TCRAP_Public/121008.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

           Monday, October 8, 2012, Vol. 15, No. 200

                            Headlines


A U S T R A L I A

HASTIE GROUP: PE Firms Buy Three Former Subsidiaries
MACQUARIE CAPITAL: S&P Hikes Rating on Preferred Stock to 'BB+'
MARINA MIRAGE: Receivers Put Centre on the Market
RPG HOLDINGS: Ferrier Hodgson Appointed as Administrators
ST HILLIERS: Creditors to Vote For Rescue Deal


C H I N A

SUNAC CHINA: Fitch Rates Proposed Senior Unsecured Notes 'BB'
WINSWAY COKING: Moody's Cuts Corporate Family Rating to 'B1'


H O N G  K O N G

SINCERITY FOUNDATION: Hung Chi Yuen Appointed as Liquidator
SKYROOT INTERNATIONAL: Annual Meetings Set for Oct. 18
SOUTH CONTINENTAL: Ding and Jiang Appointed as Liquidators
TAK SHIN: Chan and Chow Step Down as Liquidators
THERESA INTERNATIONAL: Lui and Yuen Appointed as Liquidators

TIMETECH INDUSTRIES: Annual Meetings Set for Oct. 18
WAVE SKY: Placed Under Voluntary Wind-Up Proceedings
YONEZAWA (H.K.): Members' Final Meeting Set for Oct. 29


I N D I A

BABA ISHER: ICRA Assigns '[ICRA]BB' Rating to INR9cr Loans
BHUWALKA & SONS: ICRA Reaffirms 'BB+' Rating on INR20cr Loan
BRIJSONS HOTEL: Delays in Loan Payment Cues ICRA Junk Ratings
INDIAN OIL: Moody's Assigns Rating to Proposed SGD Bonds
KINGFISHER AIRLINES: Extends Shutdown Until October 12

KINGFISHER AIRLINES: May Lose License as DGCA Serves Notice
MAHADEVI COTTON: ICRA Puts '[ICRA]B' Rating on INR7cr Loan
MAXIMA TRADERS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
MEENAKSHI BRIGHT: ICRA Assigns 'BB+' Rating to INR14.28cr Loan
MILLION TRADERS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan

RATHI GRAPHIC: ICRA Reaffirms 'BB+' Rating on INR6.75cr Loans
SRI SOMESHWARA: ICRA Rates INR6cr LT Loan at '[ICRA]B+'
VISHWAKARMA REFRACTORIES: ICRA Reaffirms 'BB+' Loan Ratings


J A P A N

SILK ROAD: S&P Puts 'B+' Rating on Series 2 Class B1-U on Watch


P H I L I P P I N E S

STO. ROSARIO RURAL: Placed Under PDIC Receivership


                            - - - - -


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


HASTIE GROUP: PE Firms Buy Three Former Subsidiaries
----------------------------------------------------
SmartCompany reports that Roger Jowett, the CEO and part-owner of
Hastie Services Group, and three other former Hastie Group
executives signed up with private equity companies Allegro Funds
and Macquarie Funds Management to rescue three subsidiaries of
the stricken Hastie Group.  Hastie Services Group is a new entity
born from its dying parent, Hastie Group.

The group went into administration in May, owing more than
AUD500 million in loans and performance bonds, after
AUD20 million in accounting irregularities came to light,
SmartCompany discloses.

Hastie Services Group, Spectrum Fire & Security in Australia, and
Cowley Services in New Zealand went into receivership.

According to the report, the two equity investment funds and four
executives wrote cheques big enough to buy out the debt
providers, almost certainly at a significant loss, and to leave
the new entity with working capital.  With banks smarting from
their losses, raising debt was unlikely to be an option, the
report notes.

SmartCompany relates that although Mr. Jowett will not disclose
the amounts involved, he said: "We are very comfortable with the
working capital and the opportunity going forward."

The new company will ditch the Hastie name and rebrand, the
report relays. Fortunately, 60% of the business doesn't use the
Hastie brand, Mr. Jowett said.

                         About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were also appointed Receivers and Managers over a
limited number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


MACQUARIE CAPITAL: S&P Hikes Rating on Preferred Stock to 'BB+'
---------------------------------------------------------------
Standard & Poor's Rating Services raised its ratings on 38 hybrid
capital instruments issued by eight Australian banking groups and
their subsidiary companies; and at the same time removed them
from CreditWatch with positive implications, where they were
placed on Sept. 7, 2012.

This rating action follows a statement by the Australian
Prudential Regulation Authority (APRA), on Sept. 28, 2012,
concerning the release of its Basel III capital reform package.

"The ratings affected by this announcement include those on
preference shares, junior subordinated debt, and other hybrid
instruments issued by Australian financial institutions. Our
counterparty credit ratings on these institutions are unaffected,
because our view of the risk profiles of the banks otherwise are
unchanged," S&P said.

"In its announcement, which gives effect to the major elements of
the Basel III capital reforms in Australia, as of Jan. 1, 2013,
APRA has removed the requirement for its approval of payments by
Australian-incorporated authorized deposit-taking institutions in
relation to Additional Tier 1 and Tier 2 instruments. This
development increases Standard & Poor's confidence concerning the
repayment capacity of Australian banks on their hybrid capital
obligations," S&P said.

RATINGS LIST

                                     To             From

Australia and New Zealand Banking Group Ltd.
Preferred Stock (3 issues)           BBB+        BBB/WatchPos
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

ANZ National Bank Ltd.
ANZ National Bank Ltd.
Junior Subordinated (1 issue)
    BBB+        BBB/WatchPos

Commonwealth Bank of Australia
Preferred Stock (2 issues)           BBB+        BBB/WatchPos
Other Preferred Stock (1 issue)      BBB         BBB-/WatchPos
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

CBA Capital Trust
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

CBA Capital Trust II
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

ASB Capital Ltd.
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

ASB Capital No.2 Ltd.
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

Bank of Western Australia Ltd.
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

Preferred Capital Ltd.
Preferred Stock (1 issue)            BBB         BBB-/WatchPos

National Australia Bank Ltd.
Preferred Stock (2 issues)           BBB+        BBB/WatchPos
Junior Subordinated (3 issues)       BBB+        BBB/WatchPos

National Capital Instruments [Euro] LLC 2
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

