TCRAP_Public/120927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 27, 2012, Vol. 15, No. 193

                            Headlines


A U S T R A L I A

MARY MARTIN: Historic Bookshop Goes Into Liquidation
NINE ENTERTAINMENT: Wants to Keep Network Out of Receivership
OFFICE FURNITURE: Put in Administration Following Owner's Death


C H I N A

CHINA GLASS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg
CHINA SOUTH: Moody's Rates Senior Unsecured Notes '(P)B2'


H O N G  K O N G

KEI YAN: Lo Shui San Zue Steps Down as Liquidator
KERRISDALE LIMITED: Liu and Yen Step Down as Liquidators
KGE INVESTMENT: Members' Final Meeting Set for Oct. 19
KINCHENG (NOMINEES): Members' Final Meeting Set for Oct. 18
KIU NAM: Members' Final Meeting Set for Oct. 18

KNITTED PRODUCTS: Commences Wind-Up Proceedings
LEHMAN BROTHERS: HKMA Reports Progress on Mini-Bond Cases
LINE ANALYTICS: Annual Meetings Set for Sept. 26
LOVE.CHARITY FOUNDATION: Members' Final Meeting Set for Oct. 18
P2 INTERIOR: Members' Final General Meeting Set for Oct. 25

PO HAY: Members' Final Meeting Set for Oct. 18
SIN MEI: Members' Final Meeting Set for Oct. 18
SIN YEH: Members' Final Meeting Set for Oct. 18
STREAMING VIDEO: Commences Wind-Up Proceedings
STREAMING VIDEO: Lo Shui San Zue Steps Down as Liquidator

TRACK LINK: Members' Final Meeting Set for Oct. 18
TRI-TECH METALS: Chi and Shek Appointed as Liquidators


I N D I A

ASSOCIATED HOTELS: Delays in Loan Payment Cues ICRA Junk Ratings
AXIS SOFTWARE: CARE Assigns 'CARE BB-' Rating to INR7cr LT Loan
BINJRAJKA STEEL: ICRA Assigns '[ICRA]B+' Rating to INR10cr Loan
GOEL EXIM: ICRA Reaffirms '[ICRA]BB-' Rating on INR50cr Loan
JOHNSON ENTERPRISE: CARE Rates INR15cr LT Loan at 'CARE BB'

KAVVERI TELECOM: ICRA Cuts Rating on INR100cr Loan to 'BB+'
KINGFISHER AIRLINES: Lessors Pay AAI to Fly Planes Out of India
KINGFISHER AIRLINES: DGCA to Monitor Carrier's Financial Health
KINGFISHER AIRLINES: Brand Can't Be Used as Collateral, RBI Says
MADHAVI OILS: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan

MAGOD LASER: ICRA Rates INR10.5cr Term Loan at '[ICRA]BB+'
NAVASAKTHI TOWNSHIPS: ICRA Rates INR15cr Term Loans at '[ICRA]B+'
ONE POINT: ICRA Assigns '[ICRA]BB' Rating to INR19.13cr Loan
ORCHID INDUSTRIES: CARE Rates INR20.32cr LT Loan at 'CARE BB-'
PEEKAY AGENCIES: ICRA Assigns 'BB-' Rating to INR3cr Loan

PRECOT MERIDIAN: ICRA Cuts Rating on IR135.31cr Loan to 'BB+'
PRIYANKA GEMS: ICRA Reaffirms 'B+' Rating on INR54.41cr Loan
SABAR FLEX: CARE Assigns 'CARE BB' Rating to INR8.25cr LT Loan
SHREE AMBE: ICRA Assigns 'BB+' Rating on INR7.15cr LT Loans


I N D O N E S I A

ADARO INDONESIA: Fitch Affirms 'BB+' Issuer Default Rating
TELKOMSEL: Files Appeal Against Bankruptcy Ruling


K O R E A

HYUNDAI STEEL: S&P Lowers Standalone Credit Profile to 'bb'
JEJU BANK: Moody's Assigns 'D+' Bank Finc'l. Strength Rating


N E W  Z E A L A N D

ASTRA ENTERPRISES: Creditor Told No Money Left From Liquidation
SOLID ENERGY: Cuts Jobs by 25% in Response to Challenging Market


S I N G A P O R E

BW GROUP: Moody's Says 1H Performance Better Than Expected
MIRAE ASSET: Creditors' Proofs of Debt Due Oct. 21
MUI LEONG: Creditors' Proofs of Debt Due Oct. 5
QUINLIVEN PTE: Creditors' Proofs of Debt Due Nov. 2
TELEDATA (SINGAPORE): Court to Hear Wind-Up Petition Oct. 5


                            - - - - -


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


MARY MARTIN: Historic Bookshop Goes Into Liquidation
----------------------------------------------------
adelaidenow reports that Adelaide's historic Mary Martin Bookshop
has collapsed with debts of AUD1.4 million.  The business, born
of a love for literature, was placed in liquidation on Friday,
adelaidenow relates.

According to the report, liquidator Mark Hall, of Clifton Hall,
said the business was sunk on the back of its failed Norwood
expansion and a retail-wide slowdown.

"The retail trade is very difficult but more so for books --
people just don't buy books," the report quotes Mr. Hall as
saying.

adelaidenow relates that the company's Web site said Justin and
Sarita Chadwick "have decided to leave the book industry for
personal reasons."

Mr. Hall said he was in negotiation with trade suppliers to
purchase the stock, adelaidenow adds.

The business can trace its history back to 1945.


NINE ENTERTAINMENT: Wants to Keep Network Out of Receivership
-------------------------------------------------------------
Business Spectator reports that The Australian said Nine
Entertainment Co senior management has warned its creditors about
the damaging impact a move into receivership would have on the
network's sports contracts, as crucial rescue talks have been
launched between Nine Entertainment's creditors.

Nine Entertainment Chairman Peter Bush and Chief Executive David
Gyngell opened separate two-day meetings with Nine
Entertainment's lenders, where creditors would discuss the
network's business and attempt to find common ground on how best
to restructure the $3.8 billion in debt, according to Business
Spectator.

Business Spectator relates that The Australian Financial Review
said that at the meetings, Nine Entertainment lenders assured the
company that they were united in wanting to keep the firm out of
receivership.

Business Spectator discloses that senior management reportedly
told lenders that the weakened magazines division, the uncertain
future of its free-to-air broadcast rights for the National Rugby
League and overwhelming debt burden had prevented Nine
Entertainment from selling the company.


OFFICE FURNITURE: Put in Administration Following Owner's Death
---------------------------------------------------------------
OFD Pty Ltd, trading as Office Furniture Design, has been placed
in administration following the death of the company's managing
director.  The office furniture company turns over more than
AUD6 million a year, the report says.

BRI Ferrier principal and joint administrator Martin Green told
SmartCompany the administrators were called in shortly after the
managing director passed away.

"The wife of the managing director has made the appointment," the
report quotes Mr. Green as saying.  "She decided she couldn't
manage the business, and the best way to go forward was to
appoint administrators to take over and try and conclude a sale
process."

SmartCompany relates that Mr. Green said while the main reason
for the appointment was the death of the managing director, harsh
market conditions also played a part.

"There is no doubt the business has been under some pressure for
some time, but it is doing reasonable business and I'm sure a
prospective buyer will find it a great addition," Mr. Green told
SmartCompany.

He also added he was "very confident" that a sale would take
place, the report relays.

OFD Pty Ltd, trading as Office Furniture Design, has been
operating as a family business since 1977 and maintains a
manufacturing facility in New South Wales, as well as a factory
bay and logistics equipment including fitted trucks.



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


CHINA GLASS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on China-based glass maker China Glass
Holdings Ltd. "We also affirmed the 'cnBB-' Greater China
regional scale rating on the company. We then withdrew all the
ratings at the company's request. The rating outlook at the time
of the withdrawal was negative. China Glass repaid its
outstanding U.S.-dollar-denominated bonds in July 2012," S&P
said.

"The affirmed rating prior to the withdrawal reflected our
opinion that China Glass has limited product diversification and
volatile margins. The rating also reflected the price volatility,
fragmentation, and oversupply in the flat glass industry in
China. The company's experienced management team, diverse
customer base, and capability to migrate to coated glass and low-
emissivity
glass products supported the rating. The negative outlook prior
to the rating withdrawal reflected our view of China Glass'
deteriorating profitability and weak cash flows," S&P said.


CHINA SOUTH: Moody's Rates Senior Unsecured Notes '(P)B2'
---------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the USD senior unsecured notes proposed by China South City
Holdings Limited.

At the same time, Moody's has affirmed CSC's B1 corporate family
rating and the B2 senior unsecured debt rating on CSC's
outstanding notes.

The ratings outlook is stable.

The proceeds from the USD notes issuance will be used to fund
properties under development and planned for future development,
and refinance a portion of its existing debt.

The provisional status of the USD notes will be removed once CSC
has issued the proposed USD notes on satisfactory terms and
conditions.

Ratings Rationale

"The issuance of the new USD notes will strengthen CSC's capacity
to fund the development of trade centers in Harbin and
Zhengzhou," says Jiming Zou, a Moody's analyst.

