TCRAP_Public/120215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, February 15, 2012, Vol. 15, No. 33

                            Headlines


A U S T R A L I A

ELITE DOGMAN: Reportedly Owed Creditors AUD5.2 Million
TRIO CAPITAL: ASIC Accepts Enforceable Undertaking From Auditor
* AUSTRALIA: Corporate Insolvencies Continue to Rise in 2011


C H I N A

CHAODA MODERN: S&P Lowers Corporate Credit Rating to 'CC'


H O N G  K O N G

HK AND KOWLOON: Members' Final Meeting Set for March 17
HK INTERNATIONAL: Murray and Liu Appointed as Liquidators
JOINT PACIFIC: Commences Wind-Up Proceedings
JOSEPH EDUCATION: Members' Final Meeting Set for March 17
M & H INSURANCE: Leong and Mok Appointed as Liquidators

MAK KEE: Members' Final General Meeting Set for March 12
MANNES INTERNATIONAL: Huang Wei Sandy Appointed as Liquidator
OVERSEAS CHINESE: Commences Wind-Up Proceedings
SHELL BITUMEN: Members' Final Meeting Set for March 13
SHELL BITUMEN (XI'AN): Members' Final Meeting Set for March 13


I N D I A

ALCHEMIST HOSPITAL: Fitch Affirms INR281-Mil. Term Loan at 'B+'
AQUAFIL POLYMERS: ICRA Places '[ICRA]BB-' Rating on INR6.5cr Loan
CORE EDUCATION: Moody's Reviews 'B1' CFR for Downgrade
INDUSTRIAL DEVELOPMENT: ICRA Cuts Rating on INR10cr Loan to 'BB'
INTERNATIONAL STEEL: ICRA Rates INR4cr Long-Term Loan at 'BB'

JET AIRWAYS: Staff Not Paid For Two Months
KATARIA AUTOMOBILES: ICRA Rates INR20.08cr Term Loan at 'BB+'
KINGFISHER AIRLINES: Staff Not Paid For Two Months
KINGFISHER AIRLINES: Blamed for Rising SBI Bad Loans
MAHRISHI ALLOYS: ICRA Assigns '[ICRA]BB-' Rating to INR4.5cr Loan

MANGLAM EDUCATION: ICRA Cuts Rating on INR18.9cr Loan to 'B+'
PRATEEK APPARELS: ICRA Cuts Rating on INR35cr Loan to '[ICRA]D'
RAKINDO KOVAI: ICRA Assigns '[ICRA]BB+' Rating to INR100cr Loan
SHIV COTTON: ICRA Reaffirms '[ICRA]B+' Rating on INR15cr Loan
SOMA ENTERPRISE: ICRA Revises Rating on INR1,389cr Loan to 'D'

SPACEWOOD FURNISHERS: ICRA Cuts INR26.32cr Loan Rating to 'BB+'
SRI INDRA: ICRA Reaffirms 'B+' Long Term Rating on INR7cr Loan
UKB ELECTRONICS: ICRA Puts '[ICRA]BB+' Rating on INR15.99cr Loan
VEDIK ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR34cr Term Loan
VIKRAM LOGISTIC: ICRA Revises Rating on INR280cr Loan to 'D'


I N D O N E S I A

BERLIAN LAJU: S&P Lowers Corporate Credit Rating From 'CC' to 'D'
PT INDOSAT: S&P Puts 'BB' Corp. Credit Rating on Watch Positive


J A P A N

JLOC XXVIII: Fitch Junks Rating on JPY7.2-Bil. Class D Notes
OLYMPUS CORP: Posts JPY33.08BB Net Loss for 9 Months to December
TOKYO ELECTRIC: Widens Full-Year Loss Forecast to JPY695BB


K O R E A

HYNIX SEMICON: Fitch Lifts Senior Unsecured Ratings to 'BB'


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic to Take Stand in Court This Week


S I N G A P O R E

777 INVESTMENT: Creditors' Proofs of Debt Due March 10
TOPPAN PHOTOMASKS: Creditors' Proofs of Debt Due March 12
VINCI PTE: Creditors' first Meeting Set for March 2


V I E T N A M

SAIGON THUONG: Moody's Gives B2 Foreign Currency Deposit Ratings
SAIGON THUONG: S&P Assigns 'B+/B' Counterparty Credit Ratings


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ELITE DOGMAN: Reportedly Owed Creditors AUD5.2 Million
------------------------------------------------------
Keith Moor at Herald Sun reports that Elite Dogman & Riggers,
Mick Gatto's busted business, had debts of AUD5.2 million and
AUD663 in assets, according to a document recently lodged with
the corporate watchdog.  It also detailed that the insolvent
company owed AUD2.4 million to one of the underworld identity's
other crane companies, the report says.

But the liquidator appointed to handle the winding up of
Mr. Gatto's company withdrew the document 12 minutes after it was
lodged with the Australian Securities and Investments Commission
on Feb. 2, according to Herald Sun.

According to the Herald Sun, the liquidator told ASIC the
document was "subsequently found to be incorrect" and the report
on the company's financial affairs would be relodged after a
creditors' meeting on Feb. 3.

The Herald Sun, however, was told by the liquidator's office on
Feb. 8 that a decision had since been made not to relodge the
document.  There was no legal requirement to do so as it was a
creditors' voluntary liquidation.

That means the exact size of the debt may never be made public,
the Herald Sun notes.

The Herald Sun relates that Mr. Gatto this month confirmed that
the Australian Taxation Office was the biggest creditor of his
Elite Dogman & Riggers company, which employs the staff who work
with his crane drivers.  He said the company owed the tax office
"about AUD3 million to AUD3.5 million".

The document lodged with ASIC on Feb. 2 said the company owed the
ATO AUD2.7 million on top of the AUD2.4 million owed to another
Gatto company.  A further AUD100,000 was owed to several other
businesses, the Herald Sun discloses.

The Herald Sun has been told that a secretive arm of the ATO,
which concentrates on alleged organized crime figures, has been
investigating Mr. Gatto and his crane businesses for months.

Elite Dogman & Riggers was placed in liquidation on Jan. 31,
2012.

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.


TRIO CAPITAL: ASIC Accepts Enforceable Undertaking From Auditor  
---------------------------------------------------------------
The Australian Securities & Investments Commission has accepted
an enforceable undertaking (EU) from the auditor of Astarra
Strategic Fund, run by failed fund manager Trio Capital Limited,
not to act as a registered company auditor for three years.

Albury auditor Timothy Frazer of WHK Audit & Risk Assessment
audited the 2008 financial report of Alpha Strategic Fund and the
2009 financial report of Astarra Strategic Fund.

ASIC was concerned during these audits that Mr. Frazer failed to
perform adequately and properly the duties of an auditor and
failed to ensure each audit was planned and performed with an
attitude of professional skepticism.

"One of ASIC's priorities is to lift standards in the financial
services and professional services industries," ASIC Chairman
Greg Medcraft said.

"ASIC will not hesitate to ensure auditors who fail to discharge
their responsibilities appropriately are restricted from
participation in the industry.

"[This] announcement is another outcome arising from ASIC's
investigation of Trio Capital and its related entities as we
continue to hold gatekeepers to account."

Specifically, for the 2008 Audit, ASIC was concerned that
Mr. Frazer failed to ensure:

   * sufficient appropriate audit evidence was obtained in
     relation to the existence and valuation of investments;
     and

   * a sufficient understanding of ASF and its environment,
     including the operations of EMA International Limited
     and Global Consultants and Services Limited and the
     investments they made, in order to identify, assess
     and respond to risks of material misstatement, was
     obtained.

For the 2009 Audit, ASIC's concerns were that Mr. Frazer failed
to ensure:

   * sufficient work was performed to adequately consider
     the professional competence of the other auditors upon
     whom he relied;

   * the work of the other auditors was adequate for his
     purposes; and

   * a disclaimer of opinion was expressed given that the
     work of the other auditor on whom the audit relied in
     relation to the existence and valuation of investments
     had not been concluded as at the date of issuance of
     Mr. Frazer's opinion.

Under the EU, Mr. Frazer will also participate in 15 hours of
continuing professional education on audit related matters during
the 3-year period, in addition to the mandatory requirements of
The Institute of Chartered Accountants in Australia, and submit
the first three audits conducted by him following the 3-year
period for review by an ASIC approved registered company auditor.

                        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.


* AUSTRALIA: Corporate Insolvencies Continue to Rise in 2011
------------------------------------------------------------
Statistics released by the Australian Securities & Investments
Commission on Feb. 10 showed that corporate insolvencies rose
over the 2011 calendar year, with external administration
appointments increasing 9.2% from the previous year.

Mr. Adrian Brown, ASIC's Senior Executive Leader of Insolvency
Practitioners, said appointments had remained relatively steady
since the initial increase in activity in 2008 following the
global financial crisis. However, 2011 saw a further rise in
appointments, with stronger activity in the June and September
quarters, although moderating in the December quarter of 2011.

The number of companies entering into external administration for
the past five years follows:

     Year        Number          Annual % rise
     ----        ------          -------------
     2007        7,521               -2.8%
     2008        9,113               21.2%
     2009        9,437                3.6%
     2010        9,601                1.7%
     2011        10,481               9.2%

The December 2011 quarter shows a moderation in appointments
following a strong rise in EXADs for the September 2011 quarter.

Companies entering EXAD decreased from 983 in November to 763 in
December consistent with historical trends in activity leading up
to the Christmas/New Year period, which tends to continue into
January.

"October and November figures remained relatively high.
Traditionally, we see a fall in activity in the December quarter
due to the holiday period," Mr. Brown said. The December quarter
of 2011 saw a lower total compared to the previous quarter but
this was still higher than for the same quarter last year. The
December quarter total fell just below 2,600 seen in both the
June and September quarters.

