TCRAP_Public/120209.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 9, 2012, Vol. 15, No. 29

                            Headlines


A U S T R A L I A

DUFFY BROS: Darlinghurst Site Placed in Receivership
OFQUEST AUSTRALIA: Fails to Pay AUD5-Mil. Debt; In Administration
RELIANCE RAIL: Moody's Reviews 'B3' Rating for Possible Downgrade


H O N G  K O N G

ALL LEGEND: Members' Final Meeting Set for March 6
ATTENWOOD COMPANY: Members' Final Meeting Set for March 5
CHAMPION WELL: Lees and Sum Step Down as Liquidators
CHONG KUI: Court to Hear Wind-Up Petition on Feb. 22
EASTERN GLOBAL: Lees and Sum Step Down as Liquidators

NORDIC KNITS: Final General Meetings Set for March 6
PROCTER & GAMBLE: Lam and Boswell Step Down as Liquidators
SATRAP LIMITED: Members' Final General Meeting Set for March 5
SYNTECH CHEMICALS: Placed Under Voluntary Wind-Up Proceedings
TOWER CLUB: Final Meetings Set for March 12


I N D I A

ANSAL PROPERTIES: Fitch Withdraws Rating on Five Bank Loans
CHANAKYA TECHNOS: Delays in Loan Payment Cues CRISIL Junk Ratings
CITYCOM NETWORKS: Fitch Rates INR200 Million Loan at 'B+'
CORE EDUCATION: S&P Gives B+ Rating on Sr. Unsec. Notes Due 2017
INDUS SMELTERS: CRISIL Upgrades Rating on INR40MM Loan to 'B-'

KIRPA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
LAKHANI ARMAAN: CRISIL Cuts Rating on INR65MM Loan to 'BB+'
LAKHANI FOOTWEAR: CRISIL Cuts Rating on INR455MM Loan to 'BB+'
LAKHANI RUBBER: CRISIL Cuts Rating on INR85MM Loan to 'BB+'
LAKHANI SHOES: CRISIL Cuts Rating on INR50MM Loan to 'BB+'

MAHALAXMI CRAFTS: CRISIL Puts CRISIL BB- Rating on INR86.9MM Loan
MASCOT FOOTCARE: CRISIL Cuts Rating on INR85MM Loan to 'BB+'
SELLIAMMAN CONSTRUCTIONS: CRISIL Cuts Cash Credit Rating to 'C'
SCC PROJECTS: Delay in Loan Payment Cuts CRISIL Junk Ratings
THANGAVELU SPINNING: CRISIL Rates INR0.8MM Loan at 'CRISIL B'

VIMTA LABS: CRISIL Cuts Rating on INR10MM Loan to 'CRISIL D'


J A P A N

HUMMINGBIRD SECURITISATION: S&P Puts 'CCC' Loan Rating on Watch
OMEGA CAPITAL: S&P Lowers Rating on Class 5Y-B Notes to 'D'
ORSO FUNDING: Fitch Lowers Rating on 2 Trust Classes to 'Dsf'
SHINKIN CENTRAL: Moody's Revises Outlook on C- BFSR to Stable
TOKYO ELECTRIC: Fund Chief Rebukes President Over Rate Hike


N E W  Z E A L A N D

BLUE CHIP: Fresh Claims Complicate Northern Crest Case
CENTURY CITY: Sells Former Head Office to Wellington Lawyer


P A K I S T A N

* PAKISTAN: Moody's Says 'B3' Rating Reflects Economic Challenges


P H I L I P P I N E S

BDO UNIBANK: Moody's Rates US$ Senior Unsecured Bonds at 'Ba2'


S I N G A P O R E

HUMPUSS INTERMODA: Singaporean Unit Declared Bankrupt


                            - - - - -


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


DUFFY BROS: Darlinghurst Site Placed in Receivership
----------------------------------------------------
Patrick Stafford at SmartCompany reports that Duffy Bros Country
Fresh at Darlinghurst has been placed in receivership, as
pressure continues to rise against suppliers as Coles and
Woolworths beef up their discounting campaigns.

SmartCompany notes that the company has many locations, but the
receivership only affects the Darlinghurst location.

An advertisement for the sale of the business was launched last
week, noting the company is turning over AUD140,000 per week, the
report relays.

"The business is in receivership," a spokesperson told
SmartCompany.  "The site itself is a supermarket in the inner
city, and the business is pursuing a number of options, which is
the reason for the advertisement published."

Neil Cussen -- ncussen@deloitte.com.au & Vaughan Strawbridge --
vastrawbridge@deloitte.com.au -- of Deloitte were appointed as
receivers, and confirmed to SmartCompany the business was in the
process of looking for a buyer.

                          About Duffy Bros

Duffy Bros Country Fresh sells a range of fresh groceries
including fruit, vegetables and meat, and is located in the
inner-city.


OFQUEST AUSTRALIA: Fails to Pay AUD5-Mil. Debt; In Administration
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Ofquest Australia,
trading as "Desking Systems", was placed into administration on
January 31, with Sule Arnautovic -- sule@jirschsutherland.com.au
-- of Jirsch Sutherland appointed as administrator.

Mr. Arnautovic told SmartCompany the business failed due to an
inability to meet its bank debt, which amounts to AUD5 million,
along with suffering under the more general slow-down in
manufacturing.

SmartCompany says the business turns over AUD12 million per year,
according to an advertisement calling for expressions of
interest, with 19 staff, although the company's Web site claims
it also has 75 staff operating a factory in Kurnell, New South
Wales.  Offices have also been set up in South Africa and
Britain.

According to the report, the creditors of the business, of which
there are more than 200, are owed AUD2.2 million, with employees
owed AUD400,000.  The Australian Taxation Office is also owed
AUD850,000, SmartCompany discloses.

Arnautovic is now attempting to sell the business and explore a
Deed of Company Arrangement restructure, with a number of assets
for sale including manufacturing equipment and intellectual
property, SmartCompany adds.

Based in Kurnell, NSW, Australia, Ofquest Australia Pty Ltd,
trading as "Desking Systems", manufactures office furniture and
equipment.


RELIANCE RAIL: Moody's Reviews 'B3' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service notes an announcement by Reliance Rail
Finance regarding a restructure agreement involving the State
Government of New South Wales (the State, rated Aaa), financial
guarantors, and other parties to restructure the company's
financing.

The announced restructure plan includes conditional commitment by
the State to invest AUD175 million in Reliance Rail in 2018.
According to a separate announcement by the State, such amount
would be made in return for 100% of the equity in Reliance Rail,
and is subject to the successful delivery of the 78 Waratah
trains and Reliance Rail's ability to refinance its existing debt
at that time.

Reliance Rail's B3 rating is currently on review for possible
downgrade due to ongoing concerns with 1) the potential funding
gap in February, and 2) uncertainties associated with the
operating performance of the delivered trains.

"The restructuring plan will lead to some improvement in Reliance
Rail's very high financial leverage over the medium-to-long term,
assuming the conditions set for the equity injection are being
met", says Spencer Ng, a Moody's AVP-Analyst.

"However, the key credit issue challenging Reliance's B3 rating
in the near term will continue to be the risk of potential
funding shortfall associated with the need to commence drawdown
on the committed bank debt facilities from February 2012 to
complete the delivery phase of the project", Mr. Ng adds.

Moody's is closely monitoring the events surrounding the ongoing
train delivery and funding drawdowns. Reliance's credit profile
would gradually benefit from continued availability of bank
funding (through to 2013). On the other hand, the rating could
face precipitous downgrade should Reliance Rail experience any
complication in securing funding from its banks.

Based on Reliance Rail's legal advice, if both of the bank
facilities' financial guarantors -- Syncora Guarantee Inc. (rated
Ca, developing outlook) and FGIC UK Limited (unrated) -- were to
become insolvent, then the banks may have the right to cancel
their funding commitments. In June 2010, Reliance received a
letter from its banks reserving their rights in respect of the
bank facility required to complete the delivery phase of the
Waratah project. Moody's is not aware of any further developments
on this issue.

Notwithstanding Syncora completing a remediation plan and re-
commencing claims payments in 2010, the financial profiles of
both Syncora and FGIC remain very weak.