"In addition, the USD notes will improve the company's funding
stability through the lengthening of its debt maturity profile,"
adds Zou, also the lead analyst for CSC.

CSC has expanded its projects to a number of cities outside
Shenzhen and has demonstrated initial success. As shown in the
fiscal year ending March 2012, it recorded HKD7.1 billion in
contract sales with two thirds coming from its three new projects
in Nanning, Xian and Nanchang.

"CSC's expansion outside its base in Shenzhen entails a level of
capital spending which will in turn increase its gross debt,"
says Zou, adding, "CSC plans to materially increase its gross
debt in the fiscal year ending March 2013, thereby raising its
level of financial risk".

The company's reported adjusted debt of HKD7.1 billion in March
2012 -- adjusted for mortgage guarantees and lease payments -- is
likely to increase by more than 50% in the fiscal year ending
March 2013.

But Moody's expects CSC will generate sufficient sales to service
the higher level of debt. Moreover, it will continue to reduce
capital spending when sales are below expectations. It will also
maintain an adequate level of unrestricted cash to cover its
short-term debt.

Moreover, CSC's interest coverage -- measured by EBITDA/Interest
expenses -- is likely to be in the range of 3.0- 3.5x for the
coming 2 fiscal years, thereby positioning it in the B1 rating
category.

CSC's B1 corporate family rating continues to reflect its unique
business model, which has involved the successful development and
operation of a single integrated trade center in Shenzhen.

It also takes into consideration CSC's ability to access large
suburban land plots at low cost, as well as the support it
receives from local governments on infrastructure improvement
projects and the favorable terms of these projects. As a result,
it has achieved a high gross margin of above 50% and is able to
recover costs within 3-4 years.

But CSC's rating is constrained by its fast expansion into large-
scale developments in new locations and this strategy presents a
degree of execution risk.

The volatility in CSC's sales will remain high, given that its
sales are concentrated in those months when trade fairs are
launched and its geographic focus.

Sales are also dependent on CSC's ability to secure a critical
mass of tenants and make further progress on adjacent
infrastructure development in its new locations.

In addition, CSC has yet to achieve a stream of recurring rental
income from its logistics and trade centers that can
significantly contribute to debt servicing.

CSC has an adequate liquidity position and its unrestricted cash
balance -- around HKD3.3 billion as of March 2012 -- can cover
its short-term debt of around HKD2.7 billion.

CSC's bond rating is one notch below its corporate family rating,
reflecting structural subordination to the company's bank loans
at its domestic subsidiaries, which accounted for nearly 16% of
total assets as of March 2012. Moody's expects this ratio will
not fall materially in the coming 2-3 years.

The stable outlook reflects Moody's expectation that CSC will
largely achieve its contract sales target, while also maintaining
an adequate liquidity position in the next 12-18 months.

Upward rating pressure is unlikely to emerge in the near term.
However, over the medium term, upgrade pressure could emerge if
CSC (1) establishes a track record of selling trade center units
in locations outside Shenzhen, (2) achieves a meaningful level of
rental income, (3) demonstrates a healthy financial profile with
Debt/Book Capitalization below 40%-45% and EBITDA/Interest
expenses rising above 4.5x--5.0x, and (4) strengthens its
liquidity profile with broadening banking relationships.

On the other hand, the ratings could be downgraded, if (1) CSC
fails to execute its business plan, (2) a regional economy --
where it operates -- experiences a significant downturn, which in
turn materially impairs sales, (3) CSC undertakes further
aggressive expansion into more new locations to the detriment of
its financial profile, or (4) CSC's liquidity position weakens
either due to weaker sales or a deviation from its normal
approach of reducing capital spending when sales are weak.

Moody's would consider as downgrade triggers: EBITDA/Interest
expense coverage below 3.0x; cash balance below RMB2-3 billion or
below short-term debt; or Debt/Book Capitalization above 50%-55%.

The principal methodology used in rating China South City
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

China South City (CSC), listed on the Hong Kong Stock Exchange,
is one of the developers and operators of large scale integrated
logistics and trade centers in China. The company operates one
integrated logistics and trade center in Shenzhen and is
developing new trade centers in Nanning, Nanchang, Xian, Harbin
and Zhengzhou.



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


KEI YAN: Lo Shui San Zue Steps Down as Liquidator
-------------------------------------------------
Lo Shui San Zue stepped down as liquidator of Kei Yan Charitable
Foundation Limited on Sept. 4, 2012.


KERRISDALE LIMITED: Liu and Yen Step Down as Liquidators
--------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Kerrisdale Limited on Sept. 4, 2012.


KGE INVESTMENT: Members' Final Meeting Set for Oct. 19
------------------------------------------------------
Members of KGE Investment (Hong Kong) Limited will hold their
final meeting on Oct. 19, 2012, at 10:00 a.m., at Unit D, 12th
Floor, Seabright Plaza, at 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KINCHENG (NOMINEES): Members' Final Meeting Set for Oct. 18
-----------------------------------------------------------
Members of Kincheng (Nominees) Limited will hold their final
general meeting on Oct. 18, 2012, at 9:45 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


KIU NAM: Members' Final Meeting Set for Oct. 18
-----------------------------------------------
Members of Kiu Nam Investment Corporation Limited will hold their
final general meeting on Oct. 18, 2012, at 10:30 a.m., at 5th
Floor, Jardine House, at 1 Connaught Place, Central, in Hong
Kong.

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


KNITTED PRODUCTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Knitted Products Limited, on Aug. 30, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Messrs Chen Yung Ngai Kenneth
         Kan Lap Kee
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress on Mini-Bond Cases
---------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Sept. 21 that
investigation of over 99% of a total of 21,868 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 15,769 cases, which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 3,479 cases, which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,529 cases, which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 36 cases, which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 19 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 34 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/wetoCi

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.


LINE ANALYTICS: Annual Meetings Set for Sept. 26
------------------------------------------------
Members and creditors of Line Analytics Limited will hold their
annual meetings on Sept. 26, 2012, at 2:00 p.m., and 2:30 p.m.,
respectively at Level 22, The Center, at 99 Queen's Road Central,
Central, in Hong Kong.

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


LOVE.CHARITY FOUNDATION: Members' Final Meeting Set for Oct. 18
---------------------------------------------------------------
Members of Love.Charity Foundation Limited will hold their final
general meeting on Oct. 18, 2012, at 11:00 a.m., at Room 2105,
21/F, Office Tower, Langham Place, at 8 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


P2 INTERIOR: Members' Final General Meeting Set for Oct. 25
-----------------------------------------------------------
Members of P2 Interior Design Co Limited will hold their final
general meeting on Oct. 25, 2012, at 11:00 a.m., at 13/F, Luk
Kwok Centre, at 72 Gloucester Road, Wan Chai, in Hong Kong.

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PO HAY: Members' Final Meeting Set for Oct. 18
----------------------------------------------
Members of Po Hay Enterprises Limited will hold their final
general meeting on Oct. 18, 2012, at 10:45 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


SIN MEI: Members' Final Meeting Set for Oct. 18
-----------------------------------------------
Members of Sin Mei (Nominee) Limited will hold their final
general meeting on Oct. 18, 2012, at 9:30 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


SIN YEH: Members' Final Meeting Set for Oct. 18
-----------------------------------------------
Members of Sin Yeh Shing Company Limited will hold their final
general meeting on Oct. 18, 2012, at 10:15 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


STREAMING VIDEO: Commences Wind-Up Proceedings
----------------------------------------------
Members of Streaming Video Technology (HK) Co Limited, on
Sept. 4, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


STREAMING VIDEO: Lo Shui San Zue Steps Down as Liquidator
---------------------------------------------------------
Lo Shui San Zue stepped down as liquidator of Streaming Video
Technology (HK) Co., Limited on Sept. 4, 2012.


TRACK LINK: Members' Final Meeting Set for Oct. 18
--------------------------------------------------
Members of Track Link Investment Limited will hold their final
general meeting on Oct. 18, 2012, at 10:00 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


TRI-TECH METALS: Chi and Shek Appointed as Liquidators
------------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on Sept. 3, 2012,
were appointed as liquidators of Tri-Tech Metals Company Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong



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I N D I A
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ASSOCIATED HOTELS: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has revised downwards the long-term rating to '[ICRA]D' from
'[ICRA]B' for the INR13.76 crore term loans and INR1.00 crore
fund based bank facilities of Associated Hotels Private Limited.
ICRA has also revised downwards the short-term rating to
'[ICRA]D' from '[ICRA]A4' for the INR1.00 crore non-fund based
bank facilities of AHPL.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loans             13.76          [ICRA]D downgraded
   Fund Based Limits       1.00          [ICRA]D downgraded
   Non-Fund Based Limits   1.00          [ICRA]D downgraded

The rating downgrade reflects delays in debt servicing by the
company, due to strained liquidity conditions. The company has a
moderate scale of operations with high concentration of revenues
towards the Ahmedabad hospitality market. The financial profile
of the company is weak characterized by large corporate
guarantees extended on behalf of its associate company and large
cross holdings/inter-linkages between the group companies. The
hotel is expected to face competitive pressure with the
incremental supply coming up in Ahmedabad especially with the
entry of international players with stronger brand and deeper
resources.