"Our statistics show that a reduction in director-initiated
voluntary liquidations drove the quarterly fall of 12.6% in
external administration appointments over the previous quarter.
Court liquidations and receiverships also impacted the quarterly
number while voluntary administration appointments remained
steady.

"The fall was driven by the two largest states of New South Wales
and Victoria," Mr. Brown said.

Mr. Brown also noted that appointments of receivers/controllers
by secured lenders fell in New South Wales, Victoria and
Queensland, but the raw number of appointments in Queensland
remained well above those of New South Wales and Victoria.
Receivership activity in Queensland remains strong and, according
to market feedback, is largely driven by property-related
appointments. Also evident was a marked increase in court
liquidation appointments in Queensland. Statutory creditor
recovery action is a primary driver of the increase in court
appointments in Queensland for this quarter.


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C H I N A
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CHAODA MODERN: S&P Lowers Corporate Credit Rating to 'CC'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term
corporate credit rating on China-based Chaoda Modern Agriculture
(Holdings) Ltd. to 'CC' from 'CCC' with a negative outlook. "At
the same time, we lowered the Greater China credit scale rating
on Chaoda to 'cnCC' from 'cnCCC'. We then removed the ratings
from CreditWatch, where they had been placed with negative
implications on Oct. 4, 2011, and withdrew the ratings," S&P
said.

"The rating actions followed confirmation that Chaoda failed to
repay the principal on its existing $200 million convertible bond
on Feb. 7, 2012. In our view, it is likely that a payment default
has occurred, notwithstanding the possibility of a disagreement
between the parties on the payment due date," S&P said.

"Share trading in Chaoda was suspended on the Hong Kong stock
exchange on Sept. 26, 2011. Under the terms of the convertible
bond, holders have the option to require Chaoda to buy back the
bond if shares in the company are suspended for more than 60
consecutive days on the stock exchange. If the 60 consecutive
days refer to calendar days rather than share trading days, then
repayment could happen in early February 2012," S&P said.

"We are withdrawing the ratings on Chaoda because we have no
access to the company's management and therefore no longer have
visibility over the company's intentions toward bond payments or
clarity over its current financial position," S&P said.


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


HK AND KOWLOON: Members' Final Meeting Set for March 17
-------------------------------------------------------
Members of Hong Kong and Kowloon Tailoring Contractors
Association Limited will hold their final general meeting on
March 17, 2012, at 10:00 a.m., at 10/F, Crason Commercial Centre,
at 333 Nathan Road, in Kowloon.

At the meeting, Sin King Cheung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HK INTERNATIONAL: Murray and Liu Appointed as Liquidators
---------------------------------------------------------
Martin James Murray and Liu Sui Yuk on Jan. 31, 2012, were
appointed as liquidators of Hong Kong International Airport
Services Limited.

The liquidators may be reached at:

         Martin James Murray
         Liu Sui Yuk
         33rd Floor, One Pacific Place
         88 Queensway, Hong Kong


JOINT PACIFIC: Commences Wind-Up Proceedings
--------------------------------------------
Members of Joint Pacific International Limited, on Jan. 27, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tong Piu
         Room 2111, 21st Floor
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


JOSEPH EDUCATION: Members' Final Meeting Set for March 17
---------------------------------------------------------
Members of Joseph Education Organisation Limited will hold their
final general meeting on March 17, 2012, at 11:00 a.m., at Room
1623, 16/F, 26-38 Sha Tsui Road, Tsuen Wan, N.T., in Hong Kong.

At the meeting, Wong Kai Kwong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


M & H INSURANCE: Leong and Mok Appointed as Liquidators
-------------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda on Jan. 27, 2012,
were appointed as liquidators of M & H Insurance Agency Limited.

The liquidators may be reached at:

         Leong Ting Kwok David
         Mok Mun Lan Linda
         Units 3401-02, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


MAK KEE: Members' Final General Meeting Set for March 12
--------------------------------------------------------
Members of Mak Kee Contracting Company Limited will hold their
final general meeting on March 12, 2012, at 10:00 a.m., at Room
1205, 12/F, Manulife Provident Funds Place, at No. 345 Nathan
Road, in Kowloon.

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


MANNES INTERNATIONAL: Huang Wei Sandy Appointed as Liquidator
-------------------------------------------------------------
Huang Wei Sandy on Feb. 3, 2012, was appointed as liquidator of
Mannes International Limited.

The liquidator may be reached at:

         Huang Wei Sandy
         Rm. 409, 4/F
         Tower 1, Silvercord Centre
         30 Canton Road
         T.S.T., Kowloon
         Hong Kong


OVERSEAS CHINESE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of The Overseas Chinese Institute of Certified Public
Accountants Members Association Limited, on Jan. 27, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yeung Shu Lam Wilson
         Unit 8, 31/F
         Lippo Centre, Tower 1
         89 Queensway, Hong Kong


SHELL BITUMEN: Members' Final Meeting Set for March 13
------------------------------------------------------
Members of Shell Bitumen (Foshan) Holding Limited will hold their
final general meeting on March 13, 2012, at 10:00 a.m., at
Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong
Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SHELL BITUMEN (XI'AN): Members' Final Meeting Set for March 13
--------------------------------------------------------------
Members of Shell Bitumen (Xi'an) Holding Limited will hold their
final general meeting on March 13, 2012, at 10:00 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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I N D I A
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ALCHEMIST HOSPITAL: Fitch Affirms INR281-Mil. Term Loan at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Alchemist Hospitals
Limited's National Long-Term rating at 'Fitch B+(ind)'.  The
Outlook is Stable.  The agency has also affirmed AHL's
INR281.8 million term loans (reduced from INR434.8 million) at
'Fitch B+(ind)'.

The affirmation reflects the increase in occupancy levels at
AHL's hospitals, especially its Panchkula hospital, to 50% in the
financial year ended March 2011 (FY11) from 33% in FY10.  This
resulted in strong revenue growth of around 41% yoy to INR450m in
FY11.  The occupancy levels for the Panchkula hospital further
picked up to around 70% in H112.

The ratings are also supported by the wide range of services
offered by AHL, reputed doctors associated with the company and
the support extended by the Alchemist Group through unsecured
loans and equity.  The ratings are also underpinned by the
relative immunity of the healthcare sector against seasonal and
economic factors compared with other industries.

The ratings are, however, constrained by AHL's continued
operating EBITDA losses (FY11: INR35m, FY10: INR42m) and its
stretched financial profile as its Gurgaon hospital is yet to be
fully operational and had insignificant occupancy levels in FY11
and H112.  The company is adding more speciality services to the
Gurgaon hospital and placing new equipment, and upgrading the
existing facility.  The stiff competition in the region from more
established companies also continues to limit the ratings.

Although revenue grew in FY11, total debt increased to INR934m at
end-FY11 (FY10: INR595m), including INR572m of unsecured loans
from group companies (FY10: INR97m).  However, the increase in
debt has only been in the form of interest-free unsecured loans
from the group.  In H112, the company clocked INR295m revenues
while continuing to report operating EBITDA losses.

Positive rating guidelines include higher occupancy rates for
both the hospitals resulting in positive EBITDA, while higher-
than-expected losses or weakening of financial support from the
Alchemist Group would be the negative rating guidelines.

AHL belongs to the Alchemist Group, and operates two 100-bed
hospitals, one at Panchkula (previously known as Kaiser Hospital)
and the other one at Gurgaon (previously known as Healer's
hospital).  The company offers a wide range of specialty
services, such as cardiology, joint replacements, laparoscopic
surgery, neurology and neuro surgery, paediatric surgery,
endocrinology and nephrology through these hospitals.


AQUAFIL POLYMERS: ICRA Places '[ICRA]BB-' Rating on INR6.5cr Loan
-----------------------------------------------------------------
The rating of '[ICRA]BB-' has been assigned to the INR6.50 crore
fund based limits and INR3.50 crore proposed fund based limits of
Aquafil Polymers Company Private Limited.  The outlook on the
long-term rating is 'stable'. The rating of '[ICRA]A4' has been
assigned to the INR15.00 crore non-fund based limits and INR15.00
crore proposed non-fund based limits of APCPL.

The ratings are constrained by the company's relatively modest
scale of operations, vulnerability of the company's revenues and
profits to delays in execution of projects on account of delays
by project proponents in obtaining requisite clearances and the
delay in execution of some of APCPL's ongoing projects which
coupled with delays in payments by its clients has resulted in
negative cash flow from operations. The ratings also take into
account the intensely competitive nature of the construction
industry, and high geographical concentration risk since majority
of APCPL's project execution remains in the state of Gujarat. The
ratings are further constrained by delay in execution of some of
APCPL's ongoing projects which coupled with delays in payments by
its clients has resulted in negative cash flow from operations.
Further, the company's financial profile remains weak on account
of high working capital intensity of operations and moderate debt
coverage indicators.

The assigned ratings however favorably factor in APCPL's
experienced management and its long track record in the
construction industry, healthy order book position of the
company, comfortable capital structure with significant equity
infusion in FY 2011 and stable demand outlook in the construction
sector given the government's focus on urban infrastructure
development.

                        About Aquafil Polymers

Aquafil Polymers Company Private Limited was incorporated in 1996
as Ronak Refrigeration Private Limited to carry out the business
of trading of air conditioners. The company was taken over by Mr.
Hitesh Shah in 1997 and its name was changed to Aquafil Polymers
Company Private Limited. Currently the company is managed by Mr.
Hitesh Shah and his son Mr. Poojan Shah. APCPL is involved in
designing, engineering, construction and commissioning of sewage
and water treatment plants. The order book of the company stood
at INR74.28 crore as on Nov 30, 2011.

