TCRAP_Public/121010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, October 10, 2012, Vol. 15, No. 202

                            Headlines


A U S T R A L I A

BUILDEV GROUP: Three Tinkler-Owned Firms Face Liquidation


C H I N A

CHINA TIANRUI: Moody's Assigns '(P)B2' Sr. Unsecured Debt Rating
CHINA TIANRUI: S&P Gives 'B' Rating on USD-Denominated Notes
CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program
CITIC PACIFIC: S&P Gives 'BB+' Rating on Upsized US$4.5BB Notes


H O N G  K O N G

80S RENAISSANCE: Wong Chau Keung Appointed as Liquidator
CHINA (I.C.P.): Court to Hear Wind-Up Petition on Nov. 7
EASTERN LINK: Creditors Get 50% Recovery on Claims
GLOBAL EPITECH: Court to Hear Wind-Up Petition on Oct. 17
GRE (HONG KONG): Court to Hear Wind-Up Petition on Nov. 14

IDONA INVESTMENT: Yam Kam Kwong Appointed as New Liquidator
JUNGLE HOLDINGS: Court to Hear Wind-Up Petition on Nov. 21
KUDOS APPAREL: Creditors' Meeting Set for Oct. 17
NAMEBLE GARMENT: Court to Hear Wind-Up Petition on Oct. 24
O'MACY BEAUTY: Court to Hear Wind-Up Petition on Oct. 17


I N D I A

BELL TEXTILES: ICRA Assigns 'BB+' Rating on INR11.75cr Loans
CONTRANS LOGISTIC: ICRA Rates INR17cr Term Loans at '[ICRA]BB-'
DARA CONSTRUCTION: ICRA Assigns 'B+' Rating on INR2.08cr Loans
GCL INDIA: ICRA Cuts Rating on INR20.5cr Loan to '[ICRA]BB-'
HINDUSTAN HYDRAULICS: ICRA Puts 'BB' Rating on INR8.5cr Loan

JANKI RICE: ICRA Assigns '[ICRA]B' Rating to INR12.87cr Loans
MALLESWARAMMA MEMORIAL: ICRA Rates INR5cr Term Loans at '[ICRA]B'
SIMPEX OVERSEAS: ICRA Cuts Rating on INR20cr Loan to '[ICRA]BB-'
SRIJI CORPORATION: ICRA Cuts Rating on INR20cr Loan to 'BB-'
VRL LOGISTICS: ICRA Assigns 'BB+' Rating to INR337.93cr Loans


K O R E A

SSANGYONG ENG'G: To Receive KRW130BB in Loan From Creditors


M O N G O L I A

MONGOLIAN RESOURCES: Moody's Assigns 'B3' Corp. Family Rating
MONGOLIAN RESOURCES: S&P Gives 'B-' CCR With Stable Outlook


N E W  Z E A L A N D

SHANTON CLOTHING: In Receivership; All 39 Shops Continue to Trade


P H I L I P P I N E S

EXPORT & INDUSTRY: PDIC Issues Bid Terms and Conditions for Rehab


S I N G A P O R E

NAM FATT: Creditors' Meetings Set for Oct. 18
NAM FATT ENGINEERING: Creditors' Meetings Set for Oct. 18
OSCAR MARITIME: Court to Hear Wind-Up Petition on Oct. 19
PARADIGM SHIPPING: Court Enters Wind-Up Order
QUEEN'S AVENUE: Court to Hear Wind-Up Petition on Oct. 19


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BUILDEV GROUP: Three Tinkler-Owned Firms Face Liquidation
---------------------------------------------------------
SmartCompany reports that three companies owned by troubled
mining billionaire Nathan Tinkler have had wind-up orders made
against them in the Queensland Supreme Court, in yet another
frustrating development for the prominent investor's empire.

SmartCompany says the past month has been a disaster for
Mr. Tinkler, who was booted from the top of the BRW Rich List
mainly due to a decline in commodity prices.  SmartCompany
relates that property groups Mirvac and Blackwood Corp have also
made legal threats against Tinker's companies for failing to make
payments.

According to the report, mining contracting group Sedgman has
made three wind-up applications against Tinkler Group Holdings,
Hunter Ports, and Bolkm.  The applications were made last month,
but the hearing dates are set for October 15 and October 22,
SmartCompany discloses.

SmartCompany adds Sedgman Chief Financial Officer Ian Poole has
also claimed the company had reached a schedule with the Tinkler
companies for payment of AUD2 million relating to a coal project
that was eventually rejected by the New South Wales Government,
but that this timetable wasn't met.

The report says the wind-up applications came after Tinkler
missed a court-ordered deadline to pay AUD17 million for land
usage in the same project to Mirvac.  Both Mirvac and Tinkler's
Buildev Group are set to hear out their case in court later this
month.

A separate dispute with building group Blackwood is also
underway, with the company claiming Tinkler's Mulsanne Resources
owes it AUD28.4 million, according to SmartCompany.



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C H I N A
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CHINA TIANRUI: Moody's Assigns '(P)B2' Sr. Unsecured Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 senior
unsecured debt rating to the USD senior notes to be issued by
China Tianrui Group Cement Company Ltd.

At the same time, Moody's has affirmed Tianrui Cement's B1
corporate family rating and has withdrawn the provisional (P)B2
senior unsecured debt rating assigned to the company's previously
proposed RMB notes as the issuance has been canceled.

The ratings outlook is stable.

Tianrui Cement plans to use the proceeds of the proposed issuance
to fund the repayment of existing short-term debt obligations,
business acquisitions, and general corporate purposes.

Moody's will remove the rating from its provisional status after
the notes are issued on satisfactory terms and conditions.

Ratings Rationale

"The proposed USD senior notes will improve Tianrui Cement's debt
maturity profile and its liquidity position," says Jiming Zou, a
Moody's Analyst.

Tianrui Cement has been funding its business mainly through
short-term borrowings which represented about 71% of its gross
unadjusted debt as of June 2012. In addition, the company's
ability to raise additional debt in the domestic capital market
becomes constrained as it has already RMB2 billion medium-term
and short-term notes outstanding as of September.

The latest proposed USD senior notes are intended to broaden
Tianrui Cement's funding sources and partially reduce its
refinancing pressure, which would in turn improve its funding
stability.

"Part of the proceeds of the proposed senior notes will be used
for debt repayments and thus incremental debt is not expected to
rise materially. Its debt leverage, as measured by Debt/EBITDA,
is expected to be around 4.0 -- 5.0x with EBITDA/Interest in the
range of 3.0-4.0x for the next 12 -- 18 months, which would be
still within the B1 rating," adds Zou.

Tianrui Cement's B1 corporate family rating continues to reflect
its leading market position in Henan and Liaoning provinces, and
its strong level of sales visibility, as supported by demand from
urbanization and investments in infrastructure.

The company maintains a well-established market position in its
two key provinces by its ability to secure inputs and use
efficient equipment.

At the same time, Tianrui Cement's B1 rating is constrained by
its short listing history and the absence of a track record of
disciplined financial management and good corporate governance.

Another constraint is the volatile nature of its profitability
due to its lack of pricing power in a fragmented cement market.

Moody's expects Tianrui Cement's profit margin will stay under
pressure in the next 12 months when Chinese economic growth will
remain slow. Meanwhile, the company has responded to the
increased challenge by slowing capital spending to preserve
liquidity.