Associated Hotels Private Limited, incorporated on May 31, 1988,
is a subsidiary of DB Hospitality Private Limited, the
hospitality arm of Dynamix Balwa Group. The company has multiple
presence in the hospitality space in Ahmedabad with it owning the
63 room 'Le Meridien' in the city, and running Bica Lounge,
Conwood Snacks Counter and Conwood in-flight at Ahmedabad
airport. While the Airport business was started in 2007, the
hotel was built in 1992-93. It was started as Hotel Royal Balwas
and was subsequently run as Holiday Inn from 1996-2003 under a
management contract with InterContinental Hotels Group. AHPL
then, in 2003, entered into a management contract with Starwood
Hotels & Resorts Worldwide Inc. to operate the hotel under their
European brand Le Meridien for a ten year period ending 2013.

Recent Results

AHPL reported a net profit of INR0.9 crore in 2010-11 on an
operating income of INR14.5 crore. The same for 2011-12
(provisional) stood at a profit of INR0.2 crore on an operating
income of INR13.1 crore.


AXIS SOFTWARE: CARE Assigns 'CARE BB-' Rating to INR7cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Axis Software Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     7.00        CARE BB- Assigned
   Short-term Bank Facilities    7.15        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Axis Software
Private Limited are constrained by its relatively small scale of
operations with concentrated revenue stream, low profitability
margins along with an elongated working capital cycle. The
ratings are further constrained by the risk associated with the
delay in the execution of projects.

The ratings, however, do draw comfort from the long experience of
the promoters, along with reputed clientele and strong order book
of projects to be executed over the next two years. The ratings
further derive strength from the moderately leveraged capital
structure and expected growth in the ATM industry.

The ability of the company to execute the orders in a timely
manner, thereby enhancing its scale of operations along with an
improvement in its profitability is the key rating sensitivity.

Axis Software Private Limited, incorporated in the year 1998 as
Sambhav Motors Private Limited, was promoted by Mr. Abhay
Khinvasara and Mr. Ajay Khinvasara. On April 19, 2000, Mr.
Ajay Khinvasara exited the company, while Mr. Abhay with Mr.
Ashok Kulkarni renamed the company as ASPL along with change in
its business profile. ASPL, headquartered in Pune, is engaged in
developing products and solutions like PIN-based and Biometric-
based Automated Teller Machines (ATMs) and Kiosks for various
transaction applications. ASPL has many awards to its credit like
"Red Herring Top 100 companies in Asia," while it already has 16
trademarks registered in its name.

During FY12 (refers to the period April 1 to March 31), as per
provisional results, ASPL reported a PAT INR0.52 crore over net
sales of INR13.04 crore as against a PAT margin of INR0.2 crore
on net sales of INR10.22 crore reported during FY11 (audited
results).


BINJRAJKA STEEL: ICRA Assigns '[ICRA]B+' Rating to INR10cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR10.00 crore fund
based facilities of Binjrajka Steel Tubes Limited.

                                  Amount
   Facilities                    (INR Cr)     Ratings
   ----------                    ---------    -------
   Long Term Fund Based Limits     10.00      [ICRA]B+ assigned

The assigned rating is constrained by BSTL's moderate financial
profile primarily characterized by moderate operating
profitability and moderate gearing levels, cyclical nature of the
steel industry, competitive threats from other players in the
industry and substitution risk from other pipe segments. Given
the expected growth in operations, the capital structure of the
company could deteriorate further on account of high working
capital debt as the operating profits, which have remained low
historically, could be insufficient to fund the increasing
working capital requirements. This could further lead to
stretched cash flows if adequate funds are not made available to
support the stated growth plans. The rating also factors in the
high geographic concentration in BSTL's operations. The rating
however, favorably factors in the long experience of BSTL's
promoters in the steel tubes manufacturing business, steady
growth in operating income in last 4 years and well established
relationships with suppliers and customers within the traders and
wholesaler community which ensures smooth supply of tubes and
pipes. ICRA also notes that limited raw material inventory keeps
the company isolated from the price risk resulting from adverse
movement in steel prices.

Binjrajka Steel Tubes Limited is a Hyderabad based company which
was initially incorporated as a SSI (small scale industry) in
1981. BSTL, which was converted into a public limited company in
1986, is involved into the manufacturing of pre galvanized mild
steel pipes and tubes, MS black pipes, square pipes, round pipes
and rectangular pipes within the ERW pipe segment. Since the time
of inception, the company has been promoted by the members of
Binjrajka family which includes Late Mr. Govind Prasad Binjrajka
and his 4 sons.


GOEL EXIM: ICRA Reaffirms '[ICRA]BB-' Rating on INR50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB-' assigned to INR50.0
Crore1 bank limits of Goel Exim India Private Limited.  The
Outlook on the long-term rating is Stable.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Fund-Based limits       50.0        [ICRA]BB- reaffirmed

The reaffirmation of ratings factors in the established presence
of the promoters of the company in trading and distribution of
gold and gold jewellery and favorable demand growth prospects in
India in medium to long term. The ratings are, however,
constrained by highly competitive nature of the gold jewellery
industry characterized by many organized and unorganized players
resulting in low profitability margins; high geographical and
customer concentration risk; susceptibility of profitability to
adverse movement in gold prices; moderately high financial risk
profile characterized by moderate return indicators, high gearing
level and low coverage indicators; and tight liquidity position
as reflected in high utilization of working capital limits.
Significant increase in working capital intensity resulting in
deterioration of profitability and debt coverage metrics would be
a key rating sensitivity.

Goel Exim India Private Limited is a manufacturer, wholesaler and
trader of gold, diamonds and silver ornaments/jewellery. GEIPL
has a presence largely in gold jewellery, which contributes to
more than 90% of revenues. The company was incorporated in the
year 2004. The company procures gold under the Metal Loan Scheme
from Bank of Nova Scotia. GEIPL's customers are primarily
wholesalers and retailers based in New Delhi.

GEIPL has acquired two partnership firms, namely, Shree Ganpati
Impex and Bhavya Gold with effect from 15 March 2010. The
previous directors of the company, Mr. Ashok Goel and Mr. Pravin
Gupta, continued to be the directors of Goel Exim (India) Private
Ltd. The partners of both the firms are shareholders of the
company.

Recent Results

Goel Exim India Private Limited reported a turnover of INR481.53
Crore and a net profit of INR3.06 Crore during financial year
2011-12. The company had reported a turnover of INR450.55 Crore
and a net profit of INR3.40 Crore during 2010-11.


JOHNSON ENTERPRISE: CARE Rates INR15cr LT Loan at 'CARE BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Johnson Enterprise Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     15          CARE BB Assigned
   Long-term/Short-term Bank      9          CARE BB/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Johnson Enterprise
Limited are primarily constrained on account of its modest
financial risk profile marked by fluctuating profitability
margins, moderately leveraged capital structure and stretched
liquidity position. The ratings are further constrained by its
modest scale of operation, which is mainly concentrated in the
state of Gujarat, high working capital requirements and its
presence in intensely competitive infrastructure sector.

The ratings, however, derive strength from the extensive
experience of the promoters in the infrastructure industry,
established track record of operation and moderate order book
position.

JEL's ability to increase its scale of operations along with an
improvement in the overall financial risk profile through
effective working capital management will remain the key rating
sensitivity.

Ahmedabad-based JEL started its operation in 1998 as a
proprietorship concern. Later in May 2004, it was converted to a
closely held public limited company. The company is primarily
engaged in the construction and maintenance of roads,
construction of buildings, canals and irrigation projects and
road marking projects for various government departments in the
state of Gujarat.

As per the provisional result of FY12 (refers to the period
April 1 to March 31), JEL has reported total operating income of
INR58.84 crore as against INR43.28 crore in FY11. It has reported
a PBT of INR2.73 crore during FY12 as compared with PAT of
INR0.38 crore during FY11.


KAVVERI TELECOM: ICRA Cuts Rating on INR100cr Loan to 'BB+'
-----------------------------------------------------------
ICRA has revised the rating assigned to INR98.15 crore (revised
from INR93 crore) Working Capital Limits and INR1.85 crore Term
Loan (revised from INR7 crore) of Kavveri Telecom Products
Limited from '[ICRA]BBB-' to '[ICRA]BB+'.  The outlook on the
long term rating is stable.

                            Amount
   Facilities              (INR Cr)         Ratings
   ----------              ---------        -------
   Term Loan                 1.85           [ICRA]BB+
   Working Capital Limits   98.15           [ICRA]BB+

The rating revision takes into account significant increase in
loan and advances from KTPL to Kavveri Telecom Infrastructure
Limited (KTIL, 51% subsidiary of KTPL) during FY12; loans and
advances to KTIL increased from INR25.6 crore in March'11 to
INR63.3 crore in March'12. ICRA notes that KTIL in-turn repaid
the long term interest-free loan of INR40 crore provided by
promoters. This has adversely impacted the consolidated capital
structure of the group and its liquidity profile. Moreover, ICRA
notes that the working capital (WC) limit of the company is
almost fully utilized since last several months reflecting its
tight liquidity condition. Additionally, at consolidated level
KTPL would have to repay INR14.5 crore of long term loan and INR5
crore of short term loan from corporate during FY13 which would
put further pressure on liquidity. While revising the rating ICRA
has also taken note of moderation in KTPL's profitability during
FY12 partly on account of weak domestic telecom scenario;
consolidated OPBDITA margin dropped from 23.1% in FY11 and 23.2%
in H1FY12 to almost 16.1% in whole of FY12. Moreover, the rating
continues to remain constrained by the company's high customer
concentration, its high WC intensity and its exposure to capital
intensive in-building solution business through its 51% owned
subsidiary, KTIL (proposed to be merged with KTPL in near term).