National Capital Trust III
Junior Subordinated (1 issue)        BBB+        BBB/WatchPos

BNZ Income Securities Ltd.
Preferred Stock (1 issue)            BBB+        BBB/WatchPos

BNZ Income Securities 2 Ltd.
Preferred Stock (1 issue)            BBB+        BBB/WatchPos

Westpac Banking Corp.
Preferred Stock (2 issues)           BBB+        BBB/WatchPos
Junior Subordinated (3 issues)       BBB+        BBB/WatchPos

Macquarie Bank Ltd.
Preferred Stock (1 issue)            BBB-        BB+/WatchPos

Macquarie Capital Loans Management Ltd.
Preferred Stock (1 issue)            BB+         BB/WatchPos

Macquarie PMI LLC
Preferred Stock (1 issue)            BB+         BB/WatchPos

Macquarie Finance Ltd.
Junior Subordinated Debt (1 issue)   BBB-        BB+/WatchPos

Suncorp-Metway Ltd.
Preferred Stock (2 issues)           A-          BBB+/WatchPos

Bendigo and Adelaide Bank Ltd.
Preferred Stock (2 issues)           BBB         BBB-/WatchPos

Bank of Queensland Ltd.
Preferred Stock (1 issue)            BBB-        BB+/WatchPos


MARINA MIRAGE: Receivers Put Centre on the Market
-------------------------------------------------
Quentin Tod at goldcoast.com.au reports that Marina Mirage, the
centre that placed the Gold Coast on the map with sophisticated
shoppers, is to be put on the market by receivers.

The eye-catching sail-topped centre, built by the late
Christopher Skase 24 years ago, will be sold via an expressions
of interest campaign, the report discloses.

goldcoast.com.au says the Seaworld Drive property has been in the
hands of receivers at Korda Mentha for two years.

It sits on a 1.9-hectare site that fronts the Broadwater and has
11,800 square metres of lettable space and 700 parking spaces.

The leasehold property, which is more than 90% let, is believed
to have a net passing income in excess of AUD6 million, the
report notes.

According to the report, the move to sell Marina Mirage comes on
the heels of the Sunland Group securing a AUD68.5 million buyer
for the adjoining Palazzo Versace hotel.  It also comes as
Sunland is working up plans for the redevelopment of Mariner's
Cove, on the southern side of Marina Mirage.

The agents who will be marketing Marina Mirage, father-and-son
Dan and Sam McVay, of McVay Real Estate, sold Palazzo Versace and
were joint agents on Mariner's Cove, the report discloses.

The report notes the marina in front of Marina Mirage, built as
part of the centre and these days known as Marina Oceanus, also
is in the hands of insolvency experts.

Its receivers, who are not the same as those for the shopping
centre, are getting the marina into shape for a sale but have not
indicated when they will market it, goldcoast.com.au reports.

Marina Mirage is home to fashion labels Calvin Klein, Tommy
Hilfiger and Hermes, as well as host to the city's finest
nosheries, including Fellini and Glass.  Fenix Real Estate, a
private Sydney company controlled by Steven Moss, bought the
property from the failed MFS group in 2005 for AUD40 million.


RPG HOLDINGS: Ferrier Hodgson Appointed as Administrators
---------------------------------------------------------
Peter Gothard, Jim Sarantinos and Timothy Michael of Ferrier
Hodgson were appointed Administrators of these entities on
Oct. 5, 2012:

   -- RPG Holdings Pty Limited;
   -- Rollpress Proplate Group Pty Limited;
   -- RPG Pipe Pty Limited; and
   -- RPG (SA) Pty Limited.

"The Administrators are now in control of the Group's assets and
affairs and will be undertaking an urgent review of the Group's
financial position and will explore all available options over
the weekend. A further update regarding the status of the Group
will be provided as soon as practicable," Ferrier Hodgson said.

Pursuant to Section 436E of the Act, the first meeting of
creditors will be held on Oct. 17, 2012.  Further details about
the venue and the timing of the meeting will be provided in due
course.

The Administrators may be reached at:


          Peter Gothard
          Jim Sarantinos
          Timothy Michael
          Ferrier Hodgson
          Level 7
          145 Eagle Street
          Brisbane QLD 4000
          E-mail: peter.gothard@fh.com.au
                  jim.sarantinos@fh.com.au
                  tim.michael@fh.com.au


ST HILLIERS: Creditors to Vote For Rescue Deal
----------------------------------------------
Larry Schlesinger at Property Observer reports that creditors of
failed builder St Hilliers Construction will be asked to vote for
a deed of company arrangement (DOCA) rescue package rather than
push the company into liquidation.

According to the report, administrators last week sent out
documents to creditors proposing the DOCA and asking for a
meeting to vote on the proposal.

Creditors include staff who are owed around AUD3.6 million, and
sub-contractors who are owed around AUD10 million.

Should St Hilliers be placed in liquidation, insurance bond
providers would have a AUD45 million exposure, Property Observer
relates citing The Australian.

The report notes insurance bond providers provide protection to
the contract principal (in this case St Hillers) against default
by the contractor.  The provider undertakes the credit risk of
being unable to recover funds paid out by them under the bond
from the contractor, the report says.

As St Hilliers has continued to trade and with many of the
projects operational again insurance providers have been largely
protected from making payments, according to Property Observer.

St Hilliers projects have resumed in the ACT, Queensland,
Victoria and NSW, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2012, St Hilliers Construction Pty Ltd said it had
appointed Trent Hancock and Michael Hird of Moore Stephens Sydney
Corporate Recovery Group as voluntary administrators.  An
associated company, St Hilliers Ararat Pty Ltd is part of a
consortium contracted to undertake the AUD350 million expansion
of the Ararat Prison in central Victoria. St Hilliers Ararat Pty
Ltd has at the same time been placed into liquidation. The
administration of St Hilliers Construction Pty Ltd is due to
exposure under guarantees for debts of St Hilliers Ararat Pty Ltd
relating to the Ararat Prison project in Victoria.

St Hilliers Group is an Australian property group providing
services in property development, contracting and funds
management.

St Hilliers Construction Pty Ltd is the construction arm of the
St Hilliers Group.



