TCRAP_Public/120202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, February 2, 2012, Vol. 15, No. 24

                            Headlines


A U S T R A L I A

DICK SMITH: Parent to Sell Business, To Close 100 Stores in 2 Yrs
ELITE DOGMAN: Placed in Liquidation; Owes ATO Up to AUD3.5MM
SONRAY CAPITAL: ASIC Finalizes Probe Into Saxo Bank
TIGER AIRWAYS: Aussie Unit's Q3 Loss Narrows to SGD17.4 Million
TRIO CAPITAL: ASIC Bans Former ARP Growth Fund Operator


H O N G  K O N G

DAH SING: Fitch Maintains Support Floor Rating at 'BB'
ELITE WIN: Ying and Chan Step Down as Liquidators
FAT FRESSNAPF: Members' Final Meeting Set for Feb. 27
FRONTIER TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
GLOBAL ACCESS: Members' Final Meeting Set for Feb. 27

GOLDEN OCEAN: Members' Final Meeting Set for Feb. 29
GREAT WISDOM: Creditors' Proofs of Debt Due March 5
GUGGENHEIM SECURITIES: Members' Final Meeting Set for Feb. 27
HONG LOK: Members' Final Meeting Set for Feb. 29
MASTERCARD ADVISORS: Members' Final Meeting Set for March 2

PROCTER & GAMBLE: Lam and Boswell Step Down as Liquidators


I N D I A

A. L. A. CHEMICALS: CRISIL Puts 'B-' Rating on INR2.2MM Loan
CHIMANLAL FEIN: CRISIL Reaffirms 'BB' Rating on INR80MM Credit
GLOBAL REBARS: CRISIL Rates INR120MM Cash Credit at 'CRISIL B+'
GOLD PLUS: Fitch Lowers Rating on INR2,625 Loan to 'D'
GREAT OFFSHORE: CRISIL Cuts Rating on INR11-Bil. Loan to 'BB+'

MADUARI MUNICIPAL: Fitch Withdraws Rating on INR232MM Loan at 'D'
NOVA OLEOCHEM: CRISIL Assigns 'CRISIL BB+' Rating to INR20MM Loan
RISHI ICE: Delays in Loan Payment Cue CRISIL Junk Ratings
SAN SIDH: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loan
SHREE KRISHNA: Delays in Loan Payment Cue CRISIL Junk Ratings

SRI RAMANJANEYA: CRISIL Rates INR20 Million Loan at 'CRISIL B+'
UGAM IMPEX: CRISIL Assigns 'CRISIL B+' Rating to INR14MM Loan
WINSOME INT'L: Fitch Rates Two Bank Facilities at Low-B
VEL'S INSTITUTE: CRISIL Puts 'CRISIL B+' Rating on INR215MM Loan


I N D O N E S I A

BERLIAN LAJU: S&P Cuts Corp. Credit Rating to 'CC'; on Watch Neg
CIKARANG LISTRINDO: Moody's Puts (P)Ba2 Rating on Sr Unsec. Notes
CIKARANG LISTRINDO: S&P Gives 'BB-' Rating on Sr. Unsecured Notes
XL AXIATA: Fitch Affirms Issuer Default Rating at 'BB+'


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Rates $200-Mil. Senior Notes at 'BB-'


                            - - - - -


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


DICK SMITH: Parent to Sell Business, To Close 100 Stores in 2 Yrs
-----------------------------------------------------------------
SmartCompany reports that Woolworths has signaled it will sell
off the troubled Dick Smith chain following a structural review
of the business, also announcing that it will close up to 100
stores over the next two years.

The announcement comes after an analysts' report from CSLR that
predicted the company would close over 100 stores in the chain,
SmartCompany says.

According to the report, Woolworths said its consumer electronics
chain will remain important for the firm through its Big W chain
and its multichannel offer.

"A strategic review, announced in November 2011, concluded that
Woolworths' main strengths are primarily in larger format,
multichannel, high volume retail segments with market-leading
positions," the company said in a statement, SmartCompany relays.

"The future of the Dick Smith business, which is profitable,
experiencing positive sales growth and has a strong brand
position, could be better realised through new ownership."

SmartCompany says the review found that investment and management
attention given to Dick Smith "has been disproportionate relative
to its position within the Woolworths' group".

With the company now focused on increasing activity in core
trading divisions, the report notes, the company agrees
separating the model from the company is the best option.

"A divestment of Dick Smith will enable the Woolworths group to
focus more investment on serving customers in its core business
with a strong multichannel offer, backed with market leading
fulfilment systems and an effective store network," SmartCompany
quotes chief executive Grant O'Brien as saying.

Staff affected by the closures will be moved around in the
Woolworths group, the company said.

Dick Smith Electronics Pty Limited -- http://dicksmith.com.au/--
operates as a retailer and wholesaler of electronics products in
Australia and New Zealand. It offers computers, communications,
gaming, and entertainment products. Dick Smith Electronics Pty
Limited was founded in 1969 and is based in Chullora, Australia.


ELITE DOGMAN: Placed in Liquidation; Owes ATO Up to AUD3.5MM
------------------------------------------------------------
SmartCompany reports that Elite Dogman & Riggers, a business
owned by Mick Gatto was placed in liquidation on Jan. 31,
reportedly owing between AUD3 million and AUD3.5 million to the
Australian Taxation Office.

Mr. Gatto told the Herald Sun that a bank had promised to lend
the business money to pay off the firm's tax bill but backed off,
SmartCompany relates.  "They have been stringing us along for
eight months and they have come back to us at the last minute
saying that they don't loan money to pay tax," the report quotes
Mr. Gatto as saying.

Glenn Crisp -- glenn.crisp@rsmi.com.au -- of RSM Bird Cameron
Partners was appointed liquidator.

Mr. Gatto expects to find work for the company's 60 employees at
other businesses he owns, the report adds.

Mr. Gatto is the son of two Calabrian immigrants turned
professional heavyweight boxer who featured in the television
series Underbelly.  His businesses include Elite Cranes and Elite
Crane Services.


SONRAY CAPITAL: ASIC Finalizes Probe Into Saxo Bank
---------------------------------------------------
The Australian Securities & Investments Commission has finalized
its investigation into Saxo Bank A/S, the former provider of the
trading platform for collapsed broker, Sonray Capital Markets Pty
Ltd.

ASIC said that following the conclusion of that investigation,
which focused on the risk management practices of Saxo Bank, ASIC
has agreed with Saxo Bank that additional licence conditions will
be included on the Australian financial services (AFS) licence
under which it will continue to conduct its business in
Australia.

The additional licence conditions agreed with Saxo Bank, which
apply to Saxo Capital Markets (Australia) Pty Ltd require SCMA
to:

   * engage an expert to review and report on the adequacy of
     SCMA's risk management systems to properly address credit
     risk, client risk and compliance risk;

   * implement any recommendations made by the expert over a
     six month period engage the expert for further reviews
     and reporting over an 18 month period following the
     initial expert report; and

   * provide ASIC, on a bi-annual basis, independent
     verification of client monies being held by SCMA.

Since September 2004, Saxo Bank has held an AFSL authorising it
to provide financial services on a wholesale basis. Under that
wholesale licence, Saxo Bank contracted with a number of retail
licensees in Australia, including Sonray, to facilitate the
trading of various financial products on a trading platform, Saxo
Trader.

