TCRAP_Public/121119.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, November 19, 2012, Vol. 15, No. 230

                            Headlines


A U S T R A L I A

BRISCONNECTIONS: Doomed from the Start, Nicolas Bolton Claims
PROCORP: Placed in Administration


C H I N A

* CHINA: Moody's Says High-Yield Refinancing Risk Manageable


H O N G  K O N G

CHARMFAME (H.K.): Members' Final Meeting Set for Dec. 10
CHARMRICH (H.K.): Members' Final Meeting Set for Dec. 10
CHARTERFAME (H.K.): Members' Final Meeting Set for Dec. 10
FLIGHT CREW: Members' Final Meeting Set for Dec. 10
GREAT PARAMOUNT: Members' Final Meeting Set for Dec. 10

KWAN SHING: Members' Final Meeting Set for Dec. 14
LIK HANG: Final Meetings Set for Dec. 18
LOYALTY PACIFIC: Members' Final Meeting Set for Dec. 10
MEAG PACIFIC: Creditors' Proofs of Debt Due Nov. 23
MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings

P2 INTERIOR: Wan and Fung Step Down as Liquidators
PERFECT STAR: Members' Final General Meeting Set for Dec. 10
SAMPSON COMPANY: Commences Wind-Up Proceedings
SHUM FEI: Members' Final General Meeting Set for Dec. 14
SOCIETY FOR WORLDWIDE: Final General Meeting Set for Dec. 10

TIN LOONG: Members' Final General Meeting Set for Dec. 14
WAH TUNG: Members' Final General Meeting Set for Dec. 14
WONG HENG: Creditors' Proofs of Debt Due Dec. 12
WEALTH SUCCESS: Creditors' Proofs of Debt Due Dec. 12
ZHAN MEDIA: Final General Meeting Set for Dec. 17


I N D I A

ALWAR POWER: CRISIL Assigns 'B-' Rating to INR240MM Loan
A.RAMANATHAN: CRISIL Assigns 'B' Rating to INR83.8MM Loans
CASTWEL INDUSTRIES: CRISIL Ups Rating on INR58.2MM Loans to 'BB-'
KINGFISHER AIRLINES: Seeks Government OK to Restart Operations
MUKTAR INFRA: CRISIL Assigns 'B' Rating to INR66.7MM Loans

PROVET PHARMA: CRISIL Rates INR50MM Loan at 'CRISIL B'
RCM INFRA: CRISIL Cuts Rating on INR60-Mil. Facility to 'C'
SHIVKRUPA TRADING: CRISIL Puts 'B' Rating on INR70MM Loans
SHREE SHYAM: CRISIL Raises Rating on INR100MM Loan to 'BB-'
TRIBHUWAN NARAYAN: CRISIL Assigns 'BB-' Rating to INR40MM Loan

VICTORIA MOTORS: CRISIL Cuts Rating on INR65MM Cash Credit to 'D'


J A P A N

HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Notes
J-CORE 13: Moody's Reviews 'Caa3'-Rated Trust for Downgrade
JLOC 39: S&P Lowers Ratings on 2 Note Classes to 'CCC-'
JLOC XXXI: Fitch Withdraws 'Dsf' Rating on Class D Trust
LEOPARD ONE: S&P Gives 'BB+' Rating on Class E Notes


N E W  Z E A L A N D

BELGRAVE FINANCE: Judge Nixes Bid to Strike Out Case Vs Auditor


P H I L I P P I N E S

* PHILIPPINES: Moody's Rates Peso-Denominated Global Bond 'Ba1'


T H A I L A N D

TMB BANK: Fitch Affirms 'BB+' Support Rating Floor


                            - - - - -


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


BRISCONNECTIONS: Doomed from the Start, Nicolas Bolton Claims
-------------------------------------------------------------
The Sydney Morning Herald's BusinessDay reports that Nicholas
Bolton, the only investor who may ever make money out of
BrisConnections, said the project was doomed from the start
because tunnels are uneconomic for private companies.

BusinessDay recounts that the Gen-Y investor who was accused of
"greenmailing" BrisConnections claims the companies building the
tunnel ignored realistic traffic forecasts in favor of forecasts
that suited their business model.

"A tunnel can cost seven times more to build than an above ground
toll road, and a driver is unlikely to pay seven times the toll
to travel on it.  Accordingly, it is almost impossible to get the
economic argument to stand up for private ownership of tunnel
infrastructure," the Melbourne University drop-out turned
internet millionaire turned celebrity investor told BusinessDay.

"The concerning element is how neatly the traffic forecast seemed
to fit the financial model put to investors, and how grossly
inaccurate this forecast has turned out to be.  It's worthwhile
asking why that traffic forecast was selected, and whether there
were any less optimistic forecasts available to the Directors at
the time."

BrisConnections shares went into a trading halt on Monday,
November 14, when the board announced the AUD4.8 billion project
could now be worth less than its outstanding debt, due to lower
than expected traffic flows.  It is now renegotiating with a 10-
bank consortium of lenders.  Two directors, Andrea Harcourt and
Richard Wharton, resigned on November 12, the report relays.

Back in 2009, BusinessDay recounts, Mr. Bolton made front page
news when he called a BrisConnections shareholders meeting to
vote on winding up the project.

Mr. Bolton could do this because he owned 20% of the company
after purchasing 77.8 million units in November 2008 for just
AUD77,800 and thus owned a fifth of a AUD5 billion company,
according to BusinessDay.

However, due to the way BrisConnections was raising money, units
came with an obligation to pay two further instalments of AUD1
each, says BusinessDay.

                       About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


PROCORP: Placed in Administration
---------------------------------
SmartCompany reports that Holmwood Builders, trading as Procorp,
has been placed in administration.

According to SmartCompany, the disappointing news, which puts 50
jobs in jeopardy, comes despite some relatively positive recent
developments in the construction industry.  Building approvals
and finance have both increased in the past month.

The company counts over 500 creditors, with 90 homes under
construction and 50 with plans still yet to commence, the report
says.