The rating for the proposed USD notes is one notch lower than the
company's corporate family rating, reflecting structural and
legal subordination risk. Tianrui Cement's domestic borrowings
amounted to RMB6.5 billion, which represented 37% of total assets
as of the end of June 2012. This ratio will remain above 15% in
the next 2 years.

The ratings outlook is stable, reflecting Moody's expectation
that Tianrui Cement will stabilize its operating performance in
the second half of 2012, successfully roll over its short-term
debt, and reduce its capital spending to preserve cash.

Upward rating pressure is limited. Over the longer term, it could
emerge if the company can demonstrate a track record of further
improving its corporate governance, market position, financial
management, and debt maturity profile.

In terms of its credit metrics, indicators for an upgrade would
include operating margin more than 20%, EBITDA/interest expenses
more than 4.0x, and Debt/EBITDA less than 3.5x-4.0x on a
sustained basis.

A downgrade could be triggered by: (i) a significant loss of
share in its core market, (ii) a decline in sales and/or
profitability due to an adverse change in the local operating
environment, or weaker cement prices, and/or (iii) aggressive
expansion, driven by debt-funded acquisitions or capital
expenditure.

In terms of its credit metrics, operating margin less than 10%,
EBITDA/interest expense less than 3.0x, or Debt/EBITDA above 5.0x
would trigger a downgrade.

Moody's is aware of the financial difficulties of Sanmenxia
Tianyuan Aluminum Company Limited (STAC), a sister company of
Tianrui Cement, and is under the same parent group owned by Li
Liufa.

Although Tianrui Cement's business is unrelated to the aluminum
business, downward rating pressure could arise in case of Tianrui
Cement's cash leakage, guarantee for STAC's debt or change in the
profit distribution policy of Tianrui Cement.

The principal methodology used in rating China Tianrui Cement
Group Cement Company Ltd was the Global Building Materials
Industry Methodology published in July 2009.

China Tianrui Cement Group Cement Company Ltd, which listed on
the Hong Kong Stock Exchange in April 2012, is the largest cement
producer in China's Henan and Liaoning provinces. The company had
an annual clinker and cement production capacity of 22.25 million
tons and 39.23 million tons, respectively, as of June 30, 2012.
The company is 39.6% held by its Chairman, Li Liufa, and his son,
Li Xuanyu; 18.7% by Tang Ming Chien; 16.7% by KKR, and 8.4% by
JPMorgan.


CHINA TIANRUI: S&P Gives 'B' Rating on USD-Denominated Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to a proposed issue of U.S. dollar-denominated senior unsecured
notes by China Tianrui Group Cement Co. Ltd. (B+/Stable/--;
cnBB/--). "At the same time, we assigned our 'cnBB-' Greater
China regional scale rating to the proposed notes. The rating on
the notes is subject to our review of the final documentation for
the notes issuance," S&P said.

"The proposed issue is rated one notch lower than the corporate
credit rating on Tianrui because of priority liabilities at its
operating company in China. Tianrui will use the proceeds from
the proposed notes to refinance debt and for general corporate
purpose," S&P said.

"The proposed issuance does not affect the rating on Tianrui. The
company's financial performance in the first half of 2012 was in
line with our expectation, with an operating margin of about 20%.
We expect the operating margin to stay above 20% in the next 12
months as large national infrastructure projects, such as the
South-North Water Transfer Project, fuel demand," S&P said.

"The rating on Tianrui reflects the company's untested corporate
governance, short track record, heavy reliance upon short-term
debt to support its capital structure, and aggressive growth
plans. We also note that Tianrui operates in a competitive,
cyclical, and capital-intensive industry, which we believe is
in a weak cycle. The company's operating scale, reasonable
geographic diversification, and relatively efficient operations
due to vertical integration temper the weaknesses," S&P said.


CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to CITIC
Pacific's proposed USD notes to be drawn under its Euro Medium
Term Notes (EMTN) Program.

Moody's has also affirmed CITIC Pacific's Ba1 corporate family
rating and the (P)Ba1 rating of its EMTN program, which has been
upsized to USD4.5 billion from USD2 billion.

The ratings outlook is negative.

Rating Rationale:

"The notes issuance has no immediate rating impact, as the funds
is expected to be used to refinance loans maturing in 2013," says
Ivan Chung, a Moody's Vice President.

"Despite its high leverage and weak performance year-to-date,
CITIC Pacific's Ba1 rating is supported by (1) its diversified
business portfolio, (2) its stable operating performance in Hong
Kong, and (3) the expected high support from its parent, the
CITIC Group (Baa2, stable), which is based on the strong track
record of timely parental support," says Kai Hu, a Moody's Vice
President and local market analyst for the company.

This parental support provides a two-notch uplift from CITIC
Pacific's standalone Ba3 rating.

Moody's draws reassurance from CITIC Pacific's adequate
liquidity. Even without the additional note issuance, its cash-on
hand of HKD35.6 billion and available committed banking
facilities of HKD15.5 billion are enough to cover debt maturing
in 2012 and 2013 of around HKD32 billion. The proposed drawdown
will further improve the company's near-term liquidity profile.

"The negative outlook reflects the possibility of further delays
and cost overruns of the iron ore project, against the backdrop
of declining iron ore prices and weakness in its specialty steel
manufacturing as well as its property business. We expect CITIC
Pacific's net debt position, which is weak for its standalone
rating, will continue rising before the iron ore project is
completed and starts generating meaningful cashflow for
deleveraging," adds Hu.

Moody's will continue to monitor the progress of the company's
iron ore project, the operating performance of its core
businesses, and any initiatives that the company or parent
decides to implement to maintain a credit profile that is
appropriate for its current rating.

CITIC Pacific 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 CITIC Pacific Limited's core industry and believes CITIC
Pacific Limited's ratings are comparable to those of other
issuers with similar credit risk.

Other factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
58% owned by CITIC Group Corporation. It was one of the first
Chinese companies to list and invest outside of China. Its major
businesses include special steel manufacturing, iron ore mining
and property development in mainland China. It is also engaged in
other businesses such as energy, tunnels, telecommunications,
distribution and property development and investment in Hong
Kong.

CITIC Group Corporation, headquartered in Beijing, is a
conglomerate investment company wholly owned by the State Council
of the Chinese government. As of end-2011, it had total
consolidated assets of RMB 3,277 billion.


CITIC PACIFIC: S&P Gives 'BB+' Rating on Upsized US$4.5BB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
an upsized US$4.5 billion medium-term notes program of CITIC
Pacific Ltd. (BB+/Negative/--; cnBBB/--). The original size of
the program was US$2.0 billion. "At the same time, we assigned
our 'BB+' issue rating to a proposed benchmark size senior
unsecured notes issuance under this program. We have also
assigned our 'cnBBB' Greater China regional scale rating to both
the program and the proposed notes. We expect CITIC Pacific to
use the proceeds from the proposed notes to refinance borrowings
due in 2013," S&P said.

"We anticipate that the company's debt will increase by the end
of 2012, with its ratio of total debt to total capital reaching
close to 60% as it pre-finances debt maturities in 2013. In our
view, the key risk to the rating on CITIC Pacific remains the
execution of the construction of the Sino Iron project in Western
Australia and whether the company can start the first production
line soon," S&P said.