Recent Results

During FY11, the company reported operating income of INR33.44
crore and profit after tax of INR1.80 crore as against the
operating income of INR31.79 crore and profit after tax of
INR1.24 crore during FY10.


CORE EDUCATION: Moody's Reviews 'B1' CFR for Downgrade
------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating of Core Education & Technologies Limited under review for
possible downgrade, following the announcement of its proposed
bond transaction.

Ratings Rationale

The rating action reflects the additional liquidity risk to which
the company will be exposed if the transaction is executed as
proposed.

Under the current terms and conditions, the bond proceeds will be
deposited into an escrow account, until certain lenders consent
to issue the parental guarantee.

In conjunction with some of the required consents, the lenders
could require the full prepayment of the current amounts
outstanding, or the cash collateralization for a portion of the
non-fund limits outstanding under those facilities.

If all requirements for the release of escrow funds are not met
within 45 days after the settlement of the bond, there is a
mandatory redemption of the bond at 101%. As the escrow mechanism
allows the escrow proceeds to be released for prepayments -- in
advance of the satisfaction of all requirements -- the proceeds
would not be sufficient to fulfill CORE's redemption obligations
if such scenario materializes.

Under this scenario, the shortfall in escrow proceeds could be as
much as US$63 million, an amount which would further strain the
company's liquidity position and force it to tap into its working
capital facilities, and incur additional debt to satisfy the
payment shortfall.

The use of alternative liquidity to support the repayment of the
shortfall was not factored into Moody's corporate family rating
of B1.

Furthermore, under the worst case scenario, if CORE is unable to
satisfy the mandatory redemption, it will trigger a default,
which could in turn, lead to cross-defaults under a number of the
company's remaining bank credit facilities and foreign currency
convertible bond in accordance with the relevant loan indentures.

If the bond is closed under the current terms, Moody's would
closely monitor the multi-stage release of the funds and also
review the elevated liquidity and credit risks for CORE. If it
appears unlikely that the company will satisfy the required
conditions within the initial 45-day period, thereby giving rise
to an elevated risk of a default, then this could lead to a
multi-notch downgrade of the CFR.

On the other hand, if the transaction is successfully executed,
Moody's expects a up to one-notch downgrade of the rating to B2
if there is a perceived change in the company's banking
relationships, such that its ability to ensure adequate
alternative liquidity or access to the local bank markets in
future has changed.

Under the scenario that the bond transaction does not proceed as
presently structured, the rating could be affirmed at B1 with a
stable outlook, subject to the company meeting Moody's original
expectations with regard to liquidity, banking relationships, and
operating performance.

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

Core Education and Technologies (CORE), a provider of technology-
enabled products and solutions primarily for the education
sector.


INDUSTRIAL DEVELOPMENT: ICRA Cuts Rating on INR10cr Loan to 'BB'
----------------------------------------------------------------
ICRA has revised downwards the long term rating outstanding on
the INR10.0 crore fund based bank limits of The Industrial
Development Corporation of Orissa Ltd. from '[ICRA]BBB-' to
'[ICRA]BB'.  The outlook on the long-term rating is stable. ICRA
has also revised downwards the short term rating outstanding on
the INR 50.0 crore non-fund based bank limits of the company from
'[ICRA]A3' to '[ICRA]A4'.

While assigning the ratings to IDCOL, the holding company, ICRA
has consolidated its financials along with its wholly owned
subsidiaries, IDCOL Kalinga Iron Works Limited and IDCOL Ferro
Chrome Alloys Limited, to evaluate its business fundamentals and
financial strengths. The rating revisions primarily factor in the
ongoing uncertainties associated with mining operations, which
are likely to continue at least over the short term, leading to a
considerable decline in IDCOL's revenues and profits during the
first six months of 2011-12 and having an unfavorable impact on
the downstream operations of IDCOL's subsidiaries as well.
Moreover, the financial performance of the consolidated entity
continued to be weak in 2010-11, during which operations were
still loss-making on account of low sales volumes combined with
high fixed costs and increasing raw material prices. The
substantial amount of interest accrued and due in the books of
IDCOL, pertaining to the debt taken from the State Government,
which owns the entire equity capital of IDCOL, also has an
adverse impact on the ratings. The capital structure of the
consolidated entity too witnessed considerable deterioration in
2010-11 because of losses suffered in business during the past
two years.

The ratings, however, favorably factor in the consolidated
entity's established market position in steel and related
industries, as well as the availability of iron ore and chromite
from captive mines, which reduce raw material risks. The superior
quality of deposits in the entity's mines, bearing high iron and
chrome content, as well as ownership of railway sidings and
rakes, enhance its competitive position. IDCOL and its
subsidiaries are also expected to benefit from the positive
demand outlook for their products, especially iron ore and
ferrochrome, even though the industries in which they operate
exhibit a cyclical pattern. ICRA notes that the State Government
has been considering a number of proposals to restructure
IDCOL/its subsidiaries' businesses, which creates some
uncertainty regarding future business performance. Nevertheless,
this has not been considered while assigning the rating, since
the certainty or the timelines of such restructurings cannot be
commented upon as of now.

                           About IDCOL

IDCOL was founded in March 1962 as a Government of Orissa
undertaking, aimed at promoting and establishing industries in
the State of Orissa. With this objective in mind, the company set
up 15 industrial concerns engaged in various sectors, including
cement, pig iron, spun pipe, ferro-chrome, tor steel,
transmission line towers, cables, jute, cotton yarn, chrome
chemicals, fasteners, etc. However, due to weak performance of
the undertakings, IDCOL was restructured in 1995 by the
Government, and several subsidiaries were disinvested. Currently,
IDCOL is functioning as the holding company for three remaining
subsidiaries, namely IDCOL Kalinga Iron Works Limited, IDCOL
Ferro Chrome Alloys Limited, and IDCOL Software Limited. IDCOL
also has mining rights for chrome ore, manganese ore and iron ore
mines, with a part of the ore raised being consumed by IKIWL and
IFCAL, and the balance being sold in both domestic and
international markets.

Recent Results:

IDCOL reported a profit after tax (PAT) of INR3.85 crore in
2010-11 on an operating income of INR 20.96 crore. In the first
six months of 2011-12, the company registered an operating income
of INR 3.90 crore and a PAT of INR 1.14 crore.


INTERNATIONAL STEEL: ICRA Rates INR4cr Long-Term Loan at 'BB'
-------------------------------------------------------------
A rating of '[ICRA]BB' has been assigned to the INR4.00 crore
long-term, fund based facilities of International Steel
Corporation.  A rating of '[ICRA]A4' has also been assigned to
the INR40.88 crore short-term, non-fund based facilities of ISC.
The outlook assigned to the long term rating is Stable.

The assigned ratings are constrained by cyclicality associated
with the business of the company; its modest scale of operations;
modest financial profile characterized by low profitability
margins and moderate coverage indicators and vulnerability of
profitability to adverse fluctuations in scrap prices and foreign
currency exchange rates, although the forex risk is partly
mitigated by hedging through forward contracts. Further, ISC is a
partnership concern and any significant withdrawals from the
capital account would affect its capital structure.

However, the assigned ratings favorably factor in the established
presence of ISC in the ship breaking business; comfortable
gearing level of 0.48 times as on March 31, 2011 and a positive
outlook for the ship breaking industry in the near term.

                      About International Steel

International Steel Corporation is a partnership firm promoted by
Mr. Gulamali Meghani and is engaged into ship breaking business
since 1983. ISC is one of the oldest ship breaking firms at Alang
and has been allotted Plot no. 21 by the Gujarat Maritime Board
(GMB) for this purpose.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR52.32 crore and profit after tax of
INR1.59 crore as against an operating income of INR 35.73 crore
and profit after tax of INR1.28 crore for the financial year
2009-10.


JET AIRWAYS: Staff Not Paid For Two Months
------------------------------------------
The Times of India reports that nearly 18,000 employees of Jet
Airways and Kingfisher Airlines have not received salaries for
two months, a reflection of the deepening crisis in the aviation
industry.

On Monday, Kingfisher Airlines delayed payment of its December
salaries again citing 'large unanticipated payments'.  Employees
of Jet Airways have not been paid for January.  Both airlines
together employ about 18,000 people in different functions across
airports.

According to the report, Kingfisher CEO Sanjay Aggarwal informed
employees in an e-mail on Monday that salary payments for
December have been delayed yet again.  "We got hit by a couple of
large unanticipated payments which had to be addressed on an
emergency basis," Mr. Aggarwal, as cited by The Times of India,
said.

The stricken airline, which is struggling to stay afloat after
running up huge debt of over INR7,000 crore, last paid employees
for November, the report notes.  "Now the CEO says we will not be
paid and this after a promise made by the chairman (Mallya)
himself. So now if the chairman can also go back on his words
then who do we trust for getting paid," the report quotes a
senior airline employee, who did not want to be named, as saying.

In January, Vijay Mallya, the chairman and promoter, had promised
payment of December salaries by the end of January, the report
adds.

                     Jet Airways Delayed Payout

The Times of India reports that Jet's management has not conveyed
a payout date for January though it is believed to February 15,
Wednesday.

The report relates that equity analysts tracking Jet Airways said
the airline is now getting trapped in adverse market conditions
and that stage has come for Jet where it is "finding itself
against the wall".  Jet Airways has debt of INR14,000 crore and
has suffered losses quarter on quarter for this financial year.

For the third quarter, which is traditionally the strongest for
airlines in India, Jet posted a loss of over INR101 crore, which
was followed by the worst-ever second quarter for the airline.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


KATARIA AUTOMOBILES: ICRA Rates INR20.08cr Term Loan at 'BB+'
-------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR20.08 crore
term loans and INR135.00 crore long term fund based facilities of
Kataria Automobiles Limited.  The rating of [ICRA]A4+ has also
been assigned to the  INR 30.00 Cr. short term non fund based
facilities of KAL. The outlook on the long term rating is
'Stable'.

