TCRAP_Public/121129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 29, 2012, Vol. 15, No. 238


                            Headlines


A U S T R A L I A

GOWINTA FARMS: Liquidators Seek Expression Farm Buyers
MISSION NEWENERGY: Noteholders Ratify Note Exchange Offer
REFUND HOME: boss Blames banks for group's collapse
TINKLER GROUP: Creditors May Seek to Take Whitehaven Stake
TRADE FUSION: Placed in Administration


C H I N A

CHINA DU KANG: Reports $241,000 Net Income in Third Quarter


H O N G  K O N G

HK RATTAN: Creditors' Proofs of Debt Due Dec. 24
IRIS (H.K.): Final Meeting Set for Dec. 24
LIPSON ENTERPRISES: Final Meetings Set for Dec. 28
MANKIN DEVELOPMENT: Final Meetings Set for Dec. 28
MARKSMAN (WATER SOLUTION): Creditors' Proofs of Debt Due Dec. 23

MAYDIANG INTERNATIONAL: Members' Final Meeting Set for Dec. 27
NANOSPAR TECHNOLOGY: Final Meetings Set for Dec. 28
PARKING LOT: Commences Wind-Up Proceedings
UNITED CENTURY: Annual Meetings Set for Dec. 14
WHOLE HERO: Final Meetings Set for Dec. 28

YEL KOREA: Final General Meeting Set for Dec. 24


I N D I A

B&H TEXFAB: CRISIL Assigns 'CRISIL B' Rating to INR90MM Loans
CLASSIC PAPERS: Delays in Loan Payment Cues CRISIL Junk Ratings
DEWA PROJECTS: CRISIL Rates INR2.87BB Term Loan at 'CRISIL D'
J S DESIGNER: Delays in Loan Payment Cues CRISIL Junk Rating
JUGAL KISHORE: CRISIL Puts 'B+' Rating on INR19MM Cash Credit

K. K. TEX: CRISIL Puts 'CRISIL B' Rating on INR70MM Loans
MODERN SOLAR: CRISIL Assigns 'B' Rating to INR210MM Loans
RONIX POLYMER: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loans
R.PIYARELALL IMPORT: Delays in Loan Payment Cue Junk Ratings
SADHU RAM: CRISIL Assigns 'B+' Rating to INR19MM Cash Credit

SANGAMNER-LONI: Delays in Loan Payment Cues CRISIL Junk Ratings
SIDDHARTHA ENTERPRISES: CRISIL Puts 'B' Rating on INR90MM Loans
S. K. CONSTRUCTION: CRISIL Rates INR65MM Loan at 'CRISIL B-'
SUZLON ENERGY: Lenders Agree to Restructure INR110 Billion Debt
TULIP TELECOM: Struggles to Pay Employees Following Bond Default

U.K. CEMENT: CRISIL Rates INR520MM LT Loan at 'CRISIL B'
V.N.M.S. AYYACHAMY: CRISIL Rates INR90MM Cash Credit at 'B'


K O R E A

KOREA NATIONAL OIL: S&P Cuts Stand-Alone Credit Profile to 'bb'


P H I L I P P I N E S

MANILA ELECTRIC: S&P Hikes CCR to 'BB-' on Improved Business
PHILIPPINE REALTY: Court Denies Bid to Exit Rehabilitation


S I N G A P O R E

OLAM INTERNATIONAL: Rebuts Muddy Waters Report; Denies Insolvency
SHARIKAT KIAN: Creditors' Proofs of Debt Due Dec. 7
SKYVEN GROWTH: Creditors' Proofs of Debt Due Dec. 24


                            - - - - -


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


GOWINTA FARMS: Liquidators Seek Expression Farm Buyers
------------------------------------------------------
Peter Hall at The Courier-Mail reports that foreign and
interstate buyers are being sought for one of Queensland's
biggest strawberry farms, Gowinta, which has gone into
liquidation with debts of more than AUD17 million.

Earlier this year, the Courier-Mail recalls, Gowinta Farms Pty
Ltd entered into voluntary administration after being left with
"an unsustainable debt level" due to a reduction in the value of
assets.

The report relates that the company restructured its operation,
replacing many of its 200 plus pickers and packers with contract
laborers from South Korea, but hit more hurdles including bad
weather and low strawberry prices.

This led to the business being placed into liquidation on
October 25, after administrators reported the company was unable
to make planned capital repayments, the report says.

Gowinta has 110 creditors, the biggest being Bankwest, owed about
AUD13.6 million, the Courier-Mail discloses.

According to the Courier-Mail, liquidator Robert Moodie of
Sydney-based firm Rodgers Reidy informed creditors that agent
Colliers International had been engaged to market the sale of
farms, business and properties.

The report relates that Mr. Moodie said Gowinta would be
advertised locally, interstate and overseas, noting Colliers had
"links to international food production markets."

Agent Rawdon Briggs, of Colliers, confirmed Gowinta was up for
grabs, with expressions of interest closing December 18, the
report adds.

Gowinta, at Beerwah in the Sunshine Coast hinterland, is a third-
generation farming business that comprises 11 properties
totalling 84 hectares.  It can pack up to 70,000 punnets a day
during the strawberry season -- around 17 tonne of fruit -- and
also produces pineapples, lychees and raspberries.


MISSION NEWENERGY: Noteholders Ratify Note Exchange Offer
---------------------------------------------------------
Mission NewEnergy Limited announced that all of its existing
noteholders have agreed to the Convertible Note Exchange Offer
that was launched on Nov. 13, 2012.

Mission has received acceptance from all Convertible Note
holders, representing 505,904 Series Two Convertible Notes.  Upon
completion of the Convertible Note Exchange Offer, the Company
will have 505,904 Series Three Convertible Notes.

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

At this point in time, due to failure of material obligations by
PTPN111, the Joint Venture in Indonesia has been terminated.  The
Company is reviewing its position in the Joint Venture in
Indonesia and expects that this will result in either the
continuation of the project of the sale of its equity interests.

