TCRAP_Public/120912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                                A S I A   P A C I F I C

          Wednesday, September 12, 2012, Vol. 15, No. 182

                            Headlines


A U S T R A L I A

IFS CONSTRUCTION: Heavy Losses Push IFS Into Administration
NINE ENTERTAINMENT: Hedge Funds to Acquire 70% Ownership


C H I N A

CHINA JO-JO DRUGSTORES: Receives Delisting Notice from NASDAQ
LONKING HOLDINGS: Note Repurchase No Impact on Moody's 'B1' CFR
ROAD KING: S&P Rates US Dollar Fixed Rate Notes 'BB-'
ZHONG AN REAL: Moody's Cuts Corp Family Rating to B2; Outlook Neg


H O N G  K O N G

ASIA DIGITAL: Placed Under Voluntary Wind-Up Proceedings
CHINA LIMITED: Commences Wind-Up Proceedings
CHUN NGAI: Court to Hear Wind-Up Petition on Oct. 3
CIJ CREATION: Creditors' Proofs of Debt Due Sept. 28
GUIDE-TREND COMPANY: Court to Hear Wind-Up Petition on Oct. 31

GRASSION LIMITED: Creditors' Proofs of Debt Due Oct. 5
JETOUR INVESTMENT: Court to Hear Wind-Up Petition on Oct. 3
PACKINGHOUSE (H.K.): Court to Hear Wind-Up Petition on Oct. 24
PIONEER IRON: Edward Mackellar Appointed as New Liquidator
PROMAIL INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 29


I N D I A

AVASARALA TECHNOLOGIES: ICRA Junks Ratings on INR336.46cr Loans
GOKUL GINNING: ICRA Assigns 'B+' Rating to INR5.45cr Loans
HANUMAN ALLOYS: Delays in Loan Payment Cues ICRA Junk Ratings
HKR ROADWAYS: Fitch Lowers National Long-Term Rating to 'BB+'
IDBI BANK: Fitch Affirms 'BB' Viability Rating

KINGFISHER AIRLINES: Delhi Airport Sues Over Bounced Checks
KINGFISHER AIRLINES: Reportedly Loses Three Senior Executives
KRISHNA COTTON: ICRA Assigns '[ICRA]B' Rating to INR6cr Loans
LEXO CERAMIC: ICRA Assigns 'B+' Rating to INR6.58cr Loans
LITECON INDUSTRIES: ICRA Puts 'B' Rating on INR15.62cr Loans

MARUTI PAPERS: ICRA Reaffirms 'BB-' Rating on INR21.15cr Loan
PARAS BHAVANI: ICRA Rates INR9.75cr Cash Credit at '[ICRA]B+'
PRATHAM MOTORS: Delays in Loan Payment Cues ICRA Junk Ratings
RICHA INDUSTRIES: Fitch Lowers National Long Rating to 'BB+'
SAGAR COTTON: ICRA Assigns '[ICRA]B+' Rating to INR5.3cr Loans

SE PIPING: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loans
SHREE KRISHNA: ICRA Assigns 'B-' Rating to INR8.85cr Loans
SHRI PRABHULINGESHWAR: ICRA Rates INR100cr Loan at '[ICRA]B-'
SHRIE HARIVALLABI: ICRA Assigns 'B' Rating to INR12cr Loans
SIMHADRI POWER: Fitch Affirms 'B-' National Long-Term Rating

S.K. CORP: ICRA Rates INR8.14cr LT Loan at '[ICRA]B+'
SMC POWER: ICRA Reaffirms '[ICRA]D' Rating on INR203.64cr Loans
SREE KARPAGAMBAL: Inadequate Info Cues Fitch to Migrate Rating
S & S TECHNOCRATS: ICRA Assigns 'B' Rating to INR9.5cr Loans


J A P A N

ELPIDA MEMORY: Bondholders Cleared to Question over U.S. Assets
HUMMINGBIRD SECURITISATION: S&P Keeps 'CCC' Rating on #2 Loan
SMBC CONSUMER: Moody's Withdraws 'Ba1' Long-Term Issuer Rating


K O R E A

NONGHYUP BANK: Moody's USD Senior Notes Rating Relates to D+ BFSR
NONGHYUP BANK: S&P Gives 'BB+' Rating on Upper Tier II Tranche


N E W  Z E A L A N D

BRIDGECORP LTD: Steigrad Nearly Face Jail Due to Hearing Absence
NORSKE SKOG: To Slash Half of Workforce at Newsprint Mill
MATARIKI WINES: In Receivership, May Sell Business


S I N G A P O R E

AP COMMUNICATIONS: Court Enters Wind-Up Order
CAPITALAND AIM: Creditors' Proofs of Debt Due Oct. 8
DIGILAND VIETNAM: Creditors' Proofs of Debt Due Sept. 21
TELEDATA (SINGAPORE): Court to Hear Wind-Up Petition Sept. 14


X X X X X X X X

* Moody's Sees Growing Indirect Impact of EU's Woes on Asian Cos.
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


IFS CONSTRUCTION: Heavy Losses Push IFS Into Administration
-----------------------------------------------------------
IFS Construction Services Limited was placed into voluntary
administration on September 7, 2012.

IFS said in a statement: "The Board of IFS Construction Services
Limited has today placed IFS into voluntary administration and
appointed Mr. Kim Strickland -- KStrickland@wais.com.au -- and
Mr. David Hurt -- Australia.DHurt@wais.com.au -- of WA Insolvency
Solution as joint and several voluntary administrators."

Peter Williams at The West Australian says the move follows
subsidiaries Hire Access and Specialised Scaffolding being put
into administration a week earlier.

The West Australian relates that the action follows a disastrous
period for the scaffolding company in which heavy losses were
recorded and employees and sub-contractors often went unpaid.

A tussle for control of the company ended last week with biggest
shareholder Billy Ong resigning as chairman and the board
replaced by independents, the report adds.

Australia-based IFS Construction Services Limited (ASX:IFS) --
http://www.iformscaff.com/-- provides formwork and scaffolding
services.


NINE ENTERTAINMENT: Hedge Funds to Acquire 70% Ownership
--------------------------------------------------------
Lucy Battersby at smh.com.au reports that Channel Nine, Ticketek
and Sydney's Allphones Arena could end up in the hands of hedge
funds and Goldman Sachs if a rescue plan for its debt-laden
owners, CVC Asia Pacific, is accepted.

According to the report, Nine Entertainment Company's owners are
struggling to find $2.8 billion of debt due to a hedge fund
syndicate in five months.  And a further $1 billion due in April
2014 to a Goldman Sachs-run mezzanine debt fund.

smh.com.au notes that mezzanine-debt ranks behind senior lenders
but generally gives investors a higher return in exchange for
taking a bigger risk.

But Goldman Sachs planned that CVC could be relieved of the debt
if it agrees to hand over 70% ownership of Nine Entertainment to
its lenders, the report relays.  Along with the television
station and ticketing service, Nine Entertainment owns half of
Web site ninemsn and, until last week, 52 magazines including
Women's Weekly, Cleo and Zoo Weekly, according to smh.com.au.

Last week, smh.com.au recalls, UBS hosted a call for parties owed
money by CVC Asia Pacific. Over the weekend, a proposal drafted
by Goldman Sachs with CVC's co-operation was sent to senior debt
holders for consideration, the report relates.  They have yet to
respond, says smh.com.au.

smh.com.au states that the proposal would see hedge funds
including Oaktree Capital and Apollo Global Management take a
70% stake in Nine Entertainment while Goldman Sachs and CVC take
the remainder.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2011, Bloomberg News related that Nine Entertainment Co.
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015. CVC Capital
Partners Ltd. will continue talks with lenders, including Goldman
Sachs Group Inc., on a revised proposal to refinance the
Australian media company, one of the sources told Bloomberg.
According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.



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


CHINA JO-JO DRUGSTORES: Receives Delisting Notice from NASDAQ
-------------------------------------------------------------
China Jo-Jo Drugstores, Inc., disclosed  that on Aug. 31, 2012,
it was notified by The NASDAQ Stock Market LLC ("NASDAQ"),
notifying it of its failure to maintain a minimum closing bid
price of $1.00 over the then preceding 30 consecutive trading
days for its common stock as required by NASDAQ Listing Rule
5550(a)(2).  The Company has until Feb. 27, 2013, to regain
compliance.

The Company intends to actively monitor the bid price for its
common stock between now and Feb. 27, 2013, and will consider
available options to resolve the deficiency and regain compliance
with the minimum bid price requirement.

                   About China Jo-Jo Drugstores

China Jo-Jo Drugstores, Inc., through its subsidiaries and
contractually controlled affiliates, is a retailer and wholesale
distributor of pharmaceutical and other healthcare products in
the People's Republic of China. As of June 30, 2012, the Company
has 65 retail pharmacies throughout Zhejiang Province and
Shanghai.


LONKING HOLDINGS: Note Repurchase No Impact on Moody's 'B1' CFR
---------------------------------------------------------------
Moody's Investors Service says that Lonking Holdings Limited's
tender offer to repurchase up to USD80 million in the principal
amount of its outstanding USD350 million, 8.5% senior notes will
not affect its B1 corporate family and senior unsecured ratings.

The ratings outlook remains negative.

Moody's does not consider this bond repurchase offer as a
distressed debt exchange because: (i) Lonking's current financial
position is not under stress; (ii) it has adequate resources to
settle the tendered amounts under its bond repurchase offer; and
(iii) the discount amount is not material.

Lonking intends to lower its financing costs through the tender
offer, as the bond repurchase will be funded by bank loans with a
lower interest rate than the 8.5% borne by the senior notes.

"Such cost savings will help Lonking in an operating environment
characterized by weak demand and lower profitability in the
construction machinery sector," says Jiming Zou, a Moody's
Analyst.

However, Moody's does not expect a material reduction in
Lonking's debt or cash balance as a result of the repurchase.

Lonking's B1 rating continues to reflect its leading share in the
niche wheel-loader market in China, its track record of operating
through business cycles, and the long-term demand for
construction machinery in China from both the public and private
sectors.

However, Lonking's B1 rating is constrained by its volatile sales
and profitability, given the cyclicality in the construction
machinery sector and its business model with limited order
backlogs and high working capital requirements.

Its operating performance is likely to remain weak for the rest
of 2012, as the company will find it challenging to clear
inventory in the wake of weak demand. Thus, the negative rating
outlook remains unchanged.

The principal methodology used in rating Lonking was the Global
Heavy Manufacturing Rating Methodology published in November
2009.