Saxo Bank will now provide financial services in Australia to
retail clients directly through the entity SCMA. This follows
Saxo Bank, in late December 2011, acquiring control of Commodity
Broking Services Pty Ltd by purchasing the shares of Logos
Commodities Pty Ltd, the holding company of CBS. At the same
time, CBS changed its name to Saxo Capital Markets (Australia)
Pty Ltd.

ASIC Chairman Greg Medcraft said the additional licence
conditions on Saxo Bank's AFSL reflected ASIC's priority to
improve industry standards among financial services licensees. He
added that the new licence conditions were an important part of
restoring investor confidence in the broader broking area and
providing reassurance that compliance procedures are in place to
ensure risk management practices are of the standard required
under the law.

The additional licence conditions agreed with Saxo Bank are the
result of an ASIC investigation into Saxo Bank following the
collapse of Sonray in June 2010.  ASIC's investigation focused
upon the risk management practices of Saxo Bank arising out of
its relationship with Sonray, one of its white label clients
operating in Australia.

                       About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specialized in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company had
operated since 2003 and employed about 70 people in offices in
Melbourne and on the Gold Coast.

On June 22, 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

On Oct. 27, 2010, the creditors of Sonray Capital Markets voted
to wind up the failed business, allowing the administrators to
start a mediation process.  The Sydney Morning Herald reported
that parties to the mediation would include Saxo Bank, which
provided Sonray's contracts-for-difference product, auditor HLB
Mann Judd, Sonray director Russell Johnson, chief executive
Scott Murray and possibly his father, who administrators said had
been lent money from the company's accounts without necessarily
repaying it.

Ferrier Hodgson said as at June 22, 2010, Sonray had gross client
positions of AUD76.85 million; gross client holdings in either
cash/equities held by counterparties of AUD$30.15 million; a
shortfall of AUD46.70 million; approximately 3,500 clients; and
54 employees.


TIGER AIRWAYS: Aussie Unit's Q3 Loss Narrows to SGD17.4 Million
---------------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Tiger
Airways has narrowed its losses in Australia since gradually
resuming flights following the air-safety regulator lifting its
suspension of services late last year.

The budget airline, which is about a third owned by Singapore
Airlines, suffered an operating loss of almost SGD9 million
(US$6.8 million) in the third quarter due to the Civil Aviation
Safety Authority limiting the number of flights it could operate.
However, Tiger expects to resume full services by the second half
of this year, the report notes.

According to SMH, the latest result takes its operating losses in
Australia in the nine months to December to almost SGD50 million,
reflecting the impact of a volcanic ash cloud and the forced
suspension of services for six weeks due to safety concerns.
Tiger posted a SGD27 million loss in the second quarter.

SMH notes that the airline, which is based in Singapore, also
reiterated an earlier warning that its entire business was on
track to record a "significant net loss" this financial year due
to the forced grounding in Australia, the under-utilisation of
its network and high jet fuel prices.

The group recorded a SGD17.4 million after tax loss for the third
quarter, compared with a SGD22.5 million profit for the same
period a year earlier, the report discloses.

Tiger's expenses rose 26% in the quarter, mainly due to higher
fuel prices, adds SMH.

Australian Associated Press had reported that Tiger Airways
reportedly suffered operating losses of SGD12 million during the
six-week ban, which was only lifted on Aug. 12, 2011.  According
to AAP, Tiger Australia posted an operating loss of SGD23.2
million (AUD18.05 million) in the three months to June 30, 2011,
more than twice as large as the SGD10.6 million (AUD8.24 million)
loss in the prior corresponding period.

Tiger has not made a profit in Australia since starting
operations in the country in November 2007, AAP noted.

Based in Melbourne, Victoria, Tiger Airways Australia is an
ultra-low cost airline.  It is a subsidiary of Tiger Airways
Holdings, a Singapore-based company.  As of April 2011, the Tiger
Airways Australia fleet consists of 11 Airbus A320.


TRIO CAPITAL: ASIC Bans Former ARP Growth Fund Operator
-------------------------------------------------------
The Australian Securities & Investments Commission has accepted
an enforceable undertaking (EU) from the former operator of the
ARP Growth Fund, a managed investment scheme run by failed fund
manager Trio Capital Limited, permanently preventing him from
working in the Australian financial services industry or managing
a corporation.

Tony Maher, who changed his name from Paul Gresham, entered into
the undertaking after an ASIC investigation found, among other
things, he engaged in misleading conduct and failed to disclose
conflicts of interest, resulting in him gaining financial
benefits from various financial deals.

Mr. Maher owned and controlled PST Management Pty Limited (PSTM),
the company that acted as the investment manager of ARP.  ARP was
a managed investment scheme run by failed fund manager Trio
Capital Limited.  In this role, he identified and recommended
investments for ARP and its predecessor Professional Pensions
Pooled Superannuation Trust.

Mr. Maher received undisclosed payments of more than $2 million
arising from investments he recommended for ARP and PPPST. In
accepting these undisclosed payments, Mr. Maher created a
conflict of interest for himself.

ASIC was also concerned Mr. Maher engaged in misleading and/or
deceptive conduct when valuing ARP's largest investment. ASIC was
also concerned that Mr. Maher failed to undertake adequate due
diligence in respect of some investments that he recommended for
ARP/PPPST in circumstances where he knew that he had a conflict
of interest.

ASIC Chairman Greg Medcraft said critical gatekeepers in the
financial services system like investment managers must do their
job to ensure confident and informed investors.

"Investment managers who engage in misleading and deceptive
conduct will not be tolerated," Mr. Medcraft said.

Mr. Medcraft said Mr. Maher's exclusion from financial services
and managing companies was the latest outcome from ASIC's
investigation of the Trio collapse.

ASIC's investigation into the conduct of Mr. Maher is continuing.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities & Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


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


DAH SING: Fitch Maintains Support Floor Rating at 'BB'
------------------------------------------------------
Fitch Ratings has assigned Dah Sing Bank Limited's upcoming
subordinated notes due 2022 with a call option in 2017 an
expected 'BBB+(exp)' rating.  The final rating is contingent on
the receipt of final documents conforming to information already
received.

In accordance with its criteria, the agency rates these legacy
notes one notch below DSB's Viability Rating (VR) of 'a-' to
reflect higher loss severity given their subordination to senior
unsecured instruments.  As the notes have no interest deferral
features, Fitch has not applied additional notching for non-
performance risk, i.e. going-concern loss-absorption.

The notes, to be issued under DSB's USD2bn euro medium-term note
programme, will qualify as supplementary capital under the
current banking (capital) rules of Hong Kong.  They are, however,
expected to be phased out from 1 January 2013 under Basel III
transitioning rules in the absence of a write-down mechanism if
the bank becomes non-viable.  Fitch has not assigned any equity
credit to this debt.

The proceeds will be used by the bank to support future expansion
and its liquidity profile, and for refinancing its outstanding
USD150m subordinated notes callable in August 2012.  Fitch
expects DSB's Tier 1 and total capital ratios to stand at 10% and
15%, respectively, following the debt issue and taking into
account the redemption of the existing notes (versus 10.4% and
15.1% at end-June 2011).

The other ratings of DSB are unaffected and as follows:

  -- Long-Term Issuer Default Rating: 'A-'; Outlook Stable
  -- Short-Term Issuer Default Rating: 'F2'
  -- Viability Rating: 'a-'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB'
  -- Senior unsecured debt: 'A-'
  -- Subordinated debt: 'BBB+'
  -- Perpetual junior subordinated debt: 'BBB'; on Watch Negative


ELITE WIN: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Elite Win Investment Limited on Jan. 17, 2012.