Hall Chadwick administrator Domenic Calabretta told SmartCompany
a creditors' meeting will be set for this coming Friday, Nov. 23,
but that the administrators are still investigating.

"Cashflow dried up," SmartCompany quotes Mr. Calabretta as
saying. "We're talking to new and incoming builders about the
completed homes, and we're just working through our processes
right now."

"The obvious factor here is the weaker housing market."

Richard Albarran and Brent Kijurina have also been appointed to
the case, SmartCompany discloses.

Procorp is a New South Wales-based residential homes builder.



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



* CHINA: Moody's Says High-Yield Refinancing Risk Manageable
------------------------------------------------------------
Moody's Investors Service says that the level of refinancing risk
for Chinese high-yield corporate issuers is manageable from now
until 2014, despite some deterioration in the sector's liquidity
profile, as evidenced by the Asian Liquidity Stress Index
published on November 12.

Moreover, the low level of maturing offshore debt plus
increasingly diversified funding sources bodes well for the
sector.

"An increased variety of funding channels is now available to
issuers, including access to a liquid onshore financial system,
equity-raisings from strategic investors, asset disposals, and
ongoing access to the offshore USD bond market, particularly for
property developers," says Alan Gao, a Moody's Vice President and
Senior Analyst.

Gao was speaking on the release of a Moody's special comment,
which he co-authored with Franco Leung, Assistant Vice President,
titled, "Refinancing Risk For Chinese High-Yield Companies To
2014 Is Manageable."

"Moody's notes that a liquid onshore financial system --
including bank loans, trust loans, and corporate bonds for
industrial corporates -- as well as ongoing access to the
offshore USD bond market, especially for property developers,
supports the refinancing ability of Chinese high-yield issuers,"
says Gao.

Issuers which have successfully refinanced through access to
onshore and offshore funds include property developers and
industrial companies.

"While lowly rated developers -- B3 or below -- will continue to
face challenges in tapping the offshore bond markets for
refinancing, they have either monetized assets, or brought in new
equity investors to address their liquidity requirements," says
Franco Leung.

All this is occurring against a backdrop of tightened liquidity,
as indicated by Moody's Asian Liquidity Stress Index, which
increases when speculative-grade liquidity appears to decrease.
During October, the Index crept close to the high of 37% recorded
in the fourth quarter of 2008, the height of the global financial
crisis. The China sub-index increased further to 32%, its fourth
consecutive monthly rise.

Moody's also notes that relatively low levels of offshore bonds
will mature from now to 2014. A total of $1.4 billion in offshore
bonds for rated Chinese high-yield corporates will mature by end-
2013, increasing to $5.5 billion by end-2014.

The required refunding looks manageable when compared with annual
Asian high-yield bond issuance of over $13 billion during 2010-
2011. Of this total, Chinese issuers accounted for around $8
billion in each year.

Despite a hiatus in 2H2011, new Chinese high-yield issuance
resumed from early 2012 and has picked up momentum in recent
months. Total new issuance from 1 January to 14 November 2012 was
$6.5 billion and more is expected before end-2012.



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


CHARMFAME (H.K.): Members' Final Meeting Set for Dec. 10
--------------------------------------------------------
Sole Shareholder of Charmfame (H.K.) Limited will hold their
final meeting on Dec. 10, 2012, at 10:00 a.m., at 33rd Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CHARMRICH (H.K.): Members' Final Meeting Set for Dec. 10
--------------------------------------------------------
Members of Charmrich (H.K.) Limited will hold their final meeting
on Dec. 10, 2012, at 10:30 a.m., at 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CHARTERFAME (H.K.): Members' Final Meeting Set for Dec. 10
----------------------------------------------------------
Members of Charterfame (H.K.) Limited will hold their final
meeting on Dec. 10, 2012, at 11:00 a.m., at 33rd Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


FLIGHT CREW: Members' Final Meeting Set for Dec. 10
---------------------------------------------------
Members of Flight Crew Services (H.K.) Limited will hold their
final meeting on Dec. 10, 2012, at 11:30 a.m., at 33rd Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


GREAT PARAMOUNT: Members' Final Meeting Set for Dec. 10
-------------------------------------------------------
Members of Great Paramount International Limited will hold their
final meeting on Dec. 10, 2012, at Units 2201-2, 22/F, ING Tower,
at 308 Des Voeux Road Central, in Hong Kong.

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


KWAN SHING: Members' Final Meeting Set for Dec. 14
--------------------------------------------------
Members of Kwan Shing Industrial Limited will hold their final
general meeting on Dec. 14, 2012, at 10:00 a.m., at Room 1003,
Yue Shing Commercial Building, at 15-16 Queen Victoria Street,
Central, in Hong Kong.

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


LIK HANG: Final Meetings Set for Dec. 18
----------------------------------------
Members and creditors of Lik Hang Electronic Components Limited
will hold their final meetings on Dec. 18, 2012, at 10:00 a.m.,
and 10:30 a.m., respectively at Level 10, World-Wide House, at 19
Des Voeux Road Central, in Hong Kong.

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


LOYALTY PACIFIC: Members' Final Meeting Set for Dec. 10
-------------------------------------------------------
Members of Loyalty Pacific (Hong Kong) Limited will hold their
final general meeting on Dec. 10, 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.


MEAG PACIFIC: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
Meag Pacific Star Asia Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Nov. 23, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Patrick Cowley
         Wong Wing Sze Tiffany
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Nov. 2, 2012,
creditors of Media Valor Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Messrs. Wong Sun Keung
         Tsui Mei Yuk Janice
         21/F, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


P2 INTERIOR: Wan and Fung Step Down as Liquidators
--------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as
liquidators of P2 Interior Design Co., Limited on Oct. 25, 2012.


PERFECT STAR: Members' Final General Meeting Set for Dec. 10
------------------------------------------------------------
Members of Perfect Star Enterprises Limited will hold their final
general meeting on Dec. 10, 2012, at 11:00 a.m., at 2014, 20/F,
Melbourne Plaza, at 33 Queen's Road Central, in Hong Kong.

