TCRAP_Public/120830.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 30, 2012, Vol. 15, No. 173

                            Headlines


A U S T R A L I A

MF GLOBAL: Australian Customers Wins Back $310-Mil. Frozen Funds


C H I N A

FRANSHION PROPERTIES: Moody's Says Weak Results Credit Negative
* CHINA: Moody's Launches "China Property Focus" Publication


H O N G  K O N G

ASIA LIGHTING: Creditors' Proofs of Debt Due Sept. 26
BROOKE INVENSTMENTS: Members' Final Meeting Set for Sept. 24
BS BATTERY: Sung Mi Yin Mella Steps Down as Liquidator
FUNG LUEN: Creditors' Proofs of Debt Due Sept. 25
GLOBAL CONTAINER: Commences Wind-Up Proceedings

HOOVER TECHNOLOGIES: Annual Meetings Set for Sept. 5
IMPACT INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 14
JERNEH INVESTMENT: Creditors' Proofs of Debt Due Sept. 25
KINCHENG FINANCE: Members' Final Meeting Set for Sept. 28
LEGEND MARK: Members' Final Meeting Set for Sept. 24

SYNERGY (3C): Court Enters Wind-Up Order
TASTE KING: Court Enters Wind-Up Order
TIN TIN: Kin and Agnew Step Down as Liquidators
TOP ZONE: Court Enters Wind-Up Order
WIN TREASURE: Court Enters Wind-Up Order

* HongKong Court Convicts Failed Restaurant Owner Over Wage Fraud


I N D I A

ANISH STUDIOS: CRISIL Cuts Rating on INR95MM Loan to 'D'
ANKUR BIOCHEM: CRISIL Places 'B+' Rating on INR750MM Loans
ASHAPURA MINECHEM: On Cusp of Ejection from Chapter 15
ASPHALT INDIA: CRISIL Rates INR80MM Loan at 'CRISIL B'
BHANU PADDY: CRISIL Puts 'BB-' Rating on INR80MM Loans

HY LINK: CRISIL Assigns 'BB-' Rating to INR125MM Loans
HYTHRO POWER: CRISIL Puts 'BB+' Rating on INR1.19BB Loans
INDIAN PROGRESSIVE: CRISIL Rates INR20MM Loans at 'CRISIL BB'
J R STRIPS: CRISIL Cuts Rating on INR240MM Loans to 'D'
KINGFISHER AIRLINES: Mumbai-based Pilots to Go On Strike

KINGFISHER AIRLINES: GHIAL Sues Over Bouncing Checks
MACEDON VINIMAY: Delay in Loan Payment Cues CRISIL Junk Ratings
MTARE ENG'G: CRISIL Assigns 'B-' Rating to INR76MM Loans
NORTHERN SKY: CRISIL Rates INR250MM LT Loan at 'CRISIL B'
PSV INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR55MM Loans

RAHAVENDAR HOSPITALS: CRISIL Puts 'B+' Rating on INR96.5MM Loans
RV ALLOYS: CRISIL Assigns 'B-' Rating to INR90MM Loans
SANRAJ POLY: CRISIL Assigns 'BB+' Rating to INR100MM Loans
SHREE SANYEEJI: CRISIL Assigns 'B' Rating to INR800MM Loans
SRI VENKATADRI: CRISIL Puts 'BB-' Rating on INR84MM Loans

SUNCORP EXIM: CRISIL Assigns 'B' Rating to INR123.6MM Loans
TATA MOTORS: Moody's Affirms 'Ba3' Corporate Family Rating
VEGA SOLAR: CRISIL Assigns 'CRISIL B-' Rating to INR41MM Loans
YESSKAY RENEWABLE: Delay in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

FAJAR SURYA: Fitch Affirms Issuer Default Rating at 'B+'


J A P A N

AOZORA BANK: Plans to Repay Government Debt in 10 Years


P H I L I P P I N E S

PERMANENT PLANS: Appeals Court Sides With Planholders


T A I W A N

UNITED MICROELECTRONICS: To Wind Up Japanese Subsidiary


X X X X X X X X

PACNET LIMITED: Moody's Cuts Corporate Family Rating to 'B2'


                            - - - - -


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


MF GLOBAL: Australian Customers Wins Back $310-Mil. Frozen Funds
----------------------------------------------------------------
James Frost at The Australian reports that MF Global's Australian
customers scored a significant win Wednesday when a court ruled
that pools of funds being fought over by creditors be distributed
in their favor.

The Australian says the collapse of the global derivatives
network in November last year set off a chain reaction that saw
$310 million in accounts held by local traders frozen.

According to The Australian, Justice Black on Wednesday ruled in
the New South Wales Supreme Court that millions of dollars in
funds being pursued by MF Global Singapore, former employees of
MF Global Australia and unsecured creditors of MF Global
Australia should be regarded as client funds and distributed by
the administrators accordingly.

The Australian relates that liquidators Deliotte have been
advised by Justice Black that they are now also entitled to
convert funds being held in Singaporean dollars to Australian
dollars for distribution to clients of MF Global Australia.

Justice Black said the entitlements of clients would be
calculated on the value of the positions held by the client on
the date the liquidators were appointed and not the date the
positions were closed out, according to The Australian.

The Australian relates that Justice Black also ruled that
contract-for-difference clients and clients who traded foreign
exchange on margin were entitled to interest on their accounts,
although futures clients and other foreign exchange clients were
not entitled to interest.

The court also ruled that any deposits into client accounts that
were paid after the administrators were appointed should be
refunded in full, The Australian adds.

More than 10,000 Australian traders were frozen out of their
accounts with MF Global Australia last November as the worldwide
trader of derivatives collapsed amid speculation of
misappropriate of funds at MF Global's US parent, the report
discloses.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- was one of the world's leading brokers of commodities and
listed derivatives.  MF Global provided access to more than 70
exchanges around the world.  The firm was also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.

As of Sept. 30, 2011, MF Global had $41,046,594,000 in total
assets and $39,683,915,000 in total liabilities.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

Louis J. Freeh was named the Chapter 11 Trustee for the
bankruptcy cases of MF Global Holdings Ltd. and its affiliates.
The Chapter 11 Trustee tapped (i) Freeh Sporkin & Sullivan LLP,
as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

An Official Committee of Unsecured Creditors has been appointed
in the case.  The Committee has retained Capstone Advisory Group
LLC as financial advisor.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.



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


FRANSHION PROPERTIES: Moody's Says Weak Results Credit Negative
---------------------------------------------------------------
Moody's Investors Service says that Franshion Properties (China)
Limited's weak financial results for 1H 2012 are credit negative
but have no immediate impact on its Baa3 corporate family rating
and Ba1 senior unsecured bond rating.

The company's weak performance has already been captured in its
negative outlook, which was revised from stable in March this
year.

"Franshion reported weak book sales and an increase in its net
debt and interest costs for 1H 2012, which have in turn put
pressure on its interest coverage at a level weak for its
ratings," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

However, Moody's expects Franshion's adjusted EBITDA/interest
will trend towards 3.0x-4.0x by end-2012, from below 2x recorded
in the last twelve months, as it progressively recognizes its
presold projects in 2H 2012 as planned.

Any deviation from such expectations will pressure the ratings.

As of August 2012, Franshion had a total of HKD13 billion in
contracted sales to be recognized over the next one to two years.

The planned sales of land parcels in Changsha in the coming few
months will also support the company's revenue growth in 2H 2012.

Franshion's investment properties' performance is also in line
with expectations; EBITDA from its property leasing business rose
11% Y-o-Y to HKD508 million in 1H 2012.

The occupancy rate for its three major investment properties --
Beijing Chemsunny World Trade Center, Sinochem Tower, and Jin Mao
Tower -- remain high, at above 95%.

The improvement in its property leasing business will help
compensate for the 9% Y-o-Y EBITDA decline in its hotel business.

Franshion is on track with regard to meeting its annual sales
targets for contract sales. It reported a 3.6% Y-o-Y increase in
contract sales to HKD5.6 billion in 1H 2012.

Franshion has adequate liquidity with unrestricted cash holdings
of HKD10.6 billion as of 30 June 2012. This amount can fully
cover its short-term debt of HKD9.3 billion.