FAT FRESSNAPF: Members' Final Meeting Set for Feb. 27
-----------------------------------------------------
Members of Fat Fressnapf Asia Trading Limited will hold their
final meeting on Feb. 27, 2012, at 11:00 a.m., at Units 3401-2,
34th Floor, AIA Tower, at 183 Electric Road, North Point, in Hong
Kong.

At the meeting, Mok Mun Lan Linda, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FRONTIER TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Jan. 17, 2012,
creditors of Frontier Technology Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Kwong Ping Man
         Room 1603, 16/F
         Tung Chiu Commercial Centre
         193 Lockhart Road
         Wanchai, Hong Kong


GLOBAL ACCESS: Members' Final Meeting Set for Feb. 27
-----------------------------------------------------
Members of Global Access Technology Limited will hold their final
general meeting on Feb. 27, 2012, at 9:00 a.m., at Room 1005,
Allied Kajima Building, at 138 Gloucester Road, Wanchai, in Hong
Kong.

At the meeting, Leung Mei Fan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLDEN OCEAN: Members' Final Meeting Set for Feb. 29
----------------------------------------------------
Members of Golden Ocean International Limited will hold their
final general meeting on Feb. 29, 2012, at 10:00 a.m., at Rooms
201-205, 2nd Floor, Alliance Building, 130-136 Connaught Road
Central, in Hong Kong.

At the meeting, Ng Kwok Tung and Chan Wai Kee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GREAT WISDOM: Creditors' Proofs of Debt Due March 5
---------------------------------------------------
Creditors of Great Wisdom Corporation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 5, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 16, 2012.

The company's liquidator is:

         Man Kwok Leung
         1603, 16/F
         Island Place Tower
         510 King's Road
         Hong Kong


GUGGENHEIM SECURITIES: Members' Final Meeting Set for Feb. 27
-------------------------------------------------------------
Members of Guggenheim Securities (Hong Kong) Limited will hold
their final general meeting on Feb. 27, 2012, at 10:30 a.m., at
8th Floor, Two Chinachem Plaza, 68 Connaught Road Central, in
Hong Kong.

At the meeting, George Hammond Tilghman and Paul Mason Friedman,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HONG LOK: Members' Final Meeting Set for Feb. 29
------------------------------------------------
Members of Hong Lok Company Limited will hold their final general
meeting on Feb. 29, 2012, at 3:00 p.m., at Flat C, Mezzanine
Floor, Bonny View House, at 63-65 Wongnaichung Road, Happy
Valley, in Hong Kong.

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


MASTERCARD ADVISORS: Members' Final Meeting Set for March 2
-----------------------------------------------------------
Members of Mastercard Advisors Hong Kong Limited will hold their
final general meeting on March 2, 2012, at 9:30 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


PROCTER & GAMBLE: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Procter & Gamble Distributing (HK) Limited
on Jan. 17, 2012.


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I N D I A
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A. L. A. CHEMICALS: CRISIL Puts 'B-' Rating on INR2.2MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of A. L. A. Chemicals Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.5 Million Cash Credit       CRISIL B-/Stable (Assigned)
   INR2.2 Million Long-Term Loan     CRISIL B-/Stable (Assigned)
   INR5.3 Million Proposed Long-     CRISIL B-/Stable (Assigned)
    Term Bank Loan Facility
   INR2 Million Bill Discounting     CRISIL A4 (Assigned)
   INR59.5 Mil. Letter of Credit     CRISIL A4 (Assigned)
   INR10 Million Bill Purchase       CRISIL A4 (Assigned)
   INR0.5 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations in
the highly competitive plastic adhesives industry and the below
average financial risk profile marked by low margins and high
gearing. These rating weaknesses are partially offset by the
company's established presence in the plastic adhesives industry.

Outlook: Stable

CRISIL believes that ALA will continue to benefit over the medium
term from its established position and its promoters' extensive
experience in the plastic adhesives industry. The outlook may be
revised to 'Positive' if the company scales up its operations
while it improves its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if ALA
reports deterioration in its revenues, profitability or capital
structure.

                     About A. L. A. Chemicals

ALA, based in Maharashtra, was incorporated in 1970; it
manufactures PVC additives, many of which are used in the plastic
industry. The company's day-to-day operations are looked after by
its managing director Mr. Anil Anand (son of ALA's promoter Mr.
Satish Anand). ALA has a manufacturing unit which is based in
Ambernath (Maharashtra). The unit has capacity to manufacture
10,000 tonnes per annum and is currently operating at 50 per cent
of its installed capacity.

ALA reported net profit of INR3.7 million on net sales of
INR496.9 million for 2010-11 (refers to financial year April 1 to
March 31), against a net profit of INR0.2 million on net sales of
INR382.5 million for 2009-10.


CHIMANLAL FEIN: CRISIL Reaffirms 'BB' Rating on INR80MM Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Chimanlal Fein Paper
Pvt Ltd continue to reflect Chimanlal's established market
position, promoters' experience in the paper trading business,
and established customer relationships.

   Facilities                       Ratings
   ----------                       -------
   INR180.0 Mil. Cash Credit        CRISIL BB/Stable (Reaffirmed)
   (Enhanced from INR100.0 Million)

   INR20.0 Mil. Letter of Credit    CRISIL BB/Stable (Reaffirmed)
   & Bank Guarantee

These rating strengths are partially offset by Chimanlal's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, geographic concentration in its revenue
profile, large working capital requirements, and exposure to
supplier concentration risks.

Outlook: Stable

CRISIL believes that Chimanlal will continue to benefit from its
established market position and promoters' extensive experience
in the paper trading business, over the medium term. The rating
outlook may be revised to 'Positive' if Chimanlal reports more-
than-expected improvement in its capital structure and liquidity,
leading to significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
company's capital structure deteriorates further, or if its
business volumes and profitability decline sharply, leading to
further strain on the company's financial risk profile,
particularly its liquidity.

Update

For 2010-11 (refers to financial year, April 1 to March 31),
Chimanlal reported net sales of INR741 million (excluding
indirect sales of INR244 million made to few of its clients), a
year-on-year increase of 66 per cent. The growth in 2010-11 was
driven mainly by increased quantity of traded goods (uncoated
paper) available to Chimanlal owing to recent capacity additions
by its principal supplier and also on account of increased
distribution reach of the company with opening of its branch
office in Hyderabad in 2010-11. Operating profitability of the
company was at 3.8 per cent in 2010-11, in line with the past
trend.

Chimanlal has recently forayed into higher value-added segments.
It has begun trading in specialised paper, after it attained
distributorship of Neenah Paper Inc for Western India. The other
value-added segments are cup stock base paper trading (paper used
in food packaging) and digital paper trading (used in colour
printing). The company will source these products from Asia Pulp
and Paper.  Chimanlal expects to garner around INR10 million of
revenues from these new segments in 2011-12 with a higher
profitability than what it earns in its uncoated paper trading
business.