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


SAMPSON COMPANY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Sampson Company Limited, on Oct. 31, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Patrick Cowley
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


SHUM FEI: Members' Final General Meeting Set for Dec. 14
--------------------------------------------------------
Members of Shum Fei (International) Material Limited will hold
their final general meeting on Dec. 14, 2012, at 3:00 p.m., at
Flat 2003, Wellborne Commercial Centre, at 8 Java Road, North
Point, in Hong Kong.

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


SOCIETY FOR WORLDWIDE: Final General Meeting Set for Dec. 10
------------------------------------------------------------
Members of Society for Worldwide Interbank Financial
Telecommunications (Far East) Limited will hold their final
general meeting on Dec. 10, 2012, at 10:00 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TIN LOONG: Members' Final General Meeting Set for Dec. 14
---------------------------------------------------------
Members of Tin Loong (Holdings) Limited will hold their final
general meeting on Dec. 14, 2012, at 2:30 p.m., at Flat 2003,
Wellborne Commercial Centre, at 8 Java Road, North Point, in Hong
Kong.

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


WAH TUNG: Members' Final General Meeting Set for Dec. 14
--------------------------------------------------------
Members of Wah Tung Material Limited will hold their final
general meeting on Dec. 14, 2012, at 2:00 p.m., at Flat 2003,
Wellborne Commercial Centre, at 8 Java Road, North Point, in
Hong Kong.

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


WONG HENG: Creditors' Proofs of Debt Due Dec. 12
------------------------------------------------
Wong Heng Investment Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their
proofs of debt by Dec. 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         To Fung Wo
         31/F, Chinachem Century Tower
         178 Gloucester Road
         Wanchai, Hong Kong


WEALTH SUCCESS: Creditors' Proofs of Debt Due Dec. 12
-----------------------------------------------------
Wealth Success International Limited, which is in members'
voluntary liquidation, requires its creditors to file their
proofs of debt by Dec. 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         To Fung Wo
         31/F, Chinachem Century Tower
         178 Gloucester Road
         Wanchai, Hong Kong


ZHAN MEDIA: Final General Meeting Set for Dec. 17
-------------------------------------------------
Members of Zhan Media Limited will hold their final general
meeting on Dec. 17, 2012, at 10:00 a.m., at Room 2101 St.
George's Building, at 2 Ice House Street, Central, in Hong Kong.

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



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


ALWAR POWER: CRISIL Assigns 'B-' Rating to INR240MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Alwar Power Company Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B-/Stable (Assigned)
   Term Loan              230       CRISIL B-/Stable (Assigned)

The rating reflects APCL's exposure to implementation and funding
risks associated with its project. This rating weakness is
partially offset by the benefits that APCL derives from the
extensive experience of its promoters, and the expected assured
off take of power generated.

Outlook: Stable

CRISIL believes that APCL will continue to benefit over the
medium term from its experienced promoters. The outlook may be
revised to 'Positive' in case of timely completion and
stabilisation of its power plant, resulting in higher-than-
expected cash flows for the company. Conversely, the outlook may
be revised to 'Negative' if APCL faces further time or cost
overrun in its project, or in case of delays in ramp-up of its
operations along with low plant load factor, negatively impacting
its cash flows.

APCL, incorporated in 2002, is setting up a bio-mass based power
plant of 7.5 megawatts at Matsya Industrial Area of Alwar in
Alwar District (Rajasthan).


A.RAMANATHAN: CRISIL Assigns 'B' Rating to INR83.8MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of A.Ramanathan & Co.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       3.8       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee         100         CRISIL A4 (Assigned)

   Cash Credit             80         CRISIL B/Stable (Assigned)

The ratings reflect ARC's modest scale of operations in the
intensely competitive civil construction industry, geographical
and customer concentration in its revenue profile, large working
capital requirements, and average financial risk profile, marked
by a small net worth. These rating weaknesses are partially
offset by the extensive experience of ARC's promoters in the
civil construction industry and its established market position.

Outlook: Stable

CRISIL believes that ARC will improve its business risk profile,
backed by its promoter's extensive industry experience and
established market position. The outlook may be revised to
'Positive' if the firm strengthens its business risk profile by
extending its geographical reach and diversifying its customer
base, and if it is able to significantly improves its revenues
and profitability along with a comfortable capital structure.
Conversely, the outlook may be revised to 'Negative' if ARC's
revenues and profitability decline significantly, if there are
considerable delays in realization of receivables, or if the firm
undertakes a larger-than-expected, debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, particularly its liquidity.

                      About A.Ramanathan & Co

ARC was set up as a partnership firm in 1955 by Mr. R
Panneerselvam, Mr.P.A.Paranthaman, Mr. G. Ganeshan and other
family members to execute civil contracts. The firm is based in
Trichy (Tamil Nadu).

ARC reported a profit after tax (PAT) of INR3.8 million on net
sales of INR30.9 million for 2011-12 (refers to financial year,
April 1 to March 31) against a PAT of INR13.2 million on net
sales of INR335.3 million for 2010-11.


CASTWEL INDUSTRIES: CRISIL Ups Rating on INR58.2MM Loans to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Castwel
Industries Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Rupee Term Loan        8.2       CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Cash Credit           50.0       CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit      30.0       CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Bank Guarantee        20.0       CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

The rating upgrade reflects the significant and sustained
improvement in Castwel's business risk profile, driven by the
near doubling of the firm's profitability along with steady
revenue growth. Castwel's operating profitability increased to
7.6 per cent in 2011-12 (refers to financial year, April 1 to
March 31), from 4.2 per cent in 2010-11, and has been sustained
at over 7 per cent in the first half of 2012-13, backed by the
firm's venture into installation and commercialisation activities
and by better realisations. Castwel is expected to register
healthy revenue growth of over 12 per cent year-on-year over the
medium term, supported by the gradual stabilisation of its fresh
capacities and by its diverse customer base. The rating upgrade
also factors in the improvement in Castwel's gearing to about 2
times as on March 31, 2012, from over 3 times as on March 31,
2011, backed by stronger profitability.