The Company's balance sheet at June 30, 2012, showed
AUD10.7 million in total assets, AUD35.1 million in total
liabilities, resulting in an equity deficiency of AUD24.4
million.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the
year ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company reported a net loss of AUD6.1 million on AUD38.3
million of revenue in fiscal 2012, compared with a net loss of
AUD21.7 million on AUD16.4 million of revenue in fiscal 2011.


REFUND HOME: boss Blames banks for group's collapse
---------------------------------------------------
Property Observer reports that Refund Home Loans boss Wayne
Ormond has blamed the banks for the October 2011 collapse of his
Brisbane-based mortgage broking empire.

According to Property Observer, Mr. Ormond compared his
experience of dealing with the banks to swimming with sharks and
claimed that "partly due" to Refund Home's "restrictive banking
facility and poor relationship with [his] bank", he had no other
option than to put the business in the hands of administrators,
leaving 119 creditors owed a combined AUD9.7 million, he writes
in an article penned for BRW magazine.

Official documents obtained by Property Observer show that
Mr. Ormond was paid a consultancy fee over the nine months Refund
Home Loans was in administration while his franchisees were not
paid trail commission for the loans they wrote over this period.

In May, Property Observer reported on the jet-set lifestyle
Mr. Ormond once enjoyed (including owning three Rolls-Royces)
while he also came under fire from Aussie Home Loans boss John
Symond after Refund collapsed, who called the business model
"fundamentally flawed".

Property Observer says the latest revelations that Mr. Ormond was
being paid following the collapse is expected to gall many former
franchisees who chose not to sign up with Home Loans Limited and
have lost their rights to trail payment, but who continued to
operate as normal to help the administrators to secure the sale
of the business.

In his piece penned for BRW, SmartCompany relates, Mr. Ormond
warned other business owners that the biggest challenge they
would face would be to "establish a lending or debt facility with
a bank".

"Since the global financial crisis it has become increasing
difficult, and it's an area the banks now have tighter scrutiny
over," Mr. Ormond wrote, Property Observer reports.

                        About Refund Home

Refund Home Loans -- http://www.refundhomeloans.com.au/-- is an
Australian mortgage broking service.  Founder and Executive
Chairman Wayne Ormond launched Refund Home Loans in April 2004.
The company has over 350 franchisees in Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 20, 2011, SmartCompany said Refund Home Loans has been
placed in administration, but several buyers are considering
acquiring the business.  The announcement comes just 18 months
after the Australian Competition and Consumer Commission slammed
the company and its founder Wayne Ormond, after he admitted
making false and misleading statements to franchisees about an
agreement with the ACCC itself.  SmartCompany noted that the
administration does not affect either the real estate or
financial planning divisions of the business. Two other
businesses operated by Mr. Ormond, Refund Real Estate or Refund
Financial Planning, are not in administration and are unaffected,
SmartCompany added.


TINKLER GROUP: Creditors May Seek to Take Whitehaven Stake
----------------------------------------------------------
Elisabeth Behrmann, Brett Foley & Chanyaporn Chanjaroen at
Bloomberg News report that Tinkler Group owner Nathan Tinkler's
creditors may seek to take control of his AUD560 million
(US$585 million) stake in Whitehaven Coal Ltd. if he fails to
make payments on a loan, three people with knowledge of the
matter said.

Mr. Tinkler owes as much as $700 million to lenders including
U.S. investment company Farallon Capital Partners, Credit Suisse
Group AG, and Kuok Group and a $200 million payment is due, the
people, who asked not to be identified as the details are
private, told Bloomberg.

Bloomberg says losing the stake in the Australian coal producer
would upend a rags-to-riches tale for the 36-year-old electrician
turned miner, who sold his house in 2006 to buy into a coal mine.
His AUD5.3 billion bid for Whitehaven collapsed three months ago
as coal prices declined, and two of his closely held companies
were last week placed in liquidation, Bloomberg relays.

Tim Allerton, of City Public Relations, a spokesman for Tinkler
Group, declined to comment on Tinkler's financial position,
Bloomberg notes.

Tinkler Group, also closely held, is the largest shareholder in
Whitehaven, with 19.4%, according to an October statement
obtained by Bloomberg.  The stake was gained after Whitehaven
took over Aston Resources Ltd. and other Tinkler assets in a
AUD2.7 billion deal last year.  Tinkler made a AUD5.20-a-share
bid for Whitehaven, which owns seven mines in Australia, in July.

Bloomberg notes that Mr. Tinkler last week lost control of
Mulsanne Resources Pty. after an Australian court ordered its
liquidation over a AUD28.4 million unpaid debt to coal developer
Blackwood Corp.  Patinack Farm Administration Pty, another of his
companies, was ordered to liquidate the following day. His Ocean
Street Holdings Pty and Buildev Group Pty last month settled a
dispute with Mirvac Group out of court by agreeing to pay the
developer AUD16.6 million in a failed property deal.

Mr. Tinkler and his companies also own coal and metal mining
projects, infrastructure investments, a horse-breeding operation,
and the Newcastle Knights, a rugby league team in the Australian
coal port of Newcastle, Bloomberg discloses.


TRADE FUSION: Placed in Administration
--------------------------------------
Patrick Stafford at SmartCompany reports that Trade Fusion has
collapsed into administration.  Bruce Gleeson --
bgleeson@jonespartners.net.au -- of Jones Partners has been
appointed administrator to the company.

SmartCompany says Jones Partners is seeking expressions of
interest for the company, with assets to be sold including
intellectual property, land and buildings.

Based in Griffith, New South Wales, Trade Fusion specialises in
the construction of modular homes.



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


CHINA DU KANG: Reports $241,000 Net Income in Third Quarter
-----------------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $241,020 on $1.37 million of total revenues for the
three months ended Sept. 30, 2012, compared with a net loss of
$539,545 on $748,251 of total revenues for the same period a year
ago.

For the nine months ended Sept. 30, 2012, the Company reported
net income of $685,668 on $3.14 million of total revenues,
compared with a net loss of $1 million on $1.96 million of total
revenues for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2012, showed $18.87
million in total assets, $8.67 million in total liabilities and
$10.20 million in total shareholders' equity.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/37evYP

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the company incurred an operating
loss for each of the years in the two-year period ended  Dec. 31,
2011, and as of Dec. 31, 2011, had an accumulated deficit.