The leverage ratios of the company remain weak, owing to small
net worth and larger-than-expected increase in scale of
operations, resulting in additional short-term debt being
contracted to fund increased working capital requirements.
Working capital limits of Chimanlal were enhanced from INR100
million to INR180 million in October, 2010 and subsequently to
INR200 million in February 2011. Leverage ratios are expected to
remain weak over the medium term owing to large incremental
working capital requirements vis--vis small net worth. The
company is presently also in the process of seeking an
incremental enhancement in its working capital limits by INR50
million. However, the financial flexibility of the company is
supported by unsecured loans of INR38 million infused by
promoters.

Chimanlal reported a profit after tax (PAT) of INR4.6 million on
net sales of INR722.4 million for 2010-11, against a PAT of
INR2.8 million on net sales of INR434.9 million for 2009-10.

                      About Chimanlal Fein

Chimanlal was incorporated as Bombay Calcutta Paper and General
Company Pvt Ltd in 1949, promoted by the Shah family. The
company's name was changed to the current one in June 1999.
Mr. Hasit Shah is the third-generation entrepreneur of the Shah
family, managing the papers products trading business. Chimanlal
is an authorised distributor of paper products for The West Coast
Paper Mills Ltd and APP. Chimanlal's customers include
institutional buyers, including banks, financial institutions,
stationary retailers, and large printing and publishing houses.
The company operates from its head office in Mumbai and sales
branch offices in Bangalore and Hyderabad.

Neenah is a U.S based leading global manufacturer of premium and
specialty paper products used in a variety of applications
including filtration, printing and writing, and as backing and
component materials for many specialized industrial and consumer
applications.


GLOBAL REBARS: CRISIL Rates INR120MM Cash Credit at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Global Rebars Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects GRPL's start-up nature of operations,
vulnerability to intense competition in the market for steel
products, and susceptibility to volatility in raw material
prices. The rating also factors in the expected deterioration in
the company's financial risk profile because of expected increase
in working capital requirements. These rating weaknesses are
partially offset by the benefits that GRPL derives from its
expected synergies with its group entities and the funding
support from its promoters.

For arriving at the rating, CRISIL has treated unsecured loans of
INR84.5 million extended to GRPL by its promoters as neither debt
nor equity, as these loans are interest-free in nature and have
been subordinated to bank borrowings.

Outlook: Stable

CRISIL believes that GRPL will continue to benefit over the
medium term from its synergies with its group entities and the
funding support from its promoters. The outlook may be revised to
'Positive' in case the company scales up its operations and
improves its profitability significantly, while it maintains its
capital structure. Conversely, the outlook may be revised to
'Negative' in case GRPL undertakes a large, debt-funded capital
expenditure programme, reports a decline in its revenues and
profitability, or provides significant financial support to its
group companies, leading to weakening in its financial risk
profile, particularly its liquidity.

                       About Global Rebars

GRPL was incorporated in August 2009; it operates a steel rolling
mill with capacity of 80 tonnes per day at Panichhattra (Orissa).
The company is promoted by Mr. Kaushik Mohanty, Mr. Abinabh
Mohanty, and Mr. Bidhu Bhushan Nayak who have been in the
minerals trading business since 2006. GRPL commenced commercial
production from April 2011; the plant is operating at an average
capacity utilisation of 70 per cent as of December 2011. The
promoters have experience of around six years in trading in
minerals and metals through their flagship entity Global Trading
Solutions Ltd. They have also recently acquired Auro Ispat India
Pvt Ltd which has an ingot manufacturing facility with total
capacity of 80 tonnes per day. GRPL is expected to source 50 per
cent of its ingot requirements from AIPL, thus augmenting its
supply of raw material.


GOLD PLUS: Fitch Lowers Rating on INR2,625 Loan to 'D'
------------------------------------------------------
Fitch Ratings has downgraded India-based Gold Plus Glass Industry
Limited's National Long-Term rating to 'Fitch D(ind)' from 'Fitch
B(ind)' and removed it from Rating Watch Positive (RWP).

The ratings actions reflect GPGI's inability to service its
interest payments and principal repayments on time since June
2011 due to liquidity pressures on account of an increase in
furnace oil costs, intense competition and prevailing slowdown in
user industries.  Fitch notes that the company is presently
negotiating a financial restructuring under the aegis of the
corporate debt restructuring (CDR) scheme.

Positive rating action may result from the successful competition
of the CDR and at least two quarters of timely debt servicing.

GPGI's bank facilities have also been downgraded as follows:

  -- INR920m fund-based working capital limits: downgraded to
     'Fitch D(ind)' from 'Fitch B(ind)'/'Fitch A4(ind)'; removed
     from RWP
  -- INR250m non-fund based working capital limits: downgraded to
     'Fitch D(ind)' from 'Fitch B(ind)'/'Fitch A4(ind)'; removed
     from RWP
  -- Outstanding INR2,625.80m long-term bank loan (reduced from
     INR2,661.17m): downgraded to 'Fitch D(ind)' from 'Fitch
     B(ind)'; removed from RWP


GREAT OFFSHORE: CRISIL Cuts Rating on INR11-Bil. Loan to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Great
Offshore Ltd to 'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL
BBB+/Negative/CRISIL A2'.

   Facilities                     Ratings
   ----------                     -------
   INR11.0 Billion LT Loan        CRISIL BB+/Negative (Downgraded
                                  from 'CRISIL BBB+/Negative')

   INR1.5 Bil. Short-Term Loan    CRISIL A4+ (Downgraded from
                                  'CRISIL A2')

   INR2.5 Bil. Bank Guarantee/    CRISIL A4+ (Downgraded from
   Letter of Credit               'CRISIL A2')

The rating downgrade reflects expectation of more-than-earlier-
expected stress on GOL's cash flows because of delays in
deployment of its 350-foot jack-up rig and moderation in charter
rates in the offshore vessel sector. GOL has a significant fleet
augmentation plan, including the 350-foot jack-up rig (cost of
about INR11 billion) and seven offshore supply vessels (cost of
about INR10 billion) which are being built by its parent and
single-largest shareholder, Bharati Shipyard Ltd (BSL). BSL is
currently going through a corporate debt restructuring programme
because of its weak credit risk profile. Delays in delivery of
vessels as well as the jack-up rig by BSL to GOL, could in
CRISIL's opinion, adversely affect GOL's operating performance
and cash flows over the medium term - delivery of the jack-up rig
has been delayed by over two years. In CRISIL's opinion, less-
than- expected cash flows may impede GOL's debt servicing
ability, which would lead to the company refinancing a greater
proportion of debt than earlier expected. GOL's short-term loans
are also sizeable at about INR5 billion. Besides, GOL's ongoing
fleet augmentation project, which is being largely debt-funded,
will further increase GOL's gearing and interest payouts, leading
to increased stress on its key debt protection metrics over the
near to medium term.

The ratings continue to reflect GOL's good medium-term revenue
visibility, because of its strategy of contracting part of its
assets on a long-term basis, expectations of a revival in charter
rates, and the proposed addition of new vessels to its fleet. The
ratings are also underpinned by the company's favourable market
position in the offshore oil field services business.

Outlook: Negative

CRISIL believes that GOL's financial risk profile will remain
under stress over the medium term, because of continued high
gearing, pressure on cash flows, and large quantum of upcoming
repayment obligations (including short-term loan obligations),
part of which will need to be refinanced. The ratings may be
further downgraded if there is significant delay in delivery of
the jack-up rig and GOL's cash flows witness further strain,
severely impairing its debt servicing ability. Conversely, the
outlook may be revised to 'Stable' if the company generates more-
than-expected cash accruals and improves its capital structure,
most likely through equity infusion.