The ratings continue to reflect the benefits that Castwel derives
from its established market position, its diversified customer
base, and its partners' experience in the refractory products
business. These rating strengths are partially offset by
Castwel's small scale of operations, below-average financial risk
profile marked by a high gearing, moderate debt protection
metrics and a small net worth, and working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that Castwel will continue to benefit over the
medium term from its diverse customer base and from its recent
foray into more profitable installation and commercialisation
activities. The outlook may be revised to 'Positive' if the firm
achieves substantial improvement in its capital structure and
liquidity, most likely by the generation of stronger-than-
expected net cash accruals. Conversely, the outlook may be
revised to 'Negative' if Castwel undertakes a large, debt-funded
capital expenditure programme, thereby impacting its capital
structure, or if its accruals decline significantly.

                         About Castwel

Castwel, set up in 1982, is a Nagpur (Maharashtra)-based
partnership firm. Mr. M Shiv Kumar and his mother, Ms. M Bala
Kumar, are its present partners. The firm's day-to-day operations
are primarily managed by Mr. Shiv Kumar. Castwel manufactures
various refractory products such as high alumina cement,
castables, and pre-cast pre-fired shapes used in the cement,
steel, energy, hydrocarbon, and other industries. Castwel also
undertakes product installation and commissioning.

Castwel reported a profit after tax (PAT) of INR10.1 million on
net sales of INR380.8 million for 2011-12, against a PAT of
INR2.2 million on net sales of INR321.8 million for 2010-11.


KINGFISHER AIRLINES: Seeks Government OK to Restart Operations
--------------------------------------------------------------
The Times of India reports that the management of grounded
Kingfisher Airlines Ltd made a desperate plea to the aviation
ministry on Thursday for restarting operations.

While promising that it will pay May salary to employees (which
were to be paid before Diwali) within a week, KFA CEO Sanjay
Agarwal has requested aviation secretary K N Shrivastava to ask
airport operators not to insist on full payment of dues as a
precondition for restarting operations, TOI relates.

The report recalls that both the state-run Airports Authority of
India (AAI) and the GVK-backed Mumbai Airport had earlier written
to DGCA not to allow KFA to fly again till their dues are cleared
entirely.  GMR-backed Delhi airport has filed criminal cases
against KFA for bounced cheques.  According to the report,
Mr. Agarwal in his letter to Shrivastava on Thursday has said
that the airline is in talks to restructure loans with the SBI-
led consortia of lenders to KFA.

According to the report, the CEO has thanked the aviation
ministry for not giving KFA's slots to other airlines despite the
fact that it has not operated any flight since October 1 and its
license is suspended. "Mr. Agarwal has admitted that had the
slots been given away, the airline would find it even more
difficult to find an investor," sources told TOI.

Without giving any timeframe, the airline management has promised
to submit a restructuring plan to the DGCA.  The letter promising
payment of May salary in a week comes a day after employees
threatened to launch some agitation, according to the report.

                      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.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
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, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.


MUKTAR INFRA: CRISIL Assigns 'B' Rating to INR66.7MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Muktar Infrastructure India Pvt Ltd.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              36.7      CRISIL B/Stable (Assigned)
   Cash Credit            30        CRISIL B/Stable (Assigned)
   Bank Guarantee         30        CRISIL A4 (Assigned)

The ratings reflect MIPL's large working capital requirements,
and order based nature of activity and susceptibility of revenue
profile to timely execution of orders and timely realizations of
revenues from customers. These rating weaknesses are partially
offset by the extensive experience of MIPL's promoter in various
industries and the benefits that the company derives from being
part of Shaikh Muktar Group.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the
medium term from its promoter's extensive experience and its
healthy order book. The outlook may be revised to 'Positive' if
the company achieves significant increase in its net cash
accruals, while improving its working capital cycle, leading to
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case MIPL
registers a decline in its revenues or operating margin, or
lengthening of its working capital cycle, or undertakes a larger-
than-expected, debt-funded capital expenditure programme,
resulting in further weakening of its financial risk profile.

About Muktar Infrastructure

MIPL was set up in 2011-12 (refers to financial year, April 1 to
March 31) by Mr. Shaikh Muktar. The company undertakes civil
construction work; it also has a ready-mix concrete plant. MIPL
is a part of Goa based SMG which has interests in mining,
infrastructure, construction, engineering, logistics, hospitality
and shipping service MIPL undertakes civil construction work for
private parties. It is also constructing a commercial mall at
Goa. MIPL commenced operations in April 2012.


PROVET PHARMA: CRISIL Rates INR50MM Loan at 'CRISIL B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Provet Pharma Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility       50        CRISIL B/Stable (Assigned)

The rating reflects PPPL's modest scale of operations in the
intensely competitive pharmaceuticals industry, and below-average
financial risk profile marked by a high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that PPPL derives from its promoters' extensive
experience in the poultry and pharmaceutical industries.

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the
medium term from its promoters' extensive experience in the
poultry and pharmaceutical industries. The outlook may be revised
to 'Positive' if the company significantly scales up its
operations and profitability margins, supported by improvement in
its working capital management, leading to improvement in its
financial risk profile. The outlook may be revised to 'Negative'
if PPPL's debt protection metrics weaken because of a dip in its
profitability margins, or if the company undertakes a larger-
than-expected, debt-funded capital expenditure programme.

                        About Provet Pharma

PPPL, established in 2009 as a private limited company,
manufactures and trades in animal feed supplements and
pharmaceutical formulation for animals. The company's day-to-day
operations are managed by its sales director, Dr. Senthil
Suthanthirakumar, its marketing director, Dr. V Muthuselvan, and
its business development director, Dr. Tapan Saha.

PPPL reported a profit after tax (PAT) of INR3.02 million on net
sales of INR206.23 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR12.71 million on net
sales of INR306.12 million for 2010-11.


RCM INFRA: CRISIL Cuts Rating on INR60-Mil. Facility to 'C'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
RCM Infrastructure Ltd to 'CRISIL C/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.  The ratings reflect RCM Infra's delays in
servicing its equipment loans; the delays have been caused by its
weak liquidity.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility     60.0      CRISIL C (Downgraded from
                                    'CRISIL BB/Stable')

   Bank Guarantee        250.0      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

RCM Infra also has large working capital requirements and limited
pricing flexibility. These ratings weakness are partially offset
by the extensive experience of RCM Infra's promoters in the civil
engineering industry and its healthy order book.