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


HK RATTAN: Creditors' Proofs of Debt Due Dec. 24
------------------------------------------------
Creditors of Hong Kong Rattan Merchants Association, which is in
the course of dissolution, are required to file their proofs of
debt by Dec. 24, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yau Yin Kwun Joseph
         Tam King Tong
         13/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


IRIS (H.K.): Final Meeting Set for Dec. 24
------------------------------------------
Members of Iris (H.K.) Co., Limited will hold their final meeting
on Dec. 24, 2012, at 10:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, in Hong Kong.

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


LIPSON ENTERPRISES: Final Meetings Set for Dec. 28
--------------------------------------------------
Members and creditors of Lipson Enterprises Limited will hold
their final meetings on Dec. 28, 2012, at 11:00 a.m., and 11:30
a.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MANKIN DEVELOPMENT: Final Meetings Set for Dec. 28
--------------------------------------------------
Members and creditors of Mankin Development Limited will hold
their final meetings on Dec. 28, 2012, at 12:00 p.m., and
12:30 p.m., respectively at 62/F, One Island East, at 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MARKSMAN (WATER SOLUTION): Creditors' Proofs of Debt Due Dec. 23
----------------------------------------------------------------
Creditors of Marksman (Water Solution) Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


MAYDIANG INTERNATIONAL: Members' Final Meeting Set for Dec. 27
--------------------------------------------------------------
Members of Maydiang International Company Limited will hold their
final general meeting on Dec. 27, 2012, at 10:00 a.m., at Zhaoshi
Town, Changshu City, Jiangsu 215518, in China.

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


NANOSPAR TECHNOLOGY: Final Meetings Set for Dec. 28
---------------------------------------------------
Members and creditors of Nanospar Technology Limited will hold
their final meetings on Dec. 28, 2012, at 2:00 p.m., and
2:30 p.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


PARKING LOT: Commences Wind-Up Proceedings
------------------------------------------
Members of Parking Lot Investments Limited, on Nov. 7, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


UNITED CENTURY: Annual Meetings Set for Dec. 14
-----------------------------------------------
Members and creditors of United century Book Services Limited
will hold their annual meetings on Dec. 14, 2012, at 11:00 a.m.,
and 11:30 a.m., respectively at 22/F, On Hong Commercial Bldg,
145 Hennessy Rd, Wanchai, in Hong Kong.

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


WHOLE HERO: Final Meetings Set for Dec. 28
------------------------------------------
Members and creditors of Whole Hero Limited will hold their final
meetings on Dec. 28, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at 62/F, One Island East, at 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


YEL KOREA: Final General Meeting Set for Dec. 24
------------------------------------------------
Members of Yel Korea (HK) Limited will hold their final general
meeting on Dec. 24, 2012, at 10:30 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.



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


B&H TEXFAB: CRISIL Assigns 'CRISIL B' Rating to INR90MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of B&H Texfab Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                31.9      CRISIL B/Stable (Assigned)

   Proposed Long-Term       58.1      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Packing Credit           60        CRISIL A4 (Assigned)

The ratings reflect BHTPL's weak financial risk profile, marked
by high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive ready-made garments
industry, susceptibility to volatility in raw material prices,
and high customer concentration. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' extensive industry experience and funding support.

Outlook: Stable

CRISIL believes BHTPL will continue to benefit from the
promoters' extensive industry experience and funding support over
the medium term. The outlook may be revised to 'Positive' if
BHTPL's liquidity and capital structure improves, driven most
likely by larger-than-expected cash accruals due to stabilisation
of operations at the company's upcoming capacities and by
improvement in working capital cycle. Conversely, the outlook may
be revised to 'Negative' if there is deterioration in BHTPL's
liquidity, caused most likely by larger-than-expected working
capital requirements or less-than-expected cash accruals.

                         About B&H Texfab

BHTPL, established in 2008, manufactures ready-made garments; it
discontinued with trading in and exporting ready-made garments
and knitted fabrics in September 2011. BHTPL has its
manufacturing facilities at Kadian Village in Ludhiana, Punjab.

BHTPL, on a provisional basis, reported a net profit of INR1.08
million on net sales of INR151 million for 2011-12 (refers to
financial year, April 1 to March 31), against a net profit of
INR0.2 million on net sales of INR49 million for 2010-11.


CLASSIC PAPERS: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Classic Papers. The rating reflects instances of
delay by Classic Papers in servicing its debt; the delays have
been caused by the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                28        CRISIL D (Assigned)

   Proposed Long-Term       15        CRISIL D (Assigned)
   Bank Loan Facility

   Cash Credit              30        CRISIL D (Assigned)

   Proposed Cash Credit     20        CRISIL D (Assigned)
   Limit

Classic Papers also has a modest scale of operations and is
susceptible to intense industry competition. These rating
weaknesses are partially offset by the extensive industry
experience of Classic Paper's partners.

Classic Papers was set up as a partnership firm in 2006 by Mr. T
Madhusudhan and Mr. P Subba Rao. The firm manufactures coated and
uncoated duplex board papers. The products manufactured by the
firm are used for packaging in the pharmaceutical, liquor, shoes,
and cosmetic segments, among others.

In 2011-12 (refers to financial year, April 1 to March 31),
Classic Papers reported a profit after tax (PAT) of INR3.9
million on net sales of INR308.4 million, as against a PAT of
INR792,000 on net sales of INR243.9 million for 2010-11.


DEWA PROJECTS: CRISIL Rates INR2.87BB Term Loan at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to term loan facility
of Dewa Projects Pvt Ltd.  The rating reflects delays by DPPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               2870       CRISIL D (Assigned)

DPPL is also exposed to risks related to completion and
saleability of its ongoing real estate residential project, Dewa
Pier 20, in Kochi (Kerala), and to cyclicality in the Indian real
estate industry. However, the company benefits from the extensive
experience of its promoters in the construction industry.

DPPL was established in April 2005. The company is currently
developing a residential property at Kochi. It is promoted by Mr.
Venugopalan Nair, a non-resident Indian based in Kuwait.