Lonking Holdings Limited is one of the leading heavy machinery
suppliers in China. The company focuses on the production of
wheel loaders and excavators. Lonking also manufactures road
rollers, forklifts, and other types of construction machinery. It
is one of the top manufacturers of wheel loaders in China,
commanding around one-fifth of the market share.

Lonking has four manufacturing plants in Shanghai, Zhengzhou,
Fujian and Jiangxi, and the majority of its products are sold in
the domestic market. The company listed on the Hong Kong Stock
Exchange in 2005. It is 55.08% controlled by founder and
chairman, Li Xin Yan, and his wife.


ROAD KING: S&P Rates US Dollar Fixed Rate Notes 'BB-'
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB' long-term Greater China regional scale
issue rating to the U.S.-dollar fixed-rate five-year senior
unsecured notes that Road King Infrastructure Finance (2012) Ltd.
has proposed to issue.

"Road King Infrastructure Ltd. (Road King; BB-/Negative/--;
cnBB/--), a China-based property developer and toll road
operator, unconditionally and irrevocably guarantees the notes.
The ratings on the notes are subject to our review of the final
issuance documentation. Road King will use proceeds from the
proposed notes to refinance existing debt and to fund new
projects," S&P said.

"The issue rating is the same as the corporate credit rating on
Road King. We expect the company's ratio of priority debt to
total assets to remain below our notching threshold of 15% for
speculative-grade debt in the next 12 months," S&P said.

"The rating on Road King reflects the company's volatile
performance due to its exposure to the cyclical and highly
competitive residential property market in China, its weaker
profitability than that of similarly rated developer peers, and
its 'aggressive' financial risk profile, as our criteria define
the term. Road King's stable cash flows from its toll road
operations, disciplined debt-funded investments, and improving
liquidity position temper the weaknesses," S&P said.

"The negative outlook reflects our view that Road King's
financial strength may not recover over the next 12 months
because weak profitability will likely offset any improvement in
property sales. Moreover, we expect the company's capital
structure and cash flow coverage to weaken somewhat in 2012 due
to lower margins and higher borrowings. Nevertheless, we expect
Road King's liquidity to remain adequate in the next 12 months,"
S&P said.


ZHONG AN REAL: Moody's Cuts Corp Family Rating to B2; Outlook Neg
-----------------------------------------------------------------
Moody's Investors Service has downgraded Zhong An Real Estate
Limited's corporate family rating to B2 from B1.

The outlook for the rating is negative.

Ratings Rationale

"The downgrade reflects Moody's concern that Zhong An's weak
property sales will continue and will negatively affect its
liquidity position and credit metrics," says Franco Leung, a
Moody's Assistant Vice President and Analyst.

The company achieved contract sales of about RMB1 billion in the
eight months to August.

"Moody's believes Zhong An would be hard-pressed to achieve its
full-year property pre-sales target of RMB3.8 billion for 2012.
Its business is concentrated in Hangzhou in the Yangtze Delta
where investment activities were very strong in the past but
property sales have since been hampered by government
restrictions on purchases; aimed at curbing property prices,"
adds Leung.

Zhong An's weak property sales have weakened its liquidity
profile. Its cash-on-hand of RMB520 million (including restricted
cash) is low relative to its short-term debt of about RMB1.2
billion.

It will also need additional debt to fund construction
activities, given the low level of pre-sales proceeds.

In 1H 2012, the company's debt increased by RMB696 million to
fund its developments. Its debt/total capitalization therefore
increased to about 42% in June from about 38% in December 2011.

Zhong An's EBITDA/interest for the 12 months ending in June was
around 2.2x; a fall from 2.5x between January and December 2011.

If the company does not achieve its target sales in 2012, its
interest coverage will also weaken, and which will in turn
continue to pressure its B2 rating.

Zhong An's B2 corporate family rating takes into consideration
its low cost land bank and the quality of its land bank.

The company has indicated that it would be initiating a new
strategy to increase commercial developments and invest in
agricultural businesses. However, it may find it difficult to
execute its new plan, due to a lack of funding.

Moody's is also concerned that Zhong An's weakened liquidity
position could pressure the company to dispose of assets to cover
debt repayments.

The negative outlook reflects the company's weak sales, which
have weakened its liquidity position and credit metrics; the
latter two factors in turn pressure its rating.

Zhong An's rating could be under pressure for a downgrade if (1)
it generates contract sales below RMB1.8 billion and book
revenues of less than RMB2.5 billion for the full year in 2012;
(2) its liquidity profile further deteriorates, such that it has
to rely on asset sales to continue its operations; or (3) if its
access to bank loans significantly weakens.

The company's rating is unlikely to be upgraded, given its
negative outlook.

However, the outlook could change to stable if the company can
demonstrate a return to more consistent performance, such as
achieving a level of contract sales and book sales equal to RMB3
billion or above. Moreover, its cash position would have to
improve such that there is a narrowing in the difference between
its cash-on-hand and short-term debt.

The principal methodology used in rating Zhong An Real Estate
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Zhong An Real Estate Ltd. develops residential and commercial
properties in the Yangtze River Delta Area. It has a land bank of
around 6.4 million sqm in gross floor area distributed mainly in
Hangzhou and Yuyao in Zhejiang Province, Huaibei and Hefei in
Anhui Province, as well as Suzhou in Jiangsu Province. Zhong An
also has an investment portfolio, which includes a hotel (Holiday
Inn) and a retail mall (Highlong Plaza) in Hangzhou.

The company was listed on the Hong Kong Stock Exchange in
November 2007, and is majority-owned (around 68.4%) and
controlled by its chairman, Mr. Shi Kancheng.



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


ASIA DIGITAL: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Aug. 21, 2012,
creditors of Asia Digital Media Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Ha Yue Fuen Henry
         Cheng Siu Hang
         Unit A, 5th Floor
         Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


CHINA LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of China Limited, on Aug. 28, 2012, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CHUN NGAI: Court to Hear Wind-Up Petition on Oct. 3
---------------------------------------------------
A petition to wind up the operations of Chun Ngai Jewellery
Design Company Limited will be heard before the High Court of
Hong Kong on Oct. 3, 2012, at 9:30 a.m.

Leung Siu Ho filed the petition against the company on July 30,
2012.

The Petitioner's solicitors are:

          Tam & Partners
          1/F-2/F, Chun Po House
          63 Bute Street, Mongkok
          Kowloon, Hong Kong


CIJ CREATION: Creditors' Proofs of Debt Due Sept. 28
----------------------------------------------------
Creditors of CIJ Creation Industries Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 28, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Tai Hay Yuen
          Leung Man Kay
          21/F, Chinachem Tower
          34-37 Connaught Road
          Central, Hong Kong


GUIDE-TREND COMPANY: Court to Hear Wind-Up Petition on Oct. 31
--------------------------------------------------------------
A petition to wind up the operations of Guide-Trend Company
Limited will be heard before the High Court of Hong Kong on
Oct. 31, 2012, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
Aug. 17, 2012.

The Petitioner's solicitors are:

          Messrs. Li, Kwok & Law
          Units 1204-06, Man Yee Building
          68 Des Voeux Road
          Central, Hong Kong


GRASSION LIMITED: Creditors' Proofs of Debt Due Oct. 5
------------------------------------------------------
Creditors of Grassion Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 5,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


JETOUR INVESTMENT: Court to Hear Wind-Up Petition on Oct. 3
-----------------------------------------------------------
A petition to wind up the operations of Jetour Investment Company
Limited will be heard before the High Court of Hong Kong on
Oct. 3, 2012, at 9:30 a.m.

Jetour Holiday (China) Limited filed the petition against the
company on Aug. 1, 2012.

The Petitioner's solicitors are:

          Kitty So & Tong
          Room 1908, 19th Floor
          China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


PACKINGHOUSE (H.K.): Court to Hear Wind-Up Petition on Oct. 24
--------------------------------------------------------------
A petition to wind up the operations of Packinghouse (H.K.)
Limited will be heard before the High Court of Hong Kong on
Oct. 24, 2012, at 9:30 a.m.

Kwok Lai Kwan Windy filed the petition against the company on
Aug. 20, 2012.


PIONEER IRON: Edward Mackellar Appointed as New Liquidator
----------------------------------------------------------
Stuart Charles Edward Mackellar on Aug. 13, 2012, was appointed
as liquidator of Pioneer Iron & Steel Group Company Limited.

Stuart Charles Edward Mackellar replaces William Tacon who
stepped down as the company's liquidator.

The liquidator may be reached at:

         Stuart Charles Edward Mackellar
         Zolfo Cooper of P.O. Box 4571
         Palm Grove House
         2nd Floor, Wickhams Cay 1
         Road Town, Tortola
         British Virgin Ilands
         VG 1110


PROMAIL INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 29
-------------------------------------------------------------
Creditors of Promail International (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 29, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Roderick John Sutton
          John Howard Batchelor
          c/o FTI Consulting, Level 22,
          The Center
          99 Queen's Road, Central
          Central, Hong Kong



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


AVASARALA TECHNOLOGIES: ICRA Junks Ratings on INR336.46cr Loans
---------------------------------------------------------------
ICRA has revised the long term rating of Avasarala Technologies
Limited from '[ICRA]BB' to '[ICRA]D' and the short term rating
from '[ICRA]A4' to '[ICRA]D' for INR125.00 crore fund based
working capital limits, INR167.10 crore1 non-fund based working
capital limits & term loans of INR44.36 crore.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund Based Working       125.00       [ICRA]D Revised from
   Capital Limits                        [ICRA]BB(Stable)

   Non Fund Based Limits    167.10       [ICRA]D Revised from
                                         [ICRA]A4

   Term Loan                 44.36       [ICRA]D Revised from
                                         [ICRA]BB(Stable)

The rating revision takes into account irregularities in debt
servicing by the company on account strained liquidity amid high
working capital intensity of operations because of the long
duration of contracts and back-ended billing for same. ATL's
substantial working capital requirement is largely funded through
borrowings resulting in high levels of leveraging and interest
cost; thereby restraining the net profitability despite strong
operating profitability in the range of 25-30%. While ATL has
strong technical capabilities and has an established presence as
a reliable supplier of specialized components, the slowdown
witnessed within the nuclear industry given the fallout of the
Fukushima disaster was visible in de-growth experienced by the
nuclear power division of the company. However the turnover of
the factory automation division experienced a 200% growth from
INR28.4 crore in FY11 to INR87.4 crore in FY12. The company has
been making efforts to increase its revenue share from the
factory automation division due to the relatively shorter project
duration and less lumpy cash flows of this segment as compared to
its nuclear power division.