RCM Infra, promoted by Mr. K S Chowdary, is a turnkey contractor
for civil engineering projects.


SHIVKRUPA TRADING: CRISIL Puts 'B' Rating on INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shivkrupa Trading Co.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Working Capital        25        CRISIL B/Stable (Assigned)
   Demand Loan

   Cash Credit            15        CRISIL B/Stable (Assigned)

   Proposed Long-Term     30        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects STC's weak financial risk profile, marked by
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics, and the firm's small scale of
operations in the highly fragmented agri-commodity industry.
These rating weakness are partially offset by the extensive
experience of STC's promoters in the agri-commodity industry.

Outlook: Stable

CRISIL believes that STC will maintain its business risk profile
over the medium term, backed by its promoters' experience in the
agri-commodity industry. The outlook may be revised to 'Positive'
if STC improves its profitability, leading to improved cash
accruals and consequently an improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the
firm's operating margin declines or if the firm's financial risk
profile deteriorates more than expected due to a larger-than-
expected, debt-funded capital expenditure or stretch in working
capital requirements, or withdrawal of funds by the proprietors.

                       About Shivkrupa Trading

Formed in 1990, STC is the proprietorship firm of Dhanedhar
(Gujarat)-based Mr. Shankarbhai Patel. The firm trades in various
agri-commodity products such as mustard seeds and castor seeds.

For 2011-12 (refers to financial year, April 1 to March 31), STC
reported a book profit of INR0.6 million against sales of INR511
million. For 2010-11, STC reported a book profit of INR0.4
million, against sales of INR412.2 million.


SHREE SHYAM: CRISIL Raises Rating on INR100MM Loan to 'BB-'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shree Shyam Corporation to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             100      CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The upgrade reflects improvement in SSC's business risk profile,
marked by increase in its scale of operations. The firm was able
to increase its scale of operations through its wide distribution
network and improvement in profitability, backed by various
incentives from Ballarpur Industries Ltd (BILT), whose products
it distributes.

The ratings also reflect the extensive experience of SSC's
promoters in the paper trading industry and its established
market position, supported by distributorship of BILT products.
These rating strengths are partially offset by SSC's large
working capital requirements and its weak liquidity and average
financial risk profile, marked by modest net worth and high
gearing.

Outlook: Stable

CRISIL believes that SSC will continue to benefit from its
promoters' extensive experience and its association with BILT
over the medium term. The outlook may be revised to 'Positive' if
SSC is able to increase its scale of operations, thereby
enhancing its market position, while maintaining its
profitability and financial risk profile, or if the financial
risk profile of the company improves substantially through
capital infusion by the proprietor. Conversely, the outlook may
be revised to 'Negative' in case the firm achieves less-than-
expected revenues or profitability or if the incremental working
capital requirements of the firm increase significantly, leading
to deterioration in the financial and business risk profiles of
the company.

Set up in 1985 as a proprietorship concern, SSC trades in paper
and is an authorized dealer of BILT products in Gujarat. The firm
is based in Ahmedabad and is owned and managed by Mr. Shrenik
Vimawala and his son, Mr. Rishit Vimawala. The firm mainly trades
in writing and printing paper of different types and sizes.

SSC reported a book profit of INR10.28 million on net sales of
INR1107.6 million for 2011-12 (refers to financial year, April 1
to March 31), as against a book profit of INR6.7 million on net
sales of INR684.7 million for 2010-11.


TRIBHUWAN NARAYAN: CRISIL Assigns 'BB-' Rating to INR40MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Tribhuwan Narayan Singh.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term       80      CRISIL A4+ (Assigned)
   Bank Loan Facility

   Bank Guarantee            20      CRISIL A4+ (Assigned)

   Cash Credit               40      CRISIL BB-/Stable (Assigned)


The ratings reflect the extensive experience of TNS's promoters
in the construction industry, and its moderate financial risk
profile marked by moderate gearing and debt protection metrics.
These rating strengths are partially offset by TNS's constrained
financial flexibility marked by high bank limit utilization, and
its small scale of operations in a highly fragmented industry.

Outlook: Stable

CRISIL believes that TNS will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm increases its scale of
operations along with improvement in financial flexibility.
Conversely, the outlook may be revised to 'Negative' if firm's
financial risk profile and liquidity deteriorates significantly
because of large borrowings for capital expenditure or working
capital requirements.

TNS was established in 1991 as a proprietorship firm by Mr.
Tribhuwan Narayan Singh which is managed by his son Mr. Abhishek
Singh. The firm constructs roads and bridges mainly in Uttar
Pradesh, Bihar, and Jharkhand.

For 2011-12 (refers to financial year, April 1 to March 31), TNS
reported a book profit of INR6.3 million on net sales of INR510.7
million, against a book profit of INR6.4 million on net sales of
INR455.5 million for 2010-11.


VICTORIA MOTORS: CRISIL Cuts Rating on INR65MM Cash Credit to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the cash credit facility of
Victoria Motors Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'. The
downgrade follows instances of delays by VMPL in servicing its
debt, following sharp deterioration in its liquidity. VMPL's
business volumes have shrunk considerably with cancellation of
its dealership for Ford Motors.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            65        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

VMPL also has a weak financial risk profile, marked by a small
net-worth and inadequate debt protection metrics. Its business
risk profile too has weakened with the cancellation of the Ford
dealership. However, VMPL benefits from long standing experience
of Mr. Ashok Jajodia.

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31), VMPL is currently promoted by Mr. Ashok Jajodia who
took over the company in April 2011. VMPL operated as a dealer of
Ford vehicles in Kolkata; the dealership was cancelled by Ford
Motors in November 2011, and currently the company operates a
workshop for servicing Maruti Suzuki India Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+') vehicles.