"The rating on CITIC Pacific reflects the conglomerate's weak
execution record. The company's highly leveraged capital
structure and its exposure to cyclical industries such as iron
ore, real estate, and special steel also constrain the rating.
Strong parent support and CITIC Pacific's diversified assets
across industries temper these weaknesses," S&P said.



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


80S RENAISSANCE: Wong Chau Keung Appointed as Liquidator
--------------------------------------------------------
Wong Chau Keung on Aug. 26, 2012, was appointed as liquidator of
80s Renaissance Limited.

The liquidator may be reached at:

         Wong Chau Keung
         A, 11/F, Dao Shing BLDG
         51 Heung Wo St, Tsuen Wan


CHINA (I.C.P.): Court to Hear Wind-Up Petition on Nov. 7
--------------------------------------------------------
A petition to wind up the operations of China (I.C.P.) Holidays
Limited will be heard before the High Court of Hong Kong on
Nov. 7, 2012, at 9:30 a.m.

Well Team Business Service Limited filed the petition against the
company on Sept. 4, 2012.

The Petitioner's solicitors are:

          Messrs. Kelvin Cheung & Co
          Unit 101, 1st Floor, Hong Kong Trade Centre
          161-167 Des Voeux Road
          Central, Hong Kong


EASTERN LINK: Creditors Get 50% Recovery on Claims
--------------------------------------------------
Eastern Link Investment Limited, which is in compulsory
liquidation, will declare the first preferential dividend to its
creditors on Oct. 19, 2012.

The company will pay 50% for preferential claims.

The company's liquidators are:

         Lau Siu Hung
         Liang Yang Keng
         Rooms 1909-10, 19/F
         173 Des Voeux Road
         Central, Hong Kong


GLOBAL EPITECH: Court to Hear Wind-Up Petition on Oct. 17
---------------------------------------------------------
A petition to wind up the operations of Global Epitech Company
Limited will be heard before the High Court of Hong Kong on
Oct. 17, 2012, at 9:30 a.m.

Everleap Limited filed the petition against the company on
Aug. 9, 2012.

The Petitioner's solicitors are:

          Hogan Lovells
          11/F, One Pacific Place
          88 Queensway, Hong Kong


GRE (HONG KONG): Court to Hear Wind-Up Petition on Nov. 14
----------------------------------------------------------
A petition to wind up the operations of Gre (Hong Kong) Limited
will be heard before the High Court of Hong Kong on Nov. 14,
2012, at 9:30 a.m.

Daisho Microline Limited filed the petition against the company
on Sept. 10, 2012.

The Petitioner's solicitors are:

          Johnnie Yam, Jacky Lee & Co
          5th Floor, San Toi Building
          137-9 Connaught Road
          Central, Hong Kong


IDONA INVESTMENT: Yam Kam Kwong Appointed as New Liquidator
-----------------------------------------------------------
Yam Kam Kwong on Sept. 20, 2012, was appointed as liquidator of
Idona Investment Limited.

Yam Kam Kwong replaces Lee King Yue who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Yam Kam Kwong
         409, Jardine House
         1 Connaught Place
         Central, Hong Kong


JUNGLE HOLDINGS: Court to Hear Wind-Up Petition on Nov. 21
----------------------------------------------------------
A petition to wind up the operations of Jungle Holdings Limited
will be heard before the High Court of Hong Kong on Nov. 21,
2012, at 9:30 a.m.

Sung Ham Kin Edmund filed the petition against the company on
Sept. 10, 2012.

The Petitioner's solicitors are:

          Gallant Y. T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


KUDOS APPAREL: Creditors' Meeting Set for Oct. 17
-------------------------------------------------
Creditors of Kudos Apparel Limited will hold their meeting on
Oct. 17, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at the Unit 1402, 14th Floor, Yue Xiu
Building, 160-174 Lockhart Road, Wanchai, in Hong Kong.


NAMEBLE GARMENT: Court to Hear Wind-Up Petition on Oct. 24
----------------------------------------------------------
A petition to wind up the operations of Nameble Garment Limited
will be heard before the High Court of Hong Kong on Oct. 24,
2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Tsangs
          13th Floor, Chiyu Bank Building
          78 Des Voeux Road
          Central, Hong Kong


O'MACY BEAUTY: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------
A petition to wind up the operations of O'Macy Beauty Limited
will be heard before the High Court of Hong Kong on Oct. 17,
2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Chak & Associates
          Unit 1904, 19th Floor
          Far East, Finance Centre
          16 Harcourt Road
          Admiralty, Hong Kong



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I N D I A
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BELL TEXTILES: ICRA Assigns 'BB+' Rating on INR11.75cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' to the fund-
based facilities aggregating to INR11.75 crore of Bell Textiles
Private Limited. ICRA has also assigned a short term rating of
'[ICRA]A4+' to the non-fund based facilities aggregating to
INR8.00 crore of BTPL. The long-term rating has a stable outlook.

                            Amount
   Facilities              (INR Cr)      Ratings
   ----------              ---------     -------
   Fund Based Limits        0.75         [ICRA]BB+ assigned
   (Term Loans)

   Fund Based Limits       11.00         [ICRA]BB+ assigned
   (Cash Credit)

   Non-Fund Based Limits    8.00         [ICRA]A4+ assigned
   (Letter of Credit)

The ratings are constrained by the company's modest size of
operations, high working capital intensity of operations and
intensely competitive industry structure. ICRA notes that the
company's profitability is exposed to the volatility in prices of
key raw materials, especially pure silk yarn, owing to high
supplier concentration and ability of the company to pass on
escalated input costs to customers remains limited. ICRA further
notes that the company's operations are also exposed to adverse
fluctuations in currency markets in the absence of a firm hedging
policy and also to the cyclicity observed in the textile sector.
The ratings however, favorably factor in the long track record of
the promoters in the silk manufacturing business, BTPL's
established marketing and distributor network and diversified
customer base.

Bell Textile Private Limited was incorporated in March 1994 by
Mr. Bharat T. Gandhi. The company commenced operations in the
year 1980 as a proprietorship concern and was re-incorporated as
a private limited company in the year 1994. The company is
engaged in the manufacturing of Bemberg Cloth & Pure Silk Cloth
and markets its products under the trade name "Batsons". The
fabric manufactured by the company is primarily used for making
saris and dupattas. The raw material for Bemberg is mostly
imported from Japan while pure silk yarn is procured from China.
The sister concerns of BTPL include Bell Finishing Works
(proprietorship firm) and Elpee Textile Industries (partnership
firm), both of which are engaged exclusively in doing job work
for BTPL.

For FY 2012, the company reported profit after tax of INR1.48
crore on an operating income of INR67.56 crore.


CONTRANS LOGISTIC: ICRA Rates INR17cr Term Loans at '[ICRA]BB-'
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB-' to the INR17 crore,
long-term, fund based facilities of Contrans Logistic Private
Limited.  ICRA has also assigned a rating of '[ICRA]A4' to the
INR1.75 crore short-term, non-fund based facilities of CLPL. The
outlook on the long term rating is Stable.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Term Loans             17.00        [ICRA]BB- assigned
   Bank Guarantee          1.75        [ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations coupled with vulnerability of the operations to any
adverse trends in trade (export-import) volumes at Pipavav Port.
The ratings also take into account the moderate risk of customer
concentration, dependence on agro products which results in
exposure to agro climatic risks and changes in government
regulations. The company has proposed large-sized expansion plans
which is currently on hold, however, timing and extent of debt
funding required for the same remains a key rating sensitivity.