The assigned ratings are constrained by high competitive pressure
faced by Maruti Suzuki India Limited from established players as
well as new players, supply side constraints on account of
industrial unrest in MSIL's Manesar facility in July-October
2011, expected slowdown in the passenger car market in India in
the near term, low profitability associated with dealership
business and adverse financial profile indicated by highly
leveraged capital structure and modest coverage indicators.

The assigned ratings, however, take into account KAL's long
standing relationship with its principal, being the first MSIL
dealer in Gujarat, extensive experience of the promoters in auto
dealership business with strong market position in Gujarat by
virtue of widespread presence in eight cities through eighteen
showrooms and servicing facilities and healthy business growth
aided by strong sales coming from Ahmedabad and Surat over the
last few years, however revenue growth got adversely impacted in
FY 2012 due to industrial unrest in Maruti's Manesar plant during
July-October 2011.

                        About Kataria Group

Incorporated in 1995 by the Kataria Group, Kataria Automobiles
Limited (KAL) is involved in the automobile dealership of Maruti
Suzuki India Limited and transportation business. KAL has
presence across eight cities such as Ahmedabad, Baroda, Surat,
Vapi, Daman, Silvassa and Valsad and Bardoli through eighteen
showrooms and servicing facilities.

Recent Results:

In FY 2011, KAL reported an operating income of INR 1022.91Cr.
(as against INR685.62 Cr. during FY 2010) and profit after tax of
INR8.21Cr. (as against INR4.80 Cr. during FY 2010).


KINGFISHER AIRLINES: Staff Not Paid For Two Months
--------------------------------------------------
The Times of India reports that nearly 18,000 employees of Jet
Airways and Kingfisher Airlines have not received salaries for
two months, a reflection of the deepening crisis in the aviation
industry.

On Monday, Kingfisher Airlines delayed payment of its December
salaries again citing 'large unanticipated payments'.  Employees
of Jet Airways have not been paid for January.  Both airlines
together employ about 18,000 people in different functions across
airports.

According to the report, Kingfisher CEO Sanjay Aggarwal informed
employees in an e-mail on Monday that salary payments for
December have been delayed yet again.  "We got hit by a couple of
large unanticipated payments which had to be addressed on an
emergency basis," Mr. Aggarwal, as cited by The Times of India,
said.

The stricken airline, which is struggling to stay afloat after
running up huge debt of over INR7,000 crore, last paid employees
for November, the report notes.  "Now the CEO says we will not be
paid and this after a promise made by the chairman (Mallya)
himself. So now if the chairman can also go back on his words
then who do we trust for getting paid," the report quotes a
senior airline employee, who did not want to be named, as saying.

In January, Vijay Mallya, the chairman and promoter, had promised
payment of December salaries by the end of January.

About 180 Kingfisher pilots (out of 700) wrote to the management
in January warning that they may not report for duty if they are
not paid their December salaries soon.

Meanwhile, about 20 Kingfisher pilots are believed to have joined
rival IndiGo, which runs a successful low-fare business, and is
believed to have offered a joining bonus if they commit to the
airline by Feb 15.

                     Jet Airways Delayed Payout

The Times of India reports that Jet's management has not conveyed
a payout date for January though it is believed to February 15,
Wednesday.

The report relates that equity analysts tracking Jet Airways said
the airline is now getting trapped in adverse market conditions
and that stage has come for Jet where it is "finding itself
against the wall".  Jet Airways has debt of INR14,000 crore and
has suffered losses quarter on quarter for this financial year.

For the third quarter, which is traditionally the strongest for
airlines in India, Jet posted a loss of over INR101 crore, which
was followed by the worst-ever second quarter for the airline.

                     About Kingfisher Airlines

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

                         *     *     *

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

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


KINGFISHER AIRLINES: Blamed for Rising SBI Bad Loans
----------------------------------------------------
The Economic Times reports that the State Bank, which reported on
Feb. 13 a fresh slippage of INR8,161 crore and an 85% rise in
provisioning, blamed it on Kingfisher Airlines, as the airline
accounted for as much as INR1,500 crore of bad loans in the
quarter.

"Out of the total fresh slippages, as much as one-fourth or one
fifth has come from a single company.  So if you look at the
total slippages (net increase) of INR6,152 crore, one company
alone accounted for around INR1,500 crore," chairman Pratip
Chaudhuri said without naming the Vijay Mallya-promoted
Kingfisher Airlines, which has become an NPA now, according to
the Economic Times.

However, the report relates, the chairman ruled out any hit from
exposure to Air India, to which SBI has extended a fully secured
INR1,100 crore loan as cash credit facility.

For the KFA bad loan, the bank has to set aside INR1,200 crore as
provisions for this quarter, Mr. Chaudhuri, as cited by ET, said.

On the Air India account, Mr. Chaudhuri said as of January 31, it
is standard.  "If the debt servicing by AI does not happen this
quarter, we will not have to declare it as NPA as they have been
servicing till January 31.  It won't become a NAP before April,"
the report quotes Mr. Chaudhuri as saying.

"The GoM is meeting soon and the AI restructuring will happen
post that meeting.  There will not be any write down for banks.
The entire restructuring exercise is being attempted, planned and
implemented in a manner that it does not involve a write down for
banks and particularly state bank," Mr. Chaudhuri said.

                     About Kingfisher Airlines

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

                         *     *     *

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

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


MAHRISHI ALLOYS: ICRA Assigns '[ICRA]BB-' Rating to INR4.5cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR4.5 crore cash
credit facility and '[ICRA]A4' rating to INR 1.3 crore of Bank
Guarantee and INR1.0 crore bill discounting facility of Mahrishi
Alloys Pvt Ltd.  The long term rating carries stable outlook.

The rating takes into account MAPL's low profitability indicators
arising out of relatively moderate scale of operations- resulting
in modest economies of scale, competitive and low value additive
nature of the TMT/CTD business and lack of control over volatile
raw material prices as company is not fully backward integrated.
Given the fundamental industry dynamics, ICRA does not expect
this situation to change. Besides high competitive pressures,
other business risks emanate from inherent cyclicality in the
steel industry, and MAPL's exposure to South Indian real estate
market.

The rating is however supported by comfortable coverage indictors
and lower level of external loan with substantial funding of
operations from interest free unsecured loan from promoters. In
addition, ratings factor in buoyant demand outlook for TMT bars
over the long term on the back of expected growth in
infrastructure and real estate sectors and the favorable location
of MAPL's plant at Hindupur, (Andhra Pradesh, AP) which provides
twin advantage of lower cost of power in AP and proximity to key
markets like Bangalore. Going forward, company's ability to
improve profitability and service its debt obligations in timely
manner will be key rating drivers.

                        About Mahrishi Alloys

Mahrishi Alloys Pvt Ltd was incorporated in 1996 and Company is
into Iron and Steels manufacturing domain. It's primarily into
production of Ingots (intermediate product) and CTD Bars. Company
has an installed capacity of 44000 MT for CTD/TMT Bars and the
factory is located in Hindupur. The plant has been operational
since over 15 years and currently no expansion work is planned.
Major Market for Iron Product produced by the company is Hindupur
(A.P.), Hosur (T.N.),Bangalore (KA), Mysore (KA), Bellary (KA),
Hyderabad (A.P.) , Chennai (T.N.), Kerala Etc.

MAPL reported net sales of INR 72.7 Crore and Profits after Tax
of  INR1.31 crore in FY 2011 as against net sales of INR 64.8
Crore and Profit after Tax of INR1.03 crore in FY2010.


MANGLAM EDUCATION: ICRA Cuts Rating on INR18.9cr Loan to 'B+'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR18.9
crore fund based limits of Manglam Education Society to
'[ICRA]B+' from '[ICRA]BB-'.

The rating revision takes into account the society's weak
financial profile characterized by PAT level losses, elevated
gearing, replacement of low-cost unsecured loans with high
interest bearing bank debt and dependence on external funding as
internal accruals are likely to be inadequate for upcoming debt
repayments. The ratings are also constrained by limited track
record of the promoters in education sector and the moderate
enrolments as against total capacity. These risks are partly
mitigated by the good infrastructure facilities created by the
society, its association with Delhi Public School Society (DPSS)
and its experienced faculty. Going forward, increase in occupancy
(and the consequent augmentation of cash flow from operations)
along with timely repayment of debt obligations will be the key
rating sensitivity.

Mangalam Education Society was formed in March 2004 in Udaipur
(Rajasthan). The society has been formed primarily to establish
and operate Delhi Public School (DPS) in Udaipur. DPS Udaipur
commenced operations in Academic Year 2008. The school currently
imparts education from Pre Nursery to class XII as per the CBSE
curriculum and has a total of 1194 students enrolled in various
classes.

Recent Results:

Manglam Education Society reported operating income of
INR5.78 crore and net loss of INR0.94 crore in FY2011.


PRATEEK APPARELS: ICRA Cuts Rating on INR35cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on INR35.00
crore term loan facilities, INR70.00 crore fund based facilities
(enhanced from INR35.00 crore) of Prateek Apparels Private
Limited to '[ICRA]D' from '[ICRA]B'.  ICRA has also downgraded
the short term rating outstanding on INR30 crore fund based
facilities (revised from INR45 crore) and INR6.00 crore non-fund
based facilities of PAPL to '[ICRA]D' from '[ICRA]A4'.