VMPL reported a net loss of INR8 million on net sales of INR216
million for 2010-11, as against a net loss of INR15 million on
net sales of INR89 million for 2009-10.



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


HN TRUST: Fitch Affirms 'BBsf' Rating on JPY20MM Class A3 Notes
---------------------------------------------------------------
Fitch Ratings has downgraded two senior beneficial interests
(BIs) from HN Trust and removed them from Rating Watch Negative
(RWN).  The agency has affirmed the other three senior BIs from
the transaction which is a re-securitisation of two junior BIs
issued prior to the issuance of these senior BIs, and is
ultimately backed by multiple residential mortgage loan pools.

  -- JPY140m* Class A1 senior BIs downgraded to 'AA+sf' from
     'AAAsf'; Off RWN; Outlook Stable;
  -- JPY60m* Class A2 senior BIs affirmed at 'BBBsf'; Outlook
     Stable;
  -- JPY20m* Class A3 senior BIs affirmed at 'BBsf'; Outlook
     Stable;
  -- JPY600m* Class B1 senior BIs downgraded to 'AA+sf' from
     'AAAsf'; Off RWN; Outlook Stable; and
  -- JPY447.7m* Class B2 senior BIs affirmed at 'Asf'; Outlook
     Positive.

* as of Nov. 14, 2012

The downgrades reflect the continued exposure of this transaction
to an account bank which is ineligible to support 'AAAsf' ratings
under the agency's counterparty criteria.  To date, no remedial
action has been taken and Fitch believes it is unlikely to be
taken in the near future.

As the overall transaction performance remains in line with the
agency's expectations, Fitch has affirmed the ratings of the
other classes which are not affected by the current counterparty
exposure.

The positive outlook on the class B2 reflects Fitch's expectation
that its credit enhancement level will continue to grow.


J-CORE 13: Moody's Reviews 'Caa3'-Rated Trust for Downgrade
-----------------------------------------------------------
Moody's Japan K.K has placed the ratings for the Class A through
E Trust Certificates issued by J-CORE 13 Trust and Class B Trust
Certificates issued by AGC Trust on review for downgrade.

Details follow:

Class A, A1 (sf) Placed Under Review for Downgrade; previously on
October 28, 2011 Downgraded to A1 (sf) from Aa3 (sf)

Class B, Baa3 (sf) Placed Under Review for Downgrade; previously
on October 28, 2011 Downgraded to Baa3 (sf) from Baa2 (sf)

Class C, B1 (sf) Placed Under Review for Downgrade; previously on
October 28, 2011 Downgraded to B1 (sf) from Ba2 (sf)

Class D, B2 (sf) Placed Under Review for Downgrade; previously on
October 28, 2011 Downgraded to B2 (sf) from Ba3 (sf)

Class E, Caa2 (sf) Placed Under Review for Downgrade; previously
on October 28, 2011 Downgraded to Caa2 (sf) from B2 (sf)

Class B (AGC Trust), Caa3 (sf) Placed Under Review for Downgrade;
previously on October 28, 2011 Downgraded to Caa3 (sf) from B3
(sf)

Deal Name: J-CORE13 Trust/AGC Trust

Class: Class A through E Trust Certificates (J-CORE13 Trust) and
Class B Trust Certificates (AGC Trust)

Issue Amount (initial): JPY 42.7 billion (J-CORE 13 Trust), JPY
6.0 billion (AGC Trust)

Dividend: Floating

Issue Date (initial): December 18, 2007 (J-CORE 13 Trust),
September 7, 2007 (AGC Trust)

Legal Final Maturity: September, 2014 (J-CORE 13 Trust), August,
2014 (AGC Trust)

Underlying Asset (initial): Class A Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the Specified Bond (J-CORE 13 Trust), Class
B Trust Certificates backed by the Tokkin loan receivables and
Tokkin Trust Certificates ultimately backed by the Specified Bond
(AGC Trust)

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Securities Inc.

J-CORE 13/AGC Trust is a single-asset/single-borrower CMBS deal,
effected in 2007.

The Originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, the Originator
executed a loan to a Tokkin Trust ("Tokkin loan receivables").

The Originator then entrusted both the Tokkin loan receivables
and Tokkin Trust Certificates to another trustee, and in turn
obtained the Trust Certificates, which are divided into Classes
A, B, C1, C2, and X. The Trust Certificates are senior to the
next junior class sequentially.

The Originator then sold the Class B Trust Certificates (AGC
Trust) through the Arranger to investors.

The originator further entrusted cash and Class A of the Trust
Certificates to the J-CORE 13 Trust trustee, and, in turn,
obtained the Class A through E and Class X Trust Certificates
("Trust Certificates") and which it then sold through the
Arranger to investors. The Trust Certificates are rated by
Moody's.

Dividends on the rated Trust Certificates are made using interest
collections as specified bond interest. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.

The transaction is backed by a large office building in central
Tokyo.

In its review, Moody's needs to re-assess its stabilized cash
flows and values in light of the rental market conditions in sub-
markets around the property, as well as confirm the performance
of the property, including occupancy rates and actual rents.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June
2010) published on September 30, 2010, and available on
www.moodys.co.jp


JLOC 39: S&P Lowers Ratings on 2 Note Classes to 'CCC-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to D trust certificates issued in December 2007 under the
JLOC 39 Trust Certificate transaction.  "At the same time, we
placed our rating on class A on CreditWatch with negative
implications," S&P said.

"Of the specified bonds and loan that initially backed the
transaction, only three specified bonds issued by three obligors
remain. The three specified bonds originally represented a
combined 52% or so of the total initial issuance amount of the
trust certificates," S&P said.

"We lowered our assumptions for the likely collection amounts
from the properties backing the transaction's three remaining
specified bonds, which have defaulted, after considering the
status of the sales of these properties. We currently assume the
combined value of the properties to be about 34% of our initial
underwriting value, whereas we assumed it to be about 42% of our
initial underwriting value when we last reviewed our ratings in
October 2011," S&P said.