                        About Great Offshore

GOL is one of the largest offshore oil field service providers in
India, offering drilling and offshore support services to oil and
gas companies for exploration and production activities. The
company was formed when the offshore division of The Great
Eastern Shipping Company Ltd was demerged into a separate company
in October 2006. GOL has over two decades of operational
experience in the offshore oil field services business, including
the years it was the offshore division of GESCL. GOL, as an
erstwhile division of GESCL, is India's first private-sector
company to enter the offshore business, with the purchase of an
offshore support vessel in 1983. The company entered the drilling
business with its first rig in 1987. It was also the first to own
a platform supply vessel, and pioneered the fire-fighting vessel
segment with two dedicated fire-fighting support vessels under
long-term charter with Oil and Natural Gas Corporation Ltd.

GOL has a total fleet of 45, comprising drilling assets, support
vessels, construction barges and tugs. It has four wholly owned
subsidiaries: Deep Water Services (India) Ltd, Great Offshore
Fujairah LLC-FZC, KEI-RSOS Maritime Ltd, and Great Offshore
Salvage Services. GOL also holds a 26 per cent equity stake in a
joint venture, United Helicharters Pvt Ltd. BSL, along with its
subsidiaries, is now the single-largest shareholder in GOL, with
a stake of around 49.7 per cent. It has two representatives as
directors on the board of GOL.

For 2010-11 (refers to financial year, April 1 to March 31), GOL
reported, on a consolidated basis a profit after tax (PAT) of
INR248 million on net sales of INR9.47 billion, against a PAT of
INR2.01 billion on net sales of INR11.66 billion for 2009-10. For
the six months ended September 30, 2011, GOL reported, on
standalone basis, a PAT of INR613.9 million on net sales of
INR4.06 billion, compared with a PAT of INR548.2 million on net
sales of INR4.35 billion for the corresponding period of the
previous year.


MADUARI MUNICIPAL: Fitch Withdraws Rating on INR232MM Loan at 'D'
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'Fitch D(ind)nm' rating on
Madurai Municipal Solid Waste Processing Company Private Ltd.'s
INR232.60m long-term rupee denominated project bank loans.

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


NOVA OLEOCHEM: CRISIL Assigns 'CRISIL BB+' Rating to INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Nova Oleochem Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Term Loan          CRISIL BB+/Stable (Assigned)
   INR150 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR40 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of NOL's promoters
in the manufacturing of oleochemicals and metallic salts. This
rating strength is partially offset by NOL's below average
financial risk profile, marked by a modest net worth, low margin,
and subdued debt protection metrics, and susceptibility of its
margins to intense competition and volatility in raw material
prices.

Outlook: Stable

CRISIL believes that NOL will benefit over the medium term from
the extensive experience of its promoters in oleochemicals and
metallic salt industry. The outlook may be revised to 'Positive'
if the company is able to exhibit a significant improvement in
its debt protection indicators while maintaining or improving the
revenue growth and profitability. Conversely, the outlook may be
revised to 'Negative' if the company suffers a decline in its
revenues or profitability or if its financial risk profile
deteriorates due to, larger-than-anticipated debt-funded capital
expenditure plan.

                        About Nova Oleochem

NOL, a closely held company incorporated in 2000, processes and
manufactures oleochemicals (vegetable oils and their methyl
ester), bath and body care products, and metallic salts. The
product profile of NOL includes soyabean oil, palm oil, sunflower
oil, etc. and their methyl esters, edible oil which is marketed
under the brand 'Suryadev', toilet soaps which are marketed under
the brand 'Fantassy' and metallic salts of molybdenum, bismuth,
cobalt, cadmium, nickel, etc. The vegetable oils and their methyl
esters find application in industries like lubricants,
surfactants and emulsifiers and metallic salts are used in
cement, pharmaceuticals, cosmetics, semiconductors and lamp
filaments.

The company was incorporated in August 2000 by Mr. Nhale as a
private limited company, Neelam Oil Trade Pvt Ltd Company
(NOTPL). In 2007, the Karani family took over NOTPL,
reconstituted it as a public limited company, and changed its
name to the current one.

NOL is currently managed by Mr. Ketan Karani, a graduate, who has
a rich industry experience through a group company 'Tirupati
Industries (India) Ltd.' (TIL), co-promoted by his father Mr.
Fatehchand Karani in 1973. TIL is currently engaged in oil
extraction and manufacturing of oleochemicals.

NOL's manufacturing unit is based in Khopoli, Maharashtra. It
also uses manufacturing facilities of Tirupati Industries (India)
Ltd which is located at Taloja, Maharashtra.

NOL reported a profit after tax (PAT) of INR10.41 million on net
sales of INR536.64 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.52 million on net
sales of INR297.98 million for 2009-10.


RISHI ICE: Delays in Loan Payment Cue CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the rupee term loan
facility of Rishi Ice and Cold Storage Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Rupee Term Loan     CRISIL D (Assigned)

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

Rishi also has a below-average financial risk profile, marked by
a weak capital structure, and small scale of operations in the
highly fragmented cold storage industry. These rating weaknesses
are partially offset by the extensive industry experience of
Rishi's promoters and favorable government policies.

Rishi was incorporated in 2002 but started commercial operations
from 2006-07 (refers to financial year, April 1 to March 31). The
company is based in Navi Mumbai (Maharashtra) and provides cold
and dry storage facilities. Its unit is spread across 0.15
million square feet and has capacity of 14,000 tonnes. Rishi has
a multi-purpose storage facility and provides only storage or
preservation service for various products, such as fruits, dates,
vegetables, dry fruits, spices, and milk products. The company is
managed by the Nanda family comprising Mr. Paresh B Nanda and Mr.
Chhaganlal B Nanda and his sons, Mr. Shailesh C Nanda and Mr.
Nitin C Nanda.


SAN SIDH: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of San Sidh Agro Industries Pvt Ltd, part of the
Ramanjaneya group.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR40 Million Long-Term Loan     CRISIL B/Stable (Assigned)

The rating reflects the Ramanjaneya group's below average
financial risk profile, marked by high gearing and weak debt
protection metrics, and exposure to intense competition in rice
milling and solvent extraction business. The rating also factors
in the susceptibility of the group's operating margin to adverse
government regulations and raw material price volatility and
limited track record of the group's promoters in running solvent
extraction unit. These rating weaknesses are partially offset by
the extensive industry experience of the Ramanjaneya group's
promoters in rice milling business and moderate integration of
operations.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SAIPL and Sri Ramanjaneya Raw & Boiled
Rice Mill (SRBR), together referred to as the Ramanjaneya group.
The consolidated approach is because both the entities are under
a common management and derive considerable operational and
business synergies from each other.

Outlook: Stable

CRISIL believes that the Ramanjaneya group will benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
group's revenues and profitability increase substantially,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes aggressive debt-funded expansions or if its cash
accruals decline substantially or if the promoters withdraw
capital from the group, leading to weakening in its financial
risk profile.

                        About the Group

Set up in 2004 as a partnership firm, SRBR mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm has
an installed paddy milling capacity of 8 tonnes per hour. Its
rice mill is located in Nellore district (Andhra Pradesh). The
firm is promoted by Mr. Udutha Krishnaiah and his family members.