However, the rating continues to draw comfort from KTPL's long
track record in designing and manufacturing of Radio frequency
(Rf) products and antenna, its in-house R&D capabilities and its
moderate gearing level (consolidated gearing of 0.5 times as on
31st March, 2012). ICRA also notes that the company has several
near term plans for improving its liquidity profile, including
equity infusion through allocation of warrants to promoters/ non-
promoter directors, enhancement of INR20 crore in its fund based
WC facility with banks, and increasing bank borrowings at foreign
subsidiaries level.

KTPL, founded by Mr. Shivkumar Reddy in the year 1996, is mainly
into design, development and marketing of Rf products and
antennas. The company has in-house research and development
facility driven by 40 member core R&D team. Its manufacturing
facility admeasures nearly 1.5 lakh sq. ft. and is accredited
with ISO 9001:2008. KTPL has also started contract manufacturing
activity in FY12 which helped in its export sales growth. During
last six years, KTPL has acquired six companies in order to broad
base its product portfolio and expand its geographical reach.
KTPL has also ventured into the In-Building Solution business in
September 2008, through its 51% owned subsidiary, KTIL (proposed
to be merged with KTPL in near term). This is a capital intensive
business model requiring significant upfront expenditure by KTIL
on infrastructure development. At consolidated level the company
has generated a PAT of INR48.4 crore on an Operating Income of
INR454.3 crore during FY12.


KINGFISHER AIRLINES: Lessors Pay AAI to Fly Planes Out of India
---------------------------------------------------------------
The Economic Times reports that foreign aircraft leasing
companies wishing to repossess their planes from near bankrupt
Kingfisher Airlines are paying Airports Authority of India (AAI)
about a crore for flying each plane out of India.  The report
says Kingfisher owes about INR290 crore to the staterun AAI and
the latter told the airline it would not allow any lessor to
repossess aircraft from it -- due to non-payment of lease rentals
-- to leave India unless the dues are cleared.

"About two months back, Kingfisher paid us INR1-2 crore so that a
lessor could take their aircraft back. Later, the airline could
not even pay that much. Now lessors are coming to us and paying
money. So far, three aircraft have been repossessed by lessors by
paying us INR1 crore per plane. Kingfisher has not paid them and
they are paying us so that the planes can be leased out to some
other airline abroad," the report quotes a senior AAI official as
saying.

ET relates that AAI said the interest component on its dues works
out to INR5 crore a month. "Kingfisher was making the maximum
noise for allowing FDI by foreign airlines. That has been allowed
and even now there is no movement on Kingfisher getting funded
and beginning to pay vendors, service providers and employees,"
the official, as cited by ET, said.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines 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: DGCA to Monitor Carrier's Financial Health
---------------------------------------------------------------
The Economic Times reports that the Director General of Civil
Aviation said it is monitoring the financial health of Kingfisher
Airlines along with other procedural lapses that popped up during
the safety audit conducted by the regulator recently.

"Financial issues at an airline may sometime also become safety
issues and we are keeping a watch on Kingfisher as it has some
unpaid dues to its pilots," the report quotes Arun Mishra, DGCA,
as saying.

ET relates that the regulator said the audit did not throw up
serious safety issues for both Kingfisher and Air India Express,
but both these airlines are violating some established
procedures.

                     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: Brand Can't Be Used as Collateral, RBI Says
----------------------------------------------------------------
Business Standard reports that the Reserve Bank of India (RBI)
has asked banks not to treat Kingfisher Airlines' brand as
collateral since it is intangible.  This is because the loan has
turned non-performing for most of the banks, the report says.

Business Standard notes that the RBI's rejection means lenders
will have to treat their exposure to Kingfisher as unsecured, for
which the provisioning requirement will go up substantially.

According to the report, loans to the airline have become
non-performing for a host of banks, including State Bank of
India, Punjab National Bank, Bank of Baroda, Bank of India and
Central Bank of India, among others.  Since the loan became sub-
standard -- the first category of NPA -- banks had provided for
15% of the loan value, assuming the asset was secured with the
brand being treated as collateral, the report says.

Business Standard relates that bankers said the RBI has reminded
them that for provisioning purposes, assets backed by intangible
securities cannot be treated as secured. For unsecured assets,
the provisioning requirement is 25% in the sub-standard category.

"Banks accept a personal guarantee, brand, etc as collateral but
those are used for recovery purposes. For provisioning purposes,
assets backed by intangible securities are treated as unsecured,"
the chairman and managing director of a public sector bank with
exposure to Kingfisher Airlines said.

Apart from the brand and promoter Vijay Mallya's personal
guarantee, certain tangible assets such as Mr. Mallya's villa in
Goa have been used as collateral, the report notes.

According to Business Standard, Kingfisher is still struggling to
pay its dues and banks are facing the grim prospect of the asset
slipping into doubtful category -- the second level of NPA.
Provisioning for an unsecured doubtful asset can be up to 100% of
the bank's exposure, the report discloses.  State Bank of India,
which had identified the loan as sub-standard in the October-
December quarter, has an exposure of INR1,400 crore.  A sub-
standard asset becomes doubtful if the borrower fails to pay the
dues for one year. Banks have an exposure of INR8,000 crore to
the cash-strapped airline, Business Standard states.

Business Standard discloses that some other banks that have
exposure to the airline are IDBI Bank (INR727 crore), Bank of
India (INR575 crore) and Bank of Baroda (INR537 crore).

According to a senior SBI official, the lender has provided 90
per cent provisioning on Kingfisher. Other banks are also likely
to increase the provisioning requirement following the RBI's
intervention.

Lenders will meet the Kingfisher Airlines management today,
September 27, to know about the carrier's plan to raise equity
capital, Business Standard says.  This will be the first meeting
among the banks and KFA management after the aviation sector was
opened to foreign airlines last week, the report adds.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines 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.


MADHAVI OILS: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for INR7.00
crore1 fund based limits of Madhavi Oils & Fats.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based limits      7.00          [ICRA]B+ Assigned

The assigned rating is constrained by the intensely competitive
and fragmented nature of the edible-oil industry marked by
presence of numerous unorganized players, which, along with the
regulatory restrictions on pricing and absence of any retail
brand for the company; exert pressures on its pricing and
profitability. Further, the rating also takes into consideration
the trend of decline in operating income of the company, and its
susceptibility to policy risks affecting the availability of
crude- which in turn is exposed to climatic risks and
international policies on cultivation of palm.

The aforementioned concerns are partially offset by the long-
standing experience of the promoters in the industry and the
attractive demand prospects for the edible oil industry in India.
Further, the company has plans of vertical integration into
manufacturing of crude palm oil, which should improve the raw
material availability and the plant utilization levels.

Madhavi Oils & Fats was established in the year 2009 and is
involved in the Manufacturing & Marketing of edible oils like
Rice Bran Oil, Palm Oil, and Vanaspathi.

Recent Results

The company reported a net profit of INR0.41 crore during the FY
2012 and an operating income of INR31.08 crore as against a net
loss and operating income of INR0.16 crore and INR35.23 crore
respectively during FY 2011.


MAGOD LASER: ICRA Rates INR10.5cr Term Loan at '[ICRA]BB+'
----------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BBB-' to
'[ICRA]BB+' assigned to the INR7.40 crore term loan of Magod
Laser Machining Pvt Ltd. ICRA has also revised the short term
rating from '[ICRA]A3' to '[ICRA]A4+' assigned to the non-fund
based limits of INR0.71 crore of MLMPL. The long term rating
carries stable outlook.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loan              10.5            [ICRA]BB+(stable)
   Non-fund based limits   0.71           [ICRA]A4+

The ratings revision takes into account the relatively weak
outlook for its key customers namely the power and capital goods
sector which accounts for majority of orders which is also
reflected in stagnation in sales growth of its laser machining
services. Further, although the company has added capacity in
past year, utilization has been lower because of sluggish
oftfake. ICRA notes that operating leverage in the business due
to high fixed cost exposes the company to risk related to
capacity utilization. ICRA also notes that the laser cutting
segment which accounts for -70% of turnover is fairly competitive
and relatively lower value added; better utilization level in
other segments such as laser welding will be key to maintaining
margin. Ratings factor in the proposed debt funded expansion plan
of the company where in it'll be adding new machines in Peenya
and Dabaspet area.