Moody's notes that Reliance Rail maintains that the banks'
reservation of rights letter itself does not assert an actual
default or represent a step towards the exercise of enforcement
or termination rights. Reliance Rail has also stated, based on
advice it has taken, that it believes that the banks have no
current rights to cancel the facility.


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


ALL LEGEND: Members' Final Meeting Set for March 6
--------------------------------------------------
Members of All Legend Investments Limited will hold their final
meeting on March 6, 2012, at 10:00 a.m., at 25/F, Wing On Centre,
at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ATTENWOOD COMPANY: Members' Final Meeting Set for March 5
---------------------------------------------------------
Members of Attenwood Company Limited will hold their final
meeting on March 5, 2012, at 2:00 p.m., at 16th Floor, Ocean
Centre, Harbour City, at Canton Road, Kowloon, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHAMPION WELL: Lees and Sum Step Down as Liquidators
----------------------------------------------------
John Robert Lees and Sum Kin Keong stepped down as liquidators of
Champion Well International Limited on Nov. 9, 2011.


CHONG KUI: Court to Hear Wind-Up Petition on Feb. 22
----------------------------------------------------
A petition to wind up the operations of Chong Kui (Group) Company
Limited will be heard before the High Court of Hong Kong on
Feb. 22, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Louie Wong
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


EASTERN GLOBAL: Lees and Sum Step Down as Liquidators
-----------------------------------------------------
John Robert Lees and Sum Kin Keong stepped down as liquidators of
Eastern Global Property Management Limited on Feb. 7, 2011.


NORDIC KNITS: Final General Meetings Set for March 6
----------------------------------------------------
Members and creditors of Nordic Knits Int'l Limited will hold
their final general meetings on March 6, 2012, at 9:45 a.m., and
10:00 a.m., respectively at Room 203, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Lo Wing Hung, 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 (HK) Dormant Limited on
Jan. 27, 2012.


SATRAP LIMITED: Members' Final General Meeting Set for March 5
--------------------------------------------------------------
Members of Satrap Limited will hold their final general meeting
on March 5, 2012, at 9:30 a.m., at 23D, Park Garden, 6 Tai Hang
Drive, in Hong Kong.

At the meeting, Quentin Benda Williams, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SYNTECH CHEMICALS: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Jan. 30, 2012,
creditors of Syntech Chemicals Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Au Wing Ip
         6B, Cameron Plaza
         23 Cameron Road
         Tsimshatsui, Kowloon
         Hong Kong


TOWER CLUB: Final Meetings Set for March 12
--------------------------------------------
Members and creditors of Tower Club Limited will hold their final
meetings on March 12, 2012, at 11:00 a.m., at Suite 1201-2A,
Golden Centre, at 188 Des Voeux Road Central, in Hong Kong.

At the meeting, Yeung Wing On Adrian, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


ANSAL PROPERTIES: Fitch Withdraws Rating on Five Bank Loans
-----------------------------------------------------------
Fitch Ratings has withdrawn India's Ansal Properties and
Infrastructure Limited's 'Fitch B-(ind)nm' National Long-Term
rating.

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

Fitch migrated APIL to the "Non-Monitored" category on 04 August
2011.

Fitch has also withdrawn APIL's bank loan ratings as follows:

  -- INR1,000m long-term debt program: 'Fitch B-(ind)nm'; rating
     withdrawn
  -- INR710m long-term bank loans: 'Fitch B-(ind)nm'; rating
     withdrawn
  -- INR1,721.5m fund-based working capital limits: 'Fitch B-
     (ind)nm'; rating withdrawn
  -- INR200m short-term bank loans: 'Fitch A4(ind)nm'; rating
     withdrawn
  -- INR1,500m non-fund based working capital limits: 'Fitch
     A4(ind)nm'; rating withdrawn
  -- INR1,000m short-term debt (INR500m to be carved out of fund-
     based working capital limits): 'Fitch A4(ind)nm'; rating
     withdrawn


CHANAKYA TECHNOS: Delays in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Chanakya Technos Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR4.3 Million Term Loan          CRISIL D (Assigned)
   INR1.5 Milllion Standby Line      CRISIL D (Assigned)
    of Credit
   INR10 Million Cash Credit         CRISIL D (Assigned)
   INR62.5 Million Bank Guarantee    CRISIL D (Assigned)

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

CTPL also has a modest scale of operations, geographical
concentration. The ratings are also constrained by tender-based
nature of CTPL's operations and intense competition in the civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of CTPL's promoters
and healthy debt protection metrics.

                       About Chanakya Technos

Established in the 2002, CTPL is a civil contractor and
undertakes construction of roads, bridges, and related activities
in Bihar. The company is promoted by Mr. Ravi Shankar Pathak and
his brother, Mr. Mani Shankar Pathak, who handle the daily
operations of the company.

CTPL reported a profit after tax (PAT) of INR 5.2 million on net
sales of INR 201 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 6.3 million on net
sales of INR 253 million for 2009-10.


CITYCOM NETWORKS: Fitch Rates INR200 Million Loan at 'B+'
---------------------------------------------------------
Fitch Ratings has assigned India's Citycom Networks Private
Limited a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable.  Citycom's INR200 million long-term loan has
been assigned a rating of 'Fitch B+(ind)'.

The ratings factor in Citycom's weak financial performance since
inception.  In the financial year ended March 2011 (FY11), it had
an EBITDA loss of INR49 million (FY10: an EBITDA loss of INR3m).
The losses were primarily start-up losses due to the fixed cost
structure of the company.  However, the company achieved an
EBITDA breakeven in H1FY12 and it is likely to generate an EBITDA
profit in FY12.  Fitch, therefore, expects Citycom's margins to
improve significantly with an increase in its scale of
operations.

The ratings are also constrained by the capital intensive nature
of Citycom's business.  It has planned a INR2.3bn capex programme
for FY12-FY16 to roll-out optical fibre cable (OFC) network in
new locations and also strengthen its existing network.  Given
its weak operating performance, the company will require external
funding for this capex and therefore need to raise fresh capital
through equity and/or debt.  The ratings also factor in an
expected increase in competition in the enterprise and broadband
segments from existing telecom operators, who are facing a
maturing voice market.

Citycom's ratings, however, benefit from its strong OFC network
in Delhi-NCR region and a presence in few other metro and Tier-I
& II cities.  The company with its cumulative network -- core and
local loop -- of over 3,500 km is able to provide last mile
connectivity to its customers.  Citycom's typical contract is for
one year or above and renewal rates in enterprise business are
high, providing strong revenue visibility over the short- to
medium-term.

Positive rating guidelines include Citycom's higher-than-expected
revenue growth and achievement of breakeven at a net level.
Negative rating guidelines include lower-than-expected revenues
and profitability and/or its failure to bring in fresh equity to
fund future capex plans.

Incorporated in May 2008, Citycom is a neutral carrier service
provider.  The company acquired OFC network of Spectranet - a
division of Punj Lloyd Limited - in 2008.  As a part of the deal
with PLL, Spectranet's internet service provider (ISP) operations
were transferred to Spectra ISP Networks Private Limited ('Fitch
B+(ind)'/Stable), which is also owned by the owner of Citycom.
Citycom's revenue in FY11 was INR133m (FY10: INR118m) and its net
loss was INR88m (FY10: a loss of INR37m).


CORE EDUCATION: S&P Gives B+ Rating on Sr. Unsec. Notes Due 2017
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the proposed issue of senior unsecured notes due 2017 by Core
Education and Consulting Solutions Inc., a wholly owned
subsidiary of Core Education & Technologies Ltd. (CORE;
B+/Stable/--). "CORE and some of its subsidiaries guarantee the
notes, which will be issued under rule 144A and Regulation S of
the Securities Act. The rating is subject to our review of the
final issuance documentation," S&P said.

CORE intends to use the proceeds to fund capital expenditure and
potential acquisitions, and for general corporate purposes. It
will also use some of the proceeds to partially repay its rupee-
denominated debt.

"The rating on the proposed notes is derived from the 'B+' long-
term corporate credit rating on CORE. The rating on CORE reflects
the fragmented and competitive nature of the education technology
market globally and the company's customer concentration in the
U.S., where clients face budgetary constraints. The risks from
CORE's entry into lower-margin, capital-intensive businesses are
also a rating weakness. Further, the company generates negative
free cash flows due to its high capital expenditure and low cash
generation from operations as a result of a high working capital
cycle. CORE's established presence in the niche formative
assessment market with high renewal rates, its wider product
offerings than some education technology peers, and its expansion
in India and the U.K. temper these weaknesses," S&P said.