J S DESIGNER: Delays in Loan Payment Cues CRISIL Junk Rating
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of J S Designer Ltd.  The ratings reflect
instances of delay by JSD in servicing its debt; the delays have
been caused by the company's weak liquidity.

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Term Loan                    50        CRISIL D (Assigned)
   Letter of Credit            100        CRISIL D (Assigned)
   Letter Of Guarantee          20        CRISIL D (Assigned)
   Export Packing Credit       600        CRISIL D (Assigned)
   Foreign Bill Discounting    400        CRISIL D (Assigned)

JSD has customer and geographical concentration in its revenue
profile and large working capital requirements, leading to an
average financial risk profile. The company, however, benefits
from its promoters' extensive experience in the ready-made
garments (RMG) industry and its improved business risk profile,
marked by capacity addition and increase in its scale of
operations.

JSD is managed by Mr. Vikas Mohand Singhal and Ms. Anuradha
Singhal. Earlier, the business was carried out under BNK Exports,
a proprietorship firm (which was set up in 1997 and reconstituted
as private limited company in 2004) managed by Ms. Anuradha
Singhal. JSD manufactures and exports RMG for women and kids.


JUGAL KISHORE: CRISIL Puts 'B+' Rating on INR19MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jugal Kishore Kashmiri Lal (JKKL; part of
the Jugal Kishor group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               19       CRISIL B+/Stable (Assigned)
   Letter of Credit         100       CRISIL A4 (Assigned)

The ratings reflect the Jugal Kishor group's average financial
risk profile, constrained by low cash accruals, and moderate
business risk profile constrained by working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the timber
trading industry and their funding support.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JKKL and Sadhu Ram Jai Parkash,
together referred to as the Jugal Kishor group. This is because
both the entities are in the same line of business and are
managed by the same common promoters. Also, CRISIL has treated
unsecured loans from promoters to the tune of INR 62.6 million as
neither debt nor equity as the same are expected to remain in the
business over a long term.

Outlook: Stable

CRISIL believes that the Jugal Kishor group's business risk
profile will continue to benefit from its promoters' long-
standing industry experience. The outlook may be revised to
'Positive' in case of a significant improvement in the group's
financial risk profile, including its liquidity, most likely
because of improvement in cash accruals and working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case the group's lower-than-expected cash accruals or larger-
than-expected working capital requirements cause its liquidity to
deteriorate.

                       About the Group

The Jugal Kishor group started operations in 1992 in Jind,
Haryana, with processing facilities located at Gandhidham,
Gujarat. Presently, the group operates two entities, namely SRJP
and JKKL, and is engaged in processing and trading in timber,
mainly hard wood. Presently, the group is managed by Mr. Rakesh
Goel, Mr. Raja Kumar, Mr. Ved Prakash and Mr. Akshay Kumar.


K. K. TEX: CRISIL Puts 'CRISIL B' Rating on INR70MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of K. K. Tex Enterprises.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                12.5      CRISIL B/Stable (Assigned)
   Cash Credit              37.5      CRISIL B/Stable (Assigned)
   Proposed Long-Term       20        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The ratings reflect KKTE's modest scale and weak financial risk
profile marked by low networth and subdued debt protection
metrics, and susceptibility of margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that KKTE derives from its partners' extensive
experience in the textiles industry.

Outlook: Stable

CRISIL believes that KKTE will maintain its stable business risk
profile over the medium term, backed by extensive experience of
its partners in the textiles industry. The outlook may be revised
to 'Positive' if KKTE's financial risk profile improves
significantly driven by higher-than-expected revenues and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in KKTE's financial risk profile.

                          About K. K. Tex

K. K. Tex Enterprises, established in 2003 by the Mumbai-based
Gada family, is engaged in the manufacturing of various types of
grey fabrics. KKTE mainly manufacturers grey fabric for suiting
and shirting. The firm's business operations are managed by Mr.
Kalpesh Gada. The promoters of KKTE have gained experience in the
textile business over the past 20 years by virtue of their
association with other entities operating in a similar line of
business.

KKTE reported a profit after tax (PAT) of INR0.7 million on net
sales of INR90.7 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT ofINR0.6 million on net
sales ofINR89.2 million for 2010-11.


MODERN SOLAR: CRISIL Assigns 'B' Rating to INR210MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Modern Solar Pvt Ltd. The rating reflects the high
offtake risk that MSPL faces and its constrained financial risk
profile, marked by weak debt protection metrics. These rating
strengths are partially offset by the funding support extended to
MSPL by its promoters.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              140       CRISIL B/Stable (Assigned)
   Term Loan                 70       CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that MSPL will maintain its credit risk profile,
backed by the funding support from its promoters. The outlook may
be revised to 'Positive' if the company is able to generate more-
than-expected offtake from its existing capacities with more-
than-expected profitability. Conversely, the outlook may be
revised to 'Negative' in case MSPL faces demand pressures, thus
resulting in less-than-expected topline or profitability.

MSPL was incorporated in 2009 in Falta SEZ (West Bengal) and it
started commercial production of solar panels in 2010-11 (refers
to financial year April 1 to March 31). The company is promoted
by the Doshi and Avalani families.


RONIX POLYMER: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ronix Polymer Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Cash Credit     32.5      CRISIL B/Stable (Assigned)
   Limit

   Proposed Long-Term       67.5      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects RPPL's small scale of operations and working
capital intensive nature of operations, and below-average
financial risk profile, expected to deteriorate on account of the
planned capex plans. These rating weaknesses are partially offset
by the benefits that RPPL derives from its promoters' extensive
experience in manufacturing of Polyvinyl Chloride (PVC) and High
Density Polyethylene (HDPE) pipes.

Outlook: Stable

CRISIL believes that Ronix Polymers Pvt Ltd will continue to
benefit from the extensive industry experience of the promoters,
over the medium term. The outlook may be revised to 'Positive' if
the company stabilises operations at its proposed manufacturing
facility earlier than expected and significantly improves its
profitability margins, leading to an improvement in its business
and financial risk profile. The outlook may be revised to
'Negative' if RPPL's debt protection metrics deteriorate further
because of a dip in its profitability margins, or if the company
undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to significant deterioration in
its financial risk profile.