ICRA however takes comfort from MLMPL's long track record (of
over 15 years) in the Laser machining business which has resulted
in an established client base (which includes Alstom, Areva,
BHEL, HAL, Buhler India and Voith), profitable track record of
operation with healthy return parameters which is expected to
improve with addition of more complex processes and relatively
low risk profile as majority of work is being done on job-works
basis. ICRA has also factored in the company's prudent capital
structure characterized by comfortable gearing level due to
steady accrual to net worth.

Going forward, the utilization level in view of increased
capacity along with stable margin through process diversification
will remain key rating drivers.

                          About Magod Laser

Magod Laser Machining Pvt Ltd has been in business since 1997
providing Laser Cutting/Waterjet cutting/Laser welding services
to companies in and around Bangalore. MLMPL was the first to
introduce Laser/ Waterjet cutting in South India. Company has
been growing steadily for last 14 years and now has 9 CNC laser
cutting machines & a CNC waterjet cutting machine. Apart from
Bangalore, the company has two more facilities in Chennai one at
Ambattur (rented premises) & other at Sriperumbudur (own
facility). MLMPL has been serving to customer base of more than
500 since last 14 years including all major engineering companies
in and around Bangalore.

MLMPL reported a net profit of INR1.38 crore on net sales of
INR18.20 crore in FY2012 (provisional), against a net profit of
INR1.74 crore and net sales of INR18.42 crore, in the previous
year.


NAVASAKTHI TOWNSHIPS: ICRA Rates INR15cr Term Loans at '[ICRA]B+'
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the 15.0
crore1 term loans of Navasakthi Townships Developers Private
Limited.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loans             15.00           [ICRA]B+ assigned

The rating assigned considers the high competitive intensity in
the real estate segment, the cyclicality in the industry which
exposes the company to demand risks, and the high dependence on
customer advances for funding the ongoing and planned projects.
ICRA notes that any downturns in sales bookings for the current
projects can adversely impact the cashflows and debt servicing
ability of the company. The rating also factors in the
vulnerability of profit margins to fluctuations in raw material
and labour costs, the moderate financial risk profile
characterized by fluctuating profitability and high gearing
levels, and the high working capital intensity on account of land
purchases for ongoing and planned projects. The rating, however,
favorably considers the longstanding experience and track record
of the promoters in the civil construction industry, the
favorable response to the company's first township project with
over 490 villas, which has been completed and handed over, and
the significant progress achieved on the ongoing projects, which
have favourable demand prospects.

Navasakthi Townships Developers Private Limited, incorporated in
2007, is engaged in the business of developing real estate
projects, mainly integrated township projects. The company is
promoted by Dr. K I Manirathinem and Ms M Usha. The promoters
have over two decades of experience in the construction field.
The first project undertaken by the company was the Anugraha
Satellite Township project at Cuddalore on the East Coast Road
(ECR), which consists of over 490 individual villas over 83 acres
of land. All the units in this township have been sold out and
handed over; in addition, the company is currently undertaking a
second phase of development with 120 more villas. NTDPL is also
promoting a second project (La France Villa) on the ECR in
Pondicherry, which consists of 473 villas spread over 60 acres of
land. This project is currently in the execution stage. In
addition to these ongoing projects, the company also has plans to
develop townships in the suburbs of Chennai city.


ONE POINT: ICRA Assigns '[ICRA]BB' Rating to INR19.13cr Loan
------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR19.13 crore non-fund based limits of One Point Realty Private
Limited.  The rating carries a Stable outlook.

                            Amount
   Facilities              (INR Cr)         Ratings
   ----------              ---------        -------
   Non-Fund Based Limits    19.13           [ICRA]BB (Assigned)

The rating favorably factors in the adequate booking levels as
well as healthy customer advances for its project - One City
Rohtak, experience of the promoters in real estate sector and low
approval risks. The rating, however, is constrained by the
moderate market risk for the unsold area and ORPL's modest scale
of operations. Further, the rating also takes into account the
exposure to execution risk as part of the project cost is
proposed to be funded through customer advances, which are
contingent on the ability to maintain healthy sales as well as
collection efficiency. Going forward, ability to execute the
project in timely manner and maintain sales as well as collection
efficiency will be amongst the key rating sensitivities.

Established in June 2005 by Mr. Sunil Kumar Jain, One Point
Realty Private Limited is part of One Group. The company is
currently developing its maiden plotted development project One
City, Rohtak spread on a land parcel of 73.09 acre at Sector 37,
Rohtak, Haryana. The total project cost is envisaged at INR115
crore (approx). The company as on March 31, 2012 had spent around
38% of the total cost and been able to book around 42% of the
saleable plots.

Recent Results

For the period ending FY11-12 (April 2011-March 2012), the
company reported a profit of INR0.64 crore on an operating income
of INR16.85 crore as compared to INR0.11 crore on an operating
income of INR4.12 crore a year ago.


ORCHID INDUSTRIES: CARE Rates INR20.32cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Orchid
Industries Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      20.32      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Orchid Industries
Private Limited (OIPL) is primarily constrained by its small
scale of operations and an elongated working capital cycle. The
rating is further constrained by the operations of OIPL in a
highly competitive and fragmented industry with low entry
barriers and susceptibility of margins to volatile raw material
prices.

The above-mentioned factors far offset the strength derived from
the experienced promoters along with financial support from them
in the past.

The ability of the company to improve its overall scale of
operations, efficient management of its working capital cycle and
improvement in liquidity position are the key rating
sensitivities.

Incorporated in 2004, Orchid Industries Private Limited, a
closely held private limited company, is engaged in the business
of manufacturing of torchon/bobbin lace, embroidered fabrics &
laces, braided/crocheted lace and is one of the largest
manufacturer of 'Embroidery fabric' in India.

OIPL has a combined installed capacity of 17.64 million stitches
for embroidery and 41.62 million meters for bobbin lace, and its
plants are located at Tarapur and Bhiwandi (both in Maharashtra)
and Sonipat (Haryana).  OIPL sells its products directly to the
customers and has marketing offices located in Mumbai, Kolkata,
Delhi and Tirupur. The company also earns revenue from the job
work undertaken for its customers under which the required
garment is supplied by the customer and company undertakes
embroidery work as per the requirement.

During FY12 (refers to the period April 1 to March 31), OIPL
reported total operating income of INR48.97 crore and PAT of
INR1.51 crore vis-a-vis total operating income of INR47.28 crore
and PAT of INR0.45 crore in FY11.


PEEKAY AGENCIES: ICRA Assigns 'BB-' Rating to INR3cr Loan
---------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.00 crore fund
based bank facilities of Peekay Agencies Private Limited.  The
outlook on the long term rating is stable. ICRA has also assigned
an '[ICRA]A4' four) rating to the INR2.50 crore fund based and
INR3.00 crore non-fund based bank facilities of PAPL.

                              Amount
   Facilities                (INR Cr)        Ratings
   ----------                ---------       -------
   Fund Based Limit-Cash      3.00 crore     [ICRA]BB- assigned
   Credit

   Fund Based Limit-Bills     2.50 crore     [ICRA]A4 assigned
   Discounting

   Non-Fund Based Limit-      3.00 crore     [ICRA]A4 assigned
   Letter of Credit

The ratings take into account the experience of the promoters in
trading of chemicals, wide customer base and diversified product
portfolio which partially mitigates off-take risks and its
established relationship with suppliers which ensures regular
supply of traded chemicals. ICRA takes note of the stable revenue
derived by the company on account of being the sole distributor
of some of the reputed chemical manufacturers. The ratings,
however, also take into account the intense competition from
organized and unorganized players in the industry, PAPL's
moderate scale of current operations with low turnover and
profits, notwithstanding an increase in the last two years and
its weak financial profile characterized by high gearing and weak
coverage indicators. Susceptibility of PAPL's margins to
fluctuations in exchange rates and volatility in prices of
chemicals have also been considered while assigning the ratings.

Incorporated in 1989, PAPL is primarily engaged in the trading of
various chemicals. PAPL purchases chemicals from the domestic
market and also imports from various countries including Sweden,
Germany, Malaysia, China, Singapore, France and Belgium. The
company has three warehouses in Howrah, West Bengal.

Recent Results

The company reported a net profit of INR0.69 crore (provisional)
in 2011-12 on an operating income of INR62.14 crore
(provisional), as compared to a net profit of INR0.51 crore on an
operating income of INR52.05 crore during 2010-11.


PRECOT MERIDIAN: ICRA Cuts Rating on IR135.31cr Loan to 'BB+'
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR122.31 crore term
loans and the INR13.0 crore fund-based limits of Precot Meridian
Limited from '[ICRA]BBB' to '[ICRA]BB+'.  The outlook on the
rating is stable.  ICRA has also revised the rating assigned to
the INR102.0 crore fund based facilities of PML to '[ICRA]A4+'
from '[ICRA]A3+'.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term loans             122.31          [ICRA]BB+(Stable)/
                                          revised from [ICRA]BBB

   Fund Based limits       13.0           [ICRA]BB+(Stable)/
                                          revised from [ICRA]BBB

   Fund Based Limits      102.0           [ICRA]A4+/revised from
                                          [ICRA]A3+

The revision of ratings reflects the deterioration in financial
profile of the company and large debt funded capital expenditure
being undertaken in the current fiscal which is expected to
adversely impact the credit profile over the medium term. Post
the slowdown in demand and sharp fall in prices during H1 2011-
12, recovery in operating performance of PML was weaker than
expected with the company recording sustained losses. While the
volumes and prices have improved in the first half of the current
fiscal supported primarily by the domestic market, sustenance of
the same going forward remains to be seen given the uncertainty
surrounding export market. In addition to the considerable losses
incurred, capitalization levels of PML are expected to be
stretched over the medium term on account of the large debt
funded capital expenditure being undertaken by the company
coupled with the high working capital intensity in the business.
While the diversification into the technical textile segment is a
long term positive for the revenue growth and business diversity,
high capital outlay coupled with project related risks are likely
to impact the credit profile over the short to medium term.