INDUS SMELTERS: CRISIL Upgrades Rating on INR40MM Loan to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Indus Smelters Ltd to 'CRISIL B-/ Stable' from 'CRISIL C'.

   Facilities                       Ratings
   ----------                       -------
   INR40.0 Million Term Loan        CRISIL B-/Stable (Upgraded
                                    from CRISIL C)

   INR60.0 Million Cash Credit      CRISIL B-/Stable (Upgraded
                                    from CRISIL C)

The upgrade reflects ISL's timely servicing of its term debt.
Also, the company's cash accruals are expected to be sufficient
to meet maturing debt obligations over the medium term.

The rating reflect ISL's large working capital requirements
leading to constrained liquidity, low operating margin due to
conversion nature of the industry and small scale of operations
in the fragmented and cyclical steel industry. These rating
weaknesses are partially offset by ISL's moderate financial risk
profile, marked by low gearing and above-average debt protection
metrics, and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that ISL will benefit over the medium term from
its promoters' extensive industry experience and moderate
financial risk profile. The outlook may be revised to 'Positive'
if the company's liquidity improves with improvement in working
capital requirements and higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case
ISL's liquidity deteriorates or if the company undertakes any
large debt-funded capital expenditure programme, leading to
weakening in its financial risk profile.

                        About Indus Smelters

Incorporated in 1989, ISL manufactures thermo-mechanically
treated (TMT) bars used in the construction sector. The company
also manufactures ingots that are captively used for
manufacturing TMT bars. ISL's plant in Raipur (Chhattisgarh) has
a rolling capacity of 140 tonnes per day (tpd) and ingot capacity
of 180 tpd, of which 60 tpd each of ingot and rolling capacities
began operations in January 2011.

ISL reported a profit after tax (PAT) of INR5.8 million on net
sales of INR552 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.0 million on net
sales of INR493 million for 2009-10.


KIRPA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kirpa Rice Mills.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR30 Mil. Proposed Long-Term     CRISIL B+/Stable (Assigned)
    Bank Loan Facility

The rating reflects the KRM's weak financial risk profile, small
net worth size, on account of its low operating margin, and its
susceptibility to raw material price risks.  These weaknesses are
partially offset by the extensive experience of the KRM's
promoters in the rice business.

Outlook: Stable

CRISIL expects KRM financial risk profile to remain weak owing to
working capital intensive nature of the operations and small net
worth. The outlook may be revised to 'Positive' in case of
substantial improvement in operating margins of the firm leading
to better accruals and thus improvement in capital structure.
Conversely, the outlook may be revised to 'Negative 'in case of
any further deterioration in the operating margins impacting its
overall profitability or any large debt funded capex programme.

                         About the Group

KRM was promoted by Mr. Satpal along with his three sons i.e.
Mr. Surinder Pal, Mr. Krishan Lal and Mr. Ashok Kumar in 1998 as
a partnership firm. The firm is engaged in processing and sale of
basmati rice. Its facility is located in Ladhu Ka (district
Firozpur, Punjab) with milling and sortex capacity of 4 Tonnes
Per Hour (TPH) respectively. KRM has presence in the local mandis
of Fazilika, Malout, Abohar, Mukstar etc. for procurement of
paddy. From 2006-07, the group has started processing and sale of
basmati rice i.e. mainly Pusa 1121.


LAKHANI ARMAAN: CRISIL Cuts Rating on INR65MM Loan to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded the ratings on the bank loan facilities of
the Lakhani Armaan Shoes Pvt Ltd, part of the Lakhani group, to
'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL BBB-
/Negative/CRISIL A3'.

   Facilities                           Ratings
   ----------                           -------
   INR65.0 Million Cash Credit Limit    CRISIL BB+/Negative
                                        (Downgraded from ' CRISIL
                                        BBB-/Negative ')

   INR45.1 Million Term Loan            CRISIL BB+/Negative
                                        (Downgraded from ' CRISIL
                                        BBB-/Negative ')

   INR85.0 Million Letter of Credit     CRISIL A4+ (Downgraded
                                        from ' CRISIL A3')

   INR50.0 Million Bill Purchase-       CRISIL A4+ (Downgraded
   Discounting Facility                 from ' CRISIL A3')

The downgrade reflects the higher-than-expected increase in the
Lakhani group's working capital requirements in 2010-11 (refers
to financial year, April 1 to March 31), which resulted in
increased debt level during the year. The increased debt, coupled
with lower profitability, led to deterioration in the group's
debt protection measures; the group's net cash accruals to total
debt (NCATD) and interest coverage ratios deteriorated to 0.14
times and 1.92 times, respectively, in 2010-11 from 0.21 times
and 2.51 times, respectively, the previous year. The downgrade
also reflects CRISIL's belief that the Lakhani group's liquidity
will remain stretched over the medium term on account of its
large incremental working capital requirements and annual debt
obligations over the medium term.

The ratings reflect the Lakhani group's established position in
the footwear industry, supported by the extensive experience of
its promoters, its established brands and its wide geographical
coverage. This rating strength is partially offset by the group's
limited financial flexibility owing to its working-capital-
intensive operations, and its susceptibility to volatility in raw
material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group --
Lakhani Armaan Shoes Pvt Ltd, Lakhani Footwear Pvt Ltd, Lakhani
Shoes & Apparels Pvt Ltd, Lakhani Shoes Co Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani Rubber
Works. This is because the entities have the same promoters and
senior management; common procurement, marketing, and finance
functions; and are in the business of manufacture and sale of
footwear.

Outlook: Negative

CRISIL believes that the Lakhani group's liquidity will remain
constrained over the near to medium term because of large working
capital requirements and maturing debt obligations. However, the
group's short-term liquidity will continue to be supported by its
historically high creditor days. The ratings may be downgraded in
case the group reports lower-than-expected revenues and
profitability, if its liquidity weakens further because of
continued large working capital requirements, or if it undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, leading to further strain on its financial risk
profile. Conversely, the outlook may be revised to 'Stable' in
case the group demonstrates strong improvement in cash accruals
while effectively managing its working capital, thereby improving
its financial risk profile over the medium term.

                          About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberized automotive components businesses.
Its first manufacturing unit was set up in Faridabad (Haryana) in
1966 for manufacturing automotive rubber components for Escorts
Tractors Ltd. Over the past 30 years, the group diversified into
the footwear business and established the well-known Lakhani
brand in the footwear market in India. Initially, the group
manufactured hawai chappals, and later, gradually diversified
into manufacturing beach slippers, sports shoes, canvas shoes,
and leather shoes. During the period between 2006 and 2008, there
was a family split in the Lakhani group, with Mr. K C Lakhani and
his younger brother, Mr. P D Lakhani, re-organising the business
and its assets. Mr. K C Lakhani renamed the business Lakhani
Armaan Group, with production facilities comprising three units
in Faridabad, two units in Haridwar (Uttarakhand), and one unit
each in Dhar (Madhya Pradesh), Noida (Uttar Pradesh). The group
also had an operational manufacturing unit at Bhiwadi
(Rajasthan), which was closed down in March 2011 due to labour-
related issues in the region. The Lakhani group has also been
manufacturing sports shoes and canvas shoes for leading global
brands, including Adidas and Reebok, in India for the past ten
years.