ATL was incorporated in 1985 and is promoted by Mr. Mangaapathi
Rao & Mr. T T Mani. The company is primarily engaged in the
manufacture of components for the nuclear and space industries
and process automation within its factory automation division.
The company operates through four plants spread across Bangalore
& Pondicherry. ATL's nuclear/space division constituted about 49%
of its 2011-12 revenues with the factory automation division
accounting for -48% of its revenues. Moreover, ATL also
manufactures anaesthesia machines and ventilators within its
healthcare division which accounted for about 2% of its 2011-12
revenues. M/s PineBridge Investments holds a 45% stake in ATL;
the rest of ATL's shares are held by the promoters and their
relatives. ATL has a fully owned subsidiary; Avasarala INC,
located in Chicago markets ATL's products in the United States.

Recent Results

For financial year 2011-12(provisional), the company had a net
profit of INR4.50 crore and operating income of INR179.99 crore
as compared to a PAT of INR8.43 crore on an operating income of
INR161.21 crore for FY11.


GOKUL GINNING: ICRA Assigns 'B+' Rating to INR5.45cr Loans
----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 crore
fund based cash credit facility (includes sub limit of INR0.75
crore against Book Debts) and the INR0.45 crore term loan of
Gokul Ginning and Oil Iindustries.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Cash Credit               5.00       [ICRA]B+ assigned
   Term Loan                 0.45       [ICRA]B+ assigned

The assigned rating is constrained by GGOI's modest scale of
operations, limited value addition and intense competition due to
fragmented industry structure leading to low profitability and
weak financial profile characterized by adverse capital structure
and weak debt coverage indicators. The rating is further
constrained by vulnerability of profitability to adverse movement
in raw material prices which in turn is linked to the seasonal
nature of cotton industry and government regulations on MSP for
raw cotton and export of cotton bales. ICRA also notes that GGOI
is a partnership concern and any significant withdrawals from the
capital account would affect its net worth and thereby its
capital structure.

The rating, however, favorably takes into account the long
experience of partners in the cotton industry, favourable
location of the firm's plant in cotton producing belt of India
and favorable outlook for edible oil as well as for cotton
business in the short to medium term following the Government of
India's decision to lift ban on cotton exports.

Established in 2007, Gokul Ginning & Oil Industries (GGOI) is
engaged in ginning and pressing of raw cotton to produce cotton
bales and crushing of cotton seeds to produce cotton seed oil and
cotton seed oil cake. The firm is owned by Mr. Amin Gangani and
his relatives. The firm's plant is located at Babra (Gujarat) and
is equipped with twenty four ginning machines and one manual
pressing machine with a capacity to process 43.2 MT of raw cotton
per day and five expellers with crushing capacity of 840 MT of
cotton seeds per day.

Recent Results

For the year ended 31st March, 2012, the firm has reported an
operating income of INR23.98 crore with profit after tax (PAT) of
INR0.19 crore.


HANUMAN ALLOYS: Delays in Loan Payment Cues ICRA Junk Ratings
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR12.62
crore1 fund based bank facility of Hanuman Alloys Private
Limited. ICRA has also assigned a short term rating of '[ICRA]D'
to the INR2.38 crore non-fund based bank facility of HAPL.

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Term Loans                1.87         [ICRA]D assigned
   Cash Credit              10.75         [ICRA]D assigned
   Letter of Credit          0.97         [ICRA]D assigned
   Bank Guarantee            1.41         [ICRA]D assigned

The assigned ratings reflect delays in debt servicing by HAPL,
its tight liquidity position, depressed debt coverage indicators
and marginal net margins. Also, ratings are constrained due to
low capacity utilization levels given low power availability and
structural issues related to plant design. Further ICRA notes
that both of HAPL's rolling mills are under shutdown, one due to
high levels of inventory pileup and the second as it requires
modernization. The rating, however, incorporates the experience
of the promoters in the steel industry, steady growth in revenues
and improvement in gearing in 2011-12. Going forward, HAPL's
ability to service its debt in a timely manner would be the key
sensitive factor.

Incorporated in 1996, Hanuman Alloys Private Limited (HAPL) is
engaged in the manufacturing of TMT bars and MS Ingot. Its
manufacturing facility is located in Bokaro Steel City, Jharkhand
and has an installed capacity of 30,000 MTPA of MS Ingot and
36000 MTPA of TMT bars. The company was taken over by the current
promoters (the Rai and Prasad families of Bokaro) in November,
2008. HAPL embarked on an expansion and modernization project in
2010 by installing an additional 6 MTPD MS Ingot furnace and
modernizing its TMT bar rolling mill entailing a project cost of
INR5.5 crore financed by INR2.99 crore of term loans and the rest
by equity and internal accruals.

Recent Results

HAPL recorded a profit after tax (PAT) of INR0.34 crore on an
operating income (OI) of INR41.91 crore in FY12, as against a PAT
of INR0.16 crore on an OI of INR30.44 crore in FY11.


HKR ROADWAYS: Fitch Lowers National Long-Term Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded India-based HKR Roadways Limited's
INR15,250 bank loans to National Long-Term 'Fitch BB+(ind)' from
'Fitch BBB-(ind)'.  The Outlook is Negative.

HKRRL is a special purpose company, incorporated to implement a
lane expansion (from two to four lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from the Andhra Pradesh Road Development Corporation.
HKRRL is owned by Gayatri project's Limited (GPL) (74%) and DLF
Infra Holding (26%).  The project cost is estimated at
INR22,090m, which is being funded by a term loan of INR15,250m,
sponsor contribution of INR2,300m and grant of INR4,540m from
APRDC. The planned commercial operations date (COD) for the
project is 14 August 2013.

The downgrade reflects the significant slippage in construction
progress.  As per the Lender's Independent Engineer (LIE) report
dated June 2012, the project's construction progress stands at
30.29%, i.e a slippage of 17.07%.  The report states that the
slippage is largely due to the shortage of workable land, delays
in shifting of existing utilities, pending approval/land
acquisition of by passes, and cash flows issues at the site.
Although 92.23% of the required land has been handed over to the
company, only 51.1% is workable land.  Also, the project is only
a year away from COD and a principal moratorium of six months
provides only a limited cushion.

The Negative Outlook reflects the uncertainty surrounding the
timely completion of the project, caused by the physical
constraints, timing of receipt of government grant, and the
sponsors' limited ability to bridge the gap in cash flows.

While the sponsors have already infused the contracted equity
into the project, delays in the receipt of government grant has
hampered construction and partially contributed to the delay.  In
terms of the concession, once the sponsor equity has been fully
infused, grants ought to be disbursed in proportion to term loans
drawn down.  As of August-2012, the project received only INR320m
of the grant against the scheduled amount of INR1,617m; and the
sponsors have bridged only INR341.10m of the INR1,275.90m
deficit.

Fitch had considered positively during the initial rating process
the sponsor undertaking to bridge shortfalls in government grants
during implementation. However, given the current financial
position of the principal sponsor, bridging the entire shortfall
in case of continued delays in the receipt of government grants
would be a challenge.  The agency had also considered positively
the reported arrangement for the EPC contractor (also the
sponsor) bearing, in the interim, any additional costs (currently
estimated at INR2.2bn) due to a change in scope of the project,
which is also considered challenging at this moment.

The project is fully exposed to traffic risks; although it is an
operating road (freeway) with existing through traffic, the
actual usage of the road in terms of traffic demand will become
clear only after COD.  There are also uncertainties about the
medium and long-term growth rate of traffic on the road and GPL's
limited experience in operating toll road projects. The vehicular
growth rates assumed in the forecasts are aggressive.

However, the project has seemingly strong revenue potential as
portrayed in the traffic consultant's study in 2010.  The 207km
stretch is part of the State Highway 1, connecting the important
districts of Hyderabad, Medak and Karimnagar with the presence of
various industrial/ commercial units including coal mines, a
cement plant, thermal power stations and fertilizer plants in
near-by areas.  Alternative roads (NH-7 and NH-202) are not
considered to offer meaningful competition as they are at least
12% longer and vehicles would need to pass through connecting
state roads that do not offer the same quality.

HKRRL's ability to absorb materially low traffic growth or high
financing costs is limited.  Variable interest rates (currently
at 12.5%) with an annual reset after COD add to cash flow
volatility.

A rating downgrade may result from delays in achieving COD and/or
material traffic underperformance, absent sponsor support. Timely
completion and commencement of tolling with no additional debt
burden could result in the Outlook revision to Stable.  A
satisfactory ramp-up experience as witnessed by sustained
evidence of traffic and revenue numbers in line with Fitch base
case assumptions, could trigger a rating upgrade.


IDBI BANK: Fitch Affirms 'BB' Viability Rating
----------------------------------------------
Fitch Ratings has affirmed India-based IDBI Bank Ltd's Long-Term
Foreign Currency Issuer Default Rating (LT FC IDR) at 'BBB-' with
a Negative Outlook and its National Long-Term rating at 'Fitch
AA+(ind)' with a Stable Outlook.

IDBI's IDRs and National Long-Term rating reflect Fitch's
expectation of continued strong support from the government of
India (GoI; 'BBB-'/Negative, a 70.5% stake), given its position
as India's eighth-largest commercial bank by assets, with an
increasing pan-India branch network and GoI's track record in
supporting the bank.  GoI injected common equity into IDBI in
FY12 and FY11 and also converted its Tier I bonds into common
equity in FY12. The Negative Outlook on the LT FC IDR reflects
the Negative Outlook on India's sovereign rating.

The bank's Viability Rating takes into account its improving
profitability metrics, satisfactory capitalisation, and
improving, albeit still concentrated, asset and liability
profile.  For the last two years, management has shifted its
focus towards enhancing operating performance and liability
profile, from the previous strategy of rapid asset growth, which
Fitch considers favorably.

A downgrade of India's sovereign rating could lead to a downgrade
of IDBI's IDRs and its Support Rating and Support Rating Floor.
An upgrade of IDBI's Viability Rating (and its National Long-Term
Rating) in the medium term may result from sustained progress in
addressing its asset concentration, further enhancements to its
liability profile, a significant strengthening of its operating
profitability and capitalisation.

IDBI's concentrations in large corporates and infrastructure
financing remain higher than its peers partly due to its
development financial institution background, although it is
looking to reduce the concentration and increase the diversity of
its loan portfolio.  Nevertheless, the legacy concentrations will
take time to address, and given the large single-name
concentrations, IDBI's asset quality could be vulnerable under a
severe and prolonged economic downturn.

Fitch expects IDBI's gross non-performing loan (NPL) ratio to
exceed 4% at FYE13 (FYE12: 2.49%).  This is in view of the
slowing economic growth and a harsh operating environment facing
power, telecom and other infrastructure sectors, and cyclical
sectors (like iron and steel, construction, aviation), where IDBI
has notable concentrations.