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


SUNAC CHINA: Fitch Rates Proposed Senior Unsecured Notes 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned property developer Sunac China
Holdings Limited's (Sunac, 'BB-'/Stable) proposed senior
unsecured USD notes an expected rating of 'BB-(EXP)'.  The final
rating of the proposed notes is contingent upon the receipt of
documents conforming to information already received.  The
proceeds will be used to finance land acquisitions and for
general corporate purposes.

Sunac's ratings are supported by its strong housing presales
performance and its increased business scale in the Chinese
housing market.  For the first eight months of 2012, the company
achieved CNY16bn contracted sales, or 71% yoy growth. Its average
selling price (ASP) of CNY16,700 per square metres (sqm) has been
increasing gradually from January notwithstanding current housing
purchase restrictions.  The slowdown of Sunac's housing presales
in the last two months was in line with that of Chinese peers and
Fitch expects its sales performance to stabilise for the rest of
2012.  Furthermore, the company's 2.8m sqm of available-for-sale
residential properties as at June 2012 supports future presales
growth.

Sunac's strength in the Beijing and Tianjin markets is evidenced
by the partnerships it has with leading property companies in
both cities.  It has formed joint ventures with Franshion
Properties (China) Limited (Franshion, 'BBB-'/Stable) in a
Beijing project and with Poly Real Estate Group Company Limited
(Poly) in a Tianjin project.  Partnering with Greentown in the
Eastern China region following its acquisition of stakes in nine
Greentown projects further strengthen its market position in
Wuxi, and helps its expansion into the important Shanghai housing
market.

The ratings are constrained by Sunac's limited geographical
diversification and product mix.  Its land banks are concentrated
in Tianjin and Beijing, which together represent 53% of total
sales in January-August 2012 and 14 out of a total of 22
projects, without considering the Greentown projects.  Its focus
on mid- and high-end properties implies that it is more exposed
to the home purchase restrictions imposed by the Chinese
government.  However, Fitch notes that this niche position is the
main driver of the company's high profitability, a key rating
driver.

Sunac's Stable Outlook reflects its adequate liquidity position
given its strong presales.  The consideration of CNY3.4bn for the
Greentown projects, which has been fully paid in August and
September, falls within Fitch's assumption of the company's land
replenishment expenditure in 2012.

What Could Trigger A Rating Action?

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

-- adverse changes to Sunac's markets and product mix leading to
    an EBITDA margin below 25% (2011: 28.1%)

-- aggressive land-bank acquisitions resulting in funds from
    operations (FFO) interest coverage below 3x (2.6x in 2011 but
    Fitch expects this to exceed 3.5x from 2012) or net
    debt/inventory above 35% (34% in 2011)

-- contracted sales in 2012 of under CNY20 billion

Positive: Positive rating action is not expected in the next 24
months given the constraints posed by its limited product mix and
lack of diversification.


WINSWAY COKING: Moody's Cuts Corporate Family Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded Winsway Coking Coal
Holdings Limited's corporate family rating to B1 from Ba3 and its
senior unsecured bond rating to B2 from B1.

The action follows the announcement by Aluminum Corporation of
China Limited that it is terminating its acquisition of a 29.9%
interest in Winsway.

At the same time, Moody's has placed the ratings on review for
further downgrade.

Ratings Rationale

"The downgrade is driven by Moody's concern that the expected
strengthening of Winsway's operational and financial ability will
not materialize in the near term with the cancellation of
Chalco's offer," says Alan Gao, a Moody's Vice President and
Senior Analyst.

Moody's had expected that if the acquisition materialized, the
presence of Chalco as the single largest shareholder would
provide benefits to both business volumes and banking support,
both of which are important to the recovery of Winsway's
financial profile, a key development for maintaining its previous
Ba3 rating.

The current slowdown in the Chinese economy has weakened demand
for steel and coking coal, depressing coking coal prices, which
dropped to about USD170 per tonne in September 2012 from USD230
in December 2011.

Moody's notes that Winsway's financial resources have been
impaired due to the sale of high-priced inventories to maintain
liquidity and the costs for acquiring Grand Cache Corporation
(GCC), which has yet to increase production.

The company recorded a pre-tax loss of HKD684 million in 1H 2012
and Moody's expects it to report a loss for the full year. A
recovery of its financial profile -- in the absence of a strong
shareholder -- remains uncertain. Thus, it is more appropriate to
position Winsway at the single-B level.

"The review for further downgrade reflects Moody's concerns over
whether Winsway has adequate resources to manage through the
current down-market for coking coal which may last for longer
than expected, and whether it could increase output at GCC in the
near future," adds Mr. Gao.

In its review, Moody's will focus on (i) the adequacy of
Winsway's bank credit facilities to support operations in an
environment of low coking coal prices and the revision of the
terms of its 5-year acquisition loans from Minsheng Bank to match
its forecast cash flow; (ii) the ability of its capital resources
to absorb losses from clearing out high-priced inventories; (iii)
its ability to ramp up GCC's operations; and (iv) its projected
financial profile when coking coal prices will remain under
pressure.

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

Winsway Coking Coal Limited is one of the largest suppliers of
coking coal in China, and obtains its supplies from Mongolia and
other international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated coking coal supply chain
in China. It listed on the Hong Kong Stock Exchange in October
2010, and is 49.1%-controlled by its founder and CEO Wang
Xingchun.



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


SINCERITY FOUNDATION: Hung Chi Yuen Appointed as Liquidator
-----------------------------------------------------------
Andrew hung Chi Yuen on Sept. 26, 2012, was appointed as
liquidator of Sincerity Foundation Co Limited.

The liquidator may be reached at:

         Andrew Hung Chi Yuen
         Room 509A, Tower B
         Hung Commercial Centre
         37-41 Ma Tau Wai Road
         Hung Hom, Kowloon


SKYROOT INTERNATIONAL: Annual Meetings Set for Oct. 18
------------------------------------------------------
Members and creditors of Skyroot International Limited will hold
their annual meetings on Oct. 18, 2012, at 2:40 p.m., at the
offices of FTI Consulting, Level 22, The Center, at 99 Queen's
Road Central, Central, in Hong Kong.

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


SOUTH CONTINENTAL: Ding and Jiang Appointed as Liquidators
----------------------------------------------------------
Ding Guonuan and Jiang Keguang on Sept. 18, 2012, were appointed
as liquidators of South Continental Futures Company Limited.