In addition, Franshion continues to maintain its access to both
onshore and offshore funding to support its operations and
capital expenditure. In 1H 2012, it obtained a club loan of
USD200 million from offshore banks offshore.

In addition, China Jin Mao (Group) Co., Ltd, a subsidiary of
Franshion in China, has issued RMB750 million of short-term
financing notes onshore.

The principal methodology used in rating Franshion was the Global
Homebuilding Industry Methodology, published March 2009.

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited, which in turn is 98%-
owned by Sinochem Group, a state-owned enterprise under State-
Owned Assets Supervision and Administration Commission. Franshion
develops commercial and integrated properties in first-tier and
major second-tier cities in China. As of June, 2012, Franshion
had a total land bank of approximately 4.5 million square meters
of attributable gross floor area.


* CHINA: Moody's Launches "China Property Focus" Publication
------------------------------------------------------------
Moody's Investors Service on Aug. 28 announced the launch of
"China Property Focus", a new publication focusing on key trends
-- including sales, prices and credit profiles -- in the
Mainland's residential real estate sector.

"This newsletter will, on a regular basis, look at developments
in the broader Chinese property market and those surrounding
Moody's-rated developers, which currently number 31," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

"In this first edition, we look specifically at sales and price
performance for the January-July period, the liquidity situation
of the low-rated developers, and credit trends for Moody's-rated
portfolio," adds Tsang.

For the sector as a whole, property sales in July recorded a fall
of 15% to RMB454 billion from RMB531 billion in June after a
strong rebound in Q2 2012. The weaker monthly sales in July were
registered after the Central government reaffirmed that control
measures against the property sector would not be relaxed any
time soon. Given the government's affirmative stance to continue
its restrictive measures to control property prices, sales in the
next few months will remain exposed to regulatory constraints.

For the January-July period, the accumulated sales by value in
China declined 1.1% year-on-year. But sales for the 15 rated
developers in Moody's monthly sales tracking group rose 6% year-
on-year in terms of their accumulated value for the same 7-month
period. Their sales for this period have generally been within
Moody's expectations and are expected to continue to outperform
the market.

In July, Moody's Chinese Property Developers Liquidity Index also
showed a slight improvement in the liquidity position of rated
developers compared with June and versus the peak that was
reached in March.

Moody's expects the index to hold at its current level in the
near term but low-rated developers continue to be under pressure
to sell their assets to service maturing debt and to preserve
liquidity.

In terms of rating trends, the rated portfolio has witnessed a
mild improvement in the past three months with three positive
rating actions. The number of companies with negative outlooks
also fell slightly to 14 as of August 20 from the peak of 17 in
May.

But, similar to the liquidity situation, these positive movements
are issuer specific and a sustainable improvement in credit
fundamentals remains unproven.



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


ASIA LIGHTING: Creditors' Proofs of Debt Due Sept. 26
-----------------------------------------------------
Creditors of Asia Lighting Solutions Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2012.

The company's liquidator is:

         Ying Tze Yeuk
         502 Hang Bong Commercial Centre
         28 Shanghai Street
         Kowloon


BROOKE INVENSTMENTS: Members' Final Meeting Set for Sept. 24
------------------------------------------------------------
Members of Brooke Invenstments Limited will hold their final
meeting on Sept. 24, 2012, at 11:00 a.m., at 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

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


BS BATTERY: Sung Mi Yin Mella Steps Down as Liquidator
------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of BS Battery Co.
Limited on Aug. 17, 2012.


FUNG LUEN: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------
Creditors of Fung Luen Wool Textile Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 25, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 13, 2012.

The company's liquidators are:

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


GLOBAL CONTAINER: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Global Container Line (Hong Kong) Limited, on Aug. 15,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


HOOVER TECHNOLOGIES: Annual Meetings Set for Sept. 5
----------------------------------------------------
Members and creditors of Hoover Technologies Limited will hold
their annual meetings on Sept. 5, 2012, at 10:00 a.m., and 10:30
a.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

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


IMPACT INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 14
------------------------------------------------------------
Creditors of Impact International (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Sept. 14, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 17, 2012.

The company's liquidators are:

         Chan Mi Har
         Betty Yuen Yeung
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


JERNEH INVESTMENT: Creditors' Proofs of Debt Due Sept. 25
---------------------------------------------------------
Creditors of Jerneh Investment (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 25, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 17, 2012.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


KINCHENG FINANCE: Members' Final Meeting Set for Sept. 28
---------------------------------------------------------
Members of Kincheng Finance (H.K.) Limited will hold their final
general meeting on Sept. 28, 2012, at 11:00 a.m., at 32/F, Asia
Trade Centre, 79 Lei Muk Road, Kwai Chung, in New Territories.

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


LEGEND MARK: Members' Final Meeting Set for Sept. 24
----------------------------------------------------
Members of Legend Mark Limited will hold their final general
meeting on Sept. 24, 2012, at 11:00 a.m., at 32/F, Asia Trade
Centre, 79 Lei Muk Road, Kwai Chung, in New Territories.

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


SYNERGY (3C): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Synergy (3C) Products Limited.

The official receiver is Teresa S W Wong.


TASTE KING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Taste King Holding Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


TIN TIN: Kin and Agnew Step Down as Liquidators
-----------------------------------------------
Joseph Kin Ching Lo and Dermot Agnew stepped down as liquidators
of Tin Tin Yat Pao (International) Limited on Aug. 20, 2012.


TOP ZONE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 16, 2012, to
wind up the operations of Top Zone Development Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


WIN TREASURE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 24, 2012, to
wind up the operations of Win Treasure International Company
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


* HongKong Court Convicts Failed Restaurant Owner Over Wage Fraud
-----------------------------------------------------------------
China Daily reports that a 46-year-old restaurant owner was
jailed for three years on Thursday after being found guilty of
fraud involving the Protection of Wages on Insolvency Fund
(PWIF).

According to the report, the case is the first conviction of its
kind, though criminal methods involved in the case are said to be
common in the catering industry.

China Daily says the District Court heard that defendant, Tsang
Yung-ping, operated six Chinese restaurants in Sham Shui Po and
Kowloon City between 2001 and 2008.  He opened a new restaurant
at the original premises with the same equipment but a different
name shortly after the old one closed down, leaving employees
holding the bag for wages, the report relays.

China Daily notes that Mr. Tsang concealed fixed assets of his
firm during the winding-up process, and denied attending
liquidators knowledge of any residual assets. As a result, China
Daily sys, he defaulted on wages to 66 employees, who had to seek
relief from the government's PWIF for unpaid wages and
termination compensation, amounting to HK$780,000.

The PWIF was established to provide a safety net for employees
that are affected by employers' bankruptcy, says China Daily.

Apart from being convicted on one count of fraud and sentenced to
three years' jail, a disqualification order prohibiting company
directorship for five years against him was also made, the report
adds.



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


ANISH STUDIOS: CRISIL Cuts Rating on INR95MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Anish Studios Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan            95       CRISIL D (Downgraded from
                                      CRISIL B/Stable)

The downgrade reflects instances of delay by ASPL in servicing
its term debt obligations; the delays have been caused by the
company's weak liquidity position on account of significant
delays in project implementation and cost overruns in the project
execution.

ASPL is also exposed to execution and demand risks related to its
ongoing studio project in Mumbai (Maharashtra). The company,
however, benefits from the extensive experience of its promoters
in the studio and allied activities.

Incorporated in 2009, ASPL plans to provide studio on rent for
reality-based television shows and serials. The studio will have
shooting floors and will also provide pre-production, post-
production facilities, and shooting equipments to channel and
production houses.


ANKUR BIOCHEM: CRISIL Places 'B+' Rating on INR750MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ankur Biochem Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       200       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Term Loan                550       CRISIL B+/Stable (Assigned)

The rating reflects ABPL's exposure to risks relating to the
successful stabilization and ramp up of operations, revenue
concentration, and exposure to regulatory risk in the liquor
industry. These weaknesses of ABPL are mitigated by the benefits
that the company derives from the experience of its promoters,
and favourable demand situation in Jharkhand.