IDBI's capitalisation has improved (Fitch core capital ratio: of
8.6% at FYE12, 5.5% at FYE10) due to GoI's equity injection in
FY11 and FY12, conversion of Tier I bonds into common equity, and
the bank's increasing profitability, enhancing its buffer against
asset quality deterioration.  However, the reported Tier 1 ratio
of 8.38% at FYE12 was only marginally above the 8% mark that all
government banks are expected to maintain.  IDBI may, therefore,
need to raise fresh equity from the capital markets in FY13-FY14
by diluting the government's current shareholding.

IDBI's profitability has improved in the last two years,
supported by an increasing low-cost current and savings bank
deposit ratio (FY12: 24.1%, FY11: 20.9%), although net interest
margin (NIM: 1.86%) declined 12 bps over FY11, in line with the
industry.  The profitability could come under pressure from the
expected increases in credit costs, although NIMs should benefit
from the expected downward trend in market interest rates.

IDBI:

  -- LT FC IDR affirmed at 'BBB-'; Outlook Negative
  -- Short-Term FC IDR affirmed at 'F3'
  -- National LT rating affirmed at 'Fitch AA+(ind)'; Outlook
     Stable
  -- National Short-Term rating affirmed at 'Fitch A1+(ind)'
  -- Viability Rating affirmed at 'bb'
  -- Support Rating affirmed at '2'
  -- Support Rating Floor affirmed at 'BBB-'
  -- National Long-Term deposit rating affirmed at 'Fitch
     tAAA(ind)'; Outlook Stable
  -- INR161.65bn senior debt affirmed at 'Fitch AA+(ind)'
  -- INR49.08bn lower tier II affirmed at 'Fitch AA+(ind)'
  -- INR25bn senior and lower tier II bonds affirmed at 'Fitch
     AA+(ind)'
  -- INR3.5bn upper tier II subordinated bond programme affirmed
     at 'Fitch AA-(ind)'
  -- INR160bn certificates of deposit programme affirmed at
     'Fitch A1+(ind)'


KINGFISHER AIRLINES: Delhi Airport Sues Over Bounced Checks
-----------------------------------------------------------
The Times of India reports that the GMR-run Delhi International
Airport Pvt Ltd (DIAL) has dragged Kingfisher to court after some
cheques amounting to INR3 crore issued by the cash-strapped
airline bounced.

Earlier, the report says, state-run Airports Authority of India
(AAI) and GVK-run Mumbai Airport have filed similar complaints
against Vijay Mallya-promoted carrier.

TOI relates that while Kingfisher did not comment on the issue, a
senior DIAL official said the airline's total dues are about
INR40 crore and this includes the airport user fee that is
collected by airlines on airports' behalf, while selling tickets.

"They have drastically reduced operations and today pay about
INR15 lakh a day for operating some flights in and out of Delhi.
While the current cash-and-carry payment is being made, the dues
are huge and there is no clarity how they would be diluted," the
report quotes a senior DIAL official as saying.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
now been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.


KINGFISHER AIRLINES: Reportedly Loses Three Senior Executives
-------------------------------------------------------------
Moneycontrol.com reports that Kingfisher Airlines has started
losing its senior executives.

According to Moneycontrol.com, media reports suggest that Amit
Agarwal, senior vice-president for corporate development and
planning; Manoj Chacko, executive vice-president for commercial;
and Bharath Raghavan, chief legal officer have exited the airline
on grounds of instability and uncertain future.

It is still unclear whether their resignations were accepted by
the KFA management or not, Moneycontrol.com says.

Moneycontrol.com relates that an executive of the airline said
top talent is finding it confusing and uninspiring to work
against the backdrop of financial and administrative mess that
the company is in.

It has been almost a year for the company being unable to grapple
with the situation. With very little hope of revival anytime
soon, top talent is bound to become footloose as they are
frustrated and want to get out, Moneycontrol.com says.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
now been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.


KRISHNA COTTON: ICRA Assigns '[ICRA]B' Rating to INR6cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR1.00 crore
term loans and the INR5.00 crore cash credit facility of Krishna
Cotton.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Cash Credit Limits        5.00        [ICRA]B
   Term Loans                1.00        [ICRA]B

The assigned rating is constrained by the startup nature/project
phase of the firm; absence of track record of operations and
risks associated with timely commissioning and stabilization of
operations. ICRA notes that the project is already delayed by
about three months and there could be stress on debt servicing
capability of the firm in case of further inordinate delays. The
rating also takes into account the low value additive nature of
the ginning industry and intense competition on account of a
fragmented industry structure which limit pricing power; and the
vulnerability of profitability to fluctuations in raw material
prices which are a function of seasonality; crop harvest and
government intervention.

The rating, however, favorably considers the long experience of
the promoters in the cotton industry; favorable location of the
firm giving it easy access to high quality raw cotton and stable
outlook for cotton seed oil and cotton bales in the short to
medium term following the Government of India's decision to lift
ban on cotton exports.

Incorporated in 2011 as a partnership firm, Krishna Cotton, is
setting up a plant for manufacturing cotton bales and cotton seed
oil through ginning, pressing and seed crushing activity. The
proposed unit is located at Rajkot in Gujarat. The project
entails the installation of twenty four ginning machine, one
pressing machine and four oil expellers with installed capacity
to process 19,200 MT of raw cotton annually.


LEXO CERAMIC: ICRA Assigns 'B+' Rating to INR6.58cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.50 crore cash
credit facility and the INR4.08 crore term loans of Lexo Ceramic.
ICRA has also assigned an '[ICRA]A4' rating to the INR0.80 crore
short-term non-fund based facilities of LC.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Cash Credit               2.50      [ICRA]B+ assigned
   Term Loan                 4.08      [ICRA]B+ assigned
   Bank Guarantee            0.80      [ICRA]A4 assigned

The assigned ratings are constrained by the small scale of firm's
operations and highly competitive business environment which
limits significant improvement in sales realizations. The ratings
also take into account the vulnerability of LC's profitability to
the cyclicality associated with the real estate industry as well
as to increasing prices of gas and power. The ratings also take
note of risk of capital withdrawals with its constitution as a
partnership firm. The ratings, however, favorably considers the
long experience of the promoters in the tiles industry and
location advantage due to its presence in Morbi (Gujarat),
leading tiles manufacturing hub in India.

Established in 2008, Lexo Ceramic is a partnership firm which
commenced commercial production of ceramic wall tiles in February
2010. The day-to-day operations are primarily being managed by
two partners of the firm namely Mr. Lalit Detroja and Mr. Jignesh
Zalariya. The manufacturing facility of the firm is located at
Morbi, Gujarat. The plant has an installed capacity of 4500 boxes
per day and it operates in two shifts of 12 hrs each. Currently,
it manufactures digitally printed ceramic wall tiles of size
12"x18".

Recent Results

During FY 2012, LC reported an operating income of INR15.53 Crore
and profit after tax of INR0.48 Crore as against an operating
income of INR13.50 Crore and profit after tax of INR0.54 Crore
during FY 2011.


LITECON INDUSTRIES: ICRA Puts 'B' Rating on INR15.62cr Loans
------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR3.00 crore
cash credit facility, the INR9.42 crore term loans and the
INR3.20 crore FLC (sub limit of term loan) of Litecon Industries
Private Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Cash Credit               3.00       [ICRA]B assigned
   Term Loan                 9.42       [ICRA]B assigned
   FLC                       3.20       [ICRA]B assigned

The assigned rating is constrained by the absence of track record
of operations as the commercial production commenced in June
2012; the sensitivity of project metrics and future cash flows to
the establishment of company's products and its pricing power as
compared to established players in this space, low entry barriers
with low technology and capital intensive nature of AAC
manufacturing operations and presence of cheaper established
substitute in the form of clay bricks.

The ratings however take comfort from the experience of LIPL's
promoters in trading of construction material through the group
concern, Virat Cements, positive demand outlook for AAC blocks
and the favorable location of the company's manufacturing
facility in proximity to raw material sources as well as major
consumption centres including Mumbai, Surat and Ahmedabad.

Incorporated in September 2010, Litecon Industries Private
Limited is promoted by a group of six promoters, currently
involved in trading of cement. The company has set up a plant to
manufacture Autoclaved Aerated Concrete (AAC) blocks with an
installed capacity of 150,000 m3 per annum. LIPL's manufacturing
facility is located behind Kamrej Sugar Mill at Kamrej near
Surat, Gujarat. The company commenced commercial production in
June 2012.


MARUTI PAPERS: ICRA Reaffirms 'BB-' Rating on INR21.15cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to INR21.15
crore long term fund based bank limits of Maruti Papers Ltd.
ICRA has also reaffirmed the '[ICRA]A4' rating assigned to
INR5.00 crore short term non-fund based bank limits of MPL. The
short term non-fund based limits can also be availed as long term
fund based limits to the extent of INR3.0 crore with a long term
rating of [ICRA]BB-.The outlook on the long-term rating is
Stable.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Long Term: Fund Based     21.15       [ICRA]BB- (Stable)/
   Limits                                reaffirmed

   Short Term: Non-Fund       5.00       [ICRA]A4/reaffirmed
   Based Limits

Short-Term Non-Fund Based limits are interchangeable with long
term fund based limits to the extent of INR3.0 crore and in case
the limits are availed as long term facilities, long term rating
will be applicable. The overall utilization by way of short term
non-fund based and long term fund based limits cannot exceed
INR5.0 crore.

The rating reaffirmation takes into account the stabilization of
the operations after the capacity expansion which was undertaken
in 2010-11 as reflected in improved capacity utilization since
April 2012 and also the change in the product profile to better
quality kraft paper which has resulted in improvement in the
operating profitability in 2011-12. Despite being present in low
value added kraft paper segment, there has been steady
improvement in the contribution margin on account of focus on
higher BF kraft paper and steady demand from end-user industries
despite increase in the raw material, power and chemical costs
which has resulted in healthy operating profitability for the
company. The cash flows had improved in 2011-12 primarily on
account of extended credit period been availed by the company to
manage its working capital, given the increase in the capacity
and production without adequate increase in the working capital
limits. However, despite improvement in the cash flows and
healthy profitability, the debt coverage indicators continue to
remain modest on account of leveraged capital structure and large
term repayment over the medium term. Moreover, the proposed debt
funded capex to increase the installed capacity to 40,000 MT per
annum from the present 36,000 MT per annum which involves up-
gradation of one of the existing machines would affect the
production and capacity utilization of the machine during this
period which in turn shall impact the operating profitability and
keep the financial profile modest over the medium term.