"Meanwhile, we placed our rating on the class A trust
certificates on CreditWatch negative because we see a possibility
that the likely collection amount from the underlying property
backing the bond with the largest issue amount of the three
remaining specified bonds could be further constrained, subject
to the status of the sale of that collateral property. This
specified bond originally represented about 38.5% of the total
initial issuance amount of the trust certificates. We intend to
review our rating on class A after considering information on the
progress of collection for this bond," S&P said.

"JLOC 39 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. Specified bonds and one loan issued by 10
obligors secured the trust certificates at the outset of the
transaction, and 34 real estate properties and real estate trust
certificates initially backed the specified bonds and loan.
Morgan Stanley Japan Securities Co. Ltd. arranged the
transaction, and ORIX Asset Management & Loan Services Corp. acts
as the servicer," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity date in April
2014 for the class A certificates, and the full payment of
interest and principal by the legal final maturity date for the
class B to D certificates," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

JLOC 39 Trust Certificate
JPY40.3 billion trust certificates due April 2014

Class   To          From       Initial issue amount Coupon type
B       B- (sf)     BB- (sf)   JPY5.4 bil.          Floating rate
C       CCC- (sf)   CCC (sf)   JPY3.9 bil.          Floating rate
D       CCC- (sf)   CCC (sf)   JPY2.2 bil.          Floating rate

RATING PLACED ON CREDITWATCH NEGATIVE

JLOC 39 Trust Certificate

Class   To                  From      Initial
                                      issue amount  Coupon type
A       AA (sf)/Watch Neg   AA (sf)   JPY28.8 bil.  Floating rate


JLOC XXXI: Fitch Withdraws 'Dsf' Rating on Class D Trust
--------------------------------------------------------
Fitch Ratings has withdrawn the 'Dsf' rating of JLOC XXXI Trust's
class D trust beneficiary interests (TBIs) due to tranche
default.  The transaction is a Japanese multi-borrower type CMBS
securitisation.

Class D TBIs were downgraded to 'Dsf' in August 2012 to reflect
the partial write-down of principal.  Since then, all three
properties backing the one remaining defaulted loan have been
sold.  The total sales proceeds were sufficient to repay the loan
principal in full.  As a result, the class B and C TBIs were
redeemed in full and the entire remaining balance of the class D
TBIs was also repaid on the November 2012 payment date.

Fitch will no longer calculate the Recovery Estimate for the
class D TBIs following the withdrawal of the rating.

The transaction was initially a securitisation of 22 loans backed
by 62 properties.  All properties were sold by mid-October 2012.


LEOPARD ONE: S&P Gives 'BB+' Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A to E pass-through notes issued in November 2003 under the
Leopard One Funding Ltd. transaction.

"The underlying assets of the transaction are residential
apartment mortgage loans originated by New Century Finance Co.
Ltd. (name changed to Lehman Brothers Commercial Mortgages on
Dec. 1, 2007), a former affiliate of the now defunct Lehman
Brothers Inc. New Century Finance extended the mortgage loans to
borrowers to cover the construction costs and miscellaneous
expenses of rental apartments that Leopalace21 Corp. built," S&P
said.

"In analyzing the credit quality of the transaction, we referred
to such data as the public information that Leopalace21 disclosed
on its portfolio, the current rent level of each property
Leopalace21 manages, and the performance data of similar
transactions, to estimate the current average rent level of the
transaction's underlying properties. Based on our findings, we
deem the current average rent level of these properties to be
lower than our initial assumption. In addition, our rating
analysis for this transaction incorporates benefit from excess
interest. Accordingly, if the prepayment rate, which has been
hovering at relatively high levels recently, were to rise
further, high prepayments could become a stress factor for the
transaction," S&P said.

"On the other hand, none of the underlying loans defaulted from
the transaction's closing until the end of October 2012, and none
of the loans were delinquent as of the end of October 2012.
Furthermore, credit enhancement levels available to the
transaction have increased, reflecting progress in the redemption
of principal on the senior notes.  We believe that these positive
factors should offset the adverse effects of lower-than-expected
rent levels and rising prepayments.  We affirmed our ratings on
classes A to E to reflect this view," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate payment of
principal on the notes by the legal final maturity date in
November 2035," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

       http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

Leopard One Funding Ltd.
JPY18.35 bil pass-through notes due November 2035

Class        Rating          Initial issue amount
A            AAA (sf)        JPY16.15 bil.
B            AA (sf)         JPY0.55 bil.
C            A (sf)          JPY0.55 bil.
D            BBB (sf)        JPY0.55 bil.
E            BB+ (sf)        JPY0.15 bil.



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


BELGRAVE FINANCE: Judge Nixes Bid to Strike Out Case Vs Auditor
---------------------------------------------------------------
Paul McBeth at NBR Online reports that Hayes Knight has lost a
bid to throw out accusations it breached its duty of care in
signing off on Belgrave Finance accounts and is one of several
parties being sued by the receivers of the failed lender.

Associate Judge John Matthews dismissed an application to strike
out Belgrave's case against Hayes Knight, provided the claim was
amended to more clearly demonstrate the auditor's alleged
culpability, he says in a November 7 judgment.

According to the report, Belgrave has filed six causes of action
against former directors Shane Buckley and Steven Smith, their
associate Raymond Schofield, solicitors Davidson, Armstrong &
Campbell and Hayes Knight.

NBR relates that the judge agreed with Belgrave's lawyer, Bruce
Stewart QC, who argued the losses were caused "by the very fact
of continued trading" and that it was an issue for a trial to
determine, rather than a strike-out application.

NBR says Belgrave claims that had Hayes Knight done a "careful,
diligent and professionally appropriate" audit, the lender would
not have issued the 2007 prospectus and would probably have been
placed into receivership earlier than it ultimately was in 2008.

From the time of the offer document, the lender advanced some
NZ$3.8 million, including to Mr. Schofield and related entities,
and received NZ$4.9 million from debenture stockholders which it
was unable to repay, NBR relates.

According to NBR, the judgment said Mr. Stewart "acknowledges
that the plaintiff will have to prove these contentions at trial,
but says that if proved the losses claimed are the recoverable
consequence of Hayes Knight's negligence."