Outlook: Stable

CRISIL believes that ABPL will be able to maintain a stable
business risk profile owing to healthy demand prospects of Extra
Neutral Alcohol (ENA) and good entrepreneurial experience of the
promoters. The outlook may be revised to 'Positive' if the
company's operations scale up smoothly and it generates better
than expected revenues and profitability, leading to better than
expected cash accruals thus enhancing its financial risk profile
and ensuring smooth servicing of debt obligations. Conversely,
the outlook may be revised to 'Negative' in case of delay in
stabilization of operations and thus lower than expected
revenues, and profitability or more than expected debt funded
capex and stretched working capital cycle impacting its financial
and liquidity risk profiles.

                       About Ankur Biochem

ABPL incorporated in 2008 and located in Dhanbad, Jharkhand is
engaged in the manufacturing of potable (Rectified Spirit and
ENA) as well as industrial alcohol (Impure Spirit) using grains
such as corn and broken rice as feedstock. The company with a
capacity of 60 Kilo liters per day started commercial operations
in July 2012.


ASHAPURA MINECHEM: On Cusp of Ejection from Chapter 15
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Ashapura Minechem Ltd. may be ejected from Chapter
15 protection by early October, even though the Mumbai-based
mining company's right to be in U.S. bankruptcy was upheld in
June by a U.S. district judge in Manhattan.

According to the report, in November, U.S. Bankruptcy Judge James
M. Peck ruled that Ashapura qualified for Chapter 15 protection,
even though the company committed "a strategic error of colossal
portions" by allowing judgments for more than $100 million to be
entered unopposed in London arbitrations.  In June, U.S. District
Judge Shira A. Scheindlin found that Judge Peck was correct in
giving the company protection in the U.S.

The report relates that Judge Peck said he allowed the company to
have protection in the U.S. even though the Chapter 15 filing in
October was the "latest example" of "coordinated efforts" by the
company and its managing directors indicating that they "are not
acting in good faith."

The report notes that in early August, the judgment creditors
filed a new set of papers seeking dismissal of the Chapter 15
petition, saying circumstances have changed and the company isn't
operating in good faith.  This week, Judge Peck gave the company
45 days to straighten up and fly right.  First, Judge Peck said
he will dismiss the Chapter 15 case if the claims of the two
creditors aren't recognized so they can participate in the
bankruptcy in India.

The Bloomberg report disclosed that Judge Peck is also requiring
the company to post a bond in 45 days equal to 10% of each
creditor's judgment.  Armada (Singapore) PTE Ltd. has a $70.2
million judgment.  The judgment of Eitzen Bulk A/S is $36.6
million.

The appeal was Armada (Singapore) Pte Ltd. v. Shah (In re
Ashapura Minechem Ltd.), 12-257, U.S. District Court, Southern
District of New York (Manhattan).

                          About Ashapura

Ashapura Minechem Ltd. is an industrial company incorporated
under the provisions of the Companies Act 1956, having its
registered office in Mumbai, India.  It is listed with the Bombay
Stock Exchange and National Stock Exchange of India, Ltd.  It is
engaged in the business of mining, processing and trading
minerals and ores, namely: Bentonite, a versatile clay having
applications in foundries, iron ore pellatization, oil well
drilling and civil engineering; Bauxite, the principal ore used
for manufacturing alumina which is in turn used to produce
Aluminum metal; Barytes, a clay with high specific gravity and is
mainly used in oil well drilling; Iron ore, the principal ore for
manufacturing steel.

Ashapura is also engaged in the manufacturing of value added
Bentonite for advanced applications for usage in paper, cosmetic
and edible oil industries.  The company also offers to arrange
for logistical support for transportation and shipping of
minerals which it sells to its customers.

Chetan Shah, as foreign representative of Ashapura, filed a
petition for protection under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 11-14668) on Oct. 4, 2011.
Attorney for the foreign representative is Ira A. Reid, Esq., at
Baker & McKenzie LLP.  The Chapter 15 petition estimated the
Debtor's assets and debts to be between $100 million and
$500 million.  It owes $70.1 million to secured lenders.
Unsecured claims, not including the arbitration awards, total
$29 million.


ASPHALT INDIA: CRISIL Rates INR80MM Loan at 'CRISIL B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facility of Asphalt India Corporation.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             80        CRISIL B/Stable

The rating reflects AIC's modest scale of operations coupled with
customer concentration risks, working-capital intensive nature of
operations and subdued financial risk profile marked by low net
worth and high gearing. These rating weaknesses are partially
offset by the benefits that the firm derives from its promoters'
extensive experience in the civil construction business.

Outlook: Stable

CRISIL expects Asphalt India Corporation (AIC) will continue to
benefit from its promoters' extensive industry experience over
the medium term. The outlook may be revised to 'Positive' in case
the firm scales up its operations, while diversifying its
clientele base and improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case
AIC's liquidity deteriorates due to further elongation of its
working capital cycle or if the firm undertakes debt-funded
capital expenditure (capex).

Established in 1995, Asphalt India Corporation (AIC) is a
partnership between Mr. Anil Desai and Tarways India Pvt. Ltd
(TIPL). AIC is engaged in civil engineering works primarily
related to roads, highways, and bridges in Maharashtra. AIC also
undertakes manufacturing and sale of asphalt and ready-mix
concrete (RMC), through its 2 plants at Kandivali and Vashi in
Mumbai. The firm's the day-to-day operations are managed by Mr.
Anil Desai and its office is located at Andheri, Mumbai.

AIC reported a (provisional) profit after tax (PAT) of INR4.61
million on net sales of INR181.9 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.49
million on net sales of INR227.3 million for 2010-11.


BHANU PADDY: CRISIL Puts 'BB-' Rating on INR80MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Bhanu Paddy & Rice Company (part of the
SVP group).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL BB-/Stable (Assigned)
   Proposed Cash Credit      10      CRISIL BB-/Stable (Assigned)
   Limit

The rating reflects the extensive industry experience of the SVP
group's promoters and assured offtake from the group by the Food
Corporation of India (FCI; rated 'CRISIL AAA (SO)/Stable'). These
rating strengths are partially offset by the SVP's weak financial
risk profile, marked by high gearing and weak debt protection
metrics, and modest scale of operations in an intensely
competitive rice milling industry. The rating also factors in the
susceptibility of the group's operating margin to any adverse
changes in government regulations and to volatility in raw
material prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SVP, and Bhanu Paddy & Rice Company
(BPR). The entities are collectively referred to as the SVP
group. This is because the entities are in the same line of
business, share a common management, and have financial and
operational linkages among them.

Outlook: Stable

CRISIL believes that the SVP group will benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the group's revenues and
profitability increase substantially, or in case of significant
infusion of capital into the group by the partners at the group's
firms, resulting in an improved capital structure. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capital expenditure (capex)
programmes, if its cash accruals decline, or if the partners
withdraw capital from the firms, leading to deterioration in the
group's financial risk profile.

                        About the Group

Set up in 2001, as a partnership firm, Sri Venkatadri Para-boiled
rice mill (SVP) is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The managing partners
Mr. Kishore Reddy and Mr.Bhanu Prakash has more than 30 years of
experience in Rice industry. SVP's group concern Bhanu Paddy &
Rice Company is the trading arm of the group

The SVP group is estimated to report a profit after tax (PAT) of
INR1 million on net sales of INR367 million for 2011-12 (refers
to financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR254 million for 2010-11.


HY LINK: CRISIL Assigns 'BB-' Rating to INR125MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Hy Link Overseas Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Short-Term      40        CRISIL A4+ (Assigned)
   Bank Loan Facility

   Proposed Long-Term       35        CRISIL BB-/Stable
   Bank Loan Facility
   Cash Credit              90        CRISIL BB-/Stable

   Letter of Credit         85        CRISIL A4+

The ratings reflect HOPL's promoters' extensive experience in
trading in steel pipes and tubes, and the company's established
clientele and tie-ups with its suppliers. These rating strengths
are partially offset by HOPL's modest financial risk profile and
susceptibility to intense competition, because of market
fragmentation, in the trading business.