LAKHANI FOOTWEAR: CRISIL Cuts Rating on INR455MM Loan to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank loan facilities of
Lakhani Footwear Pvt Ltd (part of the Lakhani group) to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

   Facilities                         Ratings
   ----------                         -------
   INR455.0 Mil. Cash Credit Limit    CRISIL BB+/Negative
                                      (Downgraded from 'CRISIL
                                      BBB-/Negative')

   INR275.0 Million Term Loan         CRISIL BB+/Negative
                                      (Downgraded from 'CRISIL
                                       BBB-/Negative')

   INR220.0 Mil. Letter of Credit     CRISIL A4+ (Downgraded from
                                      'CRISIL A3')

   INR150 Million Bill Purchase-      CRISIL A4+ (Downgraded from
   Discounting Facility               'CRISIL A3')

The downgrade reflects the higher-than-expected increase in the
Lakhani group's working capital requirements in 2010-11 (refers
to financial year, April 1 to March 31), which resulted in
increased debt level during the year. The increased debt, coupled
with lower profitability, led to deterioration in the group's
debt protection measures; the group's net cash accruals to total
debt (NCATD) and interest coverage ratios deteriorated to 0.14
times and 1.92 times, respectively, in 2010-11 from 0.21 times
and 2.51 times, respectively, the previous year. The downgrade
also reflects CRISIL's belief that the Lakhani group's liquidity
will remain stretched over the medium term on account of its
large incremental working capital requirements and annual debt
obligations over the medium term.

The ratings reflect the Lakhani group's established position in
the footwear industry, supported by the extensive experience of
its promoters, its established brands and its wide geographical
coverage. This rating strength is partially offset by the group's
limited financial flexibility owing to its working-capital-
intensive operations, and its susceptibility to volatility in raw
material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group --
Lakhani Footwear Pvt Ltd, Lakhani Armaan Shoes Pvt Ltd, Lakhani
Shoes & Apparels Pvt Ltd, Lakhani Shoes Co Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani Rubber
Works. This is because the entities have the same promoters and
senior management; common procurement, marketing, and finance
functions; and are in the business of manufacture and sale of
footwear.

Outlook: Negative

CRISIL believes that the Lakhani group's liquidity will remain
constrained over the near to medium term because of large working
capital requirements and maturing debt obligations. However, the
group's short-term liquidity will continue to be supported by its
historically high creditor days. The ratings may be downgraded in
case the group reports lower-than-expected revenues and
profitability, if its liquidity weakens further because of
continued large working capital requirements, or if it undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, leading to further strain on its financial risk
profile. Conversely, the outlook may be revised to 'Stable' in
case the group demonstrates strong improvement in cash accruals
while effectively managing its working capital, thereby improving
its financial risk profile over the medium term.

                          About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberized automotive components businesses.
Its first manufacturing unit was set up in Faridabad (Haryana) in
1966 for manufacturing automotive rubber components for Escorts
Tractors Ltd. Over the past 30 years, the group diversified into
the footwear business and established the well-known Lakhani
brand in the footwear market in India. Initially, the group
manufactured hawai chappals, and later, gradually diversified
into manufacturing beach slippers, sports shoes, canvas shoes,
and leather shoes. During the period between 2006 and 2008, there
was a family split in the Lakhani group, with Mr. K C Lakhani and
his younger brother, Mr. P D Lakhani, re-organising the business
and its assets. Mr. K C Lakhani renamed the business Lakhani
Armaan Group, with production facilities comprising three units
in Faridabad, two units in Haridwar (Uttarakhand), and one unit
each in Dhar (Madhya Pradesh), Noida (Uttar Pradesh). The group
also had an operational manufacturing unit at Bhiwadi
(Rajasthan), which was closed down in March 2011 due to labour-
related issues in the region. The Lakhani group has also been
manufacturing sports shoes and canvas shoes for leading global
brands, including Adidas and Reebok, in India for the past ten
years.


LAKHANI RUBBER: CRISIL Cuts Rating on INR85MM Loan to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded the ratings on the bank loan facilities of
Lakhani Rubber Works (part of the Lakhani group) to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

   Facilities                          Ratings
   ----------                          -------
   INR85.0 Million Cash Credit Limit   CRISIL BB+/Negative
                                       (Downgraded from 'CRISIL
                                        BBB-/Negative')

   INR29.7 Million Term Loan           CRISIL BB+/Negative
                                       (Downgraded from 'CRISIL
                                        BBB-/Negative')

   INR100.0 Mil. Letter of Credit      CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

   INR10.0 Million Bank Guarantee      CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

   INR60.0 Million Bill Purchase-      CRISIL A4+ (Downgraded
   Discounting Facility                from 'CRISIL A3')

The downgrade reflects the higher-than-expected increase in the
Lakhani group's working capital requirements in 2010-11 (refers
to financial year, April 1 to March 31), which resulted in
increased debt level during the year. The increased debt, coupled
with lower profitability, led to deterioration in the group's
debt protection measures; the group's net cash accruals to total
debt (NCATD) and interest coverage ratios deteriorated to 0.14
times and 1.92 times, respectively, in 2010-11 from 0.21 times
and 2.51 times, respectively, the previous year. The downgrade
also reflects CRISIL's belief that the Lakhani group's liquidity
will remain stretched over the medium term on account of its
large incremental working capital requirements and annual debt
obligations over the medium term.

The ratings reflect the Lakhani group's established position in
the footwear industry, supported by the extensive experience of
its promoters, its established brands and its wide geographical
coverage. This rating strength is partially offset by the group's
limited financial flexibility owing to its working-capital-
intensive operations, and its susceptibility to volatility in raw
material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group --
Lakhani Rubber Works, Lakhani Footwear Pvt Ltd, Lakhani Armaan
Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd, Lakhani Shoes Co
Pvt Ltd, Lakhani Rubber Products Pvt Ltd, and Mascot Footcare.
This is because the entities have the same promoters and senior
management; common procurement, marketing, and finance functions;
and are in the business of manufacture and sale of footwear.

Outlook: Negative

CRISIL believes that the Lakhani group's liquidity will remain
constrained over the near to medium term because of large working
capital requirements and maturing debt obligations. However, the
group's short-term liquidity will continue to be supported by its
historically high creditor days. The ratings may be downgraded in
case the group reports lower-than-expected revenues and
profitability, if its liquidity weakens further because of
continued large working capital requirements, or if it undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, leading to further strain on its financial risk
profile. Conversely, the outlook may be revised to 'Stable' in
case the group demonstrates strong improvement in cash accruals
while effectively managing its working capital, thereby improving
its financial risk profile over the medium term.

                         About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberized automotive components businesses.
Its first manufacturing unit was set up in Faridabad (Haryana) in
1966 for manufacturing automotive rubber components for Escorts
Tractors Ltd. Over the past 30 years, the group diversified into
the footwear business and established the well-known Lakhani
brand in the footwear market in India. Initially, the group
manufactured hawai chappals, and later, gradually diversified
into manufacturing beach slippers, sports shoes, canvas shoes,
and leather shoes. During the period between 2006 and 2008, there
was a family split in the Lakhani group, with Mr. K C Lakhani and
his younger brother, Mr. P D Lakhani, re-organising the business
and its assets. Mr. K C Lakhani renamed the business Lakhani
Armaan Group, with production facilities comprising three units
in Faridabad, two units in Haridwar (Uttarakhand), and one unit
each in Dhar (Madhya Pradesh), Noida (Uttar Pradesh). The group
also had an operational manufacturing unit at Bhiwadi
(Rajasthan), which was closed down in March 2011 due to labour-
related issues in the region. The Lakhani group has also been
manufacturing sports shoes and canvas shoes for leading global
brands, including Adidas and Reebok, in India for the past ten
years.


LAKHANI SHOES: CRISIL Cuts Rating on INR50MM Loan to 'BB+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakhani Shoes Co Pvt Ltd, part of the Lakhani group, to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   CRISIL BB+/Negative
                                       (Downgraded from 'CRISIL
                                       BBB-/Negative')

   INR25.0 Million Term Loan           CRISIL BB+/Negative
                                       (Downgraded from 'CRISIL
                                       BBB-/Negative')

   INR70.0 Mil. Letter of Credit       CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

   INR20.0 Million Bank Guarantee      CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

The downgrade reflects the higher-than-expected increase in the
Lakhani group's working capital requirements in 2010-11 (refers
to financial year, April 1 to March 31), which resulted in
increased debt level during the year. The increased debt, coupled
with lower profitability, led to deterioration in the group's
debt protection measures; the group's net cash accruals to total
debt (NCATD) and interest coverage ratios deteriorated to 0.14
times and 1.92 times, respectively, in 2010-11 from 0.21 times
and 2.51 times, respectively, the previous year. The downgrade
also reflects CRISIL's belief that the Lakhani group's liquidity
will remain stretched over the medium term on account of its
large incremental working capital requirements and annual debt
obligations over the medium term.