The downgrade of ratings reflects delays by the Company in
servicing its debt obligations. The Company's liquidity profile
is stretched due to high inventory levels on the back of increase
in the scale of its retail operations. The Company operates in a
highly competitive environment in both the retail and
manufacturing operations, which limits the pricing flexibility.
The limited pricing flexibility is reflected in thin operating
margins. While established relationships with renowned customers
is expected to drive revenue growth in the garment manufacturing
business, intense competition in the retailing business is likely
to restrict the margin growth to an extent. The private equity
investor (SIDBI Ventures) in the company has the option to sell
its 19.1% stake to a strategic investor or to mandate the Company
or its promoters to return the investment (at 20% yield). Any
exit of the investor through company buyback is likely to
considerably stretch its financial profile. The experience of the
promoters and the Company's established presence in the readymade
garment manufacturing business for over a decade provides
comfort.

                        About Prateek Apparels

Incorporated in 1995, PAPL is engaged in the businesses of making
readymade garments, retailing apparels and trading in fabric.
Promoted by Mr. Pradeep Aggarwal and the Phulchand Group, PAPL
has five manufacturing units in Karnataka. The Company largely
makes men's and women's formal and casual wear. The Company
entered retail operations in 2007 through its subsidiary Prateek
Lifestyle Limited, which was merged in PAPL in 2009. It operates
through two retail formats, namely, 'Coupon' stores (which are
large-format discount stores) and 'F-Square' stores (which are
small-format stores selling in-house brands). PAPL has 11
'Coupon' stores across India and 102 'F-Square' stores in
Karnataka. The Company has two subsidiaries namely, Munch Design
Workshop Private Limited (which provides design solutions for
PAPL) and Prateek Spintex Limited (which manufactures knitted
garments for PAPL).

Recent Results

According to unaudited results for six months ended Sept. 30,
2011, the Company reported sales of INR 185.9 crore and operating
profit of INR 12.7 crore. PAPL reported net profit of INR 2.0
crore on operating income of INR357.6 crore in 2010-11, against
net profit of INR 4.9 crore on operating income of INR215.9 crore
in 2009-10.


RAKINDO KOVAI: ICRA Assigns '[ICRA]BB+' Rating to INR100cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR100 crore bank limits of Rakindo Kovai Township Limited.  The
outlook for the rating is stable.  ICRA has withdrawn the
'[ICRA]BB+' rating to the INR50 crore fund based facilities, as
there is no amount outstanding against the said instruments. The
rating reaffirmation factors in the delays in the commencement of
Kovai Hills, RKTL's flagship project, owing to the delay in the
receipt of approvals.

The rating also factors in the high market risk for the project
due to the premium nature of the villas, distance from the city
and also availability of quality alternatives for premium housing
in the Coimbatore real estate market. Further, the rating factors
in the nascent stage of the project and changes in the project
plan like postponement of the development of IT SEZ and related
infrastructure. The rating, though, takes comfort from the
experience of the promoters in the industry, the strong bookings
in Orchids and the significant cash inflows from the project. The
rating also considers the comfortable capital structure of the
company with a substantial equity base and low external
borrowings, which are expected to decrease further as the
projects are proposed to be funded majorly through customer
advances.

Rakindo Kovai Township Limited, incorporated in 2007, is a joint
venture between Rakeen Public Joint Stock Company, Ras al Khaimah
and Trimex group, Dubai. The company, a part of the Rakindo group
involved in the development of real estate projects in various
parts of India, was established as a SPV for the development of
an integrated residential township project in Coimbatore. Named
'Kovai Hills', the township project is being developed on a 864
Acre landscape in the outskirts of Coimbatore near Kovaipudur on
the Coimbatore-Palakkad road corridor. Apart from this flagship
'Kovai hills' project, RKTL is also developing a smaller
affordable housing project (named 'Orchids project') abutting the
'Kovai Hills' site.


SHIV COTTON: ICRA Reaffirms '[ICRA]B+' Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR15.00 crore
(enhanced from INR10.00 crore) cash credit facility and
INR1.09 crore (reduced from INR1.50 crore) term loan of Shiv
Cotton Industries.  ICRA has also reaffirmed an '[ICRA]A4' rating
to INR5.00 crore (enhanced from INR2.00 crore), short-term
warehouse loan and INR0.02 crore Credit exposure limit of SCI.

The ratings continue to be constrained by the limited track
record of the firm's operations and weak financial profile of the
firm as reflected by high gearing levels and moderate coverage
indicators and . The ratings also continue to reflect lack of
diversification in the product profile, the limited value
additive nature of the business in addition to presence of high
competition due to the fragmented industry structure which has
resulted in low operating and net margins; The ratings are
further constrained by vulnerability of profitability to raw
material prices which are subject to seasonality and crop harvest
and exposure to regulatory risks. ICRA also notes that SCI being
a partnership firm, any significant withdrawals from the capital
account would affect its capital structure

The ratings however continue to consider the experience of the
promoters in the cotton ginning industry, advantage by virtue of
its location in Gondal (Gujarat) giving it easy access to raw
cotton and a positive demand outlook for cotton and cottonseed,
with Gujarat being one of the biggest consumer for cottonseed oil

                         About Shiv Cotton

Shiv Cotton Industries is a partnership firm established in July,
2009 and is engaged in cotton ginning and pressing. The firm
sells the cottonseed and cotton bales through brokers. Installed
capacity of producing cotton bales and cotton seeds is 240 bales
per day and 77 MT cotton seeds per day respectively. The firm has
its production facility located at Gondal (Dist: Rajkot),
Gujarat. SCI commenced commercial operations from Feb 2010.

Recent Results:

During FY 2011, the firm reported an operating income of
INR85.19 Cr. and profit before tax of INR 0.62 Cr.


SOMA ENTERPRISE: ICRA Revises Rating on INR1,389cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR1389.1 crore fund
based and non-fund based limit of Soma Enterprise Limited to
'[ICRA]D' from '[ICRA]BBB-'.  The short-term rating assigned to
the INR5524.75 crore fund based and non-fund based limit of SEL
has also been revised to '[ICRA]D' from '[ICRA]A3'.

The rating revision is primarily on account of stretched
liquidity position at Soma Enterprise Limited, as reflected in
delays in meeting the debt obligations over the last six months.
Further, the ratings are constrained by relatively high gearing
of the company, significant committed investment required in BOT
SPVs, and delays in completion of the Panipat-Jalandhar toll road
project. ICRA however takes note of SEL's long track record in
the construction business, its diversified geographical presence,
and successful past project execution track record, which,
coupled with a strong order book results in visibility of
revenues over the medium term.

SEL is a public limited company promoted by Mr. Rajendra Prasad
Maganti. The company was originally registered as Dhananjaya
Hotels Private Limited in August 1977; the name of the company
was changed to Soma Enterprise Limited in 1997. SEL began its
operations mainly with irrigation projects (implementing earthen
and masonry dams); over the years, the company has extended
operations into areas like tunneling and roads. The company
entered the hydropower project segment by securing the 2000 MW
Subhansiri Hydropower project in 2003. Apart from increasing its
sectoral diversification, the company is taking steps to enhance
its geographical spread. At present, the company is executing
projects in various states including Andhra Pradesh, Maharashtra,
Tamil Nadu, Punjab, Kerala, and Assam. In November 2007, 3i
Infrastructure Fund acquired a 13% stake in SEL along with an
equity infusion of  INR 1.91 billion.

Recent Results:

SEL reported a profit after tax (PAT) of INR192.30 crore in FY11
on an operating income of INR3,193.93 crore, with net profits
increasing over FY10 due to the rise in operating income
(compared to INR2,500 crore in FY10). The revenue growth was
supported by the execution of several projects, although net
profit margins have dipped because of lower operating
profitability for contracts executed in FY11).


SPACEWOOD FURNISHERS: ICRA Cuts INR26.32cr Loan Rating to 'BB+'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR26.32 crore long-
term, fund-based bank facilities of Spacewood Furnishers Private
Limited to '[ICRA]BB+' from '[ICRA]BBB-'.  The outlook on the
long-term rating is stable. ICRA has also revised the rating
assigned to the INR15.50 crore, short-term, non-fund based bank
facilities of SFPL to '[ICRA]A4+' from '[ICRA]A3'.

The revision of the ratings take into consideration the
deterioration in the company's financial profile precipitated by
lower than anticipated growth in revenues as well as higher than
anticipated decline in its operating margins and net cash
accruals resulting in stretched capitalization and coverage
indicators. The ratings also factor in SFPL's weak liquidity
position arising from stretched receivables cycle given its
limited bargaining power with its clients and increasing
investments in associate companies. SFPL's operating margins
remain sensitive to fluctuations in particle and MDF board prices
which is evidenced in the margin decline in the last two fiscals.
SFPL's financial profile remains stretched with gearing of 3.24x.
This is however alleviated to some extent by the fact that ~28%
of the debt is accounted for by loans against SFPL's keyman
insurance policies and interest-free unsecured loans from its
promoters which provides some cushion. Also proceeds from the
maturity of the keyman insurance policies are expected continue
to support the cash accruals of the company over the medium to
long term. The ratings continue to draw support from the
promoter's reputation and experience in the furniture industry
and SFPL's well diversified product profile covering a wide range
of furniture products. Though SFPL is exposed to client
concentration risks given that its top two clients account for
41% of its net sales, the ratings draw comfort from SFPL's long
standing relationship with its key OEM clients (branded furniture
companies) such as Godrej & Boyce and Home Solution Retail
(India) Limited. While increasing focus on retail sales of its
own brand are likely to augment future sales potential of the
company, the ability of the company to maintain its margins,
given the expenditure required to grow its brand's reach and
visibility and manage its working capital cycle by streamlining
its receivables position and optimizing its inventory would be
the key rating sensitivities.