The ratings, however, favorably factor in the long experience of
the promoters in container logistics industry by way of
engagement with other companies, favorable location of the
company's facility at Pipavav which only has one other private
CFS player resulting in limited competition, and favorable
outlook of container shipping trade in the long term. Ability to
further scale-up the volumes so as to improve the financial
performance remains crucial.

Contrans Logistic Private Limited was incorporated in 2007 and is
engaged in the business of operating a Container Freight Station
at Pipavav port. The CFS has an annual throughput capacity of
96,000 TEUs (Twenty Foot Equivalent Units).The company  is
promoted and operated by Captain Navjeet Grewal and Captain
Rajeev Niroola who have several years of experience in the
material handling and shipping logistics industry. The promoters
are associated with Mundhra CFS Pvt. Ltd at Mundra port and
Aditya CFS Pvt. Ltd at Kandla port. The promoters along with
their family and other group companies own about 56% of the share
capital of CLPL while the remaining 44% is held by private equity
firm, Eredene Capital Plc.

Recent Results

In FY 2012 (provisional unaudited), CLPL reported an operating
income of INR13.33 crore (as against INR10.05 crore in FY 2011)
and profit after tax of INR0.47 crore (as against a net loss of
INR0.24 crore in FY 2011).


DARA CONSTRUCTION: ICRA Assigns 'B+' Rating on INR2.08cr Loans
--------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR2.0 crore fund based limits and INR0.08 crore unallocated
limits of Dara Construction Co. ICRA has also assigned the short
term rating of I[ICRA]A4 to INR6.0 crore non-fund based limits of
DCC.

                             Amount
   Facilities               (INR Cr      Ratings
   ----------               --------     -------
   Fund Based                  2.0       [ICRA]B+ (Assigned)
   Unallocated Limited         0.08      [ICRA]B+ (Assigned)
   Non-fund Based Limits       6.0       [ICRA]A4 (Assigned)

The ratings takes into account the healthy revenue visibility as
reflected by pending order book of INR74 crore as on June 30,
2012 and long track record of the proprietor in the civil
construction industry. Notwithstanding its modest scale of
operations, the ratings also draw support from the adequate debt
coverage indicators as reflected by interest coverage and gearing
of 3.6 times and 0.44 times respectively as on March 31, 2012.
The ratings, however, are constrained on account of exposure to
sectoral and geographic risks emanating from DCC's pending order
book, which is highly concentrated towards the state of Rajasthan
and water segment (laying of pipes). Further, DCC's high
dependence on government entities for orders exposes the firm to
risks arising out of budgetary allocation and spending of such
government entities. Moreover, ICRA expect the working capital
requirements to rise in order to execute the pending order book
in timely manner. The same is likely to be funded through working
capital borrowing; availability of which may be constrained on
account of its constitution.

Going forward, satisfactory execution of the existing order book
and timely collections from the clients will remain key rating
sensitivities along with the firm's ability to secure incremental
projects while maintaining profit margins.

Dara Construction Co. is a proprietorship concern of Mr. Pappu
Ram Vishnoi set up in 1998. The concern is engaged in civil
construction work, primarily focusing on laying of pipe lines.
The firm is based out of Jodhpur and has work experience across
Rajasthan, Madhya Pradesh and Gujarat. DCC is registered as "AA"
class contractor in P.H.E.D and "A" class contractor in M.E.S. As
per the provisional numbers, the firm achieved an operating
income of INR39.45 crore in FY12 and had a pending order book of
INR74.14 crore as on June 30, 2012.

Recent Results

For the 12 months ending March 31, 2012, DCC reported Profit
Before Tax (PBT) of INR1.33 crore on a turnover of INR39.45 crore
as compared to INR0.83 crore on a turnover of INR25.81 crore a
year ago.


GCL INDIA: ICRA Cuts Rating on INR20.5cr Loan to '[ICRA]BB-'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR20.50
crore (enhanced from INR13.00 Cr) fund based bank facilities of
GCL India Pvt Ltd from '[ICRA]BB+' to '[ICRA]BB-'. ICRA has also
revised the short term rating assigned to the INR1.50 Cr
(enhanced from INR1.00 Cr) non fund based facilities of GCLIPL
from '[ICRA]A4+' to '[ICRA]A4'.  The outlook on the long term
rating is Stable.

                          Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Fund Based Limits      20.50      [ICRA]BB- (stable) Revised
                                     from [ICRA]BB+ (stable)

   Non-Fund Based Limits   1.50      [ICRA]A4 Revised from
                                     [ICRA]A4+

The revision in the ratings takes into account decline in
operating income as well as profitability, on account of
decreased industry requirement as well as lack of improvement in
operational efficiencies, along with an increase in gearing
levels from 2.07 times as on March 31, 2011 to 2.8 times as on
March 31, 2102. The ratings also factor in the stretched
liquidity position of the company, on account of high working
capital blockage owing to stretched receivable levels, as
evidenced by negative free cash flows generated by the company
and very high utilization of working capital limits.

The rating however, is favorably supported by GCLIPL's
experienced management, its long track record of operations and
its established position in the domestic market. The ratings also
take into account the steps taken by the company to diversify its
product profile and addition of tape extrusion unit to its
portfolio.

GCLIPL started its operations in the year 1986 as a partnership
concern in the name of Girish Circular Looms by Mr. Harish B
Kamath who is an engineer by profession. The firm was later on
converted into a private limited company in the name of GCL India
Private Limited in 1996. Initially, the firm started
manufacturing 4 shuttle circular looms for weaving fabrics of
Poly Propylene / Poly Ethylene (PP/PE) tapes under the technology
transfer agreement from M/s Phyllis Co., Taiwan. Gradually the
company developed several models of circular looms and also
widened its product range. So far the company has been primarily
dealing in circular looms only however recently it has started
manufacturing Extruders also. The Extruders will be manufactured
in technical collaboration with SIMA Group, Italy.

Recent Results

The company reported (provisionally) net profit of INR0.72 crore
on a turnover of INR57.12 crore for the year ending March 2012 as
against a net profit of INR2.70 crore on an operating income of
INR67.53 crore for year ending March 2011.


HINDUSTAN HYDRAULICS: ICRA Puts 'BB' Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB' to the INR8.5 crore fund
based limits of Hindustan Hydraulics Private Limited. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR10.0
crore non-fund based limits of HHPL. The outlook on the long term
rating is 'Stable'

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               --------     -------
   Fund Based limits          8.50       [ICRA]BB assigned
   Non Fund Based limits     10.00       [ICRA]A4 assigned

The ratings are constrained by HHPL's modest scale of operations
resulting in modest economies of scale and susceptibility of its
profitability to volatility in prices of raw material due to
fixed price nature of contracts. Further the ratings are
constrained by high debtor days of HHPL with a large proportion
of debtors outstanding as on Mar 31, 2012 being due for more than
six months. However, the ratings derive comfort from the
established track record of the company in the manufacturing of
hydraulic machines, established client base as reflected by
repeat orders as well as adequate capitalisation and coverage
indicators.