The liquidators may be reached at:

         Ding Guonuan
         Room 801, Block 14
         No. 5 Xin Ming Er Road
         Chan Cheng District
         Foshan City, Guongdong Province
         People's Republic of China

         Jiang Keguang
         Room 2306, Far East Finance Centre
         16 Harbour Road
         Hong Kong


TAK SHIN: Chan and Chow Step Down as Liquidators
------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of Tak
Shin Kindergarten Association Company Limited on Sept. 28, 2012.


THERESA INTERNATIONAL: Lui and Yuen Appointed as Liquidators
------------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank on Sept. 20, 2012,
were appointed as liquidators of Theresa International Limited.

The liquidators may be reached at:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


TIMETECH INDUSTRIES: Annual Meetings Set for Oct. 18
----------------------------------------------------
Members and creditors of Timetech Industries Limited will hold
their annual meetings on Oct. 18, 2012, at 2:10 p.m., at the
offices of FTI Consulting, Level 22, The Center, at 99 Queen's
Road Central, Central, in Hong Kong.

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


WAVE SKY: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Sept. 19, 2012,
creditors of Wave Sky Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Po Kau
         Room D, 11/F
         8 Hart Avenue
         8-10 Hart Avenue
         Tsim Sha Tsui, Kowloon


YONEZAWA (H.K.): Members' Final Meeting Set for Oct. 29
-------------------------------------------------------
Members of Yonezawa (H.K.) Limited will hold their final general
meeting on Oct. 29, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

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



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I N D I A
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BABA ISHER: ICRA Assigns '[ICRA]BB' Rating to INR9cr Loans
----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to INR7.65
crore1 fund based facilities and INR1.35 crore unallocated limits
of Baba Isher Singh Educational Society.  The outlook on the long
term rating is 'Stable'.

                                 Amount
   Facilities                   (INR Cr)     Ratings
   ----------                   ---------    -------
   Fund based limits-Overdraft   2.00        [ICRA]BB assigned
   Fund based limits-Term loan   5.65        [ICRA]BB assigned
   Unallocated                   1.35        [ICRA]BB assigned

The assigned rating takes into account BIS' experienced
management with more than a decade of experience in the education
sector, its diverse course offerings which help address a wide
student market thereby reducing dependence on any particular
discipline, as well as its strong profitability which has helped
generate healthy cash accruals. The rating also factors in the
satisfactory financial risk profile of society characterized by a
gearing of 1.09 times as on 31.03.2012 (Prov) and interest cover
of 3.85 times for FY12 and NCA/TD of 44% and TD/OPBDITA of 1.7
times as on 31.03.2012.

The rating is however constrained by moderate operational profile
of colleges characterized by moderate occupancy levels and a
modest faculty profile. While BIS' recent venture into K-12
segment through Adarsh schools under PPP mode highlights its good
reputation, it might also stress its profitability as no fees can
be charged under these schools, though availability of recurring
government grant to the extent of 70% of operational costs
partially offsets this impact. The rating also factors in the
modest scale of operations of the society as well increasing
competition in the private education space in India which might
impact occupancy levels going forward.

Improvement in the operational profile of colleges and society's
ability to maintain its profitability would be key rating
sensitivities going forward.

The society runs BIS Group of institutes, which includes 5
colleges encompassing fields like engineering, management,
pharmacy, a polytechnic college offering diploma courses catering
to 3644 students in FY12. Further in FY12, society ventured into
K-12 education space with construction of four 'Adarsh Schools'
in partnership with Punjab Education Development Board under its
'Sarva Shiksha Abhiyaan' initiative, The schools saw an enrolment
of 5037 students in FY12.

The society is managed by Dr. J S Dhaliwal, who is also
associated with other Groups of institutions in Punjab such as
Shaheed Udham Singh (SUS) Institutions (8 colleges), Tangori,
Guru Gobind Singh group of institutions (5 colleges) and SAS
Institution (1 college), Mohali. He is also the president of
Punjab Unaided Technical Institutions Association.


BHUWALKA & SONS: ICRA Reaffirms 'BB+' Rating on INR20cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR20.0
crore1 cash credit facility of Bhuwalka & Sons Private Limited at
'[ICRA]BB+'.  The outlook on the rating is Stable. ICRA has
withdrawn the short term rating of '[ICRA]A4+' assigned to INR25
crore Non-fund based limits as the same was not availed.

                            Amount
   Facilities              (INR Cr)        Ratings
   ----------              ---------       -------
   Fund Based-Cash Credit    20.0          [ICRA]BB+
   Non-fund based-Letter     25.0           Withdrawn
   of Credit

The rating reaffirmation takes into account BSPL's strong sales
growth and improved profitability aided by low working capital
intensity and moderate debt protection indicators. In addition,
ratings continue to factor in the long experience of the
promoters in the industry and company's status as an approved
vendor of a number of reputed customers in the state of
Karnataka. The ratings, however, are constrained by the low
operating profitability primarily due to low margin trading
business, and low financial flexibility as reflected by gearing
of 1.5 times (March 31, 2012). ICRA also takes into account the
cyclicality inherent in the steel business in general and
Bangalore real estate market in particular (key revenue driver
for BSPL) which makes cash flows volatile.

While assigning the rating, ICRA has taken a consolidated view of
the Bhuwalka Group due to strong operational linkages among the
companies.

Incorporated in the year 2004, Bhuwalka & Sons Private Limited is
a part of Bhuwalk premier Group. BSPL is in the business of
business of trading of steel products. The company buys steel
products from and other steel industry players and then sells it
to real estate clients as well as dealers. BSPL is a part of
Bangalore based Bhuwalka Premier Group which has interests in
steel trading business, refractory bricks, and manufacturing of
steel rolled products including TMT bars and steel structural
sold under the brand name 'Bhuwalka'. Bangalore based Bhuwalka
Premier Group has interests in steel trading business, refractory
bricks, and manufacturing of steel rolled products including TMT
bars and steel structural sold under the brand name 'Bhuwalka'.

Recent Results

For the financial year 2011-12, BSPL recognized an operating
income of INR344.4 crore and net profit of INR2.4 crore as
against an operating income of INR234.0 crore and net profit of
INR1.7 crore during FY 2010-11.