Outlook: Stable

CRISIL believes that HOPL will continue to benefit over the
medium term from its promoters' extensive business experience and
its established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if there is an increase
in HOPL's turnover, along with an improvement in its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if there is a significant decline in the
company's revenues or profitability, resulting in material
deterioration in its debt protection metrics.

                      About Hy Link Overseas

HOPL, based in New Delhi, was established in 1998 by Mr. Sidharth
Gulati and his family. The company trades in steel pipes and
tubes, aluminum foil, (BOPET) films, refined oil, and clarified
butter.


HYTHRO POWER: CRISIL Puts 'BB+' Rating on INR1.19BB Loans
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hythro Power Corporation Ltd to 'CRISIL BB+/Negative/CRISIL A4+'
from 'CRISIL BBB+/Stable/CRISIL A2'.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Advance Against           300       CRISIL BB+/Negative
   Retention Money

   Cash Credit               470       CRISIL BB+/Negative

   Term Loan                 170       CRISIL BB+/Negative

   Working Capital Demand    250       CRISIL BB+/Negative
   Loan

   Letter of Credit &       4420       CRISIL A4+
   Bank Guarantee

   Proposed Letter of        290       CRISIL A4+
   Credit & Bank Guarantee

   Sales Bill Discounting    600       CRISIL A4+

The rating downgrade reflects CRISIL's belief that HPCL's
financial risk profile will remain weaker than expected. During
2011-12 (refers to financial year, April 1 to March 31), HPCL's
total debt increased sharply to around INR1770 million from
around INR770 million in 2010-11 because of large working capital
requirements, pre-dominantly because of continuous stretch in
HPCL's receivables. CRISIL had previously estimated weakening in
HPCL's financial risk profile because of the company's increasing
working capital intensity; however, the impact has been
significantly higher than expected.

As the increase in working capital intensity has been debt
funded, it has resulted in significant weakening in HPCL's
gearing and debt protection metrics. The company's gearing
deteriorated to 1.92 times as on March 31, 2012, from 1.12 times
as on March 31, 2011. HPCL's interest coverage ratio reduced to
around 2.0 times in 2011-12 from around 5.6 times in 2010-11.
Notwithstanding the company's increasing focus on executing
orders backed by letters of credit, CRISIL believes that HPCL's
capital structure and debt protection metrics will remain
constrained over the medium term by the company's increased
working capital requirements arising largely from issues relating
to the power sector.

The ratings reflect HPCL's moderate business risk profile, marked
by a stable order book and improvement in the company's
profitability. The ratings also factor in the benefits that HPCL
derives from its established market position as a turnkey
solutions provider in the power transmission and distribution
segment. These rating strengths are partially offset by HPCL's
below-average financial risk profile, marked by a high gearing
and weak debt protection metrics, and vulnerability of the
company's margins to volatility in raw material prices.

Outlook: Negative

CRISIL believes that HPCL's financial risk profile will remain
constrained over the medium term by the company's large working
capital requirements. The ratings may be downgraded if there is
more-than-expected impact on the HPCL' capital structure or debt
protection metrics, most likely due to increase in debt levels to
fund its receivables. Conversely, the outlook may be revised to
'Stable' if HPCL improves its working capital management with
progressive improvement in its receivables collection, while it
improves its cash accruals and capital structure, resulting in a
better-than-expected financial risk profile.

                         About Hythro Power

HPCL, set up in 1989, was reconstituted as a limited company in
1994. The company undertakes turnkey projects in the power
transmission and distribution segments. It was initially promoted
by Mr. G S Rawat and was acquired by the Tecpro group in 2008-09
vide the process of demerger. During the time of its acquisition
by the Tecpro group, HPCL was a small contractor with meagre
order flow. However, HPCL's order book was around INR8.0 billion
as on March 31, 2012. In May 2009, HPCL issued compulsorily
convertible preference shares to Avigo Venture Investments Ltd
and Avigo Trustee Company Pvt Ltd (a private equity player). The
compulsorily convertible preference shares are optionally
convertible post March 2012, but are compulsorily convertible
five years from the time of issue. For conversion, the valuation
of HPCL will be 2.9 times the profit after tax (PAT) generated
for the year ended March 31, 2012. As on March 31, 2012, around
2.0 million preference shares were outstanding against around
3.99 million preference shares as on March 31, 2011.

In 2010-11, HPCL acquired 100 per cent stake in Avadh
Transformers Pvt Ltd to gain qualifications for executing railway
electrification work to undertake railway electrification work of
Delhi-Mumbai railway corridors. In September 2011, HPCL also
acquired 25 per cent stake in GET Power Pvt Ltd. The stake was
bought out with a view to penetrate into the substation market
and gain qualification of supplying transmission towers up to 765
kilovolt amperes (kVA) (HPCL's current qualifications are up to
440 kVA).

For 2011-12, HPCL reported a PAT of INR233.8 million on net sales
of INR3.5 billion, against a PAT of INR221.2 million on net sales
of INR2.6 billion for 2010-11.


INDIAN PROGRESSIVE: CRISIL Rates INR20MM Loans at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Indian Progressive Construction Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        20      CRISIL BB/Stable (Assigned)
   Bank Guarantee           125      CRISIL A4+ (Assigned)

The ratings reflect the benefits that IPCPL derives from its
promoters' extensive experience in the infrastructure sector, a
healthy order book and the company's above-average financial risk
profile marked by a low gearing and healthy debt protection
metrics, albeit on a modest net worth base. These rating
strengths are however partially offset by IPCPL's modest scale of
operations and low profitability in the intensely competitive
infrastructure sector, and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that IPCPL will benefit from its promoters'
extensive industry experience and its healthy order book. The
outlook may be revised to 'Positive' in case the company reports
significant growth in its revenues and margins, while maintaining
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case IPCPL reports significantly lower
than expected revenues or faces deterioration in its financial
risk profile, particularly its liquidity, because of lengthening
of its working capital cycle.

                       About Indian Progressive

IPCPL was incorporated in 2007 and has its head office at Deoghar
(Jharkhand). Mr. Jitesh Rajpal, Mr. Rajesh Kumar Singh, Mr.
Sanjay Kumar Kunilwar and Mr. Umesh Pandey are the promoters of
the company. IPCPL primarily undertakes road construction
projects and also civil construction and irrigation projects for
government departments.

For 2011-12 (refers to financial year, April 1 to March 31),
IPCPL reported, on a provisional basis, a profit after tax (PAT)
of INR17.8 million on net sales of INR546.5 million, against a
PAT of INR7.6 million on net sales of INR274.8 million for 2010-
11.


J R STRIPS: CRISIL Cuts Rating on INR240MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of J R Strips Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable', and has assigned its 'CRISIL D' rating to the
company's short-term bank loan facilities. The rating downgrade
reflects instances of delays in servicing of the term loan
obligations owing to delays in the project.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             100.0     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Cash Credit Limit      55.0     CRISIL D(Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       50.0     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Bank Guarantee         15.0     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long-Term     20.0     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

Moreover, JRSPL's promoters lack experience in related fields of
operation. Also, delay by the company in commencement of
commercial operations is expected to further constrain its
financial risk profile over the near term. However, JRSPL is
expected to benefit from the healthy industry prospects for the
overall steel industry and the related end-user industry.

                         About J R Strips

JRSPL was set up in January 2011 by Mr. Vikas Bansal and Mr.
Prince Bansal, the second-generation entrepreneurs of the Bansal
family. The company plans to manufacture and market cold rolled
high carbon steel strips at its plant in Bathinda (Punjab), with
capacity of 18,000 tonnes per annum; the plant is expected to be
commissioned by October 2012.


KINGFISHER AIRLINES: Mumbai-based Pilots to Go On Strike
--------------------------------------------------------
Press Trust of India reports that Mumbai-based pilots of near-
bankrupt Kingfisher Airlines have decided to strike work
indefinitely from Wednesday over non-payment of salaries.

"Mumbai-based pilots have decided to go on a strike from tomorrow
(Aug. 29) onwards due to management's failure to keep its
commitment on March salary payment," a source in the airline told
PTI.

The proposed strike by a section of pilots could hamper the
private airline's flight schedule "in a big way", PTI's source
said.