In ICRA's view, HHPL's ability to scale up its operations in a
profitable manner, manage working capital intensity and maintain
a healthy financial risk profile in the context of the small
scale of operations would remain the key rating sensitivities.

Hindustan Hydraulics Private Limited was incorporated in 1968 and
is currently managed by Mr. M.M.S Khosla. The company is engaged
in the manufacturing of CNC Hydraulic Press Brakes and NC/CNC
Hydraulics Shearing machine. Till date, HHPL has supplied over
2500 CNC press brakes and NC Hydraulic Shearing machines.HHPL
caters to various industries including railways and automobiles.
Its manufacturing unit is located in Jalandhar, Punjab.

Recent results

HHPL reported a profit after tax (PAT) of INR2.87 crores on an
operating income of INR48.72 crores in FY 2011-12 as against, PAT
of INR1.89 crores on an operating income of INR38.88 crores in FY
2010-11.


JANKI RICE: ICRA Assigns '[ICRA]B' Rating to INR12.87cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR1.87 crore
term loans and the INR11.00 crore cash credit facility of Janki
Rice & Solvent Industries Private Limited.

                          Amount
   Facilities            (INR Cr)          Ratings
   ----------            ---------         -------
   Term Loan               1.87            [ICRA]B assigned
   Cash Credit facility   11.00            [ICRA]B assigned

The assigned rating is constrained by the small scale of
operations and weak financial profile of the company reflected in
low profit margins, stretched capital structure and modest
coverage indicators. The rating also takes into account the
inherently low value addition in the rice milling business; the
highly fragmented nature of the industry and vulnerability of
profit margins to volatility in paddy prices which are in turn a
function of seasonality and variations in crop harvests and
regulatory risks. The assigned rating, however, favorably factors
in the long experience of the promoters in the rice milling and
trading business, favorable location of the company's
manufacturing unit in close proximity to the paddy belt in
Gujarat and favorable outlook for rice realisations following the
lifting of the export ban from September 2011.

Janki Rice & Solvent Industries Private Limited was incorporated
in 2008 by Ramwani and Vaghela families and is engaged in the
business of milling par boiled rice. The company operates from
its plant located at Sanand (near Ahmedabad, Gujarat) and started
commercial production in FY10; the company's production capacity
stands at 192 TPD (Tonne per Day).

Recent Results

For the year FY2011-12, the company reported an operating income
of INR55.63 crore (against INR44.50 crore in FY 2010-11) and
profit after tax of INR0.19 crore (against INR0.18 crore in FY
2010-11).


MALLESWARAMMA MEMORIAL: ICRA Rates INR5cr Term Loans at '[ICRA]B'
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR5.00 crore
term loan limits of Smt. Kanchamreddy Malleswaramma Memorial
Educational Society.

                          Amount
   Facilities            (INR Cr)          Ratings
   ----------            ---------         -------
   Term loans             5.00             [ICRA]B assigned

The assigned ratings are constrained by the limited track record
of the school having been established in 2011-12; debt funded
capital expenditure resulting in high gearing and losses in the
first year resulting in weak coverage indicators for FY2012.
However, the ratings favorably factor in the stable fee based
income and healthy student enrolments providing fair degree of
revenue visibility in the medium term and favorable demand
prospect for school education in India. Going forward, the
society ability to maintain enrollment levels and improve
profitability levels are the key rating sensitivities from credit
perspective.

Founded in 2009, Smt. Kanchamreddy Malleswaramma Memorial
Educational Society runs Akshrara International School (AIS) at
Anantapur town, Andhra Pradesh. The society is promoted by Mr. K
Jagadeeshwar Reddy. The school started operations in academic
year (AY) 2011-12 with an intake capacity of around 300 students
which was increased to 700 students in AY2012-13.

Recent Results

For FY2012 (provisional and unaudited), the company reported an
operating income of INR1.64 crore and deficit of INR1.20 crore.


SIMPEX OVERSEAS: ICRA Cuts Rating on INR20cr Loan to '[ICRA]BB-'
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR20 crores
(enhanced from INR12 crores) fund-based limits of Simpex Overseas
Private Limited to '[ICRA]BB-' from '[ICRA]BB'. The outlook on
the long-term rating is stable.

                       Amount
   Facilities         (INR Cr)     Ratings
   ----------         ---------    -------
   Fund based limits   20.00       Revised to [ICRA]BB-
                                   (Stable) from [ICRA]BB
(stable)

The rating revision takes into the deterioration in financial
profile of the company as reflected by decline in net profits,
increase in gearing levels and deterioration in debt coverage
indicators of the company. The rating also factors in the
intensely competitive nature and low value additive nature of the
metal trading industry, SOPL's modest scale of operations, which
results in limited economies of scale, and its low profitability
and modest cash accruals. Low profitability coupled with high
working capital borrowings have resulted in moderate debt
coverage indicators. The margins of the company are exposed to
foreign exchange fluctuations due to large volumes of imported
raw materials as well as movement in traded goods prices.
Nevertheless, the rating draws comfort from SOPL's experienced
management and demonstrated financial support from promoters.
Going forward, ICRA expects SOPL's profitability to remain under
pressure while working capital requirements to increase in line
with the growth in scale of operations.

SOPL was incorporated in 1994 by Mr. Om Prakash Maheshwari. SOPL
is a closely held company with entire shareholding with promoters
and their group companies. Currently the company is managed by
Mr. Maheshwari and his friend Mr. Prakash Trivedi. The company is
involved in trading of scrap of metals and alloys such as steel,
stainless steel, brass, copper, zinc, aluminium etc.

For the financial year ended 31st March 2012, the company
reported an operating income of INR151.59 crores and a profit
after tax of INR0.46 Crore. The Company has achieved a turnover
of 91 crores in 4MFY13.


SRIJI CORPORATION: ICRA Cuts Rating on INR20cr Loan to 'BB-'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR20 crores
(enhanced from INR10 crores) fund-based limits of Sriji
Corporation Private Limited to '[ICRA]BB-' from '[ICRA]BB'.
The outlook on the long-term rating is stable.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Fund based limits      20.00           [ICRA]BB-(Stable) from
                                          [ICRA]BB (stable)

The rating revision takes into account the deterioration in
financial profile of the company as reflected by decline in net
profits, increase in gearing levels and deterioration in debt
coverage indicators of the company. The rating also reflects the
intensely competitive nature of the industry, SCPL's modest scale
of operations its low profitability and moderate debt coverage
indicators. The rating is also constrained by susceptibility of
SCPL's earnings to adverse movement in traded goods prices as
well as foreign exchange fluctuations. Nevertheless, the rating
draws comfort from SCPL's experienced management and long track
record of promoters in the industry.

SCPL was incorporated in 1997 by Mr. Ashok Maheshwari. SCPL is a
closely held company with entire shareholding with promoters and
their group companies. Currently the company is managed by Mr.
Maheshwari and his friend Mr. Mahesh Chandra Sharma. The company
is involved in trading of scrap of metals and alloys such as
steel, stainless steel, brass, copper, zinc, aluminium etc.

For the financial year ending March 31, 2012, the company
reported an operating income of INR141.36 crores and a profit
after tax of INR0.45 crore. The company achieved a turnover of
INR75 crores in 4MFY13.