Precot Meridian Limited was incorporated in 1962 as Premier
Cotton Spinning Mills by the Late Mr. N. Damodaran, Mr. V. N.
Ramchandran and Mr. L. G. Balakrishnan of the Elgi group. PML
commenced production of cotton yarn in 1964 with an initial
capacity of 12,096 Spindles in Kerala. Since then, the company
has expanded its operations to current levels with spinning
capacity of 217,488 spindles and 960 rotors, weaving capacity of
117 looms, yarn dyeing capacity of 12 tpd and windmills of 13.25
MW. The company is also in the process of establishing a facility
for its entry into the technical textile segment with an
installed capacity of 6000 MT.

Recent Results:

For the first quarter ended June 2012, the company has reported a
net profit of INR0.2 crore on an operating income of INR146.0
crore. For the corresponding period of 2011-12, the company
reported a net loss of INR11.3 crore on an operating income of
INR136.0 crore.


PRIYANKA GEMS: ICRA Reaffirms 'B+' Rating on INR54.41cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned
to the INR54.41 crore (reduced from INR98.16 crore) fund based
limits of Priyanka Gems.  The rating was earlier suspended in
June 2012.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund Based Limits       54.41        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the stretched
financial position of the firm as characterized by decline in
sales, low profitability levels and high working capital
intensity due to high debtor and inventory days. Along with raw
material price fluctuation risk, the margins of the firm are also
exposed to volatility in foreign exchange rates on account of
export dominated sales profile; however the risk is partially
mitigated through natural hedge provided by import of roughs as
well as forward covers taken by the firm. Further, fragmented
nature of the industry and intense competitive pressures from
organized and unorganized players limits the bargaining power of
the firm. ICRA however takes into account the long experience of
the promoters in the cut and polished diamond business along with
the comfortable capital structure of the firm. Being a
partnership concern, the capital structure of the firm would
however remain exposed to the quantum of capital additions and
withdrawals by the partners.

Formed in 1978, Priyanka Gems is a partnership firm engaged in
the import of rough diamonds and export of Cut and Polished
Diamonds (CPDs). PG has a processing unit at Surat & sales office
in Opera House, Mumbai.

Recent Results

PG recorded a net profit of INR0.80 crore on an operating income
of INR142.49 crore for the year ending March 31, 2012,
(provisional).


SABAR FLEX: CARE Assigns 'CARE BB' Rating to INR8.25cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Sabar Flex Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     8.25        CARE BB Assigned
   Short-term Bank Facilities    0.50        CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Sabar Flex
Industries are primarily constrained on account of its small
scale of operations, moderate profitability margins and capital
structure. The ratings are further constrained on account of its
constitution as partnership firm, its presence in the highly
competitive plastic manufacturing industry and vulnerability of
profitability to fluctuations in raw material prices.

The above constraints far offset the benefits derived from the
wide experience of the partners in the plastic manufacturing
business, established clientele and successful completion of the
project. Stabilization of expanded capacity and improvement in
the financial risk profile would remain the key rating
sensitivities for SFI.

Formed in 2007, SFI is a partnership firm promoted by Mr. Udesinh
A. Parmar, Mr. Chandrakanth H. Patel, Mr. Hikmat Bahadur K.
Kunwar, Mr. Ramesh Patel, Mr. Vasant Patel, Mr. Vinod Patel and
Mr. Ramesh Shah. It is engaged in the manufacturing of packaging
material like multi-layer laminated wrappers, stand up pouches
for all type of FMCG products, cosmetic products, automobile
lubricant packaging, etc. SFI's manufacturing unit is located at
immatnagar, with an installed capacity of 1,320 Metric Tonnes Per
Annum (MTPA) of Low Density (LD) Films, 3,500 lakh nos. of
printed bags and 1,200 MTPA of laminated pouches as on March 31,
2012. LD films are mainly used for the manufacturing of printed
bags and pouches, which in turn find application as a packing
material for salts, pesticides, insecticides and other
agricultural products.


SHREE AMBE: ICRA Assigns 'BB+' Rating on INR7.15cr LT Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR7.00 crore
existing long term fund based facilities and INR0.15 crore
proposed long term fund based facilities of Shree Ambe Food
Products Private Limited. ICRA has also assigned '[ICRA]A4+'
rating to the INR1.00 crore non fund based facilities of the
Company. The outlook on the long term rating is stable.

                                 Amount
   Facilities                   (INR Cr)   Ratings
   ----------                   ---------  -------
   Long Term Fund Based Limits    7.00     [ICRA]BB+ assigned

   Long Term Fund Based Limits    0.15     [ICRA]BB+ assigned
   (proposed)

   Short Term Non Fund            1.00     [ICRA]A4+ assigned
   Based Limits

The assigned ratings take into account the promoters' long
standing experience in the wheat milling and processing industry,
diversified client base and established relationship with
institutional buyers and stable demand outlook with wheat based
products being an important part of the staple Indian diet. The
ratings also take into account SAFPPL's relatively moderate
capital structure (aided by equity infusion of INR1.0 crore by
the promoters into the business over the last two years) and
funding support from the much larger Group entity Ambe Agro
Industries Limited, engaged in similar business. The ratings are,
however, constrained by the Company's moderate scale of
operations restricting the operational and financial flexibility,
low value addition and highly fragmented structure of industry
resulting in thin operating margins, susceptibility to adverse
government regulations in terms of Minimum Support Price for
purchasing raw material (wheat) and vulnerability of raw material
availability to the agro-climatic conditions. In addition, the
Company's cash accruals also remain low resulting in weak debt
protection metrics.

Incorporated in 2005, Shree Ambe Food Products Private Limited is
engaged in the manufacturing of flour milling products - whole
wheat atta, maida, resultant atta, suji and bran from wheat. The
Company's milling unit, located at Hoskote (Bangalore) has a
grinding capacity of 33,000 tonnes per annum. The company has
been promoted by Mr. Bimal Kant Gupta and Mr. Nneeraj Agrawal.
Besides SAFPPL, the promoters also own another company named Ambe
Agro Industries Limited, which has two flour milling units in the
state of Bihar with a total grinding capacity of 350 tonnes per
day. Ambe Agro Industries Limited, which was incorporated in
1995, reported an operating income of INR74.0 crore with a net
profit of INR0.4 crore for 2010-11.

Recent Results

As per the provisional results, the Company reported a profit
before tax and depreciation of INR0.6 crore on operating income
of INR47.6 crore during 2011-12 as against net profit (profit
after tax) of INR0.2 crore on operating income of INR43.3 crore
during 2010-2011. Also, as per the provisional results, the
Company reported profit before tax and depreciation of INR0.6
crore on operating income of INR14.2 crore during the first
quarter of 2012-13.



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


ADARO INDONESIA: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed coal producer PT Adaro Indonesia's
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB+'.  The Outlook is Stable.  Fitch has also affirmed
Adaro's USD800m senior unsecured notes due in 2019, guaranteed by
its 100% parent, PT Adaro Energy Tbk (Adaro Energy), at 'BB+'.

The ratings of Adaro are based on the consolidated credit profile
of Adaro Energy, given their strong linkages. Adaro's operating
and financial policies are tightly controlled by the parent and
its shareholders.  It is the primary source of cash generation
for Adaro Energy, accounting for over 80% of the latter's
consolidated EBITDA.  Adaro also raises debt on behalf of its
parent -- which is guaranteed by Adaro Energy -- for the latter's
investments in coal resources and supporting logistics
operations.

The affirmation reflects Fitch's expectation that Adaro Energy
would maintain a financial profile appropriate for its rating in
the medium term, despite weakened coal prices.  While there is a
risk Adaro's leverage increasing beyond Fitch's negative guidance
over the next two years due to weak coal prices, the agency does
not expect this to be sustained for an extend period of time.