BRIJSONS HOTEL: Delays in Loan Payment Cues ICRA Junk Ratings
-------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR62.33 crore term
loans and INR3.67 crore cash credit facilities of Brijsons Hotel
Private Limited.

                            Amount
   Facilities              (INR Cr)        Ratings
   ----------              ---------       -------
   Term Loans               62.33 crore    [ICRA]D assigned
   Cash Credit Facility      3.67 crore    [ICRA]D assigned

The rating factors in BHPL's recent delays in debt servicing and
BHPL's high current debt repayment liability that is expected to
keep the debt service coverage indicators of the company weak in
the short to medium term. The rating also takes into account the
favorable demand outlook for the hotel industry in Puri and
BHPL's long term operating agreement with a professional hotel
management firm of international repute. ICRA notes that the
operating agreement partially mitigates the risk arising out of
the promoter's lack of experience in the hotel industry.


Brijsons Hotel Private Limited, promoted by the Mishra family
based out of Kolkata has set up a 142 room four star category
hotel in Puri under the brand "The Chariot". The hotel started
commercial operation in December 2010 with 80 rooms while all the
142 rooms were commissioned in December 2011.

Recent Results

BHPL registered a profit after tax of INR0.45 crore on the back
of net sales of INR4.11 crore in 2010-11.


INDIAN OIL: Moody's Assigns Rating to Proposed SGD Bonds
--------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Baa3
senior unsecured foreign currency debt rating to the proposed SGD
notes to be issued by Indian Oil Corp Ltd (IOC).

The rating outlook is stable.

The company will use the proceeds from the issue to fund its
domestic projects.

The provisional rating is based on a review of documentation as
of October 4th. Moody's will assign a definitive rating upon the
closing of the proposed bond issuance and a review of the final
terms.

Rating Rationale

"IOC's Baa3 rating is supported by its strategic importance to
India because of its position as the country's largest refiner
and distributor of petroleum products, its ability to borrow in
the domestic market without financial covenants, and the
government's majority ownership," says Vikas Halan, a Moody's
Vice President and Senior Analyst.

"These strengths are partially offset by its high financial
leverage resulting from high fuel subsidies and relatively low
complexity refineries that generate lower refining margins," he
adds.

IOC's Baa3 rating combines its standalone credit profile, or
baseline credit assessment (BCA), of ba2 and a two-notch uplift
under the joint-default analysis (JDA) methodology for
government-related issuers, given that the Indian government has
a 78.92% stake in IOC.

IOC's profitability and cash flow generation are affected by
India's ad-hoc oil subsidy-sharing scheme, under which it sells
diesel and cooking fuel at below-market rates to help the
government manage inflation. As a result, IOC is unable to fully
pass through increases in the cost of these products to
consumers.

However, Moody's notes that the Indian government has a
demonstrated track record of adequately compensating IOC for
under-recoveries and ensuring that it achieves a reasonable level
of profitability.

"We expect the government's support to continue despite its ad-
hoc nature. In fact, for FY2012, IOC did not bear any subsidy
burden, which is in line with our expectations," Halan says.

Moody's also acknowledges the recent positive steps taken by the
Indian government, including hiking diesel prices and limiting
the sales volume of cooking fuels at subsidized rates.

Although these efforts will help reduce the burden of oil
subsidies, IOC's profitability and cash flow remain exposed to
the uncertain regulatory environment. In this context, further
deregulation of retail fuel prices and the implementation of a
more transparent and predictable subsidy-sharing mechanism will
be a credit positive for IOC.

Moody's rates IOC's notes at the same level as its issuer rating.
Although, as at June, secured debt comprised 22% of the company's
total debt, the proportion of secured debt to total assets is
more manageable at around 10%. Hence, the rating does not factor
in legal subordination.

The senior unsecured rating of Baa3 is based on Moody's
expectation that the company will manage its overall debt
structure, such that secured debt as a proportion of total assets
will remain near the current level over the medium term.

The rating on the notes could be notched down from the issuer
rating if secured debt as a percentage of total consolidated
assets increases beyond 15% consistently.

Given that IOC's issuer rating is currently on par with the
sovereign rating, an upgrade is unlikely.

Upward pressure on IOC's BCA may build up over time, if the
government meaningfully reduces fuel subsidies or makes changes
to the subsidy-reimbursement framework such that the strain on
IOC's balance sheet decreases.

Credit metrics that Moody's would view as appropriate for an
upgrade of IOC's BCA include RCF/debt of more than 15% on a
sustained basis. Moody's currently expects this ratio to remain
around 10%.

IOC's issuer rating may face downward pressure if: (1) the rating
of the sovereign is lowered, (2) the government makes changes to
the subsidy framework that are more negative for IOC, (3) IOC's
BCA deteriorates below ba3, or (4) the government's ownership in
IOC falls below 51% or its control decreases by some other means,
both of which would require a reassessment of the level of
support incorporated into its ratings.

Further pressure on IOC's BCA could build, if its credits metrics
fail to recover to more appropriate levels by the end of the
fiscal year. Moody's will consider RCF/debt of 5%-10% as
appropriate for its current rating.

The principal methodology used in rating IOC was the Global
Refining and Marketing Rating Methodology published in December
2009. Other factors used in this rating are described in
Government-Related Issuers: Methodology Update published in July
2010.

IOC is a leading downstream oil company specializing in the
refining, marketing, distribution, and retailing of petroleum
products in India. Through its 10 refineries that have a combined
capacity of 1.3 million bbl/day, the company is the country's
largest downstream oil company and controls about 31% of the
domestic refining capacity. Listed on the Indian stock exchanges,
IOC is 79%-owned by the government.


KINGFISHER AIRLINES: Extends Shutdown Until October 12
------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd. extended a
shutdown through Oct. 12 after striking pilots and engineers at
the cash-strapped Indian carrier refused to resume services until
seven months of unpaid salaries are settled.

"We regret that the illegal strike has still not been withdrawn
and normalcy has not been restored in the company, thereby
continuing to cripple and paralyze the working of the entire
airline," Kingfisher Air said in a statement obtained by
Bloomberg.

Bloomberg recalls that on Oct. 1, Kingfisher announced flight
suspensions through Oct. 4 after some employees refrained from
attending work. A group of pilots and engineers said in Mumbai on
Oct. 3 after a meeting with the management that they would resume
services only after seven months of salary due is paid.