                       About Spacewood Furnishers

Spacewood Furnishers Private Limited was established in 1996 by
Mr. Kirit Joshi and Mr. Vivek Deshpande. SFPL is primarily in the
business of manufacturing modular furniture and pre laminated
boards. The company started off as a manufacturer of furniture
and furniture components for larger OEMs' such as Godrej and
Wipro. Over the years SFPL has moved from being a component
manufacturer to a complete furnishing solution provider to OEMs.
The company has undertaken backward integration into
manufacturing of pre-laminated boards thereby helping it reduce
its inventory requirements and increase its scale of operation.
SFPL has its manufacturing facility at Nagpur and presently,
SFPL's operations are structured around four business verticals
viz, Modular kitchen and shutters, Home and bedroom furniture,
Office furniture and Pre-laminated boards. SFPL forayed into
furniture retailing in 2008-09 through the launch of its "Tru
Value" brand. However SFPL subsequently rebranded the same as
Alfa and augmented its product profile by adding modular kitchens
in 2010-11. During 2010-11 the company also introduced two new
brands viz. Life Style Furniture and Modern Living in the premium
and luxury segment.

For the twelve months ending March 31, 2011, SFPL recorded an
operating income of INR133.64 crore and profit after tax (PAT) of
INR2.33 crore as against an operating income of INR118.14 crore
and a PAT of INR 1.76 crore for the twelve months ending
March 31, 2010.


SRI INDRA: ICRA Reaffirms 'B+' Long Term Rating on INR7cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]B+' assigned
to INR7.00 crore fund based limits of Sri Indra Solvent Oils
Private Limited.

The reaffirmation of rating factors in limited track record of
the company coupled with low capacity utilization levels and weak
financial profile characterized by net losses, high gearing and
stretched coverage indicators. The rating is constrained by
SISOPL's exposure to cyclicality in the prices of feedstock as
the ability to pass on hike in input costs is restricted due to
highly fragmented nature of the industry characterized by
competition from a large number of players. However, the assigned
rating considers the commissioning of the newly installed 250 MT
per day capacity rice bran oil extraction plant from October 2010
and the favorable prospects for RBO owing to its health benefits
and competitive pricing compared to other edible oils like
soybean and sunflower oil. ICRA draws comfort from the experience
of promoters and management in the business, and also from the
favourable project location (Gangavathy Taluk in Koppal district
of Karnataka) with easy availability of raw materials and lower
transportation costs.

                        About Sri Indra

Sri Indra Solvent Oils Private Limited, incorporated in 2008 by
Mr. Ch. Narendra is in the business of extraction of rice bran
oil. The plant is located in Gangavathy taluk in Koppal District,
Karnataka. The plant is operational since October 2010 with
current total installed capacity of 250 MT per day. SISOPL's
products include RBO and DOB.

Recent Results:

As per provisional results, SISOPL has reported an operating
income of INR48.43 crore with an operating profit of INR1.29
crore in (9M) FY12.


UKB ELECTRONICS: ICRA Puts '[ICRA]BB+' Rating on INR15.99cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' rating to
INR15.99 crore fund based facilities of UKB Electronics Pvt Ltd.
The outlook on the long term rating is stable. ICRA has also
assigned '[ICRA]A4+' on short term scale to  INR6.32 crore non
fund based facilities of UEPL.

ICRA's ratings favorably take into account established track
record of promoters in the cable industry which enables the
company to engage in meaningful commercial relationships. The
ratings are also strengthened from consistent infusion of equity
by the promoters to support growth in the business which has kept
the gearing at moderate levels. The ratings also draw comfort
from greater supply chain control in UEPL enabled by backward
integration into manufacture of PVC sheathing for cables and long
standing relationship with reputed institutional clients which
provides offtake visibility.

The ratings also factor in the fact that while revenue growth
remained in line with our expectations, the operating
profitability witnessed a decline on account of rising raw
material prices. This said, positive funds from operations for
the first time in FY2011 were primarily led by improvement in the
working capital cycle of the company. Further, ICRA is cognizant
of the fact that management's intent to venture into exports will
broaden the revenue base and aid growth. The ratings are however
constrained by UEPL's limited pricing power on account of
fragmented nature of the market, high client concentration risk,
impact of which will be pronounced in the event of any top client
severing its ties with the company. UEPL's profitability is also
vulnerable to adverse movement in copper prices which gets partly
mitigated by quarterly indexing of the sale price to LME copper
index. Moreover, the ratings are limited due to inherently low
value additive nature of work which results in modest
profitability and consequently modest accruals. ICRA also takes
into account the fact that UEPL's current exposure to foreign
exchange fluctuation risk is limited to the extent of its imports
but the intended export plans in the medium term may provide a
natural hedge to an extent.

Going forward, UEPL's ability to improve its revenues by
optimally utilizing its expanded capacity, maintain the
profitability margins and working capital intensity in the wake
of volatile raw material prices and stiff competitive intensity
and prudently manage its exposure to exchange rate fluctuations
remain the key rating sensitivities in the near to medium term.

                       About UKB Electronics

Established in 1996 by the Tayal family, UKB Electronics Pvt
Limited is a closely held company engaged in the manufacture of
copper cables and other wiring devices having diverse
applications in the Consumer Electronics, Telecommunications and
the IT industry. While over the years UKB's product portfolio
included low margin items like Connectors, Power Chords, Wire
harness, in-order to diversify its revenue and improve
profitability, the company has recently added relatively high
margin products like Printed Circuit Boards. In FY2011, the
company reported revenue of -INR105 crore and a PAT of
-INR1.23 crore.


VEDIK ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR34cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR34.0 crore term
loan and INR10.0 crore cash credit facility of Vedik Ispat Pvt
Ltd.

The rating takes into account risks arising out of the nascent
stage of operations of the company's manufacturing unit (set up
to manufacture Hot rolled/Cold rolled Sheets) which is yet to
start commercial operation thereby exposing the company to
operating risks in initial period. Further, the debt funded
capital expenditure will result in relatively high business risks
in the medium term. The rating however takes comfort from the
experience of the promoters in similar line of business and
possibility of leveraging Group Company's customer base to sell
their products. In addition, sufficient moratorium period before
term loan repayment starts provide comfort.

Going forward, company's ability to ramp up output and service
its debt obligations in timely manner will be key rating drivers.

Vediak Ispat is a new unit started some Directors of Mahrishi
Alloys Pvt Ltd to manufacture Hot rolled/Cold rolled Sheets. The
factory has installed capacity of 90000 Tons and is also located
in Hindupur.  Currently it's in trial run and company expects to
manufacture billets for first four months (Jan to April 2012) and
start manufacturing sheets thereafter. Total project cost is
-INR60 cr.


VIKRAM LOGISTIC: ICRA Revises Rating on INR280cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR280.0 crore term loans and INR30.0 crore fund based bank
facilities of Vikram Logistic and Maritime Services Private
Limited from '[ICRA]B+' to '[ICRA]D'.

The rating action takes into account the delays in debt servicing
by the company. The rating also considers the time and cost
overruns that have been witnessed in the implementation of the
integrated logistics park project by the company; the project now
has a scheduled Commercial Operations Date (COD) of September
2012 (earlier COD of September 2010) and a revised cost of INR560
crore (initial estimate of INR401 crore). The rating also factors
in the project execution risks, with certain key statutory and
regulatory approvals still pending and balance equity infusion of
around INR80 crore to be received from the parent company. ICRA
also takes note of the recent change in the shareholding of the
company, as well as the planned acquisition of the logistics
business of ETA Engineering Private Limited by VLMS.

                       About Vikram Logistic

Vikram Logistic and Maritime Services Private Limited was
originally promoted as a partnership firm in 1972 by Mr. C
Viswanath Iyer and his wife, Mrs. Rajalakshmi Viswanath. It was
converted to a private limited company in 1992 and took its
present name in 2006. In 2011, through share swap agreements with
the promoters and private equity investors, VLMS became a wholly
owned subsidiary of Infrastructure India Plc (IIP), a company
incorporated in the Isle of Man to invest in infrastructure
assets in India. VLMS initially started out as a material
handling company and started handling steel movement for TISCO
from 1975. The company then diversified into handling container
movement for the Indian Railways until 1989, and subsequently for
the Container Corporation of India Ltd (Concor). It is currently
implementing a INR560 crore project to set up and operate two
Free Trade and Warehousing Zones in Chennai and Bangalore, as
well as a Container Freight Station in Karwar and an Inland
Container Depot in Hassan.


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


BERLIAN LAJU: S&P Lowers Corporate Credit Rating From 'CC' to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on PT Berlian Laju Tanker Tbk. to 'D'
from 'CC'. "We also lowered the issue rating on the $400 million
senior unsecured notes due 2014, issued by BLT Finance B.V., a
wholly owned subsidiary of BLT, to 'D' from 'C'. BLT guarantees
the notes. At the same time, we removed the ratings from
CreditWatch, where they were placed with negative implications on
Jan. 30, 2012," S&P said.

"The downgrade follows our confirmation that BLT has failed to
make ship-lease payments to at least one company," said Standard
& Poor's credit analyst Vishal Kulkarni. "A failure to honor
contractual financial obligation constitutes a default."

"We believe BLT is likely to fail to honor other financial
obligations, such as interest payments and debt repayments, in
days ahead. We will assess BLT's debt-servicing ability following
a restructuring at the company," S&P said.


PT INDOSAT: S&P Puts 'BB' Corp. Credit Rating on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Indonesia-based telecom operator PT
Indosat Tbk. and the 'BB' rating on the company's guaranteed
senior unsecured notes on CreditWatch with positive implications.
"At the same time, we placed the 'axBBB-' ASEAN scale long-term
rating on Indosat on CreditWatch with positive implications," S&P
said.