Set up in 2008 as Sri Anjaneya Extraction Pvt Ltd, SAIPL operates
a solvent extraction unit and manufactures unrefined rice bran
oil and de-oiled rice bran cake. The company was purchased from
the earlier management by Mr. Udutha Krishnaiah and his family
members in November 2011, and its name was subsequently changed
to the present one. SAIPL's manufacturing facility is located in
Nellore district.

The Ramanjaneya group reported a profit after tax (PAT) of INR3
million on net sales of INR691 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a net loss of
INR8.5 million on net sales of INR609 million for 2009-10.


SHREE KRISHNA: Delays in Loan Payment Cue CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Shree Krishna Poly Strap Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR117.5 Million Long-Term Loan      CRISIL D (Assigned)
   INR30 Million Cash Credit            CRISIL D (Assigned)
   INR30 Million Packing Credit         CRISIL D (Assigned)
   INR2.5 Million Bank Guarantee        CRISIL D (Assigned)

The rating reflects delays by SKPL in servicing its term loan
because of its weak liquidity marked by inadequate cash accruals
and increasing working capital borrowings.

SKPL has a weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics, and is
exposed to risks related to volatility in raw material prices and
small scale of operations. SKPL, however, benefits from the
extensive industry experience of its promoters.

                        About Shree Krishna

SKPL was set up in 2009 by Mr. Aruvela Ramesh. The company
manufactures polypropylene (PPE) and polyethylene terephthalate
(PET) strappings, which are used as a versatile packaging
material across industries such as textiles, steel, beverages,
paper, ceramics, and construction. Its manufacturing facility in
Chittur (Andhra Pradesh) has capacity of around 250 tonnes per
month. PET and PPE strappings contribute around 60 per cent and
40 per cent, respectively, to the company's revenues. Mr. Ramesh
has more than two decades of experience in the plastics and
packaging industry. SKPL is managed by Mr. A Ramesh and his two
daughters, Ms. Keerthi Aruvela and Ms. Preethi Aruvela.

SKPL reported a loss of INR35 million on net sales of INR137
million for 2010-11 (refers to financial year, April 1 to
March 31), against a loss of INR9 million on net sales of INR13
million for 2009-10.


SRI RAMANJANEYA: CRISIL Rates INR20 Million Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Ramanjaneya Raw & Boiled Rice Mill,
part of the Ramanjaneya group.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Long-Term Loan     CRISIL B+/Stable (Assigned)
   INR110 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects the Ramanjaneya group's below average
financial risk profile, marked by high gearing and weak debt
protection metrics, and exposure to intense competition in rice
milling and solvent extraction business. The rating also factors
in the susceptibility of the group's operating margin to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive industry
experience of the Ramanjaneya group's promoters in rice milling
business and group's moderate integration of operations.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SRBR and San Sidh Agro Industries Pvt
Ltd, together referred to as the Ramanjaneya group.  The
consolidated approach is because both the entities are under a
common management and derive considerable operational and
business synergies from each other.

Outlook: Stable

CRISIL believes that the Ramanjaneya group will benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
group's revenues and profitability increase substantially,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes aggressive debt-funded expansions or if its cash
accruals decline substantially or if the promoters withdraw
capital from the group, leading to weakening in its financial
risk profile.

                          About the Group

Set up in 2004 as a partnership firm, SRBR mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm has
an installed paddy milling capacity of 8 tonnes per hour. Its
rice mill is located in Nellore district (Andhra Pradesh). The
firm is promoted by Mr. Udutha Krishnaiah and his family members.

Set up in 2008 as Sri Anjaneya Extraction Pvt Ltd, SAIPL operates
a solvent extraction unit and manufactures unrefined rice bran
oil and de-oiled rice bran cake. The company was purchased from
the earlier management by Mr. Udutha Krishnaiah and his family
members in November 2011, and its name was subsequently changed
to the present one. SAIPL's manufacturing facility is located in
Nellore district.

The Ramanjaneya group reported a profit after tax (PAT) of
INR3 million on net sales of INR691 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a net loss of
INR8.5 million on net sales of INR609 million for 2009-10.


UGAM IMPEX: CRISIL Assigns 'CRISIL B+' Rating to INR14MM Loan
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ugam Impex Ltd to 'CRISIL B+/Negative' from 'CRISIL BB-
/Stable'. CRISIL has also assigned its 'CRISIL B+/Negative'
rating to UIL's mortgage loan facility.

   Facilities                      Ratings
   ----------                      -------
   INR14.0 Million Mortgage Loan   CRISIL B+/Negative (Assigned)
   Facility

   INR300.0 Million Cash Credit    CRISIL B+/Negative (Downgraded
                                    from 'CRISIL BB-/Stable')

   INR43.0 Million Term Loan       CRISIL B+/Negative (Downgraded
                                    from 'CRISIL BB-/Stable')

   INR373.0 Mil. Proposed Long-    CRISIL B+/Negative (Downgraded
   Term Bank Loan Facility          from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening in the company's
liquidity despite enhancement in bank lines. The deterioration in
liquidity has been caused by significant increase in UIL's debtor
collection period. The company's working capital requirements
have increased considerably because of high receivable levels
during 2011-12 (refers to financial year, April 1 to March 31).
This increase in working capital requirements has led to full
utilization of UIL's bank lines over the 12 months.

UIL also has working-capital-intensive operations because of
higher debtor collection period; the company's weak interest
coverage metrics further puts pressure on its profitability. The
company, however, benefits from its moderate financial risk
profile marked by a comfortable net worth and conservative
capital structure.

For arriving at its ratings, CRISIL has analysed the business and
financial risk profiles of UIL, Guru-G Tex Print Pvt Ltd and Raj
International Ltd (RIL) on a standalone basis. In the past,
CRISIL had combined the business and financial risk profiles of
RIL with those of RIL's other group companies GTPPL and UIL. The
change in analytical approach is driven by strong stance taken by
the management of these companies that there would be no
financial support between RIL, UIL, and GTPPL, and that all the
transactions would be done at an arm's length. Henceforth, these
companies would be operating on a standalone basis only.

Outlook: Negative

CRISIL expects UIL's liquidity to remain stretched over the
medium term marked by its working-capital-intensive operations as
a result of long debtor collection period. The ratings may be
downgraded if UIL's liquidity weakens further because of
increasing working capital requirements. The outlook may be
revised to 'Stable' in case of significant improvement in the
company's liquidity profile.

                        About Ugam Impex

UIL was incorporated in 1996 and was a private limited company
until 2009. It was reconstituted as a public limited company in
2009-10. Family members, Mr. Ramesh Bodra and Ms. Kailash Bodra
have 19.6 per cent and 8.17 per cent shareholding in UIL,
respectively. UIL has various business divisions comprising yarn
and fabrics trading, trading in and export of diamonds, and wind
power generation.

UIL, on a provisional basis, reported a profit after tax (PAT) of
INR11 million on net sales of INR3.1 billion for 2010-11, against
a PAT of INR10 million on net sales of INR2.9 billion for 2009-
10.


WINSOME INT'L: Fitch Rates Two Bank Facilities at Low-B
-------------------------------------------------------
Fitch Ratings has assigned India's Winsome International Limited
a National Long-Term rating of 'Fitch BB+(ind)'.  The Outlook is
stable.

The ratings reflect Winsome's moderate liquidity position, as
reflected in its high utilisation of working capital limits of
90% in the past 12 months (ended December 2011 on maximum monthly
balances) and labour intensive nature of the jute industry.