The ratings continue to take into account the long track record
of the company in the kraft paper segment with consistent revenue
growth and profitable operations and proximity to markets for
both finished product and sources of raw material such as waste
paper and agricultural residues. The ratings continue to remain
constrained by the lack of product diversification as the company
manufactures only kraft paper which is a relatively low value add
product, company's modest scale of operations and high
competitive intensity in a fragmented industry dominated by the
unorganized sector. ICRA notes that the contribution margin will
remain sensitive to volatility in prices of agricultural
residues, such as bagasse, and waste paper, which have been
increasing in the past, on account of limited ability to pass on
the hike in the input costs.

Going forward, stabilization of the operations of the enhanced
capacity within the scheduled time frame, timely enhancement of
the working capital limits to fund the growth in operations and
maintain adequate liquidity; and the ability to maintain the
profitability in the backdrop of rising raw material prices and
weakening demand shall be the key rating sensitivities.

                       About Maruti Papers Ltd

Maruti Papers Ltd was incorporated in September 1988 and is
engaged in the manufacturing of kraft paper from agricultural
residues and waste paper. The company commenced commercial
production in March 1990 with an installed capacity of 6,000
Metric Tons (MT) per annum. Over the years the company has
expanded the installed capacity to manufacture the kraft paper
and currently has an installed capacity of 36,000 MT per annum.
The company's manufacturing unit is located in Muzaffarnagar
district of Uttar Pradesh.

Recent Results

During April-June 2012, as per the provisional results, the
company reported an operating income of INR16.21 crore, operating
profitability of 11.8% and net profitability of 1.6%.


PARAS BHAVANI: ICRA Rates INR9.75cr Cash Credit at '[ICRA]B+'
-------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR9.75 crore
cash credit facility of Paras Bhavani Steel Private Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Cash Credit               9.75       [ICRA]B+ assigned

The rating is constrained by the company's relatively modest
scale of operations, low profit margins and high competitive
intensity given the low complexity of work involved and
moderately high customer concentration risk. The rating is
further constrained by moderate financial risk profile
characterized by moderate capital structure, modest debt coverage
indicators and high working capital intensity leading to
stretched liquidity position of the company as reflected in high
utilization of working capital limits. While assigning the
rating, ICRA also notes the expected deterioration in the capital
structure on account of debt-funded capital expansion and
sensitivity of the future cash flows to timely execution and
profitable scale up of operations.

The assigned rating, however, favorably factors in the long
experience of one of the promoters in the stainless steel tubes
segment, stable customer base developed over the years and low
risk of fluctuation in raw material prices with raw materials
being procured mostly against firm orders.

Company Profile Paras Bhavani Steel Private Limited (PBSPL) was
incorporated in 2007 and is involved in manufacturing of welded
stainless steel (SS) tubes and pipes with its plant located at
Odhav near Ahmedabad in Gujarat. The plant currently has
installed capacity to manufacture 9000 MTPA of SS tubes. The
company is promoted by Mr. Parasmal S. Bohra and his family
members.


PRATHAM MOTORS: Delays in Loan Payment Cues ICRA Junk Ratings
-------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR2.50 crore term loan
and Rs8.50 crore long term fund based facilities of Pratham
Motors.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Long-term, fund-based     8.50       [ICRA]D assigned
   Facilities

   Term loan                 2.50       [ICRA]D assigned

The assigned rating reflects delays in debt servicing by the firm
in recent past on account of tight liquidity condition and
financial support rendered to group concern. PM's financial
profile is characterized by thin margin and weak debt coverage
indicators. ICRA notes that PM being a partnership firm, any
significant withdrawals by partners could result in adverse
capital structure. ICRA has taken note of long standing
experience of promoters in two wheeler dealership business and
favorable location of PM's dealership outlet in Pune city region.

Established in 1984, Pratham group has three major activities
namely Real Estate Development, Automobile Dealership and
Engineering Software. In August 2007, the group acquired City
Motors (Pune) Pvt Ltd [CMPL] a dealership business for Hero
MotoCorp Limited (HMCL, erstwhile Hero Honda Motors Limited)
which is located in the heart of the city. The dealership
business was subsequently transferred in the name of Pratham
Motors.


RICHA INDUSTRIES: Fitch Lowers National Long Rating to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded India-based textile and pre-
engineered buildings manufacturer Richa Industries Limited's
National Long-Term Rating to 'Fitch BB+(ind)' from 'Fitch BBB-
(ind)' and placed the rating on Rating Watch Evolving (RWE).

The downgrade reflects longer-than-expected delays in the
resolution of Richa's disputed forex derivative transaction with
ICICI Bank and Fitch's view that this could reduce the company's
financial flexibility.  The company has reported the forex
derivative as a contingent liability in its FY12 (year end March)
financials, amounting to around INR176m.  Net financial leverage
remained high at 5.2x in FY12 (FY11: 4.9x).  However, it has been
timely servicing its other debt obligations.

The RWE follows the progress made on the resolution of the
dispute and reflects Fitch's view that the ratings might be
restored to 'Fitch BBB-(ind)' should the case be resolved by end-
December 2012.  The disputed transaction is sub judice before
Debt Recovery Tribunal, Mumbai and the Delhi High Court.

What Could Trigger A Rating Action?

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

  -- continued delays in the resolution of the dispute and actual
     derivative liability exceeding the estimated liability of
     INR176 million, coupled with margins pressures leading to
     adjusted financial leverage exceeding 6x

  -- any impairment of financial flexibility or liquidity stress

Positive rating action may result from resolution of the dispute,
coupled with stable financial performance and liquidity profile.

Rating actions on Richa's bank facilities:

  -- INR1,060 million fund-based limits: downgraded to National
     Long-Term 'Fitch BB+(ind)' from 'Fitch BBB-(ind)' and
     National Short-Term 'Fitch A4+(ind)' from 'Fitch A3(ind)';
     on RWE

  -- INR290 million non-fund-based limits: downgraded to National
     Long-Term 'Fitch BB+(ind)' from 'Fitch BBB-(ind)' and
     National Short-Term 'Fitch A4+(ind)' from 'Fitch A3(ind)';
     on RWE

  -- INR825.9 million long-term loans: downgraded to National
     Long-Term 'Fitch BB+(ind)' from 'Fitch BBB-(ind)'; on RWE


SAGAR COTTON: ICRA Assigns '[ICRA]B+' Rating to INR5.3cr Loans
--------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 crore
fund based cash credit facility (includes sub-limit of INR1.00
crore against Book Debts) and the INR0.30 crore term loan of
Sagar Cotton Industries.

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Cash Credit               5.00         [ICRA]B+ assigned
   Term Loan                 0.30         [ICRA]B+ assigned

The assigned rating is constrained by SCI's modest scale of
operations, limited value addition and intense competition due to
fragmented industry structure leading to low profitability and
weak financial profile characterized by adverse capital structure
and weak debt coverage indictors. The rating is further
constrained by vulnerability of profitability to adverse movement
in raw material prices which in turn is linked to the seasonal
nature of cotton industry and government regulations on MSP for
raw cotton and export of cotton bales. ICRA also notes that SCI
is a partnership concern and any significant withdrawals from the
capital account would affect its net worth and thereby its
capital structure.

The rating, however, favorably takes into account the long
experience of partners in the cotton industry, favorable location
of the firm's plant in cotton producing belt of India and
favorable outlook for edible oil as well as for cotton business
in the short to medium term following the Government of India's
decision to lift ban on cotton exports.

Sagar Cotton Industries was incorporated as a partnership firm by
Mr. Shahbuddin Gangani along with other partners in 1997 in order
to set up a plant to process raw cotton for manufacturing of
cotton bales. The firm's plant is located at Babra (Gujarat). The
firm started commercial operations in 1997 with twelve ginning
machines and one manual press. At present, the firm has thirty
ginning machines and one automatic pressing machine with a
capacity to process 54 MT of raw cotton per day.

Recent Results

For the year ended March 31, 2012, the firm has reported an
operating income of INR27.31 crore with profit after tax (PAT) of
INR0.18 crore.


SE PIPING: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR1.50 crore cash
credit and INR3.00 term loan of SE Piping Engineers. ICRA has
also assigned '[ICRA]A4' rating to INR0.50 crore short term non
fund based limit of SEPE.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Cash Credit Limit         1.50       [ICRA]B+ assigned
   Term Loan                 3.00       [ICRA]B+ assigned
   Bank Guarantee            0.50       [ICRA]A4 assigned

The rating is constrained by the limited track record of the
firm's operations and a weak financial profile characterized by
small net worth and high gearing levels. ICRA also notes that the
firm's profitability remains vulnerable to adverse movements in
raw material prices and is likely to be adversely impacted given
the high competitive intensity. The capital structure will also
remain vulnerable to substantial withdrawals from the partners'
capital account.

The rating takes into account the long experience of the
promoters in this business, favorable demand outlook of firm's
product as well as technical and marketing support from a group
company.

S E Piping Engineers established in July 2010 and started
commercial production from August 2011. The firm is managed by J
C Jagwani, who has experience of over 25 years in manufacturing
of industrial pipe elbows, Tees, Reducers and flanges. The firm
is engaged in manufacturing of industrial pipe elbows, Tees,
Reducers and flanges, which is used in Petrochemical,
Pharmaceutical, Oil & Gas, and other chemical industry. The
manufacturing plant of the firm is located at Waghodia, GIDC
Estate, Baroda. The total installed capacity of production is
around 750 MTPA (Metric Ton Per Annum).

Recent Results

During FY 2012 the firm reported net profit before tax of INR0.42
Cr on an operating income of INR4.22 Cr (provisional).


SHREE KRISHNA: ICRA Assigns 'B-' Rating to INR8.85cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR8.85
crore1 fund based facilities of Shree Krishna Rice Mills.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund Based limits         8.57        [ICRA]B- (assigned)
   Proposed Limits           0.28        [ICRA]B- (assigned)
    (unallocated)

The rating is constrained by SKRM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators coupled with high
working capital requirements. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry
and the proximity of the mill to major rice growing area which
results in easy availability of paddy. Company Profile Shree
Krishna Rice Mills is a partnership firm, was set up in 2010 by
Mr. Ravi Gupta, Mr. Krishan Chand and Mrs.Urmila Gupta. SKRM is
engaged in processing and export of basmati rice to countries in
the Middle East. The commercial production started in January
2010. It has a plant at Karnal (Haryana) which has a milling
capacity of 6 tonnes per hour.

Recent Results

During the financial year 2011-12, the firm reported a profit
after tax (PAT) of INR0.11 crore on an operating income of
INR28.72 crore as against PAT of INR0.02 crore on an operating
income of INR13.99 crore in 2010-11.