                        About Ronix Polymer

RPPL, incorporated in 1990, is based in Kolkata (West Bengal).
The company is primarily engaged in the manufacturing of PVC and
HDPE pipes. Its day-to-day operations are being managed by Mr.
Rajendra Kumar Saraogi along with his son, Mr. Kunal Saraogi.

RPPL reported a profit after tax (PAT) of INR1.17 million on net
sales of INR86.83 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR8.05 million on net
sales of INR77.07 million for 2010-11.


R.PIYARELALL IMPORT: Delays in Loan Payment Cue Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
R.Piyarelall Import & Export Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISILA4+'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            260       CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit       550       CRISIL D (Downgraded from
                                    'CRISIL A4+')

The downgrade follows RPIE's continuous overdrawn bank limits for
over 30 days and regular devolvement of its letter of credit
facilities, on account of its weak liquidity.

Incorporated in 1981, RPIE mainly imports pulses, which include
split green peas, whole yellow peas, whole green peas, dun peas,
chick peas, and black maple. It also occasionally imports other
agri-commodities, such as sugar, wheat, mustard seed, depending
on the market scenario.

RPIE reported a profit after tax (PAT) of INR109.2 million on net
sales of INR10 billion for 2009-10, against a PAT of INR36.2
million on net sales of INR6.5 billion for 2008-09.


SADHU RAM: CRISIL Assigns 'B+' Rating to INR19MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sadhu Ram Jai Parkash (part of the Jugal
Kishor group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               19       CRISIL B+/Stable (Assigned)
   Letter of Credit         100       CRISIL A4 (Assigned)

The ratings reflect the Jugal Kishor group's average financial
risk profile, constrained by low cash accruals, and moderate
business risk profile constrained by working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the timber
trading industry and their funding support.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRJP and Jugal Kishor Kashmiri Lal
(JKKL), together referred to as the Jugal Kishor group. This is
because both the entities are in the same line of business and
are managed by the same common promoters. Also, CRISIL has
treated unsecured loans from promoters to the tune of INR 62.6
million as neither debt nor equity as the same are expected to
remain in the business over a long term.

Outlook: Stable

CRISIL believes that the Jugal Kishor group's business risk
profile will continue to benefit from its promoters' long-
standing industry experience. The outlook may be revised to
'Positive' in case of a significant improvement in the group's
financial risk profile, including its liquidity, most likely
because of improvement in cash accruals and working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case the group's lower-than-expected cash accruals or larger-
than-expected working capital requirements cause its liquidity to
deteriorate.

                        About the Group

The Jugal Kishor group started operations in 1992 in Jind,
Haryana, with processing facilities located at Gandhidham,
Gujarat. Presently, the group operates two entities, namely SRJP
and JKKL, and is engaged in processing and trading in timber,
mainly hard wood. Presently, the group is managed by Mr. Rakesh
Goel, Mr. Raja Kumar, Mr. Ved Prakash and Mr. Akshay Kumar.


SANGAMNER-LONI: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sangamner-Loni Infrastructure Pvt Ltd to 'CRISIL D' from
'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       10        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

   Term Loan               140        CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating action reflects instances of delays by SLIPL in
servicing its term debt on account of sharp decline in accruals
in the current financial year. The Sangamner-Loni-Kolhar Road
(Maharashtra), operated by SLIPL under build-operate-transfer
agreement, has witnessed a sharp decline in traffic flow, thus
hampering the toll collection. The fall in traffic has been due
to diversion on a nearby road.

The rating reflects SLIPL's weak financial risk profile, marked
by a modest net worth, high gearing, and weak debt protection
metrics. However, SLIPL business profile is supported by the
extended tenure of toll collections.

                        About Sangamner-Loni

SLIPL was set up in May 2002 as a special-purpose vehicle by
Rudranee Construction Company (RCC), to improve the Sangamner-
Loni-Kolhar Road (Maharashtra) on a BOT basis. The project
involved the widening of the road to 10 meters from 7.5 meters,
and applying a layer of bitumen on the road on a BOT basis for a
concession period till December 2016. Mr. Mohammed Israil Sheikh
bought the toll road from the promoters of RCC, in 2006.
Following the road renewal and widening work undertaken by the
company, SLIPL has received in-principle sanction to collect toll
charges till 2018. The company has approached authorities for
increase in concession period to 2024, to compensate for the
higher than expected expenses on initial road laying and the last
road resurfacing.

In February 2011, SLIPL bagged the National Highways Authority of
India (NHAI) tender to operate a toll collection booth (Nirmal
Toll) on the Nagpur-Hyderabad NH7 on behalf of NHAI, which the
company operated till March 2012.

SLIPL reported a profit after tax of INR2.7 million on an
operating income of INR233 million for 2011-12, against a net
loss of INR0.4 million on an operating income of INR79.5 million
for 2010-11.


SIDDHARTHA ENTERPRISES: CRISIL Puts 'B' Rating on INR90MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Siddhartha Enterprises.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term      55         CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit        10         CRISIL A4 (Assigned)

   Bank Guarantee          20         CRISIL A4 (Assigned)

   Cash Credit             35         CRISIL B+/Stable (Assigned)

The ratings reflect customer concentration in SE's revenue
profile and weak financial risk profile, marked by high gearing,
average debt protection metrics, and small net worth. These
rating weaknesses are partially offset by the extensive industry
experience of SE's proprietor and its moderate scale of
operations.

Outlook: Stable

CRISIL believes that SE will continue to benefit from its
promoters' extensive experience, over the medium term. The
outlook may be revised to 'Positive' in case of significant
increase in its scale of operations, customer diversification,
and equity infusion in the business, leading to an improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is any decline in orders from Government of
Tamil Nadu, leading to lower-than-expected cash accruals, or
deterioration in its working capital management, or if it
undertakes a larger-than-expected, debt-funded capital
expenditure programme.

                   About Siddhartha Enterprises

SE, set up in 1999 by Mr. Vikas Kumar Jain, manufactures
household appliances and utensils such as stoves, mixer grinders,
and pressure cookers.