The ratings reflect the Lakhani group's established position in
the footwear industry, supported by the extensive experience of
its promoters, its established brands and its wide geographical
coverage. This rating strength is partially offset by the group's
limited financial flexibility owing to its working-capital-
intensive operations, and its susceptibility to volatility in raw
material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group --
Lakhani Shoes Co Pvt Ltd, Lakhani Footwear Pvt Ltd, Lakhani
Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani Rubber
Works. This is because the entities have the same promoters and
senior management; common procurement, marketing, and finance
functions; and are in the business of manufacture and sale of
footwear.

Outlook: Negative

CRISIL believes that the Lakhani group's liquidity will remain
constrained over the near to medium term because of large working
capital requirements and maturing debt obligations. However, the
group's short-term liquidity will continue to be supported by its
historically high creditor days. The ratings may be downgraded in
case the group reports lower-than-expected revenues and
profitability, if its liquidity weakens further because of
continued large working capital requirements, or if it undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, leading to further strain on its financial risk
profile. Conversely, the outlook may be revised to 'Stable' in
case the group demonstrates strong improvement in cash accruals
while effectively managing its working capital, thereby improving
its financial risk profile over the medium term.

                          About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberized automotive components businesses.
Its first manufacturing unit was set up in Faridabad (Haryana) in
1966 for manufacturing automotive rubber components for Escorts
Tractors Ltd. Over the past 30 years, the group diversified into
the footwear business and established the well-known Lakhani
brand in the footwear market in India. Initially, the group
manufactured hawai chappals, and later, gradually diversified
into manufacturing beach slippers, sports shoes, canvas shoes,
and leather shoes. During the period between 2006 and 2008, there
was a family split in the Lakhani group, with Mr. K C Lakhani and
his younger brother, Mr. P D Lakhani, re-organising the business
and its assets. Mr. K C Lakhani renamed the business Lakhani
Armaan Group, with production facilities comprising three units
in Faridabad, two units in Haridwar (Uttarakhand), and one unit
each in Dhar (Madhya Pradesh), Noida (Uttar Pradesh). The group
also had an operational manufacturing unit at Bhiwadi
(Rajasthan), which was closed down in March 2011 due to labour-
related issues in the region. The Lakhani group has also been
manufacturing sports shoes and canvas shoes for leading global
brands, including Adidas and Reebok, in India for the past ten
years.


MAHALAXMI CRAFTS: CRISIL Puts CRISIL BB- Rating on INR86.9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Mahalaxmi Crafts and Tissues Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR86.9 Million Term Loan       CRISIL BB-/Stable (Assigned)
   INR60.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of MCTPL's promoter
in the paper industry and established customer base. These rating
strengths are, however, partially offset by the company's
working-capital-intensive operations, expected deterioration in
financial risk profile marked by weakening in gearing and debt
protection metrics because of ongoing capital expenditure
(capex), and small scale of operations.

Outlook: Stable

CRISIL believes that MCTPL will continue to benefit over the
medium term from its promoter's extensive experience in the paper
industry. CRISIL, however, believes that the company's financial
risk profile will remain constrained by ongoing debt-funded capex
and large working capital requirements. The outlook may be
revised to 'Positive' in case MCTPL reports more-than-expected
growth in its operating income and profitability, leading to
improvement in its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' in case
there are delays in the commencement of operations at its new
capacity, leading to deterioration in its financial risk profile.

                      About Mahalaxmi Crafts

MCTPL was acquired as a sick unit in 2002 by the current
management, Mr. ajay Garg. The company manufactures kraft paper
with 16 burst factor (BF), and grammage per square meter (GSM) in
the range of 140 to 160. MCTPL's plant in Muzzafarnagar (Uttar
Pradesh) has manufacturing capacity of 10,000 tonnes per annum
(tpa); the company is in the process of adding another 10,000 tpa
of capacity, which is expected to commence operations in February
2012.

MCTPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR164 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.1 million on net
sales of INR117 million for 2009-10.


MASCOT FOOTCARE: CRISIL Cuts Rating on INR85MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mascot Footcare, part of the Lakhani group, to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

   Facilities                            Ratings
   ----------                            -------
   INR85.0 Million Cash Credit Limit     CRISIL BB+/Negative
                                         (Downgraded from 'CRISIL
                                         BBB-/Negative')

   INR58.6 Million Term Loan             CRISIL BB+/Negative
                                         (Downgraded from 'CRISIL
                                         BBB-/Negative')

   INR100.0 Million Letter of Credit     CRISIL A4+ (Downgraded
                                         from 'CRISIL A3')

   INR10.0 Million Bank Guarantee        CRISIL A4+ (Downgraded
                                         from 'CRISIL A3')

   INR100.0 Million Bill Purchase-       CRISIL A4+ (Downgraded
   Discounting Facility                  from 'CRISIL A3')

The downgrade reflects the higher-than-expected increase in the
Lakhani group's working capital requirements in 2010-11 (refers
to financial year, April 1 to March 31), which resulted in
increased debt level during the year. The increased debt, coupled
with lower profitability, led to deterioration in the group's
debt protection measures; the group's net cash accruals to total
debt (NCATD) and interest coverage ratios deteriorated to 0.14
times and 1.92 times, respectively, in 2010-11 from 0.21 times
and 2.51 times, respectively, the previous year. The downgrade
also reflects CRISIL's belief that the Lakhani group's liquidity
will remain stretched over the medium term on account of its
large incremental working capital requirements and annual debt
obligations over the medium term.

The ratings reflect the Lakhani group's established position in
the footwear industry, supported by the extensive experience of
its promoters, its established brands and its wide geographical
coverage. This rating strength is partially offset by the group's
limited financial flexibility owing to its working-capital-
intensive operations, and its susceptibility to volatility in raw
material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group --
Mascot Footcare, Lakhani Footwear Pvt Ltd, Lakhani Armaan Shoes
Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd, Lakhani Shoes Co Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, and Lakhani Rubber Works.
This is because the entities have the same promoters and senior
management; common procurement, marketing, and finance functions;
and are in the business of manufacture and sale of footwear.

Outlook: Negative

CRISIL believes that the Lakhani group's liquidity will remain
constrained over the near to medium term because of large working
capital requirements and maturing debt obligations. However, the
group's short-term liquidity will continue to be supported by its
historically high creditor days. The ratings may be downgraded in
case the group reports lower-than-expected revenues and
profitability, if its liquidity weakens further because of
continued large working capital requirements, or if it undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, leading to further strain on its financial risk
profile. Conversely, the outlook may be revised to 'Stable' in
case the group demonstrates strong improvement in cash accruals
while effectively managing its working capital, thereby improving
its financial risk profile over the medium term.

                          About the Group

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberized automotive components businesses.
Its first manufacturing unit was set up in Faridabad (Haryana) in
1966 for manufacturing automotive rubber components for Escorts
Tractors Ltd. Over the past 30 years, the group diversified into
the footwear business and established the well-known Lakhani
brand in the footwear market in India. Initially, the group
manufactured hawai chappals, and later, gradually diversified
into manufacturing beach slippers, sports shoes, canvas shoes,
and leather shoes. During the period between 2006 and 2008, there
was a family split in the Lakhani group, with Mr. K C Lakhani and
his younger brother, Mr. P D Lakhani, re-organising the business
and its assets. Mr. K C Lakhani renamed the business Lakhani
Armaan Group, with production facilities comprising three units
in Faridabad, two units in Haridwar (Uttarakhand), and one unit
each in Dhar (Madhya Pradesh), Noida (Uttar Pradesh). The group
also had an operational manufacturing unit at Bhiwadi
(Rajasthan), which was closed down in March 2011 due to labour-
related issues in the region. The Lakhani group has also been
manufacturing sports shoes and canvas shoes for leading global
brands, including Adidas and Reebok, in India for the past ten
years.