The ratings also factor in Winsome's strong credit profile, as
reflected in its low net leverage (total adjusted net
debt/EBITDA) of 1.4x and high interest coverage (operating
EBITDA/gross interest expenses) of 8.3x in the financial year
ended March 2011 (FY11).  The ratings also reflect the company's
established customer base with over 75% of revenues coming from
government supplies and more than two-decade-long experience of
its present management in the Jute industry.

Negative rating guideline for Winsome includes net leverage of
above 3x.

Winsome is a public limited company, involved in the processing
of raw jute to produce various jute products. It has its
manufacturing unit in the name of Rameshwara Jute Mills located
at Muktapur, District Samastipur, in north Bihar and has 400
narrow looms with 5,420 spindles.  Winsome is listed on the
Calcutta Stock Exchange. The company had net revenues of INR
1360.5m and EBIDTA margins of 5.5% in FY11.

Fitch has also assigned ratings to Winsome's bank facilities as
follows:

  -- INR22.2m long term loans: assigned at 'Fitch BB+(ind)'
  -- INR 40m fund based limits: assigned at 'Fitch BB+(ind)'
  -- INR14.7m non fund based limits: assigned at 'Fitch A4+(Ind)'


VEL'S INSTITUTE: CRISIL Puts 'CRISIL B+' Rating on INR215MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vel's Institute of Science Technology &
Advanced Studies.

   Facilities                         Ratings
   ----------                         -------
   INR215 Million Term Loan           CRISIL B+/Stable (Assigned)
   INR5 Million Overdraft Facility    CRISIL B+/Stable (Assigned)

The rating reflects VISTAS's constrained liquidity and financial
flexibility because of its ongoing capital expenditure (capex)
plan, and susceptibility to a high degree of regulations by
government agencies. These rating weaknesses are partially offset
by the benefits that VISTAS derives from its established position
across various educational streams and its promoter's extensive
experience in the educational services segment.

Outlook: Stable

CRISIL believes that VISTAS will continue to benefit over the
medium term from its established position across various
educational streams. The outlook may be revised to 'Positive' in
case of sustained improvement in VISTAS's liquidity on the back
of higher cash accruals post stabilization of capex and if the
institute enhances its course offerings by introducing new
courses thereby increasing its revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if VISTAS'
financial risk profile, particularly its liquidity, deteriorates
because of larger-than-expected debt-funded capex or if its
revenues decline because of adverse regulatory issues.

Set up in 2007 in Chennai (Tamil Nadu) by Mr. Ishari K Ganesh,
VISTAS offers courses in commerce, computing science, management,
pharmaceutical sciences, physiotherapy, hotel and catering,
maritime studies, engineering, life sciences, pure sciences,
visual communications, languages, dental, and nursing. VISTAS is
affiliated to the Vels University (deemed). The dental course
offered is affiliated to the MGR Medical University and the
maritime studies course is under the aegis of the Directorate
General of Shipping. For 2011-12 (refers to academic year, June 1
to April 30), VISTAS has a student strength of around 5700. The
promoter has extensive experience of 20 years in the education
sector. Besides VISTAS, the promoter also set up Vel Ganesh
Educational Trust (VGET, rated 'CRISIL B/Stable') in 2007 and
Vetri Education Trust in 1993. VGET operates the Vels
International School (Billabong High). VET operates a
kindergarten school.

VISTAS has, on a provisional basis, reported a surplus of INR 72
million on fee receipts of INR477 million for 2010-11. For 2009-
10 (refers to financial year, April 1 to March 31), VISTAS's
surplus and fee receipts are estimated at INR55 million and
INR350 million respectively; the institute reported a surplus of
INR20 million on fee receipts of INR135 million for the preceding
year.


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


BERLIAN LAJU: S&P Cuts Corp. Credit Rating to 'CC'; on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Indonesia-based shipping company PT
Berlian Laju Tanker Tbk. to 'CC' from 'B-'. "We also lowered our
rating on the US$400 million senior unsecured notes due 2014,
issued by BLT Finance B.V., a wholly owned subsidiary of BLT, to
'C' from 'CCC'. BLT guarantees the notes. We have placed both
ratings on CreditWatch with negative implications," S&P said.

"We lowered the ratings because we believe BLT's self-imposed
suspension of debt repayment has substantially increased the
probability of default," said Standard & Poor's credit analyst
Vishal Kulkarni. "Also, the stoppage of lease payments and a
default on debt obligations that are secured by ships could
considerably imperil the company's operations."

"A global economic slowdown, higher operating costs, and
currently low freight rates have severely affected BLT's ability
to service its debt obligations. The company said that it would
temporarily stop the payments on all it debt and lease
obligations. BLT also announced a covenant breach at one of its
subsidiaries and that some of its subsidiaries have stopped
making lease payments," S&P said.

"We aim to resolve the CreditWatch placement over the next few
weeks, once we have greater clarity on whether BLT has actually
missed any interest payments," said Mr. Kulkarni.

"We could lower the rating on BLT and the notes to 'D' if the
company actually misses an interest or principal repayment. We
could raise the rating if BLT: (1) secures timely and sufficient
funding to continue to service its debt obligation; (2) repairs
its covenant breach; and (3) continues the lease payments," S&P
said.


CIKARANG LISTRINDO: Moody's Puts (P)Ba2 Rating on Sr Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
rating to the senior unsecured notes to be issued by Listrindo
Capital B.V., and which will be unconditionally and irrevocably
guaranteed by PT Cikarang Listrindo.

At the same time, Moody's has affirmed Cikarang's Ba2 corporate
family rating and existing senior unsecured notes rating, and
changed the outlook to negative from stable.

Moody's expects to remove the (P)Ba2 rating for the senior
unsecured notes from its provisional status upon completion of
the issuance.

The majority of the proceeds from the notes have been earmarked
to repay existing senior unsecured notes due 2015 and the
remainder to fund the balance of Cikarang's capacity expansion
program and for general corporate purposes.

Ratings Rationale

"The negative outlook reflects the uncertainty arising from the
proposed construction of a 280MW coal-fired power plant, the
refinancing risk of the proposed bond, and the weakened level of
the company's credit profile during the construction period,"
says Simon Wong, a Moody's VP/Senior Analyst. "There is execution
risk associated with the greenfield project, including the
pending project tender, land acquisitions, site preparation, and
the ability to secure long-term coal supply contracts".

The proposed bond's structure offers less protection for bond
holders. Moody's notes that -- post the proposed issuance --
Cikarang's debt will involve one bullet maturity, creating
refinancing risk, and which would represent a weakness for the
company.

"Furthermore, one of the two existing 150MW take-or-pay contracts
with PT Perusahaan Listrik Negara (PLN) is expected to expire in
January 2016, increasing medium-term uncertainty over both
capacity utilization and future operating cash flow," adds Wong,
also Moody's lead analyst for the company.

Cikarang plans to construct a 280MW coal-fired power plant, some
30km away from its industrial estate, at an estimated cost of
US$475million, and it expected to be operational by end-2016.

"This risk is somewhat mitigated by Cikarang's good track record
in managing its gas-fired capacity expansions, which have
generally been on schedule and within budget," says Wong. "Other
mitigants include Cikarang's appointment of two highly
experienced engineering consultancies to manage the project and
the fact that the plant will utilize sub-bituminous coal, which
is abundant in Indonesia."