Coal spot prices have been declining so far in 2012 and the
Indonesian coal reference price, Harga Batubara Acuan, was over
25% lower in August 2012 than the average in 2011.  However,
Adaro Energy's ASP in 2012 is likely to remain broadly unchanged
in relation to 2011 (USD 73/mt) as about 65% of its production is
priced on an annual basis.  Fitch, however, expects Adaro
Energy's ASP to be lower in 2013 (around low- to mid-USD60/mt),
as the company contracts for delivery output in 2013, also
reflecting Fitch's view of a slow coal price recovery over the
next 12 to 18 months.  Despite this, Adaro Energy's low cash
costs (USD46.3/mt in H112, inclusive of royalty payments) and
lower capex post 2012 should allow the company to remain free
cash flow positive and aid deleveraging.  At end-June 2012, Adaro
Energy's funds from operations (FFO)-adjusted gross leverage was
3.0x and FFO interest coverage 6.8x (2.7x and 6.4x for Adaro)

The ratings reflect Adaro's position as one of the world's
lowest-cost producers of thermal coal, strong and profitable
production growth, established relationships with creditworthy
customers, solid liquidity and adequate through-the-cycle credit
metrics of both Adaro Energy and Adaro.

The ratings also reflect Adaro's reliance on a single mining
concession and evolving mining regulations in Indonesia.  Despite
Adaro Energy's diversification of its resource base, these assets
are unlikely to materially contribute to production in the short-
to medium-term, especially as the company is likely to delay
certain development expenditure until a recovery of the coal
industry is underway.

Adaro Energy's liquidity is supported by cash reserves of
USD574m, undrawn committed credit facilities of USD435m as at
end-H112 and expected free cash flow generation of over USD200m
from 2013 onwards.  Adaro has demonstrated strong access to both
banks and capital markets.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- A successful increase in production from its current
     operations and newly acquired greenfield assets and
     significantly increasing scale and diversification in terms
     of production sites while maintaining funds from operations
     (FFO) gross leverage below 2.0x

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

  -- Adaro Energy's FFO gross leverage being sustained above
     2.75x or FFO interest coverage falling below 5x for two
     consecutive years -- A material deviation from its policy of
     maintaining strong liquidity

  -- Adverse regulatory developments significantly impairing
     Adaro Energy's financial profile

  -- Any further substantial investments that weaken Adaro's
     financial or operating risk profile

  -- A sustained material weakening of coal prices


TELKOMSEL: Files Appeal Against Bankruptcy Ruling
-------------------------------------------------
The Jakarta Globe reports that a lawyer representing state-
controlled PT Telekomunikasi Selular (Telkomsel) has formally
lodged an appeal against a court ruling that stated Indonesia's
biggest telecommunications firm was legally bankrupt.

The Jakarta Globe notes Telkomsel, a subsidiary of Telekomunikasi
Indonesia, was found guilty of failing to pay its IDR5.3 billion
(US$555,000) debt to plaintiff Prima Jaya Informatika, and was
declared legally bankrupt by the Jakarta Commercial Court on
Sept. 14.

According to The Globe, Telkomsel and Prima Jaya established a
partnership on June 1, 2011, for a period through June 2013, in
which Telkomsel agreed to provide 120 million vouchers and
10 million SIM cards with a special sports theme to Prima Jaya,
though Prima Jaya only managed to sell 524,000 of them.

In May, the Globe recounts, Telkomsel approved the purchasing
order of more vouchers from Prima Jaya, but the former has yet to
see any payment. Prima again placed a purchasing order in June,
which was then rejected by Telkomsel on the grounds that the
distributor has not fulfilled its obligation from the previous
order.

The Globe relates that Telkomsel proceeded to terminate the
contract, a move Prima claimed was unilateral and countered by
filing a bankruptcy lawsuit at the Central Jakarta District
Court, estimating a total loss of IDR200 billion due to the
termination.

The Globe says Ricardo Simanjuntak, a lawyer for Telkomsel,
claimed that the court ruling was one-sided, highlighting several
facts that his client will use as arguments in the appeal, which
was lodged on September 21.

The fact that Telkomsel posted a net income of US$770 million
last year and is declared bankrupt by the court has raised
concerns that the bankruptcy law is defective and poses
unnecessary risks for enterprises, the report notes.

Based in Indonesia, PT Telekomunikasi Selular (Telkomsel)
provides cellular telecommunications services in Indonesia and
internationally.  The Company is for 65% owned by PT
Telekomunikasi Indonesia, Tbk.



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


HYUNDAI STEEL: S&P Lowers Standalone Credit Profile to 'bb'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit and debt ratings on Korea-based steelmaker
Hyundai Steel Co. "At the same time, we kept the outlook on the
ratings at stable. However, we lowered the standalone credit
profile (SACP) for Hyundai Steel to 'bb' from 'bb+' while
reflecting two notches of support from its parent Hyundai Motor
Group (the group), whose core company is Hyundai Motor Co.
(BBB+/Stable/--), instead of one notch," S&P said.

"The rating affirmation reflects our expectation that a strong
likelihood of support from the group would offset deterioration
in the financial risk profile for Hyundai Steel over the next 12-
18 months," said Sangyun Han, a credit analyst at Standard &
Poor's. "We expect the financial risk profile to deteriorate
until 2013 as a result of its investment in a new blast furnace
but to recover from 2014, when the blast furnace is due to
commence operation."

"Also, we believe the new blast furnace is likely to increase the
company's strategic importance to the group, whose credit quality
has strengthened, as evidenced by our raising of the ratings on
Hyundai Motor this March."

"Our lowering of the SACP for Hyundai Steel to 'bb' from 'bb+'
reflects our view that measures of  the company's credit quality
are unlikely to be commensurate with the current SACP over the
next 12-18 months, because of investment in the new blast furnace
and a challenging environment for the steel industry amid
moderating demand for steel," S&P said.

"In our base case forecast, we expect funds from operations (FFO)
to debt for the company to be around 14% this year and next year,
below our previous downgrade trigger of 15%. We assume the
company's sales in 2012 will decline 4% year on year and its
EBITDA margin will be 12.8%, and in 2013 sales will rise 3% year
on year and the EBITDA margin will be 12.6%. This compares with a
39% year-on-year rise in sales in 2011 and a 13.0% EBITDA margin
as a result of two new blast furnaces going into full operation.
In our view, the fall in Hyundai Steel's profitability in 2012 is
likely to be modest, given lower volatility in long steel prices,
as a result of the company's strong position in the domestic
market, and a steep decline in raw material prices.  Still, we
expect Hyundai Steel's profitability to continue to fall in 2013
because of a continuing oversupply of steel in the region," S&P
said.

"At the same time, we reflect two notches of support from the
group in our final ratings on Hyundai Steel instead of the
previous one notch. In our view, the company's new blast furnace
investment strengthens steel-auto integration in the group, thus
increasing the company's strategic importance to the group. The
group is likely to consume 33% of Hyundai Steel's total crude
steel production by 2014, up from 23% in 2011 and 16% in 2010.
Also, the group is likely to depend on the company for 56% of its
automotive steel needs by 2014, from 33% in 2011 and 19% in
2010," S&P said.

"The stable outlook reflects our expectation that investment in
the new blast furnace is likely to weaken the company's financial
risk profile in 2012 and 2013, but operation of the new blast
furnace will likely produce a recovery in 2014. Also, the stable
outlook reflects a strong likelihood that the group will support
Hyundai Steel in the event of financial distress, given the
steelmaker's increasing importance to the group," S&P said.

"We may lower the ratings on the company if the ratio of its FFO
to debt falls below 12% on a sustained basis, likely as a result
of weak operating cash flow due to challenging market conditions
or heavier-than-expected capital investment. Also, we may lower
the rating if the company's relationship with the group weakens
significantly. On the other hand, we could raise the rating if
the financial risk profile for the company improves, such as if
it exceeds 25% of FFO to debt on a sustained basis. Also, we
could raise the rating if the company's relationship with the
group strengthens significantly," S&P said.


JEJU BANK: Moody's Assigns 'D+' Bank Finc'l. Strength Rating
------------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to Jeju Bank:

Bank Financial Strength Rating of D+

Global local currency long-term deposit rating of A3

Foreign currency long-term deposit rating of A3

Local and foreign currency short-term deposit ratings of Prime-1

The ratings outlook is stable.

Ratings Rationale

The D+ standalone bank financial strength rating (BFSR) -- which
maps to a standalone credit profile of baa3 on the long-term
scale -- reflects the bank's good franchise in Jeju Island, as
well as its financial fundamentals: adequate capital adequacy,
modest profitability, and intrinsically weaker asset quality
comnpared to its peers.

The key drivers of Jeju Bank's ratings are as follows:

(1) Jeju Bank's dominant presence in Jeju Island, where it
controlled 32% of deposits and 29% of loans among deposit-taking
banks as of June.

(2) Its adequate capital level, with Tier 1 ratio of 10.45% as of
June.

(3) Its modest profitability. Despite the bank's strong net
interest margin (NIM), its overall profitability is lower than
its peers as it is not as cost efficient. Jeju Bank had the
highest NIM of 2.99% for the first half of 2012 in the system;
the regional banks' average was 2.77%. However, the bank's low
cost efficiency and provisioning burden weakened its overall
profitability.

(4) Its intrinsically weak asset quality versus its peers. The
bank's loan portfolio has greater exposure to business
individuals and small- and mid-sized enterprises than its peers.

Jeju Island depends largely on tourism and related businesses for
its economic growth, and those businesses -- such as
leisure/sports/entertainment, food & lodging, and wholesale and
retail -- are more vulnerable to an economic downturn than the
manufacturing sector.