SELLIAMMAN CONSTRUCTIONS: CRISIL Cuts Cash Credit Rating to 'C'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Selliamman Constructions Pvt Ltd to 'CRISIL C/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          CRISIL C (Downgraded from
                                      CRISIL BB/Stable)

   INR15 Million Bank Guarantee       CRISIL A4 (Downgraded from
                                      CRISIL A4+)

The downgrade reflects instances of delay by SCPL in servicing
its equipment loans (not rated by CRISIL) in the past 3 months,
however there are no current overdues. The delays were on account
of the company's weak liquidity caused by stretched receivables
of around 120 days. SCPL's revenues also declined during 2010-11
(refers to financial year, April 1 to March 31) because of a
slowdown in order execution, thereby leading to lower-than-
expected cash accruals. While SCPL's revenues are expected to
grow at a moderate rate over the medium term, CRISIL believes
that the pressure on the company's liquidity will continue, given
the cash flow mismatches owing to delay in realization of
receivables and large working capital requirements.

The ratings continue to reflect SCPL's small scale of operations
in the fragmented construction business, large working capital
requirements and susceptibility of the company's operating margin
to volatility in input costs. These rating weaknesses are
partially offset by SCPL's moderate financial risk profile,
marked by moderate gearing, and the industry experience of the
company's promoters.

                     About Selliamman Constructions

Set up in 2007 in Bhavani (Tamil Nadu) by Mr. K Sreerangan, SCPL
undertakes civil construction, mainly concreting activities
related to road construction and maintenance such as formation,
widening, rehabilitation, and strengthening, and construction of
small bridges. SCPL's customers include public works departments
of Tamil Nadu and Karnataka, and the Southern Railways.The
company had an order book of around INR444 million as on December
31, 2011 which is expected to be executed by 2012-13.

SCPL reported, a profit after tax (PAT) of Rs 7.8 million on net
sales of INR300 million for 2010-11 (refers to financial year,
April 1 to March 31); as against a PAT of INR8.7 million on net
sales of INR380 million for 2009-10.


SCC PROJECTS: Delay in Loan Payment Cuts CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
SCC Projects Pvt Ltd to 'CRISIL C/CRISIL A4' from 'CRISIL BBB-
/Stable/CRISIL A3'.

   Facilities                        Ratings
   ----------                        -------
   INR170 Million Cash Credit        CRISIL C (Downgraded from
                                     'CRISIL BBB-/Stable')

   INR250 Million Bank Guarantee     CRISIL A4 (Downgraded from
                                     'CRISIL A3')

The downgrade follows instances of delay by SCCPPL in servicing
its debt against its various equipment finance loans (not rated
by CRISIL); the delays have been caused by the company's weak
liquidity. SCCPPL's liquidity has worsened amid non commensurate
funds to meet the company's incremental working capital
requirements arising out of increased business volumes and high
level of debtors ageing over 180 days. SCCPPL's topline has grown
at over 35% year on year in 2010-11 (refers to financial year,
April 1 to March 31), and at a similar pace in the current year
till date, while the debtors over 180 days stood at Rs230 million
as on September 30, 2011; correspondingly the fund-based bank
lines were reduced to INR210 million in September 2011 from
INR270 million. Furthermore, the earlier available liquidity in
the form of unsecured loans from promoters has been discontinued
which has further accentuated the pressure on SCCPPL's liquidity.
The downgrade reflects CRISIL's belief that SCCPPL's liquidity
will continue to remain stretched over the medium term.

The ratings reflect SCCPPL's large working capital requirement,
and high geographical and project concentration. These rating
weaknesses are partially offset by SCCPPL's established market
position and above-average operating efficiency.

                        About SCC Projects

Incorporated in 1989, SCCPPL undertakes bitumen (asphalt) and
concrete road construction projects. The company is based at
Indore (Madhya Pradesh [MP]); it primarily undertakes road
construction work in the state, either awarded through government
bodies or sub contracted by large private contractors. Currently,
among the bigger contracts being executed by the company are
Bhopal Bus Rapid Transit System and six contracts from various
public works departments in MP.

SCCPPL reported a profit after tax (PAT) of INR35 million on an
operating income of INR1 billion for 2010-11, against a PAT of
INR36 million on an operating income of INR741 million for
2009-10.


THANGAVELU SPINNING: CRISIL Rates INR0.8MM Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thangavelu Spinning
Mills Ltd continue to reflect TSML's below-average financial risk
profile, marked by weak capital structure, its large working
capital requirements, exposure to supplier concentration risks,
and susceptibility to volatility in input prices. These rating
weaknesses are partially offset by the extensive experience of
TSML's promoter in the textile industry and the company's
established customer relationships.

   Facilities                         Ratings
   ----------                         -------
   INR0.80 Mil. Proposed Cash Credit  CRISIL B/Stable (Assigned)
   INR18.50 Mil. Long-Term Loan       CRISIL B/Stable
                                      (Reaffirmed)

   INR62.50 Million Cash Credit       CRISIL B/Stable
                                      (Reaffirmed)

Outlook: Stable

CRISIL believes that TSML will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if TSML increases its
scale of operations, and improves its profitability and capital
structure significantly. Conversely, the outlook may be revised
to 'Negative' if TSML undertakes any large debt-funded capital
expenditure programme or if its profitability declines sharply,
thereby weakening its financial risk profile.

                      About Thangavelu Spinning

Incorporated in 1980, TSML was reconstituted as a public limited
company in 1995. The promoter-director, Mr. P Thangavelu, has
been engaged in similar businesses for 20 years. TSML
manufactures polyester yarn and has a manufacturing facility in
Salem (Tamil Nadu) with capacity of 23,720 spindles.

TSML reported a profit after tax (PAT) of INR20.8 million on net
sales of INR412 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR259 million for 2009-10.


VIMTA LABS: CRISIL Cuts Rating on INR10MM Loan to 'CRISIL D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vimta
Labs Ltd. to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Negative/CRISIL
A4'.

   Facilities                        Ratings
   ----------                        -------
   INR10.00 Mil. Standby Line        CRISIL D(Downgraded from
   of Credit                         'CRISIL BB-/Negative')

   INR110.00 Million Cash Credit     CRISIL D(Downgraded from
                                     'CRISIL BB-/Negative')

   INR25.00 Mil. Corporate Loan      CRISIL D(Downgraded from
                                     'CRISIL BB-/Negative')

   INR32.50 Mil. Proposed Long-      CRISIL D(Downgraded from
   Term Bank Loan Facility           CRISIL BB-/Negative)

   INR25.00 Mil. Letter of Credit    CRISIL D(Downgraded from
                                     'CRISIL A4')

   INR15.00 Mil. Bank Guarantee      CRISIL D(Downgraded from
                                     'CRISIL A4')

   INR65.00 Mil. Packing Credit      CRISIL D(Downgraded from
                                     'CRISIL A4')

   INR85.10 Mil. Buyer Credit Limit  CRISIL D(Downgraded from
                                     'CRISIL A4')

The downgrade reflects instances of delay by Vimta in servicing
its debt; this is because of the company's weak liquidity. The
company's liquidity deteriorated during the past 12 months
because of less-than-expected cash accruals from its new business
divisions, a significant stretch in its debtor level, and a sharp
fall in its operating margin during the first-half of 2011-12
(refers to financial year, April 1 to March 31) to 7.2% from 16%
during 2010-11.

Vimta's operating margin declined because more than 50
laboratories, including Vimta, remained non-operational for the
three-month period June to August 2011. This happened because of
Drug Controller General of India (DCGI) investigation following
an adverse incident at a laboratory in Andhra Pradesh.

Vimta is also susceptible to any increase in competition because
of low entry barriers in the fragmented contract research
industry and to risks inherent in the clinical research industry.
However, the company benefits from its diversified revenue stream
and customer profile.

                          About Vimta Labs

Vimta, based in Hyderabad (Andhra Pradesh), was incorporated in
1990; it took over the business of a partnership firm set up in
1984 by Dr. S P Vasireddi, Mr. V Harriman, and Mr. V V Prasad.
Over the years, Vimta has diversified into environmental
monitoring and impact assessment, pathological testing (clinical
reference lab), contract research (pre-clinical and clinical),
contract labs (which it hires out on a full-time equivalent
basis), and advanced molecular biology services. The company has
670 employees, including 400 scientists.