According to the news agency, Kingfisher, facing severe fund
crunch, has not paid salaries to most of its employees, including
pilots and engineers, since March this year.

This is the second time in the last ten days that the pilots have
decided to stay away from work over non-payment of salaries, the
report notes.

                     About Kingfisher Airlines

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

                         *     *     *

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


KINGFISHER AIRLINES: GHIAL Sues Over Bouncing Checks
----------------------------------------------------
Press Trust of India reports that GMR Hyderabad International
Airport Ltd (GHIAL), which manages Rajiv Gandhi International
Airport, has filed a petition in a local court against Kingfisher
Airlines for dishonouring cheques.

According to the report, sources said a case has been filed
against Vijay Mallya-owned Kingfisher Airlines in Nampally
criminal courts in Hyderabad for dishonouring cheques worth
INR10.3 crore.

"Four cheques for RS10.3 crore, which were issued towards airport
charges (parking, landing and navigation) bounced. As the
mandatory time for filing is getting closer, a case has been
filed," sources told PTI.

Earlier in June, PTI recalls, Mumbai International Airport, run
by GVK Group, had filed a cheque bounce case against Kingfisher
in a Mumbai criminal court.

Delhi International Airport Ltd (DIAL) run by GMR group had filed
a similar case dishonoured cheque of Rs 3 crore, the report adds.

                     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.


MACEDON VINIMAY: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Macedon Vinimay Pvt Ltd.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             17.7      CRISIL D

   Proposed Long-Term     4        CRISIL D
   Bank Loan Facility

   Letter of Credit       9        CRISIL D

   Bank Guarantee         1        CRISIL D

   Cash Credit           30        CRISIL D

The ratings reflect instances of delay by MVPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

MVPL also has working-capital-intensive, and small scale of,
operations, and customer concentration in revenue profile. These
rating weaknesses are partially offset by MVPL's healthy order
book providing revenue visibility over the medium term.

Promoted by members of the Dhanuka family based in Kolkata (West
Bengal) in 1995, MVPL manufactures fiber reinforced plastic
(FRP)-based products primarily for the Railways and the power
industry. The company manufactures FRP-based glass shutter,
window guide, window assembly, window seal, and tray for the
Railways; and ladder, meter enclosures, cupboards, and panel box
for the power industry. MVPL also manufactures chute for the
Railways.


MTARE ENG'G: CRISIL Assigns 'B-' Rating to INR76MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of MTARE Engineering India Pvt Ltd's.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       9.4      CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Long-Term Loan          19.1      CRISIL B-/Stable (Assigned)

   Cash Credit             25        CRISIL B-/Stable (Assigned)

   Bank Guarantee          22.5      CRISIL A4 (Assigned)

The ratings reflect MTARE's below-average financial risk profile
marked by high gearing and small size of net worth, its modest
scale of operations and susceptibility to tender-based nature of
operations. These rating weaknesses are partially offset by
extensive industry experience of MTARE's promoters, and
established relationships with customers.

Outlook: Stable

CRISIL believes that MTARE Engineering India Pvt Ltd's (MTARE's)
will benefit over the medium term from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the company improves its scale of operations and
operating profitability on a sustained basis thereby leading to
an improvement in its financial risk profile. Conversely the
outlook may be revised to 'Negative' if there is a decline in
revenues and cash accruals or if the company undertakes a larger-
than-expected debt funded capex thereby leading to deterioration
in the financial risk profile.

                      About MTARE Engineering

MTARE is engaged in the manufacture of CNC machining components
and precision components primarily for the defence and aerospace
segment. MTARE was set-up as a proprietorship firm in 1998 by Mr.
Malla Krishna and was converted into a private company in
February 2012.

MTARE is estimated to report a profit after tax (PAT) of INR2.0
million on net sales of INR104 million for 2011-12 (refers to the
financial year, April 1 to March 31); as against a PAT of INR1.8
million on net sales of INR120 million for 2010-11.


NORTHERN SKY: CRISIL Rates INR250MM LT Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Northern Sky Properties Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term      250        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects NSPPL's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
project, Northern Sky City, in Mangalore (Karnataka), and to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive industry
experience of NSPPL's promoters in the Mangalore real estate
industry.

Outlook: Stable

CRISIL believes that NSPPL will continue to benefit over the
medium term from its promoters' extensive experience in real
estate development in Mangalore. The outlook may be revised to
'Positive' if NSPPL achieves a strong growth in its cash flows,
driven most likely by earlier-than-expected completion of its
ongoing projects and receipt of advances, and more-than-expected
sales realisations from the residential properties. Conversely,
the outlook may be revised to 'Negative' if the company faces
delays in completion of the ongoing projects or receipt of
payments from customers, if it is unable to sell its ongoing
residential project at profitable rates, or if it undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

NSPPL was established in April 2011. The company is developing a
residential complex at Mangalore (Karnataka). The company is
promoted by Mr. Dheeraj Amin and his family.


PSV INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR55MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of PSV Infrastructures Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             5        CRISIL B/Stable
   Bank Guarantee       15        CRISIL A4
   Cash Credit          50        CRISIL B/Stable

The ratings reflect PSV's below-average financial risk profile
marked by small net worth, high gearing and subdued debt
protection metrics, large working capital requirements, and
modest scale of operations in the highly fragmented and
competitive civil construction industry. These rating weakness
are partially offset by extensive experience of PSV's promoters
in the civil construction industry.

Outlook: Stable

CRISIL believes that PSV will benefit from moderate revenue
visibility promoters' extensive industry experience over the
medium term. The outlook may be revised to 'Positive' in case
there is significant improvement in PSV's revenues and
profitability, along with improvement in its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case the company's financial risk
profile deteriorates, caused most likely by decline in revenues
and margins, deterioration in working capital cycle, or larger-
than-expected, debt-funded capital expenditure.

                     About PSV Infrastructures

Incorporated in 2010, PSV undertakes civil construction projects
on turnkey basis, primarily for companies in the power sector.
Mr. Virendra Singh is the company's promoter.

PSV provisionally reported a profit after tax (PAT) of INR0.06
million on net sales of INR3.17 million for 2011-12 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR1.2 million on net sales of INR8.22 million for 2010-11.


RAHAVENDAR HOSPITALS: CRISIL Puts 'B+' Rating on INR96.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Rahavendar Hospitals.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            3        CRISIL B+/Stable (Assigned)
   Term Loan             93.5      CRISIL B+/Stable (Assigned)

The rating reflects RH's small scale of operations and
geographical concentration. These rating weaknesses are partially
offset by the extensive experience of RH's promoter in the health
care sector, and the firm's moderate financial risk profile
marked by a moderate capital structure.

Outlook: Stable

CRISIL believes that RH will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the firm
significantly scales up its operations, while it maintains its
profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if RH's financial risk
profile deteriorates, most likely because of larger-than-expected
debt-funded capital expenditure, or if the firm's revenues or
profitability decline considerably.

                      About Rahavendar Hospitals

RH was set up as a sole proprietorship concern in 2007 by Dr. M.
Murugan. It runs a 150-bed multi-specialty hospital in Madurai
(Tamil Nadu).

RH posted, on a provisional basis, profit after tax (PAT) of INR6
million on a net sales of INR54 million during 2011-12 (refers to
financial year, April 1 to March 31) as against PAT of INR3
million on net sales of INR41 million during 2010-11.


RV ALLOYS: CRISIL Assigns 'B-' Rating to INR90MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of RV Alloys India Pvt. Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20       CRISIL B-/Stable (Assigned)
   Term Loan                70       CRISIL B-/Stable (Assigned)

The rating reflects RVAIPL's modest scale of operations and
limited track record in the fragmented ferroalloy industry. The
rating also factor RVAIPL's susceptibility to volatility in raw
material prices and cyclicality in the end-user industry. These
rating weaknesses are partially offset by extensive industry
experience of RVAIPL's promoters in the ferroalloy industry.

Outlook: Stable

CRISIL believes that RVAIPL will benefit over the medium term
from the extensive industry experience of its promoters in the
ferroalloys industry. The outlook may be revised to 'Positive' if
the company improves its scale of operations and operating
profitability on a sustained basis thereby leading to an
improvement in its financial risk profile. Conversely the outlook
may be revised to 'Negative' if lower-than-expected capacity
utilization results in decline in revenues and cash accruals or
if the company undertakes a larger-than-expected debt funded
capex thereby leading to deterioration in the financial risk
profile.