SE reported a net profit of INR14 million on revenues of INR505
million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR5.3 million on revenues
of INR305 million for 2010-11.


S. K. CONSTRUCTION: CRISIL Rates INR65MM Loan at 'CRISIL B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of S. K. Construction.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             40      CRISIL A4 (Assigned)
   Cash Credit                65      CRISIL B-/Stable (Assigned)

The ratings reflect SKC's average financial risk profile, marked
by low net worth, stretched liquidity, caused by stretched
receivables, and its small scale of operations in a fragmented
civil construction industry. These rating weaknesses are
partially offset by the firm's long track record and the
extensive experience of its proprietor in the civil construction
industry.

Outlook: Stable

CRISIL believes that SKC will benefit from the extensive industry
experience of its proprietor, over the medium term. The outlook
may be revised to 'Positive' in case of improvement in the firm's
liquidity, because of timely receipt of payments from customers,
or because of higher infusion of fresh funds by the firm's
proprietor. The outlook may be revised to 'Negative' in case of
further deterioration in SKC's financial risk profile,
particularly its liquidity, most likely because of further delays
in receiving payments from customers.

                     About S. K. Construction

SKC, a proprietorship firm, was established by Mr. Sufal Halder
in 1982. The firm has been operating as a Class-I contractor for
the state government departments, and primarily undertakes repair
work for roads in the Howrah, Bankura, Hooghly and West Midnapore
districts of West Bengal.


SUZLON ENERGY: Lenders Agree to Restructure INR110 Billion Debt
---------------------------------------------------------------
Press Trust of India reports that the SBI-led consortium of
20 lenders has agreed to recast INR11,000 crore (INR110 billion)
loan of the struggling Suzlon Energy under the corporate debt
restructuring (CDR) mechanism, a top company official has said.

According to the news agency, the world's fifth largest wind
turbine maker, which had last month defaulted on the redemption
of its $221 million foreign currency convertible bonds (FCCBs),
had a fully secured gross debt of INR14,568 crore on its book as
of the July-September quarter, taking its debt to 4 times the
equity.

At the end of the quarter, its net debt stood at INR13,604 crore
and a cash balance of INR964 crore, PTI discloses citing the
company's balance sheet statement.

"The lenders led by SBI have agreed to consider our INR11,000-
crore CDR proposal and we hope to conclude the deal in the next
few months," a top Suzlon official told PTI on the condition of
anonymity.

Most of the 20 lenders to the debt-laden Pune-based company are
state-run banks and SBI has an exposure of around INR3,500 crore,
says PTI.

The other lenders include IDBI Bank, Bank of Baroda Axis Bank,
Punjab National Bank, Indian Overseas Bank, Central Bank of
India, Yes Bank, and State Bank of Bikaner & Jaipur among others.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.

Suzlon Energy posted net losses of INR983 crore and INR1,324
crore in the year ended March 31, 2010 and 2011, respectively.

The Wall Street Journal says Suzlon, which has posted losses for
the past four quarters, plans to reduce costs by taking measures
such as trimming its work force by 20% by the end of the fiscal
year through March, 2013.

Last month, the Journal relates, the company "suspended" its
revenue forecast of between INR270 billion and INR280 billion for
the current fiscal year, citing liquidity constraints, volatile
market conditions and the impact of a possible debt
restructuring.


TULIP TELECOM: Struggles to Pay Employees Following Bond Default
----------------------------------------------------------------
The Economic Times reports that Tulip Telecom is struggling to
pay its employees, a far cry from two years ago when founder-
chairman Hardeep Singh Bedi was confident of sales touching
$1 billion by 2014.

ET relates that with analyst estimates for fiscal 2014 sales
ranging between INR3,000 crore and INR3,300 crore, the billion-
dollar dreams will have to wait, much like scores of employees in
Tulip's Bangalore-based data centre subsidiary who received their
August salaries a few days ago and continue to wait for their
September and October paychecks.

"Due to the macro-economic environment and the FCCB payment,
there has been a temporary mismatch with respect to our capital,
which is being addressed progressively," the report cited Tulip's
emailed statement from its executive director Deepinder Singh
Bedi, the chairman's son.

Kicking Tulip off balance was the $140 million worth of foreign-
currency convertible bonds (FCCBs) issued in 2007 that came up
for redemption in August, according to ET.  Following the failure
to repay bondholders, FITCH Ratings downgraded Tulip's long-term
debt to default from junk, ET discloses.

At the end of September, the report notes, Tulip had a total debt
of INR2,400 crore.  A little over 90% of shares held by promoters
-- who own about 68% in the company -- is pledged with lenders.

"Tulip is focused on repayment of the FCCB as soon as possible,"
ET quotes Bedi as saying.  "The company is in talks with
financial institutions to bridge the FCCB repayment shortfall and
has made significant progress in its efforts."

According to the report, Tulip claims it has commitments of about
$50 million towards fresh issue of bonds and internal accruals of
about $72 million.  But that still leaves a shortfall of some
$18 million, which it is hoping to get from banks.

After defaulting in August, Tulip committed to returning money to
bond-holders on September 10, but missed that deadline too after
it failed to reach an agreement with banks on financing the
shortfall, the report adds.

Based in New Delhi, India, Tulip Telecom Ltd. (NSE:TULIP) --
http://www.tulip.net/-- provides data connectivity service, and
integrator and managed services. It provides Internet protocol-
based infrastructural solutions to its customers.


U.K. CEMENT: CRISIL Rates INR520MM LT Loan at 'CRISIL B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of U.K. Cement Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       520       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects UKCPL's exposures to risk associated with
implementation and stabilisation, and funding of its cement
grinding unit project. These rating weaknesses are partially
offset by UKCPL's promoter's considerable experience in the
cement grinding business and benefits it will derive from the
established cement distribution network of its associate company.

Outlook: Stable

CRISIL believes that UKCPL's credit risk profile will be
constrained by the project nature of the company's operations.
CRISIL, however, also believes that UKCPL benefits from the
considerable experience of its promoters in the cement grinding
business and its associate company's established distribution
network. The outlook may be revised to 'Positive' if operations
at UKCPL's plant commence as per schedule and within the
envisaged cost. Conversely, any significant delay in project
implementation, leading to time and cost overruns, may result in
a revision in the outlook to 'Negative'.

