                           About Ruby Bus

Ruby Bus Private Limited was incorporated in the year 1947 and
has been a part of the Indian bus body building industry for over
five decades. The company which is engaged in the business of
building bus bodies was promoted by late Mr. Shantilal Kapashi,
grandfather of the current Managing Director Mr. Pankaj Kapashi.
Headquartered in Mumbai, the company has manufacturing facilities
set up at Naroda, Ahmedabad, where it employs about 900 people
and has the capacity and infrastructure to produce 3000 bus
bodies per annum. Over the years, the company, through Tata
Exports Ltd. and Ashok Leyland Ltd., has registered exports of
more than 16,000 vehicles to various countries like Sri Lanka,
Afghanistan, Ghana, among many others.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR112.78 crore and profit after tax of
INR2.12 crore.


SAHYADRI AGRO: ICRA Cuts Rating on INR41.27cr Loan to '[ICRA]B'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR41.27 crore term loan facility (reduced from INR51.61 crore)
and INR12.00 crore cash credit facility (enhanced from INR6.00
crore) of Sahyadri Agro Produce and Dairy Private Limited to
'[ICRA]B' from '[ICRA]BB+'.  ICRA has also revised the short term
rating assigned to INR4.75 crore non fund based facilities of
SAPL to '[ICRA]A4' from '[ICRA]A4+'.

The revision in ratings takes into consideration deterioration of
financial profile of the company which is reflected in lower
operating profitability and weak liquidity position. The company
has been facing hurdles in reaching the desired scale of
operations due to intense competition in the market which is also
putting pressure on profitability. The company reported net
losses during FY 2011. The revision also factors in high customer
concentration and weak bargaining power of SAPL which is putting
pressure on working capital position of the company. ICRA also
notes that gearing of the company remains high with sizeable
repayment obligations in near term. Nonetheless, the ratings
continue to be supported by the strong promoter background and
assured off-take of milk. Also, being in the milk industry, the
demand is expected to be uniform and stable in the long term.

SAPL was incorporated on May 19, 1994, with the name Dynamix Agro
and Diary Farms Private Limited. The Company was reconstituted on
August 1, 2002, with its present name. The principal promoters of
the Company are Mr. KM Goenka and Mr. Pramod Goenka, who also
have 49% shareholding in SDDL besides having interests in realty
(Dynamix Balwas Group) and Gems and Jewellery manufacturing in
Mumbai. In 2006-07, the Company forayed into the business of milk
handling for captive consumption of Schreiber Dynamix Dairies
Limited. Currently, the Company has close to 480 Bulk Coolers for
collection of fresh milk and storage from which it is transported
it to its customer premises. At present, the Company is
operational in seven districts of Maharashtra viz. Pune, Satara,
Ahmednagar, Beed, Osmanabad, Solapur, & Aurangabad. This enables
it to handle 4.5 lac litres of milk per day. To ensure quality of
milk, the Company also provides veterinary services and cattle
feed to farmers. It has also undertaken a project of setting up a
cow farm at Baramati with backward traceability of milk that
would enable it to command higher premiums. The company has set
up a cow farm at Baramati which has commenced operations.

Recent Results:

SAPL has reported net losses of INR1.88 crore in FY 2011 on an
operating income of INR264.08 crore. The company has reported
operating profit before depreciation, interest, amortization and
tax (OPBDITA) of 9.10 crore in the same period. The OPBDITA
margins of the company declined from 4.71% in FY 2010 to 3.45% in
FY 2011.


SRI VIJAYALAKSHMI: Fitch Rates INR30-Mil. Based Limits at 'B'
-------------------------------------------------------------
Fitch Rating has assigned India's Sri Vijayalakshmi Steel Traders
a National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable.  The agency has also assigned a 'Fitch B(ind)' rating to
VLST's INR250 million cash credit and INR30 million non-fund
based limits.

The ratings reflect VLST's increasing gross financial leverage
(adjusted debt/EBITDA) of 6.0x in the financial year ended March
2011 (FY10: 5.8x) and declining interest cover of 1.5x (1.8x).
The ratings are also constrained by the firm's high working
capital utilisation levels of above 90% due to the working
capital intensity of its business.  This is because VLST
maintains an approximate one month worth of inventories to meet
customer demands.  Most of its inventory is procured using cash,
while its customers are offered a credit of 20-45 days.

The ratings also reflect the company's profitable operations and
consistent EBITDA margins of 1.7% to 2.5% for the past five
years.  The ratings also consider VLST's long-standing
relationships with suppliers like Rashtriya Ispat Nigam Limited
('Fitch AA(ind)'/Stable) and Steel Authority of India
Limited('Fitch AAA(ind)'/Stable), with whom it has procurement
agreements ensuring a continuous supply of traded goods.