SHRI PRABHULINGESHWAR: ICRA Rates INR100cr Loan at '[ICRA]B-'
-------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B-' to the
INR100 Crore1 bank lines of Shri Prabhulingeshwar Sugars and
Chemicals Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund based limits       100.00        [ICRA]B- (assigned)

Rating Rationale

ICRA's rating for PSCL factor in the high competitive intensity
for procuring the sugarcane in the region of operations of the
company, large exposure of the sugarcane availability and pricing
to agro-climatic risks, high seasonality of the crushing in the
region resulting in inventory buildup and reliance on working
capital borrowings. While the working capital intensity and debt
funded capex have resulted in leveraged balance sheet, capex and
high regulatory intensity of the sector (as in terms of sugar
release orders, sugarcane payments) have constrained the
liquidity as indicated by the limited flexibility in the working
capital borrowings. At the same time the rating is supported by
relatively large experience of the promoter and the management in
sugar and allied industries, location of the plant in relatively
sugarcane intense and high recovery Bagalkot district,
integration of the plant into cogeneration, assured sales of the
molasses to a group company resulting in partial de-risking from
the volatilities of the sugar cycle, and present benefit derived
by the company of relatively high realization from sales of its
sugar inventory. ICRA also notes that the the capex of the
company is to a large extent stabilized with the commissioning of
the 27 MW cogeneration plant.

Shri Prabhulingeshwar Sugars and Chemicals Limited was
incorporated in 1995 and started crushing cane in 1999, the cane
crushing capacity was gradually increased from 2500 TCD earlier
to 10000 TCD. While PSCL operated 28 MW cogeneration capacity in
SY2012, it would be operating total 38.5 MW cogeneration capacity
in SY2013. The plant is located in Siddapur village of Jamakandi
Tq in Bagalkot District of North Karnataka and is promoted by Mr.
Jagadeesh S Gudagunti, who apart from managing PSCL has
relatively large experience as a consultant and machinery
supplier for sugar and allied industries.

In SY-2012, PSCL crushed 11.03 lakh MT and recovered 1.3 lakh MT
of sugar at a recovery of 12.09%. In FY-2012 it recorded INR43.43
Cr OPBITDA and INR4.56 Cr PAT on an operating income of INR363.76
Cr.


SHRIE HARIVALLABI: ICRA Assigns 'B' Rating to INR12cr Loans
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR11.00
crore1 term loan facilities and the INR1.00 crore non-fund based
facilities of Shrie Harivallabi Spinners Private Limited.

                              Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Term loan facilities         11.00     [ICRA]B assigned
   Non-fund based facilities     1.00     [ICRA]B assigned

The assigned rating considers the experience of the promoters in
the spinning industry and SHSPL's presence in the manmade viscose
yarn segment which witnesses relatively lower price fluctuations
lending stability to operations. The rating is constrained by the
stretched financial profile of the Company characterized by high
gearing and inadequate coverage indicators owing to the
significant debt funded capital expenditure incurred in the
recent past for establishing the spinning mill facility, limited
track record of operations, intense competition prevailing in a
highly fragmented textile industry coupled with high supplier
concentration limiting pricing flexibility and the likely impact
on operational performance of the company owing to the power
disruptions prevailing in the state of Tamil Nadu. The ability of
the company to generate adequate earnings driven by steady growth
in volumes would remain critical for meeting its high debt
repayment obligations going forward.

SHSPL was incorporated in the year 2006 as Sri Jai Krishna
Spintex India Private Limited by Mr. S. Raju. The company, which
was subsequently renamed as Shrie Harivallabi Spinners Private
Limited in 2010, commenced commercial production in April 2012.
SHSPL is engaged in the manufacture of 100% viscose yarn and its
manufacturing facility, with 9,072 spindles, is located in Erode
(Tamil Nadu). The Company procures viscose staple fibre from
Grasim Industries Limited and predominantly caters to the
domestic market.


SIMHADRI POWER: Fitch Affirms 'B-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Simhadri
Power Ltd's INR2.3bn senior long-term loans to Positive from
Stable and affirmed the National Long-Term rating at 'Fitch B-
(ind)'.

SPL was incorporated by Steel Exchange India Ltd to design,
construct, operate and maintain a 60MW waste heat recovery (WHR)
power plant on the premises of SEIL-operated Gold Star Alloys
Limited's directly reduced iron (DRI) plant at Sriramapuram
Village in Andhra Pradesh.  The DRI plant would provide fuel to
the WHR boiler (coal fines, char from DRI kilns, DRI kiln waste
gases) to produce around 40MW of power.  The remaining 20MW will
be generated using F-grade coal from the open market.  Around
33MW of power will be purchased by SEIL under a 15-year fixed-
price power purchase agreement (PPA).

The Outlook Revision reflects the better-than-expected
construction progress at the plant and the likely benefit from an
upward renegotiation of the price in the PPA to INR5.0/unit from
INR3.6/unit.  The likely commissioning date is October 2012 as
against the originally scheduled January 2013, which provides SPL
more time during the ramp-up phase before the first repayment
falls due in December 2013.  The Lender's Independent Engineer
reports that as of July 2012, nearly 83% of the construction is
complete.

The rating continues to be constrained by uncertainty regarding
fuel supply and the affordability of the PPA tariff.  Near-term
drivers of the project's credit quality include the successful
completion of the power project and its ability to achieve
operational stability by sourcing adequate supplies of fuel -
both from the sponsor's DRI plant and externally purchased coal.
While the project does not have firm domestic coal supply
arrangements, SPL has entered into an agreement with a trader for
supply of imported coal.  However, uncertainty regarding price
and tenor of the contracts, notwithstanding the small quantity
(239,190tpa) of coal required, limits any positive benefit being
ascribed to the project from this agreement.  If SPL does import
coal, the higher fuel cost is likely to impact the project's debt
service coverage ratios.

In the medium-term, the smooth functioning of the off-take
arrangement with the sponsor would be a critical driver of the
credit profile.  Since around 20MW (33% of capacity) of power is
to be sold as merchant power in a volatile market, SEIL's ability
to purchase the full contracted volume of 33MW and make timely
payments at the revised price would be essential for the project
to realize forecasted coverage ratios.  The off-take quantity
under the PPA has also been marginally revised upwards to 33MW
(55% of total plant capacity versus 50% previously).  Both the
price and volume changes in the PPA will likely to partially
offset the impact of expensive fuel cost as the company is
expected to import coal in case domestic F-grade coal is not
available and also reduce dependence on merchant sales.

Funding risks are mitigated as the sponsor and its associates
have infused the entire equity.

The rating reflects SPL's strong linkages with SEIL, as partial
fuel supplier and power off-taker, which are reinforced by SEIL's
unconditional and irrevocable guarantee to repay SPL's
outstanding loan amount.  However, Fitch views this guarantee as
limited credit enhancement given SEIL's weak financial profile
(for the three months ended 30 June 2012, SEIL reported a steep
qoq decline in revenue and an EBITDA that did not cover fully
even interest payments) and the potential invocation of the
guarantee, which would take place post-default.

Positive rating action may result from timely completion of the
power plant, tie-ups for fuel supply or a PPA for the remaining
power and to achieve stabilization of the plant performance
during the ramp-up phase.  A failure to achieve commercial
operation beyond the scheduled date and achieving planned level
of plant load factor may result in the Outlook being revised to
Stable.


S.K. CORP: ICRA Rates INR8.14cr LT Loan at '[ICRA]B+'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR8.14
crore1 fund based bank limits of S.K. Corporation. ICRA has also
assigned a long-term rating of [ICRA]B+ and/or a short-term
rating of '[ICRA]A4' to the INR0.03 crore proposed limits of SKC.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long-term Fund Based      8.14        [ICRA]B+ Assigned
   Limit - Demand Loan

   Proposed Limits           0.03        [ICRA]B+/[ICRA]A4
                                          Assigned

The assigned ratings are constrained by the execution and market
risks inherent in the project given its large size, the fact that
only 50% of the construction has been completed till date,
premium positioning and the increasing competition within the
Surat real estate market. The ratings also take into account the
funding risk given its dependence on customer advances,
vulnerability of profitability to variations in steel & cement
prices and cyclicality of the real estate sector.

The ratings, however, favorably factor in the experience of the
partners in real estate development; favorable location of the
current project and positive outlook for the real estate sector
in Surat resulting from increased demand. Also comfort can be
drawn from the fact that 55% of the bookings are complete.

Incorporated in April 2010, S.K. Corporation (SKC) is a Surat
based real-estate firm involved in the development of residential
projects. SKC is a partnership firm with its registered office
located in Surat. Presently, the firm has one residential project
'Swim Palace 'underway in Surat.


SMC POWER: ICRA Reaffirms '[ICRA]D' Rating on INR203.64cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' for
INR203.64 crore bank lines of SMC Power Generation Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Working Capital Limits   63.00       [ICRA]D reaffirmed
   Term Loans              135.64       [ICRA]D reaffirmed
   BG Limits                 5.00       [ICRA]D reaffirmed

The rating action takes into account SPGL's stretched liquidity
position marked by continuous delays in debt servicing as well as
full utilisation of the working capital limits availed from the
bank. The rating also factors in the high working capital
intensity of the business primarily driven by high inventory
levels; and volatility in availability and prices of key raw
materials. This has adversely impacted the capacity utilization
of the company's manufacturing facility, thereby leading to
decline in both operating income (INR291.4 crore in FY2012 as
against INR349.0 crore in FY2011) and operating margins (3.8% in
FY2012 as against 13.2% in FY2011). The decline in OPBDITA along
with the high interest expenses has led to decline in PAT and the
internal accrual generation of the company. SPGL has already
incurred -23% of the proposed capex, primarily towards part
development of the proposed facilities, partly funded by
additional debt. However, now the capex plan has been put on
hold, which is likely to adversely impact the return indicators
in the medium term. ICRA however draws comfort from SPGL's
experienced management and established track record of
operations. Going forward, timely servicing of debt by SPGL and
improvement in liquidity through better working capital
management will remain key rating sensitivities.

                          About SMC Power

SMC Power Generation Ltd., a public limited company, was promoted
in November 2000 by the Aggarwal family, namely Mr. S.C.
Aggarwal, Mr. M.C. Aggarwal, and Mr. C.P. Aggarwal. The company
is a part of the SMC group which has diversified interests
including dairy product companies by the name SMC Foods and
Creamy Foods and a tobacco company by the name of Aggarwal Zarda
Factory Private Limited. The company has an integrated steel
plant in Jharsuguda, Orissa having a manufacturing capacity of:
sponge iron (200,000 tonnes per year), billets (250,000 tonnes
per annum), TMT bars (100,000 tonnes per annum) and captive power
plant of 33 MW per annum.