UKCPL, incorporated in 2009, is currently setting up a cement
grinding unit at Durgapur, West Bengal. The project is current at
initial stage. The company is promoted by Kolkata-based Das
family, who has interests in cement manufacturing, rice milling,
agri commodities and steel trading, hotels, and real estate.


V.N.M.S. AYYACHAMY: CRISIL Rates INR90MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of V.N.M.S. Ayyachamy Nadar & Bros.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              90        CRISIL B/Stable (Assigned)

The rating reflects VNMS's weak financial risk profile, marked by
high ratio of total outside liabilities to tangible net worth
(TOLTNW), modest scale of operations, and susceptibility to
intense competition in the highly fragmented agro-commodities
trading industry. These rating weaknesses are offset by VNMS's
established track record in the agro-commodities trading business
and extensive industry experience of its partners.

Outlook: Stable

CRISIL believes that VNMS will benefit over the medium term from
the extensive experience of its partners in the agro-commodities
trading industry. The outlook may be revised to 'Positive' in
case VNMS scales up its operations and profitability on a
sustainable basis or if there is a significant capital infusion
by the partners leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case any
adverse regulatory changes leads to a significant decline in
VNMS's revenues, if there are significant withdrawals by the
partners, or if the firm's working capital management
deteriorates leading to further weakening of its financial risk
profile.

                     About V.N.M.S. Ayyachamy

Set up in 1929, VNMS trades agro-commodities. The daily
operations of the firm are managed by Mr. N C Muralidharan and
Mr. N C Ganesan.

VNMS provisionally reported a profit after tax (PAT) ofINR210,000
on net sales ofINR387 million for 2011-12 (refers to financial
year, April 1 to March 31), as against a PAT of INR420,000 on net
sales of INR1.3 billion for 2010-11.



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


KOREA NATIONAL OIL: S&P Cuts Stand-Alone Credit Profile to 'bb'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A+' foreign
currency and 'AA-' local currency long-term corporate credit and
debt ratings on Korea-based oil and gas exploration and
production (E&P) company Korea National Oil Corp. The outlook on
the ratings remains stable. "We lowered the stand-alone credit
profile (SACP) for KNOC to 'bb' from 'bb+'," S&P said.

"We lowered the SACP for KNOC to 'bb' from 'bb+' because we
expect its financial risk profile to deteriorate and its exposure
to oil and gas E&P business to rise over the next two years owing
to an increase in investments to serve its government mandate. In
our view, the company plans significant investments in oilfields
in the United Arab Emirates (UAE) and shale gas projects--
potentially in North America--in 2013-15. We expect the company
to continue to raise its debt significantly to fund the
investments because the
government is unlikely to inject sufficient capital to cover
them," S&P said.

"Still, we continue to equalize the ratings on KNOC with the
sovereign ratings on the Republic of Korea (local currency rating
AA-/Stable/A-1+; foreign currency rating A+/Stable/A-1). This
reflects Standard & Poor's opinion that there is an almost
certain likelihood that the Korean government would provide KNOC
with timely and sufficient extraordinary support in the event it
was to suffer financial distress. In accordance with our criteria
for government-related entities (GREs), we base our rating
approach on our view that KNOC plays a critical role for and has
an integral link to the government," S&P said.

KNOC's "satisfactory" business risk profile reflects the
company's increasing exposure to the oil and gas E&P business,
which generally features volatility in commodity prices,
cyclicality, and capital intensity. KNOC's exposure to revenue
from oil and gas E&P business, including some related oil
refining, increased to more than 90% in 2011 from around 65% in
2008, owing to its acquisition of a series of oil and gas E&P
assets in recent years. Partially offsetting these weaknesses are
KNOC's management of Korea's strategic oil reserves and its
energy policy lending, which we believe carry less risk than the
E&P business.

KNOC's "aggressive" financial risk profile reflects S&P's
expectation that the company's reliance on debt for heavy
investments will continue over the next two years. "We estimate
that the company will need as much as KRW10-11 trillion over the
next two years, which we believe would likely further worsen its
financial risk profile. Still, the extent to which additional
debt would further deteriorate ratios measuring the company's
credit quality as a result of additional debt depends on its
opportunities to acquire overseas assets, the extent of any
injection of government equity, and volatility in oil prices,"
S&P said.

"The stable outlook on the ratings on KNOC reflects the outlook
on the Republic of Korea because we have equalized the ratings on
both owing to our expectation that there is an almost certain
likelihood that the government would provide KNOC with
extraordinary support in the event it was to suffer financial
distress," S&P said.

"Because of the current equalization of the ratings, we would
lower the ratings on KNOC if we lowered those on the Republic of
Korea. Similarly, we would raise the ratings if we raised those
on the sovereign. However, a weakening in KNOC's role as a policy
arm of or in its link to the government could have a negative
impact on our ratings on the company," S&P said.



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


MANILA ELECTRIC: S&P Hikes CCR to 'BB-' on Improved Business
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on the Philippines-based power utility, Manila
Electric Co. (Meralco), to 'BB-' from 'B+'. The outlook is
stable. "At the same time, we raised the ASEAN regional scale
rating on the company to 'axBB+' from 'axBB'," S&P said.

"We upgraded Meralco because we believe the company's competitive
position and cash flow stability have strengthened, supported by
a sustained improvement in the regulatory landscape. We assess
the company's business risk profile as 'fair,'" S&P said

"In our view, Meralco's business risk profile improved to 'fair'
from 'weak.' Meralco's dominant position in power distribution in
the Philippines supports the company's business risk profile,"
S&P said.

"The improvement in business risk profile is attributable to two
factors," said Standard & Poor's credit analyst Rajiv
Vishwanathan. "One is healthy volume growth in electricity sales
and increasing number of customers across all segments, stemming
from a buoyant domestic economy. The other is timely tariff
adjustments and recovery of charges approved by the regulator,
which reflect improving regulatory track record and reducing
industry risk."