Kingfisher Chief Executive Officer Sanjay Aggarwal asked for 10
days to pay March salaries and didn't give a timeframe for
settling subsequent months, Bloomberg reports citing
Vikrant Patkar, a Kingfisher captain who said he represented 250
pilots and 270 engineers.

                     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: May Lose License as DGCA Serves Notice
-----------------------------------------------------------
The Times of India reports that the Directorate General of Civil
Aviation dealt another blow to Kingfisher Airlines Ltd by issuing
it a showcause notice on Friday, asking why its flying license
should not be suspended or cancelled for failing to "establish a
safe, efficient and reliable services as required" under the
Aircraft Rules of 1937.

Kingfisher has 15 days to respond, the report says.  TOI relates
that DGCA chief Arun Mishra said he had reviewed the situation on
Friday. The decision was based on the airline's performance over
the past 10 months, the report says.

The report relates that DGCA chief Arun Mishra said the current
situation of lockout was the final straw and amounted to the
airline having failed "to establish safe, efficient and reliable
services."

According to TOI, the CEO of Kingfisher Airlines had met Mishra
on Tuesday and had been asked to submit an operational plan to
DGCA.  Civil aviation minister Ajit Singh had said that no
flights would be permitted to operate unless the aircraft were
declared fit for flying by certified engineers. However, no plan
has been submitted to DGCA till now.

TOI adds Mr. Singh also said that DGCA is in the process of
studying the implications of the strike by employees over non-
payment of dues for seven months and had taken legal opinion on
the matter before the showcause notice was issued to the airline.

"There are a lot of factors involved in it, including the
salaries of the employees, their disgruntlement issues and
others. If the staff are disgruntled, there is an issue of
safety. In order to give them (Kingfisher) permission to fly,
they have to satisfy the DGCA on all these issues," the report
quotes Mr. Singh as saying.

                     About Kingfisher Airlines

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

                           *     *     *

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

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


MAHADEVI COTTON: ICRA Puts '[ICRA]B' Rating on INR7cr Loan
----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR7.00 crore
fund based cash credit facility of Mahadevi Cotton Industries.

                            Amount
   Facilities              (INR Cr)        Ratings
   ----------              ---------       -------
   Cash Credit Limits       7.00           [ICRA]B assigned

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

The rating, however, favorably takes into account the long
experience of the partners in the cotton industry, proximity of
the firm's plant to cotton producing belt of India giving it easy
access to raw cotton and favorable outlook for edible oil as well
as for cotton business in the medium term following Government of
Gujarat's new Textile Policy 2012 which encourages forward
integration into spinning and weaving units in Gujarat.

Set up in 1998, Mahadevi Cotton Industries is engaged in ginning
& pressing of raw cotton to produce cotton bales and crushing of
cotton seeds to produce cotton seed oil and cotton seed oil
cakes. The firm's manufacturing facility is located at Kadi
(Gujarat) and is equipped with twenty four ginning machines and
one manual pressing machine with a capacity to process 57.6 MT of
raw cotton per day and four expellers with crushing capacity of
19.2 MT of cotton seeds per day.

Recent Results

For FY 2012, MCI reported an operating income of INR20.90 crore
and profit before tax (PBT) of INR0.19 crore (as per provisional
unaudited numbers) as against an operating income of INR32.71 and
profit after tax of INR0.17 crore during FY 2011.


MAXIMA TRADERS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.0 crores fund
based limits of Maxima Traders Bhopal Pvt. Ltd. ICRA has also
assigned '[ICRA]A4' rating to INR11.0 crores of non-fund based
limits of MTBPL.

                            Amount
   Facilities              (INR Cr)        Ratings
   ----------              ---------       -------
   Fund Based Limits         4.0           [ICRA]B assigned
   Non Fund Based Limits    11.0           [ICRA]A4 assigned

The ratings are constrained by high competition faced by MTBPL in
the liquor industry and absence of any track record of the
company's operations in the past (MTBPL commenced operations in
April 2012). Moreover, the ratings take into account the high
business risk inherent in the liquor industry due to high taxes
and stringent government regulations which restrict the margins
of the players in the industry to a large extent. The ratings
also take into account high dependence on external debt for the
company as evidenced by high utilization of the working capital
limits for period from March - July 2012. Moreover, ICRA notes
that in the event of inability of the company to generate
stipulated revenues in form of excise for the company, these
shops would be auctioned off next year to the highest bidder.
Nevertheless, the ratings derive some comfort from the favorable
demand outlook for the liquor industry in M.P. and the
experienced promoters of the company.

Maxima Traders Bhopal Private Limited was incorporated in 2010
and is engaged in retailing of CL and IMFL liquor through 68
shops (mainly on rental basis). The company began its operations
in April'12 and is promoted by Mr. Gangadeen Patel and Mr. Surya
Prakash Arora who have been in the liquor trading business for
the last 8 and 6 years respectively. The company had participated
in auction for acquiring liquor shops in the state of Madhya
Pradesh and Chattisgarh, and was successful in acquiring 68 shops
of Foreign Liquor and Country Liquor. The company has acquired
nearly 48 shops in Madhya Pradesh and 20 shops in Chattisgarh.


MEENAKSHI BRIGHT: ICRA Assigns 'BB+' Rating to INR14.28cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB+' to the
INR2.28 crore term loan and INR12.0 crore fund based limits of
Meenakshi Bright Steel Bars Pvt Ltd.  The outlook on the rating
is stable.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Term Loan                  2.28       [ICRA]BB+
   Fund Based-Cash Credit    12.00       [ICRA]BB+

The rating factors in the long experience of the promoters in the
rolled steel product business and their well established
relationships with several real estate developers in the state of
Karnataka. Company has seen strong revenue growth of over 70%
post acquisition by Bhuwalka Group and has paid off earlier
debts. Rating is constrained by low profitability due to lower
level of value addition. ICRA has also taken into consideration
the inherent cyclical and intensely competitive nature of the
industry, which is escalated by the fact that the company does
not have access to captive sources for raw materials (coal and
iron ore).

While assigning the rating, ICRA has taken a consolidated view of
the Bhuwalka Group due to strong operational linkages among the
companies.