                        About RV Alloys

Established in 2009, RVAIPL is involved in the manufacture of
ferroalloys with a special focus on ferrosilicon. The company is
promoted and managed by is promoted by Mr.S.Veerender Reddy and
Mr.R.Rama Krishna Rao.

For 2011-12(refers to financial year, April 1 to March 31),
RVAIPL, on a provisional basis, reported a net loss of INR5.6
million on net sales of INR22.1 million, as against a profit
after tax (PAT) of INR0.10 million on net sales of INR14.1
million for 2010-11.


SANRAJ POLY: CRISIL Assigns 'BB+' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Sanraj Poly Printers.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              30.0     CRISIL BB+/Stable (Assigned)
   Term Loan                70.0     CRISIL BB+/Stable (Assigned)

The rating reflects the benefits that SP derives from its
promoter's extensive experience in the packaging industry, its
efficient working capital management, and its healthy debt
protection metrics. These rating strengths are partially offset
by SP's small scale of operations in the intensely competitive
packaging industry, with high customer concentration, and high
gearing, and susceptibility of the firm's operating margin to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that SP will continue to benefit over the medium
term from its promoter's extensive experience in the flexible
packaging industry. The outlook may be revised to 'Positive' in
case the firm reports significant increase in its revenues and
profitability, and diversifies its customer base. Conversely, the
outlook may be revised to 'Negative' in case SP reports
deterioration in its operating margin or in case of any large
capital withdrawal by its promoters.

                         About Sanraj Poly

SP, set up in 1997, manufactures flexible laminated packages,
primarily plastic pouches and carry bags used for packaging
multiple products such as food articles and automotive parts. The
firm derives around 90 per cent of its total revenues from
providing packaging material to the food industry and the rest
from the engineering industry . SP's manufacturing unit is in
Rajkot (Gujarat); it has capacity of 20 tonnes per day. The firm
is promoted by Rajkot-based, Mr. Sanat Mansukhbhai.

SP reported a book profit of INR32.0 million on net sales of
INR394.9 million for 2010-11 (refers to financial year, April 1
to March 31), against a book profit of INR11.8 million on net
sales of INR191.5 million for 2009-10. The firm's net sales for
2011-12 are estimated at INR542.8 million.


SHREE SANYEEJI: CRISIL Assigns 'B' Rating to INR800MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Sanyeeji Rolling Mills.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              190       CRISIL B/Stable
   Cash Credit            360       CRISIL B/Stable
   Proposed Long-Term     250       CRISIL B/Stable
   Bank Loan Facility

The rating reflects SSRM's average financial risk profile, marked
by weak debt protection metrics and moderate gearing, and weak
liquidity on account of advances to group companies. These rating
weaknesses are partially offset by the benefits that SSRM derives
from its promoters' extensive experience in manufacturing and
trading in steel products, and the funding support that it
receives from them.

Outlook: Stable

CRISIL believes that SSRM will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's liquidity on account of
reduction in advances to group companies leading to improvement
in working capital requirements and more-than-expected
profitability, leading to increased cash accruals, which will, in
turn, result in improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of larger-than-
expected debt funded working capital requirements or further
support in the form of advances to group companies or debt funded
capital expenditure, leading to weakening in SSRM's financial
risk profile, particularly liquidity.

                        About Shree Sanyeeji

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars, unit of which is in Guwahati
(Assam).


SRI VENKATADRI: CRISIL Puts 'BB-' Rating on INR84MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Sri Venkatadri Para Boiled Rice Mill
(part of the SVP group).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               70       CRISIL BB-/Stable
   Long-Term Loan            14       CRISIL BB-/Stable

The rating reflects the extensive industry experience of the SVP
group's promoters and assured offtake from the group by the Food
Corporation of India (FCI; rated 'CRISIL AAA (SO)/Stable'). These
rating strengths are partially offset by the SVP's weak financial
risk profile, marked by high gearing and weak debt protection
metrics, and modest scale of operations in an intensely
competitive rice milling industry. The rating also factors in the
susceptibility of the group's operating margin to any adverse
changes in government regulations and to volatility in raw
material prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SVP, and Bhanu Paddy & Rice Company
(BPR). The entities are collectively referred to as the SVP
group. This is because the entities are in the same line of
business, share a common management, and have financial and
operational linkages among them.

Outlook: Stable

CRISIL believes that the SVP group will benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the group's revenues and
profitability increase substantially, or in case of significant
infusion of capital into the group by the partners at the group's
firms, resulting in an improved capital structure. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capital expenditure (capex)
programmes, if its cash accruals decline, or if the partners
withdraw capital from the firms, leading to deterioration in the
group's financial risk profile.

Set up in 2001, as a partnership firm, Sri Venkatadri Para-boiled
rice mill (SVP) is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The managing partners
Mr. Kishore Reddy and Mr.Bhanu Prakash has more than 30 years of
experience in Rice industry. SVP's group concern Bhanu Paddy &
Rice Company (BPR) is the trading arm of the group

The SVP group is estimated to report a profit after tax (PAT) of
INR1 million on net sales of INR367 million for 2011-12 (refers
to financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR254 million for 2010-11.


SUNCORP EXIM: CRISIL Assigns 'B' Rating to INR123.6MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Suncorp Exim India Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       3.60      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            120.00      CRISIL B/Stable (Assigned)

   Letter of Credit       126.40      CRISIL A4 (Assigned)

The ratings reflect SEIPL's nascent stage of operations and
highly working-capital intensive operations. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the retail and
distribution operations.

Outlook: Stable

CRISIL believes that SEIPL will continue to benefit over the
medium term from its promoters' experience in the retail and
distribution operations. The outlook may be revised to 'Positive'
if SEIPL successfully scales up its operations while generating
sufficient accruals. Conversely, the outlook may be revised to
'Negative' if SEIPL undertakes a large, debt-funded capex
program, reports lower than expected revenues and profitability,
thereby affecting its business risk profile and liquidity.

Suncorp Exim India Private Limited (SEIPL) was incorporated in
Hyderabad on December 22, 2011. The company is engaged in the
business of wholesale distribution of branded footwear and
apparels. The company is promoted by Mr. S Ramesh and Mr. K Rama
Mohana Rao.


TATA MOTORS: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed Tata Motors Ltd.'s
corporate family rating at Ba3. The outlook on the rating is
stable.

Ratings Rationale

"TML's corporate family rating reflects the recovery in the
global performance of Jaguar Land Rover ("JLR," now rated Ba3,
stable) but is constrained by the challenges facing the Indian
passenger vehicle operations," says Alan Greene, a Moody's
VP/Senior Credit Officer.

"Sales of JLR's products, especially Land Rover, continue to
surge driven by the appetite for its range of vehicles in both
established markets and emerging markets such as China," adds
Mr. Greene, also Moody's lead analyst for Tata Motors. "While the
level of investment in research and development and production
facilities remains high, JLR has been able to declare a dividend,
sooner than expected."

In the commercial vehicle market in India, TML remains the clear
leader with an overall market share of around 63% and an even
greater market share in light commercial vehicles. Moody's
expects TML to maintain its market dominance even as competition
in the medium and heavy commercial vehicle sector intensifies.

In the Indian passenger vehicle segment, TML is number three in
car sales, behind Maruti Suzuki and Hyundai, and in utility
vehicles, it is third after Mahindra & Mahindra and Toyota.
However, with few sales outside India, TML does not enjoy the
economies of scale that its foreign-linked competitors can
generate from their worldwide sales.

"JLR's fortunes have been boosted by Evoque, but sales of TML's
only new car, the Nano, have been weaker than expectations. Small
cars are not as profitable as large cars and Nano suffers from
weak sales and thus underutilized production capacity and the
resulting drag on the standalone TML performance is evident,"
comments Mr. Greene.

While TML in India has tried to provide products in every
conceivable segment, Moody's believes that this approach is no
longer sustainable and not affordable, bearing in mind the level
of investment already made to revamp JLR's much more limited
range following some years of neglect pre-2008.