"However, Standard & Poor's believes Meralco's re-entry into
power generation could weaken its financial risk profile,
depending on the scale of investment and funding profile. The
company is preparing for a 600-megawatt (MW) coal-fired power
plant project in the Subic Bay Freeport Zone, Zambales, in the
Philippines. The project could increase Meralco's debt-funded
capital expenditure and expose the company to execution risks,"
S&P said.

"We forecast Meralco's EBITDA growth to remain strong in 2012 due
to increasing customers and low distribution system losses. We
also expect steady electricity sales in 2012 and 2013," Mr.
Vishwanathan said.

"The stable outlook reflects our view that improvements in the
regulatory landscape will contine and Meralco will maintain its
robust sales over the next 12 months. We also expect increasing
demand to provide a cushion against potential marginal decrease
in the company's distribution rates during this time.
Nevertheless, Meralco's entry into power generation could weaken
its capital structure and financial risk profile as it incurs
additional debt to fund new projects," S&P said.

"We may lower the rating if: (1) Meralco's financial risk profile
weakens considerably because of increased debt to fund the
proposed power generation projects; (2) the company's cash flow
adequacy measures weaken because of lower-than-expected
electricity sales; or (3) the company is aggressive in dividend
payments to shareholders. These factors may cause Meralco's
debt-to-EBITDA ratio to deteriorate to above 4.25x on a
sustainable basis after adjusting for obligations under PPAs,"
S&P said.

"We believe the prospect for an upgrade in the next 12-18 months
is limited. However, we may raise the rating if," S&P said:

    the company's business risk profile improves significantly,
    helped by a supportive track record of regulations and a
    stable distribution business;

    the company significantly improves in its cash flow and
    leverage while investing in power generation projects; and

    Meralco demonstrates financial discipline while investing in
    its power generation projects, including having a more
    conservative dividend payout to preserve cash, if required,
    to support its projects.


PHILIPPINE REALTY: Court Denies Bid to Exit Rehabilitation
----------------------------------------------------------
BusinessWorld Online reports that the Quezon City (QC) Regional
Trial Court has denied Philippine Realty & Holdings Corp.'s plea
to exit corporate rehabilitation, citing debt the developer still
needed to settle.

"This is to advise that RTC of QC Branch 93 has denied our motion
to terminate rehabilitation proceedings. The court gave credence
to the comment and recommendation of the Rehabilitation Receiver
(Ricardo G. Ysmael) that [PhilRealty] has still substantial
amount to pay in accordance with court-approved rehabilitation
plan, and termination of the rehabilitation proceedings be
deferred until petitioner as fully settled its obligations," the
company said in a disclosure.

Neither the court ruling nor information on debts of the firm,
which has been under rehabilitation since 2002, was available.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2011, BusinessWorld Online said PhilRealty is aiming to
exit from rehabilitation this year.  The company told the stock
exchange on Feb. 8, 2011, that it filed a motion to terminate
rehabilitation proceeding "on account of the successful
implementation of the court-approved plan" with the Regional
Trial Court of Quezon City Branch 93.

                         About PhilRealty

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation was one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The Company's main real estate
activity since it started operations has been the development and
sale of residential/office condominium projects and to a limited
extent, the lease of commercial and office spaces.

The company applied for court-mandated debt rehabilitation in
December 2002 due to its failure to pay debts following the 1997
Asian crisis.

In June 2004, the court approved the proposed restructuring deal
for PHP2.24 billion in bank loans and the corporate
rehabilitation.



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


OLAM INTERNATIONAL: Rebuts Muddy Waters Report; Denies Insolvency
-----------------------------------------------------------------
Gaurav Raghuvanshi at The Wall Street Journal reports that Olam
International Ltd. Wednesday shot back at claims made by short
seller Carson Block that the Singapore commodities trader is
running a risk of failure.

Olam's rebuttal, made in a 45-page statement to Singapore
Exchange, came less than 24 hours after short-seller Carson Block
and his research firm, Muddy Waters LLC, published a 133-page
report elaborating on Mr. Block's earlier criticisms of Olam's
debt exposure and accounting practices.

Olam again stated that it faces no risk of insolvency and
defended its accounting practices as meeting industry standards
and Singapore regulations. The company accused Mr. Block and
Muddy Waters of trying to "distract and create panic" among
shareholders, bondholders and creditors, so they could "benefit
from their short positions in Olam securities."

According to the Journal, Olam's shares have fallen by about 12%
since Nov. 19 when Mr. Block first questioned the company's
health during a speech in London.

In its report, Muddy Waters said Olam is at risk of insolvency
because it has less than half the amount of cash it needs to
cover the S$3.75 billion in borrowings that will come due within
the next 12 months, the Journal relates.  It also claimed that
Olam had been "aggressive" in its accounting and recorded
"noncash accounting gains" that were "largely, if not completely,
unjustified."

The Journal notes that Olam last week filed a lawsuit in
Singapore for alleged libel and slander, seeking unspecified
damages from Mr. Block and his firm.

In its response Tuesday, Olam said it has sufficient liquidity to
fund current operations and future investment plans, and denied
that it needed to raise or refinance the S$4.6 billion (US$3.76
billion) Muddy Waters said it would need over the next 12 months,
the Journal reports.

The Journal adds that the company noted again that its accounting
practices adhere to Singapore's regulations - and are audited by
Ernst & Young - and defended its business model and acquisition
strategy. It said Muddy Waters's assertions about its accounting
practices demonstrated a "shocking lack of understanding of basic
accounting standards."

Based in Singapore, Olam International Limited (SGX:O32) --
http://olamonline.com/-- engages in sourcing, processing,
packaging and merchandising of agricultural products.  The
Company's supply chain activities include sourcing, processing
and merchandising across a range of agricultural products.


SHARIKAT KIAN: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------
Creditors of Sharikat Kian Tong Pte Ltd are required to file
their proofs of debt by Dec. 7, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


SKYVEN GROWTH: Creditors' Proofs of Debt Due Dec. 24
-----------------------------------------------------
Creditors of Skyven Growth Capital Fund Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 24, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


                             *********

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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