Vimta has set up three new divisions -- pre-clinical research,
research and development (R&D) and pharmaco vigilance -- at a
total cost of INR500 million, funded through foreign currency
term loan of INR100 million and balance through internal
accruals. Pre-cinical research pertains to drug testing on
animals (including mice, rats, guinea pigs rabbits and beagle
dogs) and the R&D division caters to in-house R&D for testing and
analysis methodology. Pharmaco vigilance division generates
market intelligence report on various pharmaceutical products.
The delays in generation of revenues and cash accruals from the
three new divisions have happened because of delays by the
regulatory authority, DCGI, in issuing the necessary licenses and
approvals for undertaking the contract research activity.

Vimta reported a net loss of INR46.7 million on net sales of
INR957 million for 2010-11, against a net profit of INR26.6
million on net sales of INR868 million for 2009-10.


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


HUMMINGBIRD SECURITISATION: S&P Puts 'CCC' Loan Rating on Watch
---------------------------------------------------------------
Rating On Hummingbird Securitisation's Series 2 Loan Placed On
CreditWatch Negative

Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its rating on the series 2 loan issued
under the Hummingbird Securitisation Ltd. collateralized debt
obligation (CDO) transaction.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the tranche placed on CreditWatch negative had
synthetic rated overcollateralization (SROC) levels that fell
below 100% as of Jan. 31, 2012," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P said.

"By the end of the month, we intend to review the above tranche,
the rating of which we placed on CreditWatch negative, along with
any other tranches with ratings that are presently on CreditWatch
negative or positive, in accordance with our current CDO
criteria," 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 Placed On CreditWatch Negative
Hummingbird Securitisation Ltd. Series 2 loan
Class       To                     From         Issue amount
#2 Loan     CCC (sf)/Watch Neg     CCC (sf)     JPY3.0 bil.


OMEGA CAPITAL: S&P Lowers Rating on Class 5Y-B Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class 5Y-B secured notes issued under
Omega Capital Investments PLC's series 48 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 a
principal loss has been realized," S&P said.

             Standard & Poor's 17g-7 Disclosure Report

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

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

        http://standardandpoorsdisclosure-17g7.com

Rating Lowered
Omega Capital Investments PLC
Series 48 secured notes
Class     To         From        Issue amount
5Y-B      D (sf)     CC (sf)     JPY1.0 bil.
The transaction's closing date was June 6, 2007.


ORSO FUNDING: Fitch Lowers Rating on 2 Trust Classes to 'Dsf'
-------------------------------------------------------------
Fitch Ratings has downgraded Orso Funding CMBS 5's class E and F
trust beneficiary interests (TBIs) due February 2013 to 'Dsf'
from 'Csf'.  The agency also placed the class C TBIs on Rating
Watch Negative (RWN) and affirmed the class D TBIs. The
transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are as follows:

  -- JPY0.9bn* Class C TBIs 'Asf' placed on RWN
  -- JPY2.9bn* Class D TBIs affirmed at 'Bsf'; Outlook Stable
  -- JPY1.5bn* Class E TBIs downgraded to 'Dsf' from 'Csf';
     Recovery Estimate 20%
  -- JPY0* Class F TBIs downgraded to 'Dsf' from 'Csf'

* as of Feb. 3, 2012

The downgrades of the class E and F TBIs to 'Dsf' reflect the
write-down of their principal on the January 2012 payment date,
after workout activity of one defaulted loan resulted in partial
recovery.

The RWN reflects uncertainty over the timing of full redemption
of the class C TBIs, as there are 12 months to the legal final
maturity. One underlying loan that defaulted in February 2011
remains in the transaction.  After the mezzanine loan lender's
controlling period to the borrower expired and the initial asset
manager was replaced, the servicer has started full-scale workout
activity from late November 2011 with their business plan.  Fitch
believes that several properties backing the defaulted loan are
expected to be sold within a few months, as all the seven
remaining properties are office properties in Tokyo and the sales
proceeds are likely to be sufficient to redeem the class C TBIs
in full.  However, should the property sales be delayed further,
the rating on the class C TBIs may no longer be commensurate with
the 'Asf', as the timing of full redemption on the class C TBIs
would be much closer to the legal final maturity than expected.
Fitch will monitor the workout progress on the defaulted loan and
aims to resolve the RWN status by end-May 2012.

The class A and B TBIs were redeemed in full in July 2011,
following full principal recovery of one defaulted loan due to
property sale.

Recovery Estimate to the class F TBIs will no longer be
calculated as the principal has been fully written down.

At closing, the transaction was backed by seven loans secured by
43 properties.  The TBIs are now backed by one defaulted loan
secured by seven properties.


SHINKIN CENTRAL: Moody's Revises Outlook on C- BFSR to Stable
-------------------------------------------------------------
Moody's Japan K.K. has revised to stable from negative the
outlook on Shinkin Central Bank's 'C-' bank financial strength
rating (BFSR), equivalent to a base credit assessment of Baa1,
and A1 long-term domestic and foreign bank deposit ratings.

Rating Rationale

The change in the outlook reflects Moody's view that (1) the
potential size of the losses associated with SCB's large foreign
securitization portfolio has substantially declined, 2) the
performance of SCB is likely to remain stable as a result of the
change in its investment strategy and its strong liquidity
position, and 3) the potential losses resulting from SCB's
capital injections into some shinkin banks after the March 11
earthquake and tsunami are likely to be limited.

Moody's notes that, after its re-capitalization at end-June 2009,
the bank has maintained an appropriate level of capitalization
and its Tier 1 capital increased above 20% due to retained
earnings and the decrease in its risk-weighted assets, a result,
in turn of a portfolio rebalancing the past two years.

Before the global financial crisis, SCB's foreign securitization
portfolio comprised mostly Collateralized loan obligations
(CLOs). While Moody's has had concerns about the quality of these
CLOs, SCB's strong liquidity has allowed to it hold onto such
securities, and the value of this portfolio has shown unrealized
gains since end-September 2009.

Furthermore, according to the bank's own disclosures, more than
90% of its CLO exposures had ratings equal to, or above, the
double-A range at end-December 2011. And its outstanding CLO had
decreased by 20% to JPY461 billion from JPY596 billion at end-
March 2009 due mainly to early redemption.

In Moody's view, SCB's Tier 1 capital of around JPY1 trillion at
end-December 2011 should enable the bank to absorb the risks
associated with its residual CLO exposures, even under highly
adverse scenarios.

On Feb. 2, SCB said it would inject JPY8.3 billion into four
shinkin banks based in areas affected by the March 2011
earthquake, under the framework outlined by the Act on Special
Measures for Strengthening Financial Functions. Given SCB's Tier
1 capital of JPY1 trillion at end-December 2011, the potential
losses resulting from the capital injection are likely to be
limited.

The likelihood of a ratings upgrade is remote in light of 1) its
level of portfolio concentration in Japanese Government Bonds
(approximately 67% of its securities), 2) its relatively high
leverage ratio, indicating capital sensitivity to market changes,
and 3) the difficult operating and regulatory environment
prevailing for member shinkin banks.

On the other hand, negative rating pressure would emerge if (1)
the bank fails to maintain a steady Tier 1 capital amount and/or
ratios as a result of deterioration in its investment securities
portfolio, or (2) there are material failures among the network
of shinkin banks, or (3) there occurs a rise in the need for SCB
assistance to member shinkin banks beyond its self-imposed limit
(currently 15% of its total capital) without additional capital
injections from member shinkin banks, or (4) there are signs of a
reduced importance for SCB in the shinkin banking system.

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

Shinkin Central Bank, headquartered in Tokyo, is the central
institution for Japan's shinkin banking system. Japan has a total
of 271 shinkin banks -- which are regional financial institutions
located throughout the country -- with total assets of JPY129
trillion.


TOKYO ELECTRIC: Fund Chief Rebukes President Over Rate Hike
-----------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. President
Toshio Nishizawa was rebuked by the head of a government rescue
fund over an increase in electricity rates as he sought approval
for more aid to cover compensation for the Fukushima disaster.

Bloomberg relates that Kazuhiko Shimokobe, the head of the
steering committee of the government-backed Nuclear Damage
Liability Facilitation Fund, told Mr. Nishizawa it was
"regrettable" that the utility didn't explain details of its
electricity rate increase plan before it made the announcement on
Jan. 17.  Mr. Nishizawa, according to Bloomberg, apologized and
asked the fund's officials to approve the utility's request for
further aid.