Jeju Bank's average non-performing loan (NPL) ratio from 2010 to
June 2012 was 1.50%, and which is worse than the average of 1.38%
for regional banks.

The ratings incorporate the likelihood of extraordinary support
from the bank's parent, Shinhan Financial Group, and the
government, in case of need.

Jeju Bank is a subsidiary of Shinhan Financial Group, which is
one of the four major financial holding companies in Korea.
Shinhan Financial Group owned 68.88% of the bank's shares as of
June. Moody's also assume certain probability of systemic support
for Jeju Bank despite its small size, given that it is a regional
bank with a dominant position in Jeju Island.

Jeju Bank's long-term deposit rating could be upgraded if its
BFSR is upgraded or Shinhan Bank's standalone rating is upgraded.
Moody's will consider upgrading the BFSR if the bank's overall
financial profile improves noticeably, with its cost-to-income
ratio falling below 45% and its NPL ratio dropping below 0.8%.

On the other hand, the rating could be downgraded if the BFSR is
downgraded or Shinhan Bank's standalone rating is downgraded.
Moody's will consider downgrading the BFSR if the bank's Tier 1
ratio falls below 9% or its NPL ratio exceeds 4%.

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

Jeju Bank was established in 1969 as a regional bank in Jeju
Island. After the bank was affected by the 1998 financial crisis,
it was nationalized through capital injection by Korea Deposit
Insurance Corporation (KDIC).

Shinhan Financial Group bought a 51% stake in Jeju Bank from KDIC
in 2002. As of June 2012, Shinhan Financial Group owned a 68.88%
stake in the bank, followed by KDIC 18.48%. The bank had KRW3.2
trillion (USD2.8 billion) in assets as of June.



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


ASTRA ENTERPRISES: Creditor Told No Money Left From Liquidation
---------------------------------------------------------------
stuff.co.nz reports that Nelson liquidator Pat Norris told a
creditor of Astra Enterprises that after he had paid his fees and
a big IRD bill there would be no money left over for other
creditors, a court has heard.

Maureen Manley, of Upper Moutere, said she and her husband had a
claim for NZ$27,800 in relation to the liquidation of the Astra
Enterprises, stuff.co.nz relates.  Mrs. Manley said she was aware
that Astra had an asset of NZ$80,960.

According to the report, Mrs. Manley said Mr. Norris told her
that only NZ$60,000 had been transferred to him; the IRD was owed
a huge bill and after he had claimed his fees there would be no
money left over.

stuff.co.nz notes that Mr. Norris has denied a charge of theft in
a special relationship.  He is defending himself in a judge-alone
trial in Nelson District Court.

stuff.co.nz says the Crown alleged he stole the NZ$80,000 that
was deposited into his company's Norris Management Services bank
account for the liquidation of Astra Enterprises.

The Crown said there was no evidence of any creditors being paid
and Norris spent the money on the running of his business, the
report relays.

Mr. Norris said the money went on liquidation fees.

Mr. Norris took over as liquidator of Astra Enterprises in
August 2009.


SOLID ENERGY: Cuts Jobs by 25% in Response to Challenging Market
----------------------------------------------------------------
Marta Steeman and Jo Moir at stuff.co.nz reports that state coal
firm Solid Energy has announced sweeping staff cuts including the
axing of some executive jobs and 222 staff and 130 contractors at
Spring Creek on the West Coast.

stuff.co.nz says the radical revamp would shrink its staff
numbers by 25% to 1,360 from 1,800 at the beginning of the year.

According to the report, Solid Energy said it would be halving
the executive leadership team as well as halving the numbers of
staff in corporate, support services and development.

The Spring Creek Mine would be mothballed, that is placed "into
care and maintenance," the report relays.  At the Huntly East
mine in the Waikato, 65 jobs would be axed.

stuff.co.nz relates that the company said the restructure was
responding to a severe downturn in global coal prices which would
resulting in NZ$200 million less in coal sales this financial
year.

Solid Energy Chairman Mark Ford said the company had entered into
a further period of consultation with corporate, support services
and development staff to cut their number by half from 313 to
150, adds stuff.co.nz.

According to the report, the job cuts proposed reflected the
company's smaller mining operations, less coal development work,
a halving of the executive leadership team, and the setting up of
a standalone technical services group and fewer corporate roles.

The company expected to confirm its new plans to corporate,
support services and coal development staff early next month.
Ford said the company had completed its review of Spring Creek
underground coal mine and could not afford to keep it going.  It
had not been profitable for some time and had lost more than
NZ$100 million, the report notes.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.



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


BW GROUP: Moody's Says 1H Performance Better Than Expected
----------------------------------------------------------
Moody's Investors Service says that operating results of BW Group
(Ba2 negative) in 1H 2012 were better than expected, largely
because of the higher charter rates achieved by the company for
its vessels.

"We had expected BW Group's performance to weaken, as many of its
vessels were coming off profitable time-charters in 1H and it was
increasingly exposed to deteriorating spot-market rates. However,
spot rates, especially in the gas carrier segments, either held
up or improved," says Vikas Halan, a Moody's Vice President and
Senior Analyst.

The average time charter equivalent or TCE income per day for BW
Group's very large gas carriers and large gas carriers rose over
40% from a year ago. The average TCE for very large crude
carriers grew about 5%. These positives were somewhat offset by
the 31% decline in the average TCE income per day in the product
tanker segment.

"Nonetheless, the company's exposure to spot-charter rates will
continue to increase. Almost its entire fleet of product tankers
and very large crude carriers will be exposed to spot-charter
rates in the next 12--18 months," adds Mr. Halan, who is also the
Lead Analyst for the company.

In 1H, revenues rose 9% from a year ago and EBITDA margins
improved to 34% from 30%. The performance in 2Q was also
marginally better than 1Q, with revenue increasing by 9% and
EBITDA margin improving slightly to 34.3% from 33.7%.

Despite the strong operating performance, the company reported
net loss of USD57 million for the period because it recognized
certain non-cash losses, including vessel impairment of USD84
million. It had already recognized impairment of USD183 million
in 2011.

The decline in vessel values required a top up of the company's
collateral pool for its bondholders with two large gas carriers.
BW estimates that 34% of fleet was unencumbered as of 30 June. Of
this, vessels worth about USD235 million remain readily available
for further collateral top ups, as needed.

"The value of the readily available unencumbered vessels will be
sufficient to meet the minimum collateral required under the
company's debt facilities even if the value of the vessels in the
collateral pool declines by a further 10%-12%. Given the
improvement in charter rates experienced by the company in last
six months, we do not expect such decline in vessel values over
at least next 12 months," Mr. Halan says.

The company needs to maintain collateral of 125% of the debt
amount outstanding.

The corporate family rating of Ba2 continues to reflect the
company's long track record of prudent management, strong market
position, and fair customer & geographic diversity. The rating is
also constrained by BW's declining fixed-contract coverage and
high consolidated financial leverage.

The negative rating outlook could return to stable if BW can
demonstrate good liquidity. Indicators that Moody's would
consider for a change in outlook include cash plus committed and
available undrawn bank facilities of more than USD300 million and
improvement in profit margin, such that adjusted combined
debt/EBITDA (including BW Offshore) falls below 6.0x and combined
EBIT/interest is 1.5x-2.0x on a sustainable basis.

The rating could come under pressure if BW: (1) experiences
deterioration in its profit margins; (2) takes on debt-funded
expansion/acquisitions; or (3) faces further declines in
unencumbered assets, which are an important buffer for meeting
the loan-to-value test for its bank credit facilities and secured
bonds. Credit metrics indicating downgrade pressure include
debt/EBITDA exceeding 6.0x-6.5x and or EBIT/interest falling
below 1.5x-1.0x.

BW, domicile in Bermuda, is a diversified shipping group with
operations in four key segments: liquefied petroleum gas,
tankers, liquefied natural gas, and floating, production, storage
and offloading vessels (FPSOs). It currently operates a fleet of
98 vessels, including owned, part-owned and controlled vessels.

BW is a privately-held holding company, of which 93% is owned by
the Sohmen family and 7% by HSBC. BW owns 47% stake in BW
Offshore Ltd, an Oslo-listed company and the world's second-
largest FPSO owner and operator.


MIRAE ASSET: Creditors' Proofs of Debt Due Oct. 21
--------------------------------------------------
Creditors of Mirae Asset Securities (Singapore) Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of
debt by Oct. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MUI LEONG: Creditors' Proofs of Debt Due Oct. 5
-----------------------------------------------
Creditors of Mui Leong Development & Construction Pte Ltd, which
is in 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 liquidator is:

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


QUINLIVEN PTE: Creditors' Proofs of Debt Due Nov. 2
---------------------------------------------------
Creditors of Quinliven Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 2,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Heng Yeow Meng
          15 Hoe Chiang Road
          #12-02 Tower Fifteen
          Singapore 089316


TELEDATA (SINGAPORE): Court to Hear Wind-Up Petition Oct. 5
-----------------------------------------------------------
A petition to wind up the operations of Teledata (Singapore)
Limited will be heard before the High Court of Singapore on
Oct. 5, 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



                             *********

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

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

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


                            *********


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

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

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

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

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





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