Negative rating action may result from net leverage exceeding
6.5x on a sustained basis.  Conversely, positive rating action
may be considered if net leverage is sustained at below 4.5x

VLST is a partnership firm established in 1999 to trade iron and
steel products. In FY11, the firm reported revenue of INR1,772.8m
(FY10: INR1,643.7m), EBITDA margins of 2.2% (2%), and net
financial leverage (adjusted net debt/EBITDA) of 5.5x (5.7x). For
H1FY12, revenue and EBITDA stood at INR1,100.7 million and
INR22.2 million, respectively.


SUPER PLASTIC: ICRA Cuts Rating on INR14.1cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR14.1 crore fund based limits of Super Plastic Coats Private
Limited from '[ICRA]BBB-' to '[ICRA]BB+'.  The outlook on the
long term rating is negative. ICRA has also revised the short
term rating assigned to the INR1.0 crore fund based limits, and
INR4.0 crore non-fund based limits of SPCPL from '[ICRA]A3' to
'[ICRA]A4+'.

The revision of SPCPL's ratings factors in the increase in its
contingent liability on account of the demands raised by income
tax (INR4.8 crore) which are significant compared to the net-
worth of the company (INR18.7 crore as on March 31, 2011). The
ratings are also constrained by SPCPL's modest scale of business
and high dependence on single supplier which also results in
product concentration risk, and counter party credit risk borne
by the company. The ratings takes support from the experience of
the company in dealership business of packaging films, strong
relationship with the supplier which ensures stable business, and
stable profitability of the company.

The 'negative' outlook on the long-term rating reflects the
expected deterioration in SPCPL's financial risk profile if the
contingent liability devolves on the company. While the company
does not expect the income tax demands to crystallize, any
adverse developments would significantly impact the financial
risk profile of the company and would remain the key rating
sensitivity.

Incorporated in 1999, SPCPL is promoted by Mr. Praveen Bansal and
is engaged in the dealership business of dealership of packaging
films from Jindal Poly Films Limited (JPFL) i.e. BOPP, BOPET, and
metalized films. Besides the dealership of films, SPCPL's
business also includes a small manufacturing operation which
consists of slitting/cutting and coating of films at its unit
located in Silvassa.

Mr. Bansal has also promoted two other companies -- Northern
Strips Limited and Allied Poles (India) Limited (APIL). APIL is a
wholly-owned subsidiary of SPCPL and is engaged in the
manufacturing of steel and PVC pipes. NSL has similar business
profile as SPCPL and deals in packaging films manufactured by
JPFL.

Recent Results:

In the financial year ending March 31, 2011, SPCPL had an
operating income of INR38.5 crore on which it earned a Profit
after Tax (PAT) of INR1.54 crore.


TEXCOMASH INT'L: Fitch Withdraws 'B' Rating on INR650MM Limits
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Texcomash International
Limited's 'Fitch B(ind)nm' National Long-Term rating.  The agency
has also withdrawn the 'Fitch B (ind)nm'/'FitchA4(ind)nm' ratings
on TIL's INR650m fund-based working capital limits.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of TIL.


VIABAN EXIM: ICRA Suspends '[ICRA]BB' Long Term Rating
------------------------------------------------------
ICRA has suspended the '[ICRA]BB' rating and '[ICRA]A4' rating
assigned to the INR10.00 crore, long term and short term fund
based facilities of Viaban Exim Pvt. Ltd.  The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Established in 2004, VEPL is a government recognized export house
engaged in the business of trading in agricultural commodities
and building materials. VEPL deals in exports of agro commodities
like spices and oilseeds and building material like ceramic
tiles, granites and marbles. Spices like chillies, turmeric and
coriander and oilseeds like sesame seeds contribute to around 70%
of its total sales. The firm has a registered office in Mumbai.
The building material is mainly exported through Kandla and
Mundra port while agro products are shipped through the port
nearest to the procurement station.


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


* INDONESIA: Fitch Ups Rating on LTFR & IDR to 'BBB-' From 'BB+'
----------------------------------------------------------------
Fitch Ratings will host an investor and media forum in Jakarta on
Jan. 17, 2012, on the agency's latest rating action on Indonesia.
The agency recently upgraded the country's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) to 'BBB-' from 'BB+'.
Fitch also upgraded the IDRs of eight Indonesian banks and six
corporates comprising telecom, energy and utility companies.
Fitch's senior sovereign, banking and corporates analysts will
discuss the rationale behind the agency's rating actions, as well
as the dynamics driving future rating decisions. The main
speakers include:

  -- Philip McNicholas, Director, Asia-Pacific Sovereigns

  -- Ambreesh Srivastava, Head of South & South East Asia
     Financial Institutions

  -- Andrew Steel, Head of Asia-Pacific Corporates


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


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

"We lowered the rating on the notes because the transaction's
aggregate losses from credit events in the underlying reference
portfolio have exceeded its available credit enhancement and the
transaction has incurred a principal loss," 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
D (sf)       CC (sf)       A$50.0 mil.