As a part of its capacity expansion, the company plans to expand
its manufacturing capacities to following levels: sponge iron
(400,000 TPA), billets (325,000 TPA), TMT bars (200,000 TPA), pig
iron (200,000 TPA) and captive power (83 MW). The estimated total
project cost for this expansion is INR847.5 crore, proposed to be
funded by equity of INR60 crore, internal accruals of INR207.5
crore, unsecured loan from promoters of INR20 crore and debt of
INR560 crore. However the company has incurred capex of around Rs
193 crore towards the project till May 2012 and has subsequently
put the balance capex plans on a hold.

SPGL has also been allocated an iron ore block in Keonjhar
district of Orissa and it also owns a part stake in a coal block
in Orissa. However the mines are not expected to operational at
least for the next 2-3 years as the mines face land acquisition
and development risks.


SREE KARPAGAMBAL: Inadequate Info Cues Fitch to Migrate Rating
--------------------------------------------------------------
Fitch Ratings has migrated India-based Sree Karpagambal Mills
Limited's 'Fitch BB(ind)' National Long-Term rating with Stable
Outlook to the non-monitored category.  This rating will now
appear as 'Fitch BB(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of SKM.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.

Fitch has also migrated SKM's bank loan ratings to the non-
monitored category as follows:

  -- INR225 million fund-based working capital limits: migrated
     to National Long-Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)'
     and National Short-Term 'Fitch A4+(ind)nm' from 'Fitch
     A4+(ind)'-- INR180.6m term loans: migrated to National Long-
     Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)'

  -- INR15 million non-fund based working capital facilities:
     migrated to National Short-Term 'Fitch A4+(ind)nm' from
     'Fitch A4+(ind)'


S & S TECHNOCRATS: ICRA Assigns 'B' Rating to INR9.5cr Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to INR9.50
crore bank facilities of S & S Technocrats Private Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long Term Fund Based     2.47         [ICRA]B/Assigned
   Limits

   Long Term Non-Fund       7.00         [ICRA]B/Assigned
   Based Limits

   Unallocated              0.03         [ICRA]B/Assigned

The assigned rating takes into account the long track record of
promoters in the construction industry with around four decades
of experience. While the revenue growth has remained in the range
of INR12-18 crore from FY09 to FY12 and operating profit margins
have remained low in the range 4-6%; however the gearing and
coverage indicators have remained satisfactory despite an
increase in debt level, due to periodic equity infusions by the
promoters. The rating is constrained on account of low revenue
visibility in the medium term due to SST's limited order book.
Further, the delay in payments by its customers, as seen from the
FY12 provisional financials, may lead to cash flow issues for the
company in the event these receivables are not realized. ICRA
also take note of high geographical concentration risk of the
company's projects and high project concentration risk due to
primarily two orders constituting its order book as on date.
Going forward, the ability of company to improve its order book
and scale of operations and improve its operational efficiency
resulting in improved profitability will remain the key rating
sensitivities.

S & S Technocrats Pvt. Limited was incorporated in 1985. The
company is managed by Mr. Surinder Uppal and his son, Mr. Sonit
Uppal. SST is involved in the business of civil construction
where it takes up work related to construction of institutional,
residential and commercial buildings. The work also includes
civil, sanitary, water supply, drainage, electrical and other
developmental works. Over the years, the company has worked for a
number of government, semi-government and corporate clients such
as DLF, India Bulls, Delhi Metro, Syndicate Bank, State Bank of
India, Bank of India, State Bank of Bikaner and Jaipur, Indian
Oil Corporation Ltd., RITES Ltd., Punjab Mandi Board, Rajasthan
State Road & Development Construction Corporation Ltd., D.A.V.
Public School etc.

As per the provisional results, the firm reported revenues of
INR18.52 crore and profit after tax of 0.07 crore during FY12 as
against revenues of INR12.02 and profit after tax of Rs 0.05
crore in the previous year.



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


ELPIDA MEMORY: Bondholders Cleared to Question over U.S. Assets
---------------------------------------------------------------
U.S. Bankruptcy Judge Christopher S. Sontchi on Thursday cleared
a group of Elpida Memory Inc.'s U.S. bondholders to depose a
company representative in support of their challenge to the
planned $2.5 billion sale of the Japanese chipmaker to Micron
Technology Inc.

Peg Brickley at Dow Jones' Daily Bankruptcy Review reports that
bondholders are positioning themselves to take action in the U.S.
if they don't like the ultimate price on the Japanese chip
maker's proposed sale to Micron Technology.

At a court hearing in Wilmington, Judge Sontchi denied Elpida's
motion to quash the deposition, rejecting the company's argument
that third parties can't be granted discovery in a Chapter 15
case, according to Bankruptcy Law360.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


HUMMINGBIRD SECURITISATION: S&P Keeps 'CCC' Rating on #2 Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services has kept its 'CCC (sf)' rating
on Hummingbird Securitisation Ltd.'s series 2 loan (Hummingbird 2
loan) synthetic collateralized debt obligation (CDO) transaction
on CreditWatch with positive implications, following Standard &
Poor's monthly review of synthetic CDO transactions. "We
originally placed the rating on CreditWatch positive on Aug. 6,
2012," S&P said.

"As part of our surveillance of synthetic CDO transactions, we
conduct a formal review every month to determine whether upgrades
or downgrades are appropriate. Typically, an initial credit
committee at the beginning of each month reviews synthetic CDO
tranches for potential CreditWatch placements. As a result of the
initial committee's review in early September, we kept our rating
on the Hummingbird 2 loan on CreditWatch positive. The
transaction's synthetic rated overcollateralization (SROC) level
at a higher rating than the current rating failed to meet our
requirement for an upgrade as of the cutoff date for the initial
credit committee in September. On the other hand, we project that
the transaction's SROC level will recover to a level that meets
this requirement by Nov. 6, 2012, the deadline for a CreditWatch
removal, assuming that no further portfolio rating migration will
occur. As a result, we kept our rating on the Hummingbird 2 loan
on CreditWatch positive," S&P said.

"We intend to review the tranche listed below with the rating
that we kept on CreditWatch positive, along with any other
tranches with ratings that are presently on CreditWatch negative
or positive, at our second credit committee review by the end of
this month," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH POSITIVE
Hummingbird Securitisation Ltd.
Series 2 loan
Class       Rating                 Loan amount
#2 Loan     CCC (sf)/Watch Pos     JPY3.0 bil.


SMBC CONSUMER: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
--------------------------------------------------------------
Moody's Japan K.K. has withdrawn its long term issuer rating Ba1
and senior unsecured debt rating (domestic) Ba1 with stable
outlook of SMBC Consumer Finance Co., Ltd.(former Promise Co.,
Ltd.) for its own business reasons.

Ratings Rationale

This action does not reflect changes the company's
creditworthiness.

The principal methodology used in this rating was Moody's
"Finance Company Global Rating Methodology" published on March
19, 2012.

SMBC Consumer Finance Co., Ltd., headquartered in Tokyo, is a
major Japanese consumer finance company, with consolidated assets
of around JPY893 billion as of March 31, 2012.



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


NONGHYUP BANK: Moody's USD Senior Notes Rating Relates to D+ BFSR
-----------------------------------------------------------------
Moody's Investors Service has assigned an A1 rating to the
proposed USD senior notes to be issued by NongHyup Bank (NH
Bank), and which would be a drawdown from its US$8 billion global
medium term note program.

The rating has a stable outlook.

The rating is subject to receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents Moody's reviewed.

Ratings Rationale

The rating incorporates two factors: (1) the bank's standalone
financial strength rating (BFSR) of D+, which maps to a baa3
standalone credit profile on the long-term scale; and (2) Moody's
assessment of the very high probability of government support (a
component of joint default analysis, referred to as JDA).

The main drivers of the bank's baa3 standalone credit profile
are: (1) its strong domestic franchise, (2) its modest
profitability and asset quality, (3) its modest liquidity, and
(4) its sufficient capital adequacy.

The bank has a strong domestic franchise. It is the fourth-
largest bank in Korea with a 13% share of system deposits at the
end of March.

However, its profitability and asset quality have been lower than
the industry average since 2008, because of its credit exposure
to riskier corporate segments in real estate, construction,
shipbuilding, and shipping.

Similar to other domestic banks, NH Bank's funding and liquidity
levels are weaker than many banks in Asia, given its 100% overall
loan-to-deposit ratio in all currencies as of March. In
particular, its foreign currency loan-to-deposit ratio exceeded
600% at end-March (including trade receivables as loans); partly
due to its lack of overseas branches.

Nevertheless, its foreign currency funding as a proportion of
total funding was relatively low at 5.3% compared with 8%-14% for
its major domestic commercial peers.

The bank's Tier 1 ratio was 12.4% at end-March, which is similar
to its domestic peers.

However, its internal capital generation is likely to be
constrained, as the bank needs to pay out relatively high
dividends to cover a large portion of expenses (including the
servicing of debt raised for reorganization) at NongHyup
Financial Group Inc. (its immediate holding company) and the
National Agriculture Cooperative Foundation (which owns NongHyup
Financial Group Inc.).

In determining the BFSR of all Korean banks, including NH Bank,
Moody's incorporates the "big event risk" nature of the Korean
market. Such risk refers to the collective sector concentration
risk to which the banks are exposed in economic downturns. During
the latter, loan growth among domestic financial institutions
tends to be focused on similar obligor segments.

The bank's global local currency deposit rating receives a five-
notch uplift from its baa3 standalone credit profile, as Moody's
believes that NH Bank is very likely to be supported by the
Korean government in a systemic crisis.

This view of expected support is underscored by the bank's role
in the implementation of the government's agriculture-related
financing policies, as well as its systemic importance in the
country's banking system.

Moody's notes that the other three policy banks -- Korea
Development Bank, Industrial Bank of Korea and Export-Import Bank
of Korea -- are governed by legislation explicitly stating the
government's obligation to compensate for annual deficits that
cannot be covered by bank reserves. However, the Agricultural Co-
operative Law -- which governs NH Bank -- does not contain such
language.

Moody's does not expect NH Bank's long-term deposit or debt
ratings to be upgraded in the near-term, because its A1 long-term
senior debt or deposit rating has already incorporated a five-
notch rating uplift due to Moody's assumption of the likelihood
of systemic support.

However, upward pressure on the bank's BFSR could arise from its
improved financial metrics.

The triggers for upgrading the BFSR include: (1) the ratio of net
income to risk-weighted assets exceeding 1.3% for three
consecutive years (it was 0.5% in 2011); and (2) the proportion
of short-term foreign currency liabilities falling below 60% of
total foreign currency liabilities (it was 74% at December 2011).