VRL LOGISTICS: ICRA Assigns 'BB+' Rating to INR337.93cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB+' assigned
to the INR337.93 crore1 (Enhanced from INR211.22 crore) fund
based limits of VRL Logistics Limited.  The outlook assigned on
the long term rating is Stable.

                          Amount
   Facilities            (INR Cr)          Ratings
   ----------            ---------         -------
   Fund Based Limits-     55.00            [ICRA]BB+ (Stable)
   Cash Credit

   Term Loans            282.93            ICRA]BB+ (Stable)

The rating reaffirmation takes into account the company's long
track record in the transportation business, economies of scale
derived from its large fleet of owned vehicles, together with
captive body-designing and maintenance facilities and company's
presence in the high margin LTL (less than truck load) segment.
The rating reaffirmation is also supported by betterment in
capital structure and current improvement in debt profile
following temporary reduction in external borrowings on account
of investment of INR125 crore by private equity firm New Silk
Route.

The rating is however constrained by the debt funded capital
intensive business model of fleet ownership which reduces
operating flexibility and makes profit margins susceptible to any
slowdown in transportation activity as witnessed in a reduction
in profitability margins by 170 basis points in FY2012 which is
mainly attributable to reduction in profitability of passenger
division. The rating also takes into account high annual debt
repayments in relation to the net cash accruals of the company.
For example, the net cash accruals during FY2012 were under INR90
crore whereas the scheduled principal debt repayment of INR101.74
crore during FY2013 is substantial even after assuming growth in
cash accruals during FY2013 over FY2012. The scheduled debt
repayments in FY2014 and FY2015 exceed INR100 crore per annum
given the overall high dependence on vehicle financing loans. VRL
had total borrowings of INR603.41 crore as on March 31, 2012 and
total Debt/OPBDITA ratio of 3.09 times for FY2013. However post
PE transaction total borrowings and total Debt/OPBDITA ratio
stood at INR482.03 crore and 1.92 times respectively.

The rating is however, supported by timely infusion of equity by
PE investor during Q1 FY2013; the company used the sale proceeds
from the PE investment for pre-closure of term loans to the tune
of INR97.96 crore; post the same the scheduled debt repayment
during FY2013 is INR101.74 crore. The rating also takes into
account proposed capital expenditure of about INR250.00 crore
evenly spread over FY2013 and FY2014 and the projected borrowings
of around INR193.00 crore over the same period with balance of
almost INR58.00 crore estimated to be funded through internal
accruals.

ICRA has also noted receivables of 90 days equivalent to about
INR1.75 crore as on March 31, 2012 from Hubli Electricity Supply
Company Limited (HESCOM) for the sale of power from windmills.
However significant amount of debt linked to the same has been
pre-closed through private equity infusion. The rating
reaffirmation factors in current slowdown in the manufacturing
sector which can impact VRL's operating income and profitability
margin stemming from a reduction in the overall load availability
and limited ability to pass on the diesel price increases to its
customers.

Going forward, the ability of the company to maintain adequate
debt profile in the view of the proposed capital expenditure and
to maintain stable profitability margins in the current weak
economic scenario would be the key rating sensitive factors.
Founded in 1976 by Mr. Vijay Sankeshwar, VRL Logistics is engaged
in the business of providing transportation of goods (~77% of
FY2012 turnover) and passenger services (~19% of FY2012 turnover)
across India. It is currently listed in the Limca Book of Records
as the largest single owner of commercial fleet of 3298 vehicles
as of March 31, 2012. VRL also operates in three other business
segments: wind power generation (~3% of FY2012 turnover), courier
services and air charter business.

The company currently has 34 windmills in Gadag (Karnataka) with
a total capacity of 42.5MW supported by a 20-year PPA (power
purchase agreement) with the Hubli Electricity Supply Company Ltd
(HESCOM) expiring in 2026, which provides visibility to revenues.
HESCOM is required to pay INR3.40/kWh for the first 10 years from
the commercial operation date without any escalation. The
windmill segment recorded a turnover of INR35.53 crore which
constitutes 3.2% of the FY2012 revenue with earnings before
interest and tax (EBIT) of INR16.98 crore resulting in an EBIT
margin of 47.8% for FY2012. The segment had an outstanding debt
of INR107.63 crore as of March 31, 2012. In April 2012, the
private equity firm New Silk Route invested INR125 crore in VRL;
INR84.19 crore was used to repay a significant portion of this
debt with current outstanding debt of INR23.44 crore as of July
31, 2012. The balance funds were used to fund working capital
requirements and partly fund the planned capital expenditure in
the transportation business.

Recent Results

For FY2012, VRL turnover grew by 27.1% over FY2011 reporting an
operating income of INR1132.80 crore whereas its net profit
decreased by 20.5% to INR41.06 crore from INR51.67 crore over the
same period. During Q1 FY2013 VRL's turnover increased by 27.3%
to INR328.18 crore from INR257.84 crore in Q1 FY2012 on the back
of strong growth in passenger transportation segment. VRL's net
profit grew by 19.7% to INR16.98 crore during Q1 FY2013 from
INR14.19 crore in Q1 FY2012. With infusion of INR125 crore of
private equity funds, the company's total debt reduced to
INR473.36 crore as of June 30, 2012 from INR603.41 crore as of
March 31, 2012.



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


SSANGYONG ENG'G: To Receive KRW130BB in Loan From Creditors
-----------------------------------------------------------
Yonhap News reports that creditor banks of cash-strapped
Ssangyong Engineering & Construction Co. said Tuesday that they
will provide KRW130 billion (US$116.9 million) in a bid to help
the firm turn around.

The news agency says the creditors, led by Hana Bank, will extend
the loan to Ssangyong Engineering, currently up for sale after it
was released from a creditor-led debt workout program in
Oct. 2004.

Yonhap News relates that the move came on the heels of a recent
liquidity injection worth KRW70 billion by state-run debt-clearer
Korea Asset Management Corp. (KAMCO) last month.  It owns a 38.8%
in the builder, the report discloses.

According to the report, market watchers said the latest
financial assistance is expected to improve the capital base of
the company, a former arm of Ssangyong Group.

KAMCO has been trying to sell the company for years, but the deal
fell through in August when a preferred bidder dropped its intent
to buy the firm due to failure in term negotiations, Yonhap News
reports.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.



===============
M O N G O L I A
===============


MONGOLIAN RESOURCES: Moody's Assigns 'B3' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating to Mongolian Resources Corporation ("MRC").

At the same time, Moody's has assigned a provisional (P)B3 rating
to the proposed USD bonds to be issued by the company.

The ratings outlook is stable.

This is the first-time Moody's has assigned ratings to MRC.

Moody's will remove the provisional status of the bond rating
when the issuance is completed on satisfactory terms and
conditions.

The proceeds of the USD bonds will be used by MRC for debt
repayment and capital expenditures.

Ratings Rationale

"MRC's B3 corporate family rating reflects its competitive low
costs for iron ore production -- when compared to global levels
-- and its proximity to its consumers, iron and steel plants in
Xinjiang and Gansu provinces in Western China," says Alan Gao, a
Moody's Vice President and Senior Analyst.

MRC adopts an open-pit operation and currently has one large
open-pit mine and 4 proposed satellite pits. Moreover, the
company's ore deposits have a relatively high level of iron when
compared with those of its Asian peers.

As a result, the company has a very competitive cost structure
with the production cost of its iron ore concentrate standing at
around US$45 per tonne in 2011.