The utility known as TEPCO requested on Dec. 27 JPY689.4 billion
(US$9 billion) in extra aid as it has been relying on government
support to avoid insolvency, Bloomberg recalls.  TEPCO may face
JPY4.5 trillion in compensation payments by 2013 after the March
11 quake and tsunami caused meltdowns and radiation release at
the Fukushima Dai-Ichi nuclear station.

Bloomberg relates that TEPCO said officials of the fund approved
the utility's request for further aid at the end of last week's
closed meeting.  The request was then submitted to Trade and
Industry Minister Yukio Edano, TEPCO said.

TEPCO plans to raise electricity rates for corporate customers by
an average of 17% from April to cover rising fuel costs to run
thermal plants, Bloomberg notes.

                        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.


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


BLUE CHIP: Fresh Claims Complicate Northern Crest Case
------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a stoush
between creditors and liquidators of a failed finance company
linked to Blue Chip co-founder Mark Bryers has been complicated
by fresh claims filed in the High Court.

According to the Herald, Australia's Manifest Capital Management
won the right in December to seek AUD3 million (NZ$3.87 million)
from Northern Crest Investments after liquidators initially
denied a claim.

Manifest Capital has also applied to have Stephen Lawrence and
Anthony McCullagh from PFK removed as liquidators of Northern
Crest, the report notes.

The Herald notes that Northern Crest was once part of the now
failed Blue Chip empire co-founded by Mark Bryers, which
collapsed in 2008, costing over 2,000 investors more than
NZ$80 million.  Northern Crest changed its name from Blue Chip
Financial Solutions that year after the company was suspended
from the Australia stock exchange.

Following Manifest Capital's win in December, a chambers meeting
was held in the High Court at Auckland on Feb. 7 to discuss the
case, the Herald reports.

However, the report relates, lawyer for Northern Crest's
liquidators Dan Hughes said separate claims filed against former
Blue Chip directors have complicated the matter.

According to the Herald, Blue Chip liquidators last month
launched legal action against company directors including Mr.
Bryers, ex-chairman Jock Irvine and former Cabinet ministers
Wyatt Creech and John Luxton.

The action is attempting to recover NZ40 million for around 800
investors, the report relates.

Parties in the Northern Crest dispute will meet again in May, the
Herald adds.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, went into liquidation in
June 2011.


CENTURY CITY: Sells Former Head Office to Wellington Lawyer
-----------------------------------------------------------
Hank Schouten at Fairfax NZ News reports that bankrupt property
developer Terry Serepisos' former head office, the ASB Bank
Tower, has been sold to Wellington lawyer Mike Garnham.

The sale of the 16-storey block on the corner of Hunter St and
Jervois Quay was settled last week, the news agency relates.

The building was put up for tender late last year on the
instructions of Century City Investment's receiver Barry Jordan,
according to Fairfax NZ.

Fairfax relays that CBRE and Colliers International agents Ryan
Johnson and Bill Leckie both told The Dominion Post they were not
able to disclose the sale price because they were bound by
confidentiality.  However, it is understood the building has sold
for around NZ$21 million.

                             *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz related that Wellington
businessman and former Phoenix football owner Terry Serepisos was
declared bankrupt in the High Court at Wellington after his last-
minute bid for more time to pay debts was rejected.  Judge
Gendall granted an application by South Canterbury Finance, owed
some NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In August,
BusinessDesk recalled, Mr. Serepisos was granted adjournment to
put forward a proposal to creditors that would sell down his
property portfolio in an orderly fashion, in a bid to meet the
entirety of the NZ$204 million owed to his lenders.  The
portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk said.  The Serepisos-owned companies include Century
City Hunter Street, Century City Investments, Century City
Developments, Century City Management, and Century City Football,
which previously owned the Wellington Phoenix football team.


===============
P A K I S T A N
===============


* PAKISTAN: Moody's Says 'B3' Rating Reflects Economic Challenges
-----------------------------------------------------------------
Moody's Investors Service says in its annual report that
Pakistan's B3 rating reflects the country's low economic,
institutional and government financial strengths, and its high
susceptibility to event risk.

The rating outlook is stable, although pressures on the balance
of payments have reemerged. The broad policy framework has not
been robust enough to ensure support from donors and creditors,
or to effectively contain macroeconomic imbalances, which have
arisen since the global financial crisis in 2008.

Moody's made its assessment in its latest analysis of Pakistan,
and which assesses the country according to four factors:
Economic Strength, which is characterized as "low"; Institutional
Strength, "low"; Government Financial Strength, "low"; and
Susceptibility to Event Risk, "high."

Pakistan's "low" Economic Strength reflects its relatively weak
economic growth trend since the 2008 global financial crisis, and
which has also been constrained by policy-framework and
structural weaknesses. Macroeconomic imbalances are manifest in a
chronically high level of inflation and renewed pressures on the
payments position in the second half of 2011.

With the second factor, the Moody's report says that Pakistan's
"low" Institutional Strength is partly a reflection of the
factious character of politics in Pakistan. Tensions between the
civilian government and military pose a threat to political
stability.

Pakistan's "low" Government Financial Strength, the third factor,
reflects the presence of a high debt burden and very large
refinancing requirements. The cost of the 2010 floods, the delay
in the introduction of the Reformed General Sales Tax (RGST), and
faltering donor support further pressure government finances.

In terms of the country's "High" Susceptibility to Event Risk,
the fourth factor, Moody's looks at political risk -- including
domestic and geopolitical threats -- economic and banking system
risks. The report says that the recent deterioration in
Pakistan's relations with the US and the end of the IMF program
remove support to the external balance of payments. Although
official foreign exchange reserves presently remain adequate,
their decline since mid-2011 underscores that the risk of a
currency crisis remains high.


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


BDO UNIBANK: Moody's Rates US$ Senior Unsecured Bonds at 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the US$-
denominated senior unsecured bonds to be issued by BDO Unibank,
Inc.  The rating outlook is stable.

BDO's other ratings are:

Long-term local currency deposit rating of Ba1; stable outlook

Long-term foreign currency deposit rating of Ba2; stable outlook

Short-term local and foreign currency deposit rating of Not
Prime; stable outlook

Bank Financial Strength Rating (BFSR) of D; stable outlook

Ratings Rationale

The Ba2 rating on BDO's proposed foreign currency senior
unsecured bonds incorporates (1) BDO's BFSR of D, that translates
into a baseline credit assessment of Ba2, and (2) Moody's
assessment of a very high probability of systemic support for
BDO.

The proposed bonds represent direct, senior, unsubordinated, and
unsecured obligations of the bank.

The rating is same as the Ba2 rating assigned to the foreign
currency government bond of the Philippines.

BDO's D BFSR reflects its growing market share, its well-managed
franchise, and reasonable financial fundamentals.

The bank's long-term foreign currency deposit rating is
constrained by the Philippines' foreign currency deposit ceiling
at Ba2.

The rating was assigned on the condition that no material changes
are made to the draft terms and conditions of the notes reviewed
prior to the launch of the issuance.

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

BDO is headquartered in Manila, Philippines, and reported total
assets of PHP1,049 billion (US$24 billion) as of Sept. 30, 2011.



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


HUMPUSS INTERMODA: Singaporean Unit Declared Bankrupt
-----------------------------------------------------
The Jakarta Post reports that shipping firm PT Humpuss Intermoda
Transportasi said it was assessing the impact of the bankruptcy
of its Singapore-based subsidiary Humpuss Sea Transport Pte. Ltd.

HIT corporate secretary M Yayak Iskandar said the Singaporean
High Court had declared HST bankrupt on Jan. 20, the report
relates.  The court ruled in favor of Linsen International
limited, which had filed a bankruptcy petition against HST for
failing to pay for chartered ships, according to The Jakarta
Post.

The court's panel of judges appointed Cossimo Borelli --
cb@borrelliwalsh.com -- and Jason Kardachi --
jk@borrelliwalsh.com -- both individually or together as
liquidator of HST and stated that case expenses would be
determined later and would be paid to Linsen out of HST's assets,
the report discloses.

Based in Jakarta, Indonesia, PT Humpuss Intermoda Transportasi,
together with its subsidiaries, engages in the sea transportation
and related activities.  Humpuss Sea Transport Pte. Ltd. is 64%
owned by PT Humpuss Intermoda Transportasi.


                             *********

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.





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