"To put some scale on TML's India challenges, the maiden GBP150
million dividend just paid by JLR to TML, is more than TML's
standalone net income generated in FY2012," notes Mr. Greene.

The stable outlook reflects the window of opportunity afforded by
JLR's relative strength for management to address the challenges
of the core Indian business at a measured pace. As a result,
consolidated credit metrics are not expected to move decisively
away from current levels. While Moody's accepts that the
consolidated EBITDA-based and balance sheet credit metrics point
to an upgrade, the consistently negative free cash flow, the
strategic challenges facing the Indian passenger vehicle business
and the risk that JLR's performance, based on the success of
Evoque, has peaked, have all been reflected in the rating
outcome.

Moody's includes the debt of TML's captive finance subsidiary in
the consolidated credit metrics. The debt of Tata Motors Finance
Ltd., constituted 29.5% of Group total debt at FYE March 2012, up
from 26.5% a year earlier.

Despite JLR's outstanding performance, JLR's rating is now equal
to that of TML's corporate family rating. The timely, early
dividend from JLR benefited TML's standalone balance sheet, but
what it means for the future direction and quantum of funds flow
between JLR and its parent is uncertain.

Upward pressure on the rating could emerge if JLR's credit
metrics improve further while releasing more funds to the Indian
operations and/or TML's standalone vehicle business in India
improves its existing margins due to external events or
management actions. Consolidated credit metrics that might
indicate an upgrade include adjusted debt/EBITDA below 4.0x,
EBITA margins maintained at 6% or higher, on a sustained basis
and maintaining an adjusted debt/book capitalisation figure of
60% to 70%. Furthermore, an FCF/debt ratio greater than 6% to 8%,
is appropriate for the "Ba" range. At present, TML's consolidated
financial metrics are already more commensurate with a higher
rating, although free cash flow is expected to remain negative
going forward and -- together with strategic challenges in the
Indian passenger vehicle business -- constrain ratings at the
current level.

Downward pressure on the rating could emerge, if JLR's
performance declines and/or TML in India is unable to sustain its
performance due to input cost pressures, weak markets,
disappointing new products or significant ceding of market share,
all potentially resulting in lower revenues and less recovery of
fixed costs. This could be reflected in various credit metrics
when viewed on a sustained basis such as; adjusted debt/EBITDA
increasing to over 5x; EBITA margins falling below 4% or adjusted
debt/book capitalisation moving into the 80% range. FCF/debt of
less than 5% would point to a "B" range rating.

Tata Motors Ltd., incorporated in 1945, is India's largest
manufacturer of commercial vehicles and third-largest
manufacturer of passenger vehicles. Its products include light,
medium, and heavy-duty commercial vehicles (trucks, pick-ups, and
buses), utility vehicles, and cars. TML is 34.72%-owned by the
Tata Group (as of June 2012).


VEGA SOLAR: CRISIL Assigns 'CRISIL B-' Rating to INR41MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Vega Solar Energy Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan            11       CRISIL B-/Stable
   Letter of Credit          15       CRISIL A4
   Bank Guarantee             1       CRISIL A4
   Cash Credit               30       CRISIL B-/Stable

The ratings reflect VSEPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, small scale of
operations, and susceptibility of its operating margin to
volatility in raw material prices and to intense competition in
the solar photovoltaic module (PV) module industry. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of VSEPL's promoters.

Outlook: Stable

CRISIL believes that VSEPL will continue to benefit from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if VSEPL increases its scale of
operations and improves its profitability, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates further, caused most likely by large,
debt-funded capital expenditure or a significant decline in
revenues and profitability.

                       About Vega Solar

Established in 2009, VSEPL designs and manufactures solar PV
panels using crystalline cells. The company is promoted by Mr. K
Sree Rama Reddy, Mr. V Purushotham, Mr. Vinay Keesara, and their
family members.

VSEPL reported a net loss of INR5 million on net sales of INR2
million for 2010-11 (refers to financial year, April 1 to
March 31).


YESSKAY RENEWABLE: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Yesskay Renewable Venture Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              10        CRISIL D (Assigned)
   Term Loan                98.6      CRISIL D (Assigned)

The rating reflects instances of delay by YRVPL in servicing its
debt; the delays have been caused by the company's weak liquidity
arising out of working-capital-intensive operations and
utilisation of low cash accruals for funding its capital
expenditure.

YRVPL has a below-average financial risk profile marked by a
small net worth and a high gearing. The company also has a small
scale of operation in the intensely competitive construction
industry. YRVPL, however, benefits from its promoters' extensive
industry experience.

YRVPL was reconstituted as a private limited company under its
current name in November 2011; it was initially a partnership
firm named S K M/c Tools, which was set up in 2001 at Erode
(Tamil Nadu) by Mr. M Sivakumar and Mr. P Karthikeyan. YRVPL's
business verticals are: job work in civil structural work,
manufacturing of centering and scaffolding materials, and wind
generation. YRVPL ventured into wind generation in 2010-11
(refers to financial year, April 1 to March 31); it set up a
windmill of 1.5 megawatts in March 2011 in Tirunelveli District
(Tamil Nadu).



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


FAJAR SURYA: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Fajar Surya
Wisesa's Tbk's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'B+' and its National Long-term Rating
at 'A(idn)'.  The Outlook is Stable.

The ratings factor in Fajar's strong market position as the
second-largest packaging paper manufacturer in Indonesia, with a
30% market share; and its established and diversified customer
base.  They also reflect the defensive characteristics of its
cash flows, with 60%-70% of sales derived from consumer staples
such as food and beverage.  The ratings also reflect the inherent
cyclicality of Fajar's commodity products where margin
compression could result from rising raw material prices.

Fajar successfully expanded its paper capacity to 1.2mt/pa (from
1.05mt/pa) during H112 to cater to growing domestic demand for
packaging paper.  During this period, Fajar shut down one of its
paper machines (PM7) to carry out its capacity expansion works.
This, coupled with the inelastic nature of its operating
expenses, the one quarter lag that usually occurs in passing on
the impact of higher input costs to end-customers, resulted in a
lower EBITDAR margin, negative free cash flows and a significant
increase in financial leverage (measured as net debt / operating
EBITDA) to 4.95x as of 30 June 2012 from 3.60x as of 31 December
2011.

With the successful conclusion of its capacity expansion
programme and renegotiation of product prices with end-customers
to reflect the higher input costs, Fitch expects Fajar's
performance from H212 onwards to be at least in line with that of
FY11.

The Stable Outlook reflects the robust growth prospects of the
Indonesian packaging paper industry and Fitch's expectation that
Fajar's financial performance will improve from H212 onwards.
The improvement is likely to be manifested in a firmer EBITDAR
margin and a sustained decrease in financial leverage,
notwithstanding Fajar's weak H112 performance.

In addition, Fajar has financial flexibility in the form of long-
term unutilized bank lines of USD141.5m (approximately IDR1.3trn)
that is adequate to refinance maturing debt and to fund
maintenance capex till end-2015.

What Could Trigger a Rating Action?
Positive: Future developments that may, individually or
collectively, lead to a positive
rating action include

  -- sustained decrease in financial leverage to less than 2.0x
     but this is not expected to occur in the next 12 to 18
     months.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

  -- sustained increase in financial leverage to over 3.5x
  -- sustained deterioration in EBITDA interest coverage to less
     than 3.0x



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


AOZORA BANK: Plans to Repay Government Debt in 10 Years
-------------------------------------------------------
Kyodo News reports that Aozora Bank, the successor to failed
Nippon Credit Bank, has unveiled a plan to repay over a 10-year
period the public funds it received in the late 1990s.

The news agency relates that the bank said Monday it plans to use
installments to repay JPY227.6 billion -- the remaining
JPY180 billion portion of the government bailout plus a premium
-- and will seek the consent of shareholders at an extraordinary
meeting Sept. 27.

Under the plan, Kyodo notes, Aozora will repay an initial
JPY43.2 billion next June and then JPY20.5 billion annually for
the next nine years to 2022.  The plan envisions the bank
depleting its capital base to generate funds for the repayment,
reducing it from JPY420 billion to JPY100 billion, the report
relays.