Furthermore, the company has already obtained the important "lzin
Lokasi" land permit, while key equipment is expected to be
ordered from reputable international suppliers.

The proposed plant is expected to provide the necessary capacity
buffer in the event of a planned or unplanned shutdown of
Cikarang's existing gas-fired plants, as well as meeting the
long-term electricity demand of its customers on five industrial
estates. It will also enhance fuel-source diversification and
lower overall generation costs for Cikarang.

Cikarang's ratings also reflect its status as the sole
independent power producer supplying electricity to a large and
diversified base of industrial-estate customers, its off-take
agreements with PLN (Baa3/stable), as well as the track records
of solid demand growth from and payment records of its customers,
even during the Asian financial crisis in 1997 and the more
recent global financial crisis.

The ratings also reflect the company's strong operating
performance and liquidity position, the reliability of its plant,
its robust tariff structure -- which allows for foreign exchange
and natural gas cost pass-through -- and its strong management
team.

At the same time, the ratings are constrained by the lack of
operational flexibility, given the company's single site and its
relatively small capacity; gas supply risk in the medium term;
and a moderate degree of uncertainty regarding the extent of
demand for the additional capacity to come from its expansion
programs as well as off-take risk exposure to PLN.

Cikarang's average projected Cash Available for Debt Service
(CAFDS)/Mandatory Debt Service is expected to weaken to 2-3.5x
and RCF/Debt to 10-20% in the medium term. Such metrics would be
weak for its current Ba2 rating.

Moody's believes that Cikarang has a relatively predictable
business, which has some similarities -- on a small scale -- to
that of a utility, given its captive industrial user base.

Upward rating pressure will be limited in the near to medium
term, given the negative outlook, and reflecting the company's
weakened credit profile during the construction phase and the
execution risks associated with the capacity expansion.

Negative rating pressure will emerge if (1) Cikarang cannot
execute its capacity expansion on schedule and within budget; or
(2) there is a significant deterioration in the company's
operational and financial profile.

In this context, financial metrics that would indicate downward
rating pressure include RCF/Debt falling below 10-12% and/or
Debt/EBITDA rising above 4 times on a sustained basis.

The principal methodology used in this rating was Power
Generation Projects published in December 2008.

PT Cikarang Listrindo (Cikarang) is the sole IPP supplier of
electricity to a wide range of mostly foreign-owned companies in
five industrial estates in the Cikarang area outside of Jakarta.
It owns and operates a 646MW natural gas-fired combined cycle
power station, and distributes directly to companies on the
industrial estates. Its capacity expansion plan, upon completion,
will increase installed generation capacity to 755MW by mid-2012
and 1035MW by end- 2016. It also has an offtake agreement for
part of its power with PT Perusahaan Listrik Negara (PLN,
Baa3/stable). Cikarang is owned by 3 Indonesian families.


CIKARANG LISTRINDO: S&P Gives 'BB-' Rating on Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue
rating to the proposed issue of senior unsecured notes by
Listrindo Capital B.V. The notes are fully guaranteed by PT
Cikarang Listrindo (BB-/Stable/--). "The rating is subject to our
review of the final issuance documents," S&P said.

"We expect Cikarang to use part of the notes proceeds to
refinance some of its debt. The remaining amount will be to fund
a portion of a new coal-fired power plant and general corporate
purposes," S&P said.

"The current rating on Cikarang factors in higher debt to fund
its proposed plant and reflects our view of the company's
aggressive capital expenditure plans, weak capital structure, its
exposure to single-site concentration and counterparty risks. The
company's diverse customer base, stable operations, and
regulatory protection offset these weaknesses," S&P said.

"The stable outlook on the corporate credit rating reflects our
assumption of steady revenue growth from industrial customers. We
also expect cash flows from Cikarang's operational gas-fired
power plants to remain stable and provide cushion against capital
expenditures on its proposed coal-fired power plant," S&P said.

"Cikarang's recently expanded generation capacity has started to
contribute steady cash flows. However, we view the company's
capital investment as a limiting factor for any rating upside in
the short to medium term. The rating may come under pressure if
cost overruns and construction delays in the coal-fired plant
constrain the company's ability to reduce its adjusted debt to
capital to below 60% on a sustainable basis. New investments,
aside from the ongoing plans, are likely to weaken the company's
credit profile and result in further downward pressure on the
rating. Significant deviations from existing operating
performance and aggressive shareholders' returns, such as high
dividend payouts, could also negatively affect the rating," S&P
said.

"Upside potential for the rating will be limited until project-
related risks decline and the company's financial risk profile
improves, including a strong liquidity position and a debt-to-
EBITDA ratio below 2.5x on a sustainable basis," S&P said.


XL AXIATA: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------
Fitch Ratings has upgraded PT XL Axiata Tbk's National Long-Term
rating and the senior unsecured rating on IDR1.5trn of notes due
April 26, 2012, to 'AA+(idn) from 'AA(idn)'.  The Outlook is
Positive.  At the same time, XL Axiata's Long-Term Local- and
Foreign-Currency Issuer Default Ratings have been affirmed at
'BB+'.  The Outlook is Positive.

The upgrade of the National ratings reflects a reappraisal of XL
Axiata's credit strengths when compared to other Indonesian
corporates, and Fitch's revised view that the company warrants
the second-highest rating on the Indonesian National rating
scale.

The ratings reflect the company's stable financial and operating
performance. XL Axiata's FY11 EBITDA margin declined to 49%
(FY10: 53%).  However, this decline is largely due to one-off
costs associated with a restructuring programme, which includes
outsourcing the network operations and network field operations
function to PT Huawei Tech Investment.  This process will involve
transferring 1,200 employees to Huawei, and incurring severance
costs of IDR269bn.

The Positive Outlook reflects the agency's expectations that the
restructuring programme will enable the company to meet positive
rating guidelines of funds from operations (FFO)-adjusted net
leverage below 1x, stronger pre-dividend free cash flows and a
greater revenue market share.

Under Fitch's parent and subsidiary methodology, the ratings
incorporate a one-notch uplift from their stand-alone level,
reflecting implied support from its Malaysian parent, Axiata
Group Berhad (AGB) which has a 66.6% beneficial ownership of XL
Axiata. The company accounts for 39% and 46% of AGB's
consolidated revenue and EBITDA, respectively.

The company has a IDR1.5trn bond due on 26 April 2012.  Total
cash and equivalents at end-2011 were IDR998bn, Fitch believes
that the company has long-term relationships with several banks
that are willing to advance loans to repay the bond.


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


RIZAL COMMERCIAL: Fitch Rates $200-Mil. Senior Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned Rizal Commercial Banking Corp.'s
USD200m 5.25% senior notes due 2017 (issued under the bank's
USD1bn medium-term note programme) a final 'BB-' rating.  This
follows the completion of the senior notes issuances and the
receipt of documents conforming to information previously
received.  The final rating is the same as the expected rating
assigned on 16 January 2012.

The notes are rated at the same level as RCBC's 'BB-' Long-Term
Foreign-Currency Issuer Default Rating as they constitute direct
and unsecured obligations of the bank, and hence rank equally
with all its unsecured and unsubordinated obligations.  The net
proceeds will be used as working capital, for general banking and
other corporate purposes.

RCBC is a mid-sized universal bank with total assets of PHP312bn
at end-September 2011.  The Yuchengco family's group of companies
owned a majority 50.4% stake in the bank at end-2010.


                             *********

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.

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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
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