MRC operates in an environment characterized by geographic
barriers. The iron and steel plants in Western provinces in China
are far from the traditional global iron ore supply chain. High
inland transportation costs make the use of imported seaborne ore
prohibitively expensive in Western China.

Therefore, MRC's mine -- which is around 168 km from the Chinese
border -- has advantage in terms of proximity to its end-users.

Moreover, the robust state of steel production in Western China -
- where Chinese government policies are encouraging development
in a region which economically lags the country' coastal areas --
has buoyed demand for MRC's iron ore.

"On the other hand, MRC's B3 rating is constrained by its short
operating history, ramp-up risk, small level of reserves, short
mining life, single mine, narrow product, and the evolving nature
of the regulatory environment," adds Mr. Gao, who is also the
Lead Analyst of MRC.

MRC has a short operating track record and has yet to demonstrate
its ability to achieve the company's ambitious ramp-up targets.

Its credit metrics could remain weak as it demonstrates a high
level of execution risk, which includes potential project delays,
a common phenomenon in the mining industry.

Moreover, the company plans to spend up to US$300 million in the
next 12-18 months on key infrastructure projects to support its
production ramp-up. This implies that debt leverage will not fall
materially in the next 2 years and even when production rises.

The scale of MRC's operation is small by international standards.
For the 12-month period up to June 30, 2012, the company
generated revenue totaling US$120 million and its total assets
were US$170 million. Its total proven and probable reserves of
91.7 million metric tonnes with a Fe iron grade of 38-40% are
also small when they are compared with those of other
international mining companies.

As the company plans to more than double its annual concentrate
production in 2013, its current proven and probable reserves
would only support approximately 10 years of mining life.

Concentration risk is substantial for MRC as it has a single
producing mine, produces a single commodity, and sells all its
products to a limited number of customers in Western China.

Furthermore, Mongolian mining legislation is still evolving, with
frequent major changes occurring.

For example, the country's president on April 20, 2010 had
suspended all new mining and exploration licenses. The National
Security Council then modified this directive, and later
completely lifted it in December 2010.

MRC's debt-servicing ability could be affected by any unfavorable
change in legislation.

MRC's current liquidity position is weak. As of June 2012, it had
a total cash balance of USD8 million against total debt of USD105
million, 70% of which will fall due in one year. Thus its
operations rely on its ability to refinance debt.

However, Moody's draw some comfort that MRC's debt is owed mainly
to its shareholders and then related parties, including the Trade
and Development Bank of Mongolia and the European Bank for
Reconstruction and Development.

Moody's has not notched the proposed USD bonds for subordination
risk as MRC is expected to use the proceeds to refinance all
existing secured onshore debt.

MRC's stable outlook reflects Moody's expectation that MRC's
existing infrastructure facilities and financial resources are
enough to support its current production and it has some
flexibility in its capital expenditure program.

Near-term upward rating pressure is limited, given MRC's short
operating track record and substantial debt-funded capital
expenditure program.

However, positive rating pressure could emerge if MRC (1) can
achieve its production targets, (2) successfully starts its new
processing plant and upgrades the road serving its operations
within planned times and budget, (3) secures new sales contracts
and diversifies its customer base, and (4) improves its liquidity
position and capital structure by raising more equity.

Evidence of upgrade pressure would be a trend of positive free
cash flow and adjusted Debt/EBITDA below 3x - 3.5x on a sustained
basis.

Downward rating pressure would emerge if (1) MRC delays its
production ramp-up and fails to complete its key infrastructure
projects, as evidenced by weak sales growth and poor liquidity,
(2) industry fundamentals further deteriorate, as indicated by
declining iron ore prices, or high levels of inventory, or (3)
changes in laws and regulations that adversely affect MRC's
business occur, resulting in a decline in operating cash flow,
thereby constraining MRC's ability to service its debt.

In term of credit metrics, Moody's would consider as a trigger
for downgrade adjusted consolidated debt/EBITDA rising above 5x
on a sustained basis.

The principal methodology used in rating MRC was Moody's Global
Mining Industry, published in May 2009.

Mongolian Resources Corporation (MRC) is an integrated iron ore
producer principally engaged in operating its major mine Tayan
Nuur in the Govi-Altai province of Mongolia. MRC is 70.7% owned
by Euro 7 Investment, which is an investment holding company
wholly owned by Mr Bazar Radnaabazar, MRC's founder and Chairman.
The Trade and Development Bank of Mongolia is the second largest
shareholder with an 11.0% stake. The European Bank for
Reconstruction & Development has a 4.0% stake in MRC.


MONGOLIAN RESOURCES: S&P Gives 'B-' CCR With Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Mongolia-based iron-ore producer
Mongolian Resources Corp. The outlook is stable. "At the same
time, we assigned our 'B-' issue rating to the company's proposed
issue of up to US$300 million in senior secured notes," S&P said.

"The rating on MRC reflects the company's production and sales
ramp-up risks, its high customer and mineral concentration, and
high debt," said Standard & Poor's credit analyst Xavier Jean.
"MRC's second-quartile cost position and positive demand
prospects in the northwest Chinese iron ore market partly offset
these limitations. The rating factors in the company's proposed
senior secured notes issuance."

"We believe there is a high risk associated with a ramp-up in the
company's production and sales volumes over the next 12-18
months. MRC's target of doubling annual production and sales to
3.7 million tons in 2013, from the 1.8 million tons it expects in
2012, is aggressive, in our opinion. We view the company's record
of growing production and sales at such a pace and scale as
mostly untested. MRC's high customer concentration also heightens
its sales ramp-up risk, in our view. The company's two largest
clients accounted for about 95% of its revenues for the six
months ended June 30, 2012," S&P said.

"We view MRC's risk tolerance as high. As of June 30, 2012, more
than 50% of the company's debt stems from a 2011 debt-funded buy-
out of the shares held by Deutsche Bank AG (A+/Negative/A-1) in
Euro 7 Investment, MRC's major shareholder, and in Altain Khuder
LLC (not rated), MRC's main operating subsidiary. Some of these
shares were subsequently granted to business partners of Mr.
Bazar Radnaabazar, who owns Euro 7 Investment. MRC failed to pay
its working capital loans from Golomt Bank of Mongolia
(B+/Positive/B) when they fell due in March and May 2012,
although it fully repaid these loans in September 2012. In our
view, these events highlight the limitations of the company's
internal controls and its lack of established financial
discipline," S&P said.

"MRC intends to uses the proceeds of the proposed notes to repay
existing indebtedness and for capital spending and general
corporate purposes. Because the company plans to use the proceeds
to repay all existing secured indebtedness, we expect its ratio
of priority debt to total assets to be less than 15% over the
next two years. MRC's major cash-generative subsidiaries Altain
Khuder LLC and Million Vision Group Ltd. will guarantee the
notes. The company will be able to incur additional indebtedness
subject to a number of incurrence covenants," S&P said.

"The stable outlook reflects our expectation that MRC's financial
risk profile will remain 'highly leveraged,' as defined in our
criteria, in the next 12 months, despite higher sales volumes.
The stable outlook is also contingent on the company issuing the
proposed notes," S&P said.