The company was acquired by Bhuwalka Group in early 2011. It was
an existing operation profitable unit in Hindupur which was
acquired by paying -INR9 crore consideration. The plant is ~6
years old and started operation under new name starting 24th June
2011. Plant is located in Hindupur, AP which is a hub for TMT bar
manufacturers. The sourcing of scrap and billets are done locally
and the output is sold primarily in Karnataka (90%) and rest in
AP.

Installed Capacity is 75000 MT per annum.

Recent Results

For the financial year 2011-12, MBSBPL recognized an operating
income of INR123.2 crore and net profit of INR1.3 crore as
against an operating income of INR72.7 crore and net profit of
INR0.8 crore during FY 2010-11.


MILLION TRADERS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.0 crores fund
based limits of Million Traders Bhopal Pvt. Ltd. ICRA has also
assigned '[ICRA]A4' rating to INR11.0 crores of non-fund based
limits of MTBPL.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Fund Based Limits         4.0         [ICRA]B assigned
   Non Fund Based Limits    11.0         [ICRA]A4 assigned

The ratings are constrained by high competition faced by MTBPL in
the liquor industry and absence of any track record of the
company's operations in the past (MTBPL commenced operations in
April 2012). Moreover, the ratings take into account the high
business risk inherent in the liquor industry due to high taxes
and stringent government regulations which restrict the margins
of the players in the industry to a large extent. The ratings
also take into account high dependence on external debt for the
company as evidenced by high utilization of the working capital
limits for period from Mar-Jul'12. Moreover, ICRA notes that in
the event of inability of the company to generate stipulated
revenues in form of excise for the company, these shops would be
auctioned off next year to the highest bidder. Nevertheless, the
ratings derive some comfort from the favorable demand outlook for
the liquor industry in M.P. and the experienced promoters of the
company.

Million Traders Bhopal Private Limited was incorporated in 2010
and is engaged in retailing of CL and IMFL liquor through 54
shops (mainly on rental basis). The company began its operations
in April 2012 and is promoted by Mr. Gangadeen Patel and Mr.
Surya Prakash Arora who have been in the liquor trading business
for the last 8 and 6 years respectively. The company had
participated in auction for acquiring liquor shops in the state
of Madhya Pradesh and Chattisgarh, and was successful in
acquiring 54 shops of Foreign Liquor and Country Liquor. The
company has acquired nearly 34 shops in Madhya Pradesh and 20
shops in Chattisgarh.


RATHI GRAPHIC: ICRA Reaffirms 'BB+' Rating on INR6.75cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' for
INR6.75 crore fund based limits of Rathi Graphic Technologies
Limited.  The outlook on the long-term rating has been revised
from 'stable' to 'negative'. ICRA has also reaffirmed the short-
term rating at '[ICRA]A4+' for INR3.35 crore non fund based
limits of RGTL.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Term Loans               1.25         [ICRA]BB+ (reaffirmed)
                                         Outlook revised to
                                         negative from stable

   Working Capital Limits   5.50         [ICRA]BB+ (reaffirmed)
                                         Outlook revised to
                                         negative from stable

   Non Fund based Limits    3.35         [ICRA]A4+ (reaffirmed)

The revision in the rating outlook takes into account the decline
in RGTL's operating margins during FY2012 and Q1-FY2013 on
account of the increase in raw material prices due to the adverse
movements in foreign exchange rates; and the company's inability
to pass on this increase to the customers. Further, the ratings
continue to remain constrained by RGTL's high working capital
intensity on account of high inventory and debtor days; its
moderate scale of operations; and the competitive and fragmented
nature of the toner industry, which is further accentuated by
imports from China. The ratings also factor in the vulnerability
of the company's profitability to raw material price risk and
foreign exchange risk, as the majority of raw material
requirement is met through imports. However, the ratings continue
to factor in the long experience of the promoters in the
industry, established operational track of the company; and its
moderate gearing levels. Going forward, improvement in the
company's scale of operations and its profitability through
contribution from the recently enhanced manufacturing capacity
will remain the key rating sensitivities.

Rathi Graphic Technologies Limited is a public limited engaged in
the manufacturing of black toners for photocopiers, laser
printers, and multi function printers. The company was
incorporated in December 1991 by Mr. Raj Kumar Rathi. The
manufacturing facility is located at Bhiwadi, Rajasthan and the
company sells its product under the brand name 'Rathi Toner'. The
promoter Mr. Raj Kumar Rathi belongs to the Rathi family which
has long track record and established name in manufacturing of
thermo mechanically treated (TMT) bars. The promoters are also
engaged in the TMT bars manufacturing business through group
company -- RGTL Industries Ltd, which was initially a 100%
subsidiary of RGTL. However during FY2012, RGTL has sold part of
its stake and currently holds 51.36% in RIL.

Recent Results

For FY2012, RGTL has achieved an operating income of INR28.6
crore and a net profit of INR0.9 crore.


SRI SOMESHWARA: ICRA Rates INR6cr LT Loan at '[ICRA]B+'
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for the
INR6.00 Cr and a short term rating of '[ICRA]A4' for INR1.65 Cr
non-fund based limits of Sri Someshwara Fertilizers & Chemicals.

                              Amount
   Facilities                (INR Cr)        Ratings
   ----------                ---------       -------
   Long term-Fund based       6.00           [ICRA]B+ (assigned)
   Short term-Non-fund based  1.65           [ICRA]A4 (assigned)

Rating Rationale

The assigned ratings factor in weak financial profile
characterized by low margins, high gearing of 2.59 times as on
March 31, 2012 coupled with stretched liquidity and small scale
of operations which limits pricing power of the entity. The
ratings are further constrained by regulatory risk involved in
the fertilizer business as well as vulnerability of profitability
to agro climatic conditions.

However, the ratings favorably factor in experienced management
in the fertilizer industry, established presence of the entity in
Karnataka market as well as steady growth prospects for the
product in India.

Sri Someshwara Fertilizers & Chemicals was incorporated as a sole
proprietorship in 1990 and is engaged in the wholesale and retail
trading of chemicals and chemical fertilizers such as Nitrogen-
Phosphorous-Potassium (NPK), Single Super Phosphate (SSP), Urea,
Monoammonium Phosphate (MAP), Borax, Zinc Sulphate and Gypsum.
Based in Mandya district of Karnataka, the entity commenced
commercial operation in 1991.