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


JAPAN AIRLINES: Faces Competition Amid $6.5-Bil. IPO Plan
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that as Japan Airlines
Co. looks to raise more than $6.5 billion in a relisting of its
shares in the autumn, market players say it will need more than
just leaner operations to compete against budget carriers and
other new players.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated
companies.  JAL International Co. Ltd. is a wholly owned
operating subsidiary of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd. and JAL Capital Co., Ltd., on Jan. 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization Jan. 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

In November 2010, Japan Airlines reached a basic agreement with
its major creditor banks on new loans of JPY284.9 billion.  The
airline's rehabilitation plan was approved by the Tokyo District
Court at the end of the month.


TOKYO ELECTRIC: Government May Buy Utility's Common Shares
----------------------------------------------------------
According to Bloomberg News, the Nikkei newspaper reported that
the Japanese government may buy common shares to take control of
Tokyo Electric Power Co.

The Nikkei newspaper reported on Jan. 7 that the government-
backed Nuclear Damage Liability Facilitation Fund plans to
acquire common stock as early as this summer, as part of a
JPY1 trillion (US$13 billion) capital injection into the company,
Bloomberg relates.

"The issue of a capital injection is an option, yet no
conclusions to discussions have been reached," said Chie Hosoda,
a spokeswoman for Tepco.

The newspaper said without the capital, the utility faces
insolvency by the end of March 2013 because of dismantling and
decommissioning costs for the reactors at the Fukushima Dai-Ichi
plant as well as rising fuel costs to run thermal plants,
according to Bloomberg.

                      About Tokyo Electric

Tokyo Electric Power Company (Tepco) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


TOKYO ELECTRIC: Banks to Stark Talks on JPY1 Trillion Add'l. Loan
-----------------------------------------------------------------
Reuters reports that business daily The Nikkei said Tokyo
Electric Power Co Inc's main lenders will begin talks this week
to decide conditions to lend Japan's biggest utility, also known
as TEPCO, an additional 1 trillion yen (US$13.01 billion), at the
government's request.

According to Reuters, the daily said Sumitomo Mitsui Financial
Group Inc. unit, Sumitomo Mitsui Banking Corp and other financial
institutions have already infused funds in TEPCO, including about
JPY2 trillion in emergency financing last spring.

Nikkei said the government plans to inject JPY1 trillion in
public funds to help TEPCO pay for decommissioning reactors at
the crippled Fukushima Daiichi nuclear power plant and have
private sector financial institutions provide about JPY1 trillion
in working capital financing, Reuters relates.

TEPCO and the government-backed Nuclear Damage Liability
Facilitation Fund have indicated to financial institutions that
they plan to restart the Kashiwazaki-Kariwa nuclear plant in
about two years, the daily, as cited by Reuters, said.

If nuclear plants that have been idled since the March earthquake
and tsunami cannot be brought back online, TEPCO's earnings would
take a hit because it would need to rely more on fossil fuel,
Nikkei said, Reuters reports.

                      About Tokyo Electric

Tokyo Electric Power Company (Tepco) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


SSANGYONG CORP: Mahindra to Make Autos in China, Brazil, Russia
---------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Mahindra &
Mahindra Ltd., India's biggest sport-utility vehicle maker by
sales, plans to start assembling SsangYong vehicles in China,
Brazil and Russia in the next two years, the company's president
for automotive and farm equipment said.

The Ssangyong Corporation, the trading arm of the troubled
Ssangyong Group, is attempting to steer the group into
prosperous waters by trading in machinery, energy, apparel, and
more.

The Ssangyong Group, along with South Korea's other chaebol
(family-run conglomerates), has been forced by the Asian
economic crisis to sell several businesses in order to stay
afloat.

From humble beginnings as a soap shop, the Ssangyong Group grew
to be one of the nation's largest conglomerates at one point but
is now a fraction of the size it once was.

In 2003, Ssangyong Corporation creditors initiated a debt-for-
equity swap in an effort to stabilize the ailing company.


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


ST CAPITAL: Creditors' Proofs of Debt Due Feb. 6
------------------------------------------------
Creditors of St Capital Services (Philippines) Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of
debt by Feb. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Mah Beng Weng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TERACOTT PTE: Creditors' Proofs of Debt Due Feb. 6
--------------------------------------------------
Creditors of Teracott Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Feb. 6, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

          Mah Beng Weng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TENTAT HOLDINGS: Court to Hear Wind-Up Petition on Jan. 20
----------------------------------------------------------
A petition to wind up the operations of Tentat Holdings Pte Ltd
will be heard before the High Court of Singapore on Jan. 20,
2012, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on Dec. 28, 2011.

The Petitioner's solicitors are:
          Messrs WongPartnership LLP
          63 Market Street #02-01
          Singapore 048942


YIP AND BOO: Creditors' Proofs of Debt Due Feb. 6
-------------------------------------------------
Creditors of Yip and Boo Investments Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Feb. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Wee Hui Pheng
          M/s Wee Hui Pheng & Co
          1 Coleman Street #06-10
          The Adelphi
          Singapore 179803


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


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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

Copyright 2012.  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
Peter Chapman at 240/629-3300.





                 *** End of Transmission ***