Judge Matthews ordered Belgrave to "clearly plead relevant facts
to show that the losses claimed were the result of the decision
to continue to trade," NBR relays.

Costs were reserved, though the judge said his immediate view is
to let them lie where they fell, NBR adds.

                        About Belgrave Finance

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.



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


* PHILIPPINES: Moody's Rates Peso-Denominated Global Bond 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba1 to the
Philippine government's global Philippine peso-denominated bond
issuance maturing in 2022.

Ratings Rationale

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on 8 November, 2012. Moody's rating
rationale was set out in a press release published on the same
day.

Moody's upgraded the Philippines' foreign currency and local
currency sovereign ratings to Ba1 from Ba2 on 29 October 2012.

The key drivers for the decision were: 1) the country's improved
economic performance and continued fiscal revenue buoyancy in the
face of deteriorating global demand; 2) its enhanced prospects
for growth over the medium-term; and 3) the stable financial
system that poses limited contingent risks and provides a stable
source of financing for the government.

Despite headwinds stemming from softening external demand, the
Philippines has demonstrated exceptional economic and fiscal
resilience over the past year. In 2012, in contrast to rating
peers, the country is projected to record a combination of faster
growth, lower inflation, exchange rate appreciation, and foreign
exchange reserve accumulation, while maintaining trend debt
consolidation.

Moody's expects a primary surplus to be maintained this year.
Revenue performance has improved despite the absence of
legislative reforms, while spending disbursements, especially on
infrastructure, have picked up significantly.

Furthermore, active debt management, coupled with the central
bank's increasingly solid track record of inflation management,
has allowed for an improvement in the country's debt structure,
including lower average borrowing costs and foreign currency
exposure, as well as longer average maturities.

The rating is supported by sound macroeconomic policy management,
as reflected in the health of the balance of payments and
financial system stability. The sovereign's external payments
position continues to be bolstered by healthy remittance inflows,
as well as increasingly large receipts from the business process
outsourcing (BPO) sector. Coupled with sizeable capital inflows,
the robust current account surplus has led to the accumulation of
international reserves to $82.1billion as of end-October 2012, an
ample cushion relative to residual maturity short-term debt and
to cope with the risk of a sudden stop in external credit.

However, revenue mobilization continues to lag those of similarly
rated countries despite the gains in tax administration over the
past two years. A structural change in revenue generation will
thus likely require significant fiscal reform. The government
also carries a large public-sector debt overhang relative to its
peers, but this is mitigated to a certain extent by the presence
of a bond sinking fund that guards against near-term liquidity
pressures.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



===============
T H A I L A N D
===============


TMB BANK: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------
Fitch Ratings has affirmed Thailand-based TMB Bank Public Company
Limited's Long-Term Issuer Default Rating (IDR) at 'BBB-' and
National Long-Term Rating at 'A+(tha)'.  The Outlook is Stable.

TMB's Long-term IDR is at the same level as its Viability Rating
(VR), reflecting the bank's standalone financial strength as the
primary rating driver.  TMB's VR reflects improved profitability
and asset quality and that these improvements are likely to
continue, albeit at a gradual pace.  The rating also takes into
account TMB's sound funding, liquidity and capital profile.  The
bank has also narrowed its profitability and asset quality gap
with rated peers, due to a strengthened mid-tier deposit
franchise, more stringent risk management and active non-
performing loan (NPL) management.

Rating upside is limited as further improvement to TMB's overall
credit profile is not expected to be significant.  Reversal of
improvement to its credit profile or a higher risk appetite
indicated by excessive loan growth could negatively affect the
ratings.

TMB's loan growth momentum, plus its efforts to increase yields,
control costs and improve asset quality, should continue to
support improving performance.  In 9M12, TMB reported a strong
increase in net profit of 23% yoy as loans expanded almost 10%.
Its return on assets also increased, supported by higher loan
yields, stable funding costs and higher fee income.  Net interest
margins widened slightly to 2.6% (end-2011: 2.5%) as the bank
shifts away from low-yield corporates to the higher-yield SME and
retail segments.

Asset quality has significantly improved over the past five
years, driven by more stringent loan underwriting standards and
active NPL management.  However, TMB's NPL ratio of 6.5% at end-
September 2012 remained high compared with its rated peers.  This
is partly due to legacy NPLs resulting from the 1997 Asian crisis
and prior to the involvement of ING Bank N.V. (ING; 'A+'/Stable)
in the bank.  Fitch expects further improvements to asset quality
to be more gradual, given a large portion of its NPLs have
already been resolved.  Provisioning risks remain partly due to
its lower loan loss reserve coverage of 83.2% at end-September
2012 relative to the industry average of over 100%.

TMB has strengthened its deposit franchise through product
innovation and successfully increased the proportion of stable
retail depositors.  This effort should help mitigate funding and
liquidity risks.  The bank's loans-to-deposits ratio has been
among the lowest in the Thai banking industry, although this was
partly due to its slower loan growth historically.  TMB's Tier 1
ratio of 11.5% and Fitch Core Capital ratio of 12.1% at end-June
2012 were strong by domestic and regional comparison.  This
should provide an adequate buffer to accommodate increasing risks
from a weak global economic environment and from its strategy of
loan expansion.

TMB is the seventh-largest commercial bank in Thailand with
assets of THB622.2bn at end-September 2012. ING is the largest
shareholder with a 30% stake, followed by the Ministry of Finance
at 26% and Singapore's DBS Bank (DBS, 'AA-'/Stable) at 2.9%.
Fitch considers the probability of external support from the Thai
government, if needed, to be moderate, resulting in a Support
Rating of '3' and Support Rating Floor of 'BB+'.

The rating actions on TMB are as follows:

  -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
  -- Short-Term IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bbb-'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB+'
  -- National Long-Term rating affirmed at 'A+(tha)'; Outlook
     Stable
  -- National Short-Term rating affirmed at 'F1(tha)'
  -- National subordinated debt rating affirmed at 'A(tha)'



                             *********

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
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objective is to share information, not make markets in publicly
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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-
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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
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