When public funds were pumped into the bank in 1999 and 2000, the
government received convertible preferred shares worth
JPY320 billion, of which JPY180 billion worth remain outstanding.
On Oct. 3, the government will be empowered to convert most of
the shares into common shares with voting rights, Kyodo notes.

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.



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


PERMANENT PLANS: Appeals Court Sides With Planholders
-----------------------------------------------------
Malaya Business News Online reports that the Court of Appeals has
granted the petition by the Securities and Exchange Commission
(SEC) and Insurance Commission (IC) on behalf of planholders of
cash-strapped Permanent Plans Inc. (PPI) to scrap a provision in
its approved liquidation program which disallowed policy holders
to claim their money against its corporate assets.

In a 16-page decision penned by Associate Justice Marlene
Gonzales-Sison, Malaya Business relates, the CA's Sixth Division
reversed the ruling dated March 11, 2011 by Judge Joselito
Villarosa of Makati regional trial court Branch 66, which
approved the proposed liquidation program.

According to the report, the appellate court agreed with the
petitioners that the assailed provision in the liquidation
program limiting to "non-plan holders" the remaining corporate
assets of PPI is unjust and contrary to the provisions of the
Financial Rehabilitation and Insolvency Act.

Malaya Business relates that SEC and IC claimed plan holders
should be able to claim against the other corporate assets of the
corporation in view of the fact that the trust fund assets of PPI
are insufficient.

"We see no reason why the plan holders cannot interpose their
unsettled claims in the trust fund as ordinary credits. In fact,
petitioners are not asking that the plan holders should be
treated as preferred creditors but rather, only as ordinary
creditors who shall be able to claim pro-rata, after the
respective preferred credits of the corporation have already been
satisfied," the appellate court ruled, according to Malaya
Business.

Malaya Business relates that the CA said the trial court erred in
approving the liquidation plan in its entirety when it meant
disenfranchising thousands of plan holders from taking a share
into the corporate assets of PPI, to the extent of the value of
their claims, not fully paid from the liquidation of the PPI's
Trust Fund.

                       About Permanent Plans

Based in Makati, Philippines, Permanent Plans Inc. --
http://www.permaplans.com/-- is a pre-need company.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, Business Mirror said Permaplans filed its petition
for rehabilitation before the Makati Regional Trial Court on
May 21, 2009.

In the petition, Permanent Plans asked the court to allow them to
pay off its planholders who may wish to pre-terminate their plans
based on a 60-40 percent asset-cash formula, where 40 percent
would be settled in cash and 60 percent in the form of assets
such as memorial lots, the Troubled Company Reporter-Asia Pacific
reported on June 3, 2009, citing the Philippine Daily Inquirer.
For benefits already maturing, the company also proposed a five-
year payment in installments, where 10 percent will be paid on
the first year, another 45 percent on the fourth year and the
remaining 45 percent on the fifth year.

As of end-2008, Permaplans told the court that it had current
liabilities of PHP62 million, against current assets of only
PHP35 million, the Inquirer disclosed.  Its trust fund is also
deficient, when compared to its preneed and insurance reserve
liability.  Based on the actuarial validation report as of Dec.
31, 2008, the trust fund equity covering preneed and insurance
reserves for the pension plans has an asset balance of
PHP403 million while the preneed and insurance reserves
amounted to PHP656.01 million.



===========
T A I W A N
===========


UNITED MICROELECTRONICS: To Wind Up Japanese Subsidiary
-------------------------------------------------------
China Post reports that United Microelectronics Corp. (UMC)
decided on August 21 to liquidate UMC Japan (UMCJ), its wholly
owned subsidiary in Japan, to cut operating losses in view of
reduced demand for semiconductor foundry business services in
that nation.

China Post says the board of UMC voted to dissolve UMCJ and
transfer the subsidiary's business to other plants in Taiwan,
Singapore and elsewhere.

According to the report, executives at UMC said UMCJ has been
unable to generate adequate revenue to cover operating costs
because of reduced demand from Japanese customers and unstable
energy supply following the massive earthquake in northeastern
Japan in March last year.

China Post discloses that UMC first acquired a stake in a
Japanese semiconductor company in 1998, then changed the company
to UMCJ in 2001 and eventually turned the company into a wholly
owned subsidiary in 2009 after amassing all outstanding shares of
the company in the Japanese stock market.

The report relates that UMCJ operates a semiconductor plant at
Tateyama City, Chiba, of Japan to provide semiconductor foundry
services.  However, UMCJ was unable to stay financially viable,
although it enjoys an excellent reputation among its customers
due to its leading-edge semiconductor technology.

UMC executives said the company will consolidate the UMCJ assets
in the third or fourth quarters of this year after completing the
liquidation process of the subsidiary, China Post adds.

                    About United Microelectronics

Based in Hsinchu, Taiwan, United Microelectronics Corporation --
http://www.umc.com-- is an independent semiconductor
manufacturer and is also engaged in semiconductor manufacturing
process technologies.  The company's primary business is the
manufacture, or fabrication, of semiconductors, sometimes called
chips or integrated circuits, for others.  Using its own
processes and techniques, UMC makes chips to the design
specifications of its customers.  The company maintains a
customer base across industries, including communication,
consumer electronics, computer, memory and others, while focusing
on manufacturing for applications, including networking,
telecommunications, Internet, multimedia, personal computers
(PCs) and graphics.  UMC sells and markets mainly wafers, which
in turn are used in a number of different applications by its
customers.



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


PACNET LIMITED: Moody's Cuts Corporate Family Rating to 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bond ratings of Pacnet Limited to B2 from B1.

The ratings remain under review for further downgrade.

Ratings Rationale

The rating action reflects Moody's concerns that the company's
weak operating performance in 1H 2012 will continue to pressure
cash flows, resulting in elevated leverage and a deteriorating
liquidity position.

"The ratings remain under review for further downgrade as without
a significant expansion of EBITDA in 2H2012, Moody's expects that
Pacnet's adjusted debt/EBITDA ratio will increase to around 4.4x
for FY 2012, above the bank covenant level of 4.3x," says
Annalisa DiChiara, VP/Senior Analyst and lead analyst for Pacnet.

In Moody's view, the likelihood of a covenant breach has
increased; failure to cure any covenant breaches could result in
an Event of Default. Should bank lenders then cancel or
accelerate bank facilities then there would be an Event of
Default under the bonds.

Furthermore, Pacnet's USD20 million revolving credit facility
tranche, under its USD50 million bank facility, expires in
October 2012 and failure to renew this line will pressure
Pacnet's already fragile liquidity position. No other back-up
facilities are available. In an effort to conserve cash, Moody's
understands the company will reduce capex to USD85 million, from
previous guidance of USD100 million. Despite this, Moody's
expects that the company's cash balance will deteriorate into the
USD60 million range by the end of the year.

At the same time, the B2 ratings considers the company's
historical ability to manage its business operations to remain
compliant within covenant levels, by executing cost reductions,
managing working capital and reducing capex. Furthermore, the
ratings are supported, to some degree, by the potential support
of its shareholders which have already invested up to USD 1
billion in the company.

The review for further downgrade reflects the short time in which
Pacnet has to address what Moody's believes to be a rapidly
eroding liquidity buffer exacerbated by concerns over covenant
compliance.

The review period will focus on the near-term resolution of its
tight covenant position with its existing bank group. In
addition, Moody's will consider its plans to improve its
liquidity position, either through earnings enhancement or
shareholder support, and secure or renew additional alternative
back-up facilities.

The ratings could be lowered if Pacnet is unable to address its
near term covenant compliance issue such that a cushion is
established and strengthen its liquidity position.

The ratings could be maintained at B2 level if Pacnet
successfully renegotiates its bank facilities and increases the
cushion under its bank covenants. Achievement of its
restructuring initiatives would also be a credit positive.

The principal methodology used in rating Pacnet Limited was the
Global Communications Infrastructure Rating Methodology published
in June 2011.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network which spans 9,620km from Japan to the US. The cables land
at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.



                             *********

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

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

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


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

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

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

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

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





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