"The CreditWatch action reflects our view that Indosat's
liquidity position could benefit from the company's sale of 2,500
towers to PT Tower Bersama Infrastructure Tbk. (not rated). We
expect Indosat to receive about $350 million in upfront cash
payment for the sale. We expect the company to use this cash to
repay debt and fund capital expenditure. Indosat will also
receive a 5% stake in Tower Bersama's expanded capital, and up to
$113 million in potential deferred payment as a sale
consideration. Indosat has also signed a 10-year lease agreement
for the towers that it has proposed to sell to Tower Bersama,"
S&P said.

"In addition to the proposed sale, Indosat has tied up credit
facilities over the past six months. These factors should improve
the company's liquidity," said Standard & Poor's credit analyst
Mehul Sukkawala. "The company also expects to cut costs and lower
its capital expenditure with the tower sale. However, we do not
expect Indosat's leverage to improve significantly due to the
tower sale because we will factor in the present value of lease
obligations as debt while assessing the company's financial
performance."

"We believe Indosat has 'less than adequate' liquidity, as
defined in our criteria. The company's sources of liquidity are
likely to cover its uses of liquidity by about 1.1x in the next
12 months. However, we believe that upfront cash proceeds of
Indonesian rupiah 3.15 trillion from the proposed sale would
result in 'adequate' liquidity for Indosat. We forecast the
company's sources of liquidity at 1.5x its uses of liquidity over
the next 12 months after factoring in the sale," S&P said.

"We aim to resolve the CreditWatch action within the next two to
three months, when the transaction is likely to be completed,"
said Mr. Sukkawala. "We will raise the rating by one notch
following the completion of the tower sale because we expect the
transaction to improve the company's liquidity. According to
Indosat, the deal is subject to approval by Tower Bersama's
shareholders and consent from Indosat's bondholders."

"If the deal does not go through, we will review Indosat's
liquidity management policy to determine any further rating
action," S&P said.


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


JLOC XXVIII: Fitch Junks Rating on JPY7.2-Bil. Class D Notes
------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXVIII Senior Trust's class D
trust beneficiary interests (TBIs) and mezzanine specified bonds
(mezzanine SB) due October 2012.  The agency has also placed the
class C TBIs on Rating Watch Negative (RWN) and affirmed the
class B TBIs.  The transaction is a Japanese multi-borrower type
CMBS securitisation.  The details of the rating actions are as
follows:

JLOC XXVIII Senior Trust:

  -- JPY0.7bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY8.8bn* Class C TBIs 'Bsf' placed on RWN
  -- JPY7.2bn* Class D TBIs downgraded to 'Csf' from 'CCCsf';
     Recovery Estimate 20%

JLOC XXVIII mezzanine SB:

  -- JPY3.6bn* TMK1 mezzanine SB: downgraded to 'Csf' from
     'CCsf'; Recovery Estimate 0%

*as of February 10, 2012

The downgrades of the class D TBIs and the mezzanine SB reflect
Fitch's view that principal loss for these is inevitable.  Sales
activity of the underlying properties initiated by the asset
manager has generally progressed according to plan and the
average selling price since the last rating action in March 2011
has exceeded Fitch's expectation.  However, taking into account
both Fitch's and the asset manager's expected sales values of the
remaining properties, the agency believes that total property
sales proceeds will be insufficient to redeem the class D TBIs
and mezzanine SB in full.

The RWN reflects uncertainty over the timing of full redemption
of the class C TBIs, as there are only eight months to the legal
final maturity with 65 properties remaining in the portfolio.
Fitch notes that many properties have prospective buyers,
according to the latest report from the asset manager, and that
the agency's expected sales values already reflect potential
further price declines compared with the asset manager's
expectation as the transaction approaches legal final maturity.
However, due to the large number of properties needed to be sold
to redeem the TBIs in full in the run-up to the legal maturity,
there is a risk that the TBIs may not be paid in full by the
legal final maturity, should property sales be delayed.  Fitch
will monitor property sales activity, especially the pace of
sales and review the RWN status as necessary.

The class B TBIs are highly likely to be redeemed in full at the
next payment date in April 2012, as the property sales so far
have resulted in significant paydown on this class of TBIs.

This transaction was originally backed by specified bonds issued
by two Tokutei Mokuteki Kaisha entities, which were in turn
backed by 567 commercial real estate properties.  The transaction
is currently secured by 65 properties and sales proceeds from
sold properties.


OLYMPUS CORP: Posts JPY33.08BB Net Loss for 9 Months to December
----------------------------------------------------------------
AFP reports that Olympus Corp. on Monday reported a net loss of
JPY33.08 billion for the nine months to December amid a massive
accounting cover-up that has tarnished the image of corporate
Japan.

For the full-year to March, the camera maker also said it expects
a net loss of JPY32 billion, owing to one-off costs unrelated to
the loss scandal, the news agency relates.

According to AFP, the forecast is the first since the scandal
broke last year, with the company previously saying it could not
make a full-year projection because it did not know the full
ramifications of the scandal.

For the nine months to December, Olympus reported that operating
profit fell 19% on-year to JPY25.9 billion on sales of
JPY624.6 billion, which were up 0.1%, the report adds.

                        About Olympus Corp.

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


TOKYO ELECTRIC: Widens Full-Year Loss Forecast to JPY695BB
----------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co., which
received an US$8.9 billion lifeline from the Japanese government,
widened its full-year loss forecast as compensation and clean-up
costs rose after the Fukushima nuclear disaster.

Bloomberg relates that the company known as TEPCO said it expects
losses for the year to March 31 to be JPY695 billion
(US$8.9 billion), from a November estimate of JPY600 billion.
The company, which has 29 million customers in and around Tokyo,
had a loss of JPY1.25 trillion last fiscal year, the report
discloses.

According to Bloomberg, TEPCO on Monday received extra aid of
JPY689.4 billion from the government and is seeking a larger
bailout of as much as JPY2 trillion as it sits on the edge of
bankruptcy.  Japan's trade and industry minister, Yukio Edano,
told Tepco President Toshio Nishizawa the government won't
approve the broader package unless it gets management control and
voting rights, says Bloomberg.

"It's all part of a game of chicken," Hirofumi Kawachi, a Tokyo-
based energy analyst at Mizuho Investors Securities Co told
Bloomberg.  By resisting government control "Tepco is essentially
holding its customers in the political and financial centers of
Japan hostage."

Bloomberg notes that the company is proposing increasing prices
for households to help cover the cost of using fossil fuels to
produce electricity now that all but one of its 17 nuclear
reactors has been shut down.  Mr. Edano has told Mr. Nishizawa
Tepco needs to recover public trust before raising tariffs,
Bloomberg recalls.

The utility, which is still struggling to control temperatures at
the stricken plant north of Tokyo, in December raised its
estimate for compensation payments to those affected by the
disaster to JPY1.7 trillion, Bloomberg discloses.  A government
panel estimates payments will reach JPY4.5 trillion by March next
year.

                        About Tokyo Electric

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

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

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


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


HYNIX SEMICON: Fitch Lifts Senior Unsecured Ratings to 'BB'
-----------------------------------------------------------
Fitch Ratings has upgraded Hynix Semiconductors Inc.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) and
senior unsecured ratings to 'BB' from 'BB-' respectively and
removed them from Rating Watch Positive.  Stable Outlooks have
been assigned. This follows the completion of SK Telecom Co.,
Ltd.'s (SKT, 'A-'/Stable) acquisition of 21% of Hynix.

"Notwithstanding limited operational synergy with SKT, the
upgrades reflect Fitch's view that Hynix will be an important
asset for SKT given the chairman's strong desire to expand into
manufacturing," said Alvin Lim, Associate Director in Fitch's
Asia Pacific Telecom, Media and Technology team.  "Therefore,
Hynix is now rated a notch above its standalone level, reflecting
actual and implied support from SKT."

SKT has expressed its commitment to improving Hynix's
competitiveness with an aggressive capex plan of at least
KRW4.2trn in 2012, mainly for NAND.  Fitch also believes that SKT
is likely to provide financial assistance should Hynix encounter
severe financial distress given the high reputational risk
associated with a failure of Hynix.  In addition, Hynix should
benefit from improved access to the domestic capital market due
to the strong SKT brand name.

Meanwhile, Fitch retains a conservative view on Hynix's DRAM
operations given substantial price falls and resultant EBIT
losses during the second half of 2011.  However, the agency
forecasts that the industry may gradually improve in 2012 given
ongoing capacity reduction by second-tier DRAM makers.  In
addition, strong demand for NAND should mitigate weak DRAM
performance, leading Fitch to forecast that Hynix's operating
margins and cash generation will improve in 2012.

Fitch will consider further positive rating action if Hynix's
funds flow from operations (FFO)-adjusted leverage falls below 2x
(Fitch forecast 1.9x for FY11), EBIT margins rise above 6% (Fitch
forecast 3.1% for FY11) and free cash flow remains positive on a
sustained basis.  Conversely, a negative rating action may be
considered if FFO-adjusted leverage increases above 3x or if
margins weaken on a sustained basis.  In addition, any indication
of weakening ties between SKT and Hynix may also result in a
negative rating action.


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


BRIDGECORP LTD: Petricevic to Take Stand in Court This Week
-----------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that former Bridgecorp
director Rod Petricevic is expected to take the stand in the High
Court this week, defending allegations he misled the failed
finance company's investors.

The trial of Mr. Petricevic -- with fellow directors Rob Roest
and Peter Steigrad -- continues in Auckland, with the Crown case
against the trio winding up, nzherald.co.nz says.

Crown witness and accountant Grant Graham was cross-examined by
defence lawyers on Monday, the report notes.

nzherald.co.nz relates that Mr. Petricevic's counsel, Charles
Cato, questioned Mr. Graham over Bridgecorp's lending practices
and suggested its deals with other finance companies made "some
commercial sense".