Moody's will also focus on the bank's track record in maintaining
its profitability and asset quality to the levels of its major
domestic peers through future economic downturns.

Moody's expects a downgrade of NH Bank's long-term deposit and
debt ratings if there is either a noticeable drop in systemic
support from the government, a downgrade of its BFSR, or a
downgrade of Korea's A1 sovereign rating.

A fall in systemic support could occur if its position in the
banking system diminishes, or its policy role and special
relationship with the government weakens.

Moody's would consider downgrading NH Bank's BFSR if: (1) its
core Tier 1 capital ratio drops below 8.5%; or (2) its NPL ratio
rises above 4%.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

NongHyup Bank is headquartered in Seoul. It reported total assets
of KRW202 trillion (USD176 billion) at the end of March 2012.


NONGHYUP BANK: S&P Gives 'BB+' Rating on Upper Tier II Tranche
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
NongHyup Bank's (A/Stable/A-1) US$8 billion global medium term
note (GMTN) program. "We assigned our: 'A' rating to the senior
unsecured tranche of the program; 'A-' rating to the lower tier
II subordinated tranche; and 'BB+' rating to the upper tier II
subordinated tranche," S&P said.

"The rating differential between the senior unsecured notes and
the lower tier II subordinated notes reflects the subordinated
nature of the latter. The 'BB+' rating on the upper tier II
subordinated notes is two notches below the bank's stand-alone
credit profile reflecting their subordinated nature and the
embedded interest deferral option on these notes, and we do not
expect government support to cover such hybrid capital
instruments," S&P said.

"At the same time, we assigned our 'A' rating to the proposed
U.S. dollar-denominated benchmark senior unsecured notes to be
drawn down from the program. The rating on the unsecured debt is
subject to final documentation," S&P said.



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


BRIDGECORP LTD: Steigrad Nearly Face Jail Due to Hearing Absence
----------------------------------------------------------------
William Mace at stuff.co.nz reports that the Court of Appeal said
convicted Bridgecorp Ltd director Peter Steigrad's home detention
sentence was nearly increased to imprisonment after his non-
appearance at a hearing last month showed he lacked remorse.

According to the report, Mr. Steigrad was on holiday in the
United Kingdom and Europe while his nine-month home detention
sentence was suspended, pending an appeal to the second-highest
court in New Zealand.

stuff.co.nz says three Court of Appeal judges have released their
reasons for dismissing the appeal and ordering Mr. Steigrad to
return from Europe immediately and back into home detention.

The report relates that the court document reveals that Justices
White, Heath, and Fogarty called a hearing the day after
Mr. Steigrad's original appeal was heard because of their
dissatisfaction with him for not being in the country.

They considered lengthening his sentence or even changing it from
home detention to imprisonment, in part because they believed the
discount he received for remorse on his original sentence was too
generous, according to stuff.co.nz.

stuff.co.nz notes that the judges agreed with Crown submissions
that Mr. Steigrad's action in travelling to Europe "was
inconsistent with his claims of remorse and contrition in respect
of the Bridgecorp investors who lost substantial sums of money as
a result of his failures as a director of the companies".

However, the Crown did not seek any increase in the sentence and
the judges decided against the move, ordering Mr. Steigrad to
return to New Zealand and see out the remainder of his nine
months' home detention, the report relays.

Mr. Steigrad travelled to the UK and Europe with his ill wife to
see their daughter get married, the report relays.  He returned
to home detention on August 29 and missed the wedding.

Mr. Steigrad's appeal said he should have received a lesser
sentence than Bridgecorp chairman Bruce Davidson, who pleaded
guilty to all charges he faced.

Both Messrs. Davidson and Steigrad were charged with the same ten
Securities Act charges relating to "misstatements in an
advertisement or registered prospectus" of Bridgecorp.

Mr. Steigrad pleaded not guilty to all charges and was found
guilty on six of them.  Mr. Steigrad's starting point of three
years imprisonment was discounted to nine months home detention,
200 hours community service, and took into account his offer to
repay NZ$350,000 to investors, the report notes.

                       About Bridgecorp Ltd

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

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

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


NORSKE SKOG: To Slash Half of Workforce at Newsprint Mill
---------------------------------------------------------
Claire Rogers at stuff.co.nz, citing the Engineering, Printing
and Manufacturing Union, reports that restructuring at Norske
Skog's Kawerau newsprint mill is evidence of a deepening job
crisis.

Norske Skog, the report relays, has confirmed it is halving
production at its Tasman mill in Kawerau.

stuff.co.nz relates that the company has yet details on how many
of the 290 staff at the mill will be affected, but the union is
warning more than 100 jobs could go.

According to the report, EPMU National Secretary Bill Newson said
Norske Skog's announcement was a blow to the community and a sign
of a growing jobs crisis in New Zealand.

"The local economy in Kawerau is heavily reliant on the mill, and
these job losses will have an impact throughout the community.
We'll be working to save as many of these jobs as possible
through the consultation, but the eventual outcome will almost
certainly be large scale redundancies," the report quotes Mr.
Newson as saying.

A spokesperson for Norske Skog said the consultation process was
likely to take a couple of months, stuff.co.nz relates.

stuff.co.nz adds that Tasman mill general manager Peter McCarty
said the decision was driven by falling demand and unfavorable
exchange rates that made large scale exports to Asia
unprofitable.

Mr. McCarty, as cited by stuff.co.nz, said the mill would remain
an important employer in the region and would continue to produce
newsprint for the New Zealand, Australian and Pacific Island
markets.

Norske Skog Tasman (NZ) Ltd. engages in the production of
newsprint and kraft pulp.


MATARIKI WINES: In Receivership, May Sell Business
--------------------------------------------------
Claire Rogers at Stuff.co.nz reports that Hawke's Bay winery
Matariki Wines is likely to be sold in an effort to recover the
$10.3 million it owes to creditors after it was placed into
receivership.

John Fisk, of receivers PricewaterhouseCoopers, said it would
probably look to sell the business either as a whole or in two
parts -- as separate vineyard and winery businesses -- as soon as
possible, according to Stuff.co.nz.

Stuff.co.nz notes that Mr. Fisk said an early assessment
indicated the company owed secured creditors about $10 million
and unsecured creditors about $300,000.  It was too early to say
whether the debt would be recovered, Mr. Fisk added, the report
relates.

The business' 11 staff was currently still employed but that was
subject to review, Mr. Fisk said, the report relays.

The report says that the New Zealand wine industry has
consolidated in recent years, after the recession and oversupply
issues took a big toll on wineries' profits.

Matariki was established in 1981, when its directors John -- a
former junior All Black --and Rosemary O'Connor returned to New
Zealand after studying wine in Europe.  The company is owned by
O'Connor Family Holdings, according to the Companies Office.



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


AP COMMUNICATIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Aug. 31, 2012, to
wind up the operations of AP Communications Pte Ltd.

Marina Bay Sands Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CAPITALAND AIM: Creditors' Proofs of Debt Due Oct. 8
----------------------------------------------------
Creditors of Capitaland Aim Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


DIGILAND VIETNAM: Creditors' Proofs of Debt Due Sept. 21
--------------------------------------------------------
Creditors of Digiland Vietnam Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


TELEDATA (SINGAPORE): Court to Hear Wind-Up Petition Sept. 14
-------------------------------------------------------------
A petition to wind up the operations of Teledata (Singapore)
Limited will be heard before the High Court of Singapore on
Sept. 14, 2012, at 10:00 a.m.

Ong Tai Tiong Desmond filed the petition against the company on
Aug. 21, 2012.

The Petitioner's solicitors are:

         Genesis Law Corporation
         112 Robinson Road
         #10-03, Singapore 068902



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


* Moody's Sees Growing Indirect Impact of EU's Woes on Asian Cos.
-----------------------------------------------------------------
Moody's Investors Service sees only a moderate, direct impact of
an expected European recession for most Asian (ex-Japan)
corporate issuers. However, the rating agency says that indirect
risks are rising as weak exports to the European Union (EU) are
contributing to a slowdown in Asia.

"Over 95% of our rated corporates in Asia (ex-Japan) should
remain resilient to the direct impact of the ongoing economic
turmoil in the EU because they generate less than 15% of their
reported 2011 revenue from there and have limited dependence on
European banks for funding," says Ping Luo, a Moody's vice
president & senior analyst.

Luo was speaking on Moody's release of a report to assess rated
Asian corporates' exposure to a looming EU recession. Luo and
Chris Park, a Moody's vice president & senior credit officer, co-
authored the report.

Moody's notes that, of 11 rated Asian corporates generating over
15% of their revenue in the EU, BW Group (Ba2 negative) and Tata
Steel (Ba3 negative) are most vulnerable, due to the two firms'
big European businesses and operational cyclicality.

The credit profile of other rated Asian (ex Japan) corporates
with large EU revenue exposure, such as Hutchison Whampoa (A3
negative) and Tata Motors (Ba3 stable), have experienced less
impact from the EU because their European-based operations have
shown resilience.

"However, a broader effect of Europe's stagnation on Asian
corporate issuers is increasingly visible across Asia, as slowing
exports to Europe contribute to a slower pace in Asia's economic
growth," Park says. He adds, "Firms in cyclical industries, such
as shipping, ports, consumer electronics, chemicals, mining, and
steel, are more susceptible to such unfavorable macro
fundamentals."

As a result, the percentage of Asian issuers with negative
outlooks increased to 22% as of June 2012 from 14% at year end
2011. Moreover, in the past few months, Moody's took negative
rating actions on a number of corporates in sectors exposed to
slowing regional demand and economic growth, such as Indonesian
coal miner Bumi Resources (B1 stable), and Korean steelmaker
POSCO (A3 review for downgrade).

The new report is entitled, "Direct Impact of Looming EU
Recession Is Still Moderate for Most Asian Corporates (ex-
Japan)".


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

Sept. 13-14, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual Complex Financial Restructuring Program
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 13-15, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Southwest Bankruptcy Conference
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 19-20, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      38th Annual Lawrence P. King and Charles Seligson
      Workshop on Bankruptcy & Business Reorganizations
         New York University School of Law, New York, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts & Bolts: Bankruptcy Fundamentals for
      Young and New Practitioners
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      32nd Annual Midwestern Bankruptcy Institute & Consumer
      Forum
         Kansas City Marriott Downtown, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2012: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Chicago Consumer Bankruptcy Conference
         University of Chicago Gleacher Center, Chicago, Ill.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 18, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency & Restructuring Symposium
         Parco dei Principi Grand Hotel & Spa, Rome, Italy
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 26, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         San Diego Marriott Marquis and Marina, San Diego, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***