In FY-2012 it has reported INR76.88 Cr Operating income, INR2.04
Cr operating profit before depreciation and interest expense and
INR1.23 Cr Profit after tax (Provisional).


VISHWAKARMA REFRACTORIES: ICRA Reaffirms 'BB+' Loan Ratings
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR3.41
crore1 term loan and INR11.0 crore cash credit facility of
Vishwakarma Refractories Private Limited at '[ICRA]BB+'.  The
outlook on the rating is Stable.

                            Amount
   Facilities              (INR Cr)        Ratings
   ----------              ---------       -------
   Term Loan                 3.41          [ICRA]BB+
   Fund Based-Cash Credit   11.0           [ICRA]BB+

The rating reaffirmation takes into account VRPL's stable top-
line, adequate profitability supported by moderate debt
protection indicators during FY2011-12.ICRA notes that business
has turned free cash flow positive post completion of capex work
in FY2010. The rating continues to factor in the long experience
of VRPL's promoters in the refractory industry, its wide product
portfolio, its established brand image and a reputed client base.
The rating, however, is constrained by relatively high gearing of
the company, its susceptibility to adverse movements in input
prices and also dependence on the cycles of steel industry. In
addition, the rating factors in intensely competitive nature of
refractory industry because of presence of a number of
unorganized players and threat from cheaper imports.

While assigning the rating, ICRA has taken a consolidated view of
the Bhuwalka Group due to strong operational linkages among the
companies.

VRPL, a group company of Bhuwalka Premier Group of Bangalore, was
incorporated in the year 1982 as Vishwakarma Castings Limited,
and later renamed as Vishwakarma Refractories Private Limited in
the year 1996. With a 16000MT manufacturing facility located at
Kolar (Karnataka), VRPL is equipped with modern machineries for
manufacturing high quality refractory bricks of various types -
high alumina, basic, silica bricks & monolithics for meeting
stringent requirements of wide range of customers including
reputed players like Ispat Industries, JSW Steel Limited, Bhilai
Steel Plant (SAIL), Rourkela Steel Plant etc.

Recent Results

For the financial year 2011-12, VRPL recognized an operating
income of INR23.8 crore and net profit of INR1.1 crore as against
an operating income of INR22.1 crore and net profit of INR1.9
crore during FY 2010-11.



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


SILK ROAD: S&P Puts 'B+' Rating on Series 2 Class B1-U on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Silk
Road Plus PLC's series 2, 5, 6, and 10 synthetic collateralized
debt obligation (CDO) transactions on CreditWatch with positive
implications, following Standard & Poor's monthly review of
synthetic CDO transactions. "At the same time, we have kept our
'CCC (sf)' rating on Hummingbird Securitisation Ltd.'s series 2
loan (Hummingbird 2 loan) synthetic CDO transaction on
CreditWatch with positive implications. We originally placed the
rating on Hummingbird 2 loan on CreditWatch positive on Aug. 6,
2012," S&P said.

"As part of our surveillance of rated synthetic CDO transactions,
we generally review them every month to determine whether
upgrades or downgrades are warranted. Typically, an initial
credit committee reviews synthetic CDO tranches at the beginning
of each month for potential CreditWatch placements and removals.
Then, later in the month, a second credit committee reviews the
tranches that are on CreditWatch for possible upgrades or
downgrades," S&P said.

"The actions reflect the results of the initial credit
committee's review in October. We placed the ratings on Silk Road
Plus PLC's series 2, 5, 6, and 10 on CreditWatch positive because
all four transactions had synthetic rated overcollateralization
(SROC) levels in excess of 100% at higher ratings than the
current ratings as of Sept. 30, 2012. We kept the rating on
Hummingbird 2
loan on CreditWatch positive because we are currently reviewing
the credit quality of a reference entity in the transaction's
portfolio and concluded that our analysis needs to reflect the
result of the review before we can resolve the CreditWatch
status," S&P said.

"We intend to review the tranches listed below with ratings that
we placed or kept on CreditWatch positive at our second credit
committee review by the end of this month," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE
Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
2 class B1-U
To                      From          Issue amount
B+ (sf)/Watch Pos       B+ (sf)       $70.0 mil.

Limited recourse secured floating-rate credit-linked notes series
5 class C1-J
To                      From          Issue amount
B (sf)/Watch Pos        B (sf)        JPY1.0 bil.

Limited-recourse secured variable return combination credit-
linked notes
series 6 class B3-U
To                      From          Issue amount
B+pNRi (sf)/Watch Pos   B+pNRi (sf)   $14.0 mil.

Limited recourse secured floating-rate credit-linked notes series
10 class
A1-E
To                      From          Issue amount
BB (sf)/Watch Pos       BB (sf)       EUR10.0 mil.

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



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


STO. ROSARIO RURAL: Placed Under PDIC Receivership
--------------------------------------------------
The Monetary Board placed the Sto. Rosario Rural Bank (Batangas),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1615 dated
Oct. 4, 2012.  As Receiver, PDIC took over the bank on
Oct. 4, 2012.

Sto. Rosario RB is a three-unit bank with Head Office located at
J.P. Rizal St., Poblacion, Padre Garcia, Batangas. Its two
branches are in Lipa City and San Juan, both in Batangas. Latest
available records show that as of June 30, 2012, the Sto. Rosario
RB had 5,805 accounts with total deposit liabilities of
PHP208.15 million.  According to the latest Bank Information
Sheet (BIS) as of June 30, 2012, filed by Sto. Rosario RB with
the PDIC, the bank is majority owned by Antonio S. Lindog (35%)
and Celerina R. Lindog (30%). Its Chairman and President/CEO is
Antonio S. Lindog.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct a Depositors Forum on
Friday, October 12, 2012 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will also be distributed during the Depositors Forum. The
schedule and venue of the Depositors Forum will be posted in the
bank premises and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms (DUFs) to be furnished by PDIC
representatives. Duly accomplished DUFs should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until October 19, 2012.

Only depositors with valid savings accounts with balances of
PHP10,000 and below, who have no outstanding obligations with
Sto. Rosario RB and who have complete and updated addresses with
the bank, need not file deposit insurance claims. PDIC targets to
start mailing payments to these depositors to their addresses
recorded in the bank by the third week of November 2012.



                             *********

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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