Before it collapsed in July 2007, Bridgecorp made arrangements
with companies, such as Hanover, to get money to pay investors.
At times this involved Bridgecorp selling the rights to loans it
was owed in exchange for millions of dollars upfront.

Mr. Cato put it to Mr. Graham that refinancing meant Bridgecorp
got some money back and reduced its exposure, according to
nzherald.co.nz.

In response, Mr. Graham said refinancing gave a company short-
term benefits but then put it "at the mercy" of the first charge-
holder.

On Tuesday, the Financial Markets Authority -- which is bringing
the Crown case -- was due to call its final witness, receiver
Colin McCloy, says nzherald.co.nz.

After Mr. McCloy's testimony and cross-examination the defence
will present its case in full -- with Mr. Petricevic expected to
be called this week as the first witness, the report relays.

The Herald adds that Messrs. Roest and Steigrad will then also
give evidence for the defence in a trial expected to run until
March.

The three on trial each face 10 Securities Act charges for
allegedly making untrue statements in the offer documents of
Bridgecorp and Bridgecorp Investments, according to the report.

Messrs. Petricevic and Roest face a further eight charges under
the Crimes Act and Companies Act.

                        About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


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


777 INVESTMENT: Creditors' Proofs of Debt Due March 10
------------------------------------------------------
Creditors of 777 Investment Pte Ltd, which is in members'
voluntary liquidation are required to file their proofs of debt
by March 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 50 Havelock Road, #02-767
         Singapore 160050


TOPPAN PHOTOMASKS: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------
Creditors of Toppan Photomasks Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Hamish Alexander Christie
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


VINCI PTE: Creditors' first Meeting Set for March 2
---------------------------------------------------
Creditors and contributories of Vinci Pte Ltd will hold their
first meeting on March 2, 2012, at 4:00 p.m., at One Raffles
Place, Tower Two, at #10-62 in Singapore 048616.

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


=============
V I E T N A M
=============


SAIGON THUONG: Moody's Gives B2 Foreign Currency Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has assigned these ratings to Saigon
Thuong Tin Commercial Joint Stock Bank (Sacombank):

* B2/Not-Prime long and short-term foreign currency deposits

* B1/Not-Prime long and short-term local currency deposits

* B1/Not-Prime long and short-term foreign currency issuer
   ratings

* B1/Not-Prime long and short-term local currency issuer ratings

* Bank Financial Strength Rating (BFSR) of E+

Ratings Rationale

The outlook for all ratings is stable, except for the foreign
currency deposit and issuer ratings which carry a negative
outlook, reflecting the negative outlook on the foreign currency
ceiling of Vietnam.

The ratings reflect: (i) its tightening liquidity, (ii) moderate
risk absorption capacity, as well as moderate single-borrower
concentrations, versus global peers, (iii) the uncertainties
surrounding its shareholding structure and share buy-back plans,
and (iv) the inherent challenges in Vietnam's operating
environment.

Moody's analysis also takes into account the strengths of the
bank's credit profile, in particular: (i) the quality of its
franchise, as the sixth-largest in Vietnam by asset-size and the
largest network of branches and ATMs in the country, (ii) its
diversified loan portfolio, with the consumer sector accounting
for about a third of its loans, and (iii) lower problem loans
reported compared with the average for the Vietnamese banking
sector, supported by above-average loan-loss reserve coverage.

As with most other Vietnamese banks, Sacombank's liquidity
position is tightening, as evidenced by a 107% gross loan-to-
gross customer deposit ratio at the end of first-half 2011,
versus 99% at end-2009. Including certificates of deposits, its
loan-to-deposit ratio was 82% at the end of first-half 2011,
compared with 74% at end-2009.

Its sizable and stable core deposit base accounted for nearly 60%
of its funding at end-2010, with a profile mainly in local
currency. This concern is somewhat offset by the fact that short-
term assets formed 27% of total assets at end-2010. Strong
liquidity is an important factor in emerging markets like
Vietnam, where deposits can be highly sensitive to investors'
confidence.

While Sacombank has solid Tier 1 capital ratios compared with
other rated Vietnamese banks, Moody's believes the bank's recent
decision to buy back shares is credit negative as it has reduced
its capacity to absorb losses and negatively affected its ability
to support future loan growth.

In addition, the single-borrower concentration of the bank's loan
portfolio, relative to core capital and earnings, is slightly
higher than its regional and global peers and exposes its
earnings to volatility, and may affect asset quality in a
downturn. Its top 20 loan exposures make up almost 400% of pre-
provision profits.

Sacombank may not be able to sustain its good financial metrics
over the medium term, due to the lack of portfolio
diversification and the challenging operating environment,
characterized by high inflation and a tightening monetary policy,
which makes access to funding a major challenge.

The Vietnamese economy has registered high growth rates in the
past decade, but continues to remain fragile and vulnerable to
volatility.

Moody's is also concerned by the absence of a foreign strategic
partner. The bank's previous foreign strategic partner, ANZ, had
partly contributed positively in areas such as risk management,
retail and IT since 2005. ANZ's Technical Assistance agreement
ended in 2008.

It remains to be seen if Sacombank will be able to continue with
its above-average performance without a foreign strategic
partner, or if synergies can eventually be developed with a new
strategic partner.

While reported non-performing loans are low compared with other
Vietnamese banks, the true level of non-performing loans by
international standards is hard to estimate. Nonetheless, the
composition of Sacombank's loan book and the apparent absence of
exposures to troubled state-owned enterprises such as Vinashin
are positive factors for the bank.

Its profitability is modest due to worsening economic conditions.
Pre-provision profits to average risk weighted assets were 2.6%
in 2010; this maps to above the median of regional banks rated E+
on Moody's BFSR scale. Fees and commission, insurance, dividend,
and treasury income together account for 23% of the bank's
income.

Amid a fiercely competitive environment, the challenge of
enhancing its retail franchise and fee-based income, while
protecting its interest margins remains.

A BFSR upgrade is unlikely in the near term, given: (i) Vietnam's
challenging operating environment, (ii) the absence of a robust
recovery in the global economy, (iii) tight liquidity, and (iv)
the potential for further deterioration in loan quality.

On the other hand, the stable outlook could change to negative
if: (i) there is a significant erosion in franchise value, (ii)
Tier 1 capital ratio falls below 8%, (iii) the mismanagement of
its growth strategy adversely affects its liquidity profile such
that loan-to-deposit ratios exceed 130%, and (iv) material losses
arising from its loan book result in non-performing loans ratio
of more than 2%.

Principal Methodologies

The 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.

Established in 1991, Sacombank is the sixth-largest bank in
Vietnam. Headquartered in Ho Chi Minh City, the bank reported
total assets of VND141 trillion (approximately US$6.7 billion) at
June 30, 2011.


SAIGON THUONG: S&P Assigns 'B+/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term counterparty credit ratings to Saigon Thuong
Tin Commercial Joint Stock Bank (Sacombank). The outlook on the
long-term rating is stable.

"We base our ratings on Sacombank on the bank's 'strong' business
position, 'weak' capital and earnings, 'adequate' risk position,
'above-average' funding, and 'adequate' liquidity, as our
criteria define those terms. We assess the bank's stand-alone
credit profile to be 'b+'," S&P said.

"Sacombank's position as the second-largest privately owned bank
in Vietnam supports its business position," said Standard &
Poor's credit analyst Ivan Tan. "The bank has an established
franchise in the consumer and small and midsize enterprise
segments. We consider Sacombank's management to be progressive,
with a focused retail strategy. We assess Sacombank's diversity
to be generally adequate; like most of its peers, it is
domestically focused and the bulk of its revenues come from
lending. Given the challenging operating environment, we believe
Sacombank will moderate loans growth and attempt to grow fee
income by cross-selling to existing customers."

"We view Sacombank's capital and earnings as a neutral factor in
our assessment. We expect the bank's risk-adjusted capital ratio
before diversification adjustments to remain about 4% in the next
12-18 months. Our view is also based on our expectation that
Sacombank will maintain its dividend policy of paying entirely in
stocks," S&P said.

"Sacombank's relatively straightforward business model supports
our view that the bank's risk position is 'adequate'. The bulk of
the bank's revenues come from plain-vanilla lending products. We
also expect Sacombank to continue to be prudent in and improve
its risk management and underwriting standards," S&P said.

"Sacombank's ratio of loans to customer deposits is 76% as of
Sept. 30, 2011, better than the industry and good in comparison
with larger banks that have a bigger branch network. This
strength reflects Sacombank's deposit-taking efforts and
effective use of its network to tap retail deposits. The bank's
holdings of liquid assets (consisting of cash, interbank lending
and government bonds) are also sufficient to cover short-term
wholesale borrowings," S&P said.

"The stable outlook reflects our expectation that Sacombank will
maintain its financial profile amid challenging conditions and
high inflation in Vietnam," said Mr. Tan. "We believe the bank
management will temper loans growth with prudent risk management.
We also expect the bank's strong business position and funding
profile to support the ratings."

"We could upgrade Sacombank if it sustainably improves its
profitability and capitalization, such that they are notably
better than in 2010. Continuous improvements in the bank's risk
management and operating processes so that they are in line with
international best practices could also trigger an upgrade," S&P
said.

"We may lower the ratings if Sacombank's: (1) nonperforming loans
increase sharply; (2) operating performance is poor; or (3)
capitalization weakens substantially," S&P said.


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

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

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

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

Aug. 2-4, 2012
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     Mid-Atlantic Bankruptcy Workshop
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           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 29 - Dec. 2, 2012
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     Winter Leadership Conference
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           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
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Friday's edition of the TCR-AP features a list of companies with
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which equity securities trade in public market are determined by
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                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

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