"We could raise the rating if MRC demonstrates an ability to
expand its earnings base substantially by increasing sales
volumes, such that it can sustain a debt-to-EBITDA ratio at less
than 4.5x for more than 12 months. We believe this could happen
if the company's sales volumes exceed 2.8 million tons in 2013
and 750,000 tons over the first quarter of 2014, with an average
selling price of more than US$85, implying a gross profit per ton
excluding depreciation and amortization in excess of US$40 over
the period," S&P said.

"We could lower the rating if MRC's liquidity profile weakens
materially due to: (1) a delay in the proposed notes; (2) an
increase in working capital because of slower sales; or (3) a
fall in the average selling price of its iron ore concentrate to
below US$70 per ton for more than 12 months that pushes gross
profit per ton before depreciation and amortization to less than
US$30. We could also lower the rating if the company's capital
spending is higher than our expectation," S&P said.



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


SHANTON CLOTHING: In Receivership; All 39 Shops Continue to Trade
-----------------------------------------------------------------
Bay of Plenty Times reports that Shanton Clothing has gone into
receivership.

The report relates that the receiver said all 39 shops will
continue trading pending completion of a going-concern sale.
Receiver Anthony Harris said store employees have been told they
can keep their jobs and will receive all outstanding wages within
a week, the report relays.

He said gift vouchers, credits, refunds and laybys will be
honoured in full, according to Bay of Plenty Times.

Shanton Clothing is a retail clothing chain.



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


EXPORT & INDUSTRY: PDIC Issues Bid Terms and Conditions for Rehab
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation has issued the terms
and conditions of bid and bidding procedure for Tranche 1 for the
rehabilitation of the closed Export & Industry Bank (EIB).  EIB's
rehabilitation will involve two tranches.

Tranche 1 will be for the purchase of assets and assumption of
liabilities of EIB. The bid will reflect the recovery to the
uninsured depositors and other ordinary creditors of EIB. Bids
for Tranche 1 will be received from 9:00 a.m. to 12 noon on
October 18, 2012, at the Penthouse, SSS Bldg., 6782 Ayala Avenue
corner V. A. Rufino St., Makati City.  Bids will be opened at
1:00 p.m.

Meanwhile, Tranche 2 will be for the disposition of the
commercial bank license of EIB and will be governed by separate
pre-qualification requirements and bidding procedures that PDIC
will release at a later date.

The PDIC explained that the winning bid for Tranche 1 will be
that which will give the highest amount of recovery for
depositors and ordinary creditors. The bid will be indicated in
Philippine peso and will represent the amount the qualified
bidder will pay for the uninsured deposits and other ordinary
credits of EIB. It will also indicate the repayment terms.

For purposes of determining the highest bid, the bids will be
expressed in present value terms using a discount rate of 5%. The
bid will be valid for a period of 60 days from submission of bid.

Under the bidding procedures, the PDIC Board will determine the
reserve price, or the amount that the PDIC has determined as the
minimum amount of recovery that depositors and ordinary creditors
should receive considering the net value of the free or
unencumbered assets and the net benefits to the acquirer of the
rehabilitation.

The terms and condition and bidding procedure for Tranche 1 are
posted in the PDIC website, www.pdic.gov.ph.

Prospective bidders have been evaluated under the qualification
process based on the following criteria: 1) capital adequacy
ratio of at least 12% before and after the EIB transaction, as
computed by the Bangko Sentral ng Pilipinas (BSP); 2) compliance
with capital requirements for branching, according to BSP
regulations; 3) minimum CAMELS rating of "3", provided that
Management rating will at least be "3"; 4) no findings of unsafe
and unsound banking practice; and 5) not under the prompt and
corrective action (PCA) by the BSP. PDIC conducted the
qualification process in consultation with the BSP. PDIC did not
disclose the identities and number of qualified bidders due to
confidentiality agreements. This qualification process is also
intended to meet the parameters for rehabilitation of a closed
bank i.e., capital strengthening, liquidity, sustainability and
viability; and governance.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, The Philippine Deposit Insurance Corporation
(PDIC) took over the Export & Industry Bank on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.



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


NAM FATT: Creditors' Meetings Set for Oct. 18
---------------------------------------------
Nam Fatt Marketing (S) Pte Ltd Limited will hold a meeting for
its creditors on Oct. 18, 2012, at 10:30 a.m., at 8 Robinson Road
#11-00 ASO Building, in Singapore 048544.

Agenda of the meeting include:

   (a) receiving a statement of the Company's affairs together
       with a list of creditors and the estimated amounts of
       their claims;

   (b) confirming the appointment of Liquidators appointed by
       the Shareholder of the Company;

   (c) appointing a Committee of Inspection of not more than 5
       members, if thought fit;

   (d) resolving that the books, accounts and records of the
       Company and of the Liquidators be destroyed one day after
       the dissolution of the Company pursuant to Section 320(3)
       of the Companies Act, Cap. 50;

   (e) resolving that the Liquidators be at liberty to open,
       maintain and operate any bank account or an account for
       monies received by them as Liquidators of the Company,
       with such bank as the Liquidators deems fit;

   (f) resolving that the Liquidators be at liberty to appoint a
       Solicitor to assist them in their duties, if required; and

   (g) any other business.


NAM FATT ENGINEERING: Creditors' Meetings Set for Oct. 18
---------------------------------------------------------
Nam Fatt Engineering (S) Pte Ltd Limited will hold a meeting for
its creditors on Oct. 18, 2012, at 10:30 a.m., at 8 Robinson Road
#11-00 ASO Building, in Singapore 048544.

Agenda of the meeting include:

   (a) receiving a statement of the Company's affairs together
       with a list of creditors and the estimated amounts of
       their claims;

   (b) confirming the appointment of Liquidators appointed by
       the Shareholder of the Company;

   (c) appointing a Committee of Inspection of not more than 5
       members, if thought fit;

   (d) resolving that the books, accounts and records of the
       Company and of the Liquidators be destroyed one day after
       the dissolution of the Company pursuant to Section 320(3)
       of the Companies Act, Cap. 50;

   (e) resolving that the Liquidators be at liberty to open,
       maintain and operate any bank account or an account for
       monies received by them as Liquidators of the Company,
       with such bank as the Liquidators deems fit;

   (f) resolving that the Liquidators be at liberty to appoint a
       Solicitor to assist them in their duties, if required; and

   (g) any other business.


OSCAR MARITIME: Court to Hear Wind-Up Petition on Oct. 19
---------------------------------------------------------
A petition to wind up the operations of Oscar Maritime Pte Ltd
will be heard before the High Court of Singapore on Oct. 19,
2012, at 10:00 a.m.

Eastern Bulk Pte Ltd filed the petition against the company on
Sept. 24, 2012.

The Petitioner's solicitors are:

          Messrs. Lee & Lee
          50 Raffles Place #06-00
          Singapore Land Tower
          Singapore 048623


PARADIGM SHIPPING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 21, 2012,
to wind up the operations of Paradigm Shipping Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


QUEEN'S AVENUE: Court to Hear Wind-Up Petition on Oct. 19
---------------------------------------------------------
A petition to wind up the operations of Queen's Avenue Tampines
Pte Ltd will be heard before the High Court of Singapore on
Oct. 19, 2012, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Sept. 26, 2012.

The Petitioner's solicitors are:

          Yeo-Leong & Peh LLC
          10 Shenton Way
          9th Floor, MAS Building
          